New’n’Closed – 2020 September


As part of a regular exercise, we scan the NFA register for new and closed managers. This report will be developed over time and will be a recurring feature. We would like to highlight that some of the closures and registrations are due to corporate (re)structuring and does not necessarily indicate that the manager has shut down their trading program.

The number of managers registered with the NFA declined by 18, which is in line with prior months. The number of managers continued to decrease at approximately the average speed since we started to track the business climate for Managed Futures.

The trend is now pretty consistent, in a regular month, some 22 entities withdraw their NFA status. On average, we have 22.8 new entities looking to do business. We also have 45.2 entities that decide to withdraw their registration.

September, featured a decrease in the number of managers seeking or doing business under the CTA registration. We observed a decrease in the number of active CTAs, in line with earlier estimates, with a net loss of 18 managers. We observed 18 new managers and 36 managers closed throughout September.

In total, we have 2587 managers either as registered managers or pending registration with the NFA. We have 2096 managers as properly under the NFA’s control. Most of the new managers are “Pending” registration with the NFA. In terms of CTAs, our count is 1405, and for CPOs it is 1285.

One of the key components of our methodology is having a clear view of the industry. We believe this is particularly important in this environment, given the fact that asset raising is more difficult and assets gravitate towards the larger managers.

We observed new managers in the following countries:

Netherlands [2], St Vincent [3], United Kingdom [1], United States [12]

The following managers applied for registration in September:

Ware, Thomas Herrington, United States, Texas, NFA ID 294667 [2020-09-20]
Williams, Peter S, United States, California, NFA ID 327955 [2020-09-23]
Eisen, David Tod, United States, New Jersey, NFA ID 438025 [2020-09-06]
Bosworth, Dennis Michael, United States, Texas, NFA ID 447654 [2020-09-11]
Lgg Llc, United States, Kansas, NFA ID 449443 [2020-09-24]
Bow Mountain Capital Llc, United States, Colorado, NFA ID 491602 [2020-09-05]
Varick Capital Partners lp, Netherlands, , NFA ID 495008 [2020-09-04]
Viserion Commodities Llc, United States, Colorado, NFA ID 520058 [2020-09-11]
Syscat Capital bv, Netherlands, , NFA ID 532066 [2020-09-04]
Aguero, Andres, United States, Florida, NFA ID 532541 [2020-09-04]
Quantec Fund Llc, United States, Florida, NFA ID 532896 [2020-09-04]
Trinity Global Market Pty Ltd, St Vincent, , NFA ID 533034 [2020-09-20]
Gemini Capital Llc, St Vincent, , NFA ID 533039 [2020-09-12]
Reding Hueber Ag Consulting Llc, United States, Indiana, NFA ID 533116 [2020-09-16]
Relevant Capital Funding Llc, United States, Nevada, NFA ID 533177 [2020-09-19]
Ceres International Industrial Limited, United States, New York, NFA ID 533311 [2020-09-23]
Fidence Capital Limited, United Kingdom, , NFA ID 533347 [2020-09-30]
Alp Investment Limited, St Vincent, , NFA ID 533378 [2020-09-26]

We observed closed managers in the following countries:

Australia[1], Cayman Islands[1], China[1], France[1], Hong Kong[1], United Kingdom[3], United States[28]

The following managers withdraw their registration September:

John W Henry & Company Inc, United States, Florida, NFA ID 2974 [2019-10-29]
Sabre Fund Management Ltd, United Kingdom, , NFA ID 90489 [2019-10-29]
Sexton, George Thomas, United States, New Jersey, NFA ID 228171 [2019-10-29]
Zachar, George Richard, United States, New York, NFA ID 229809 [2019-10-29]
Lane Asset Advisors Llc, United States, South Carolina, NFA ID 303244 [2019-10-29]
Seven Capital Management Sas, France, , NFA ID 384335 [2019-10-29]
Phy Capital Investments Llc, United States, Florida, NFA ID 416479 [2019-10-29]
2pixels Capital Management Llc, United States, Virginia, NFA ID 431012 [2019-10-29]
Ag Bisset Associates Llc, United States, Connecticut, NFA ID 432635 [2019-10-29]
Ten Yard Capital Llc, United States, Illinois, NFA ID 435699 [2019-10-29]
Torchlight Investors Llc, United States, New York, NFA ID 440694 [2019-10-29]
Ag Capital Investments Llc, United States, Massachusetts, NFA ID 452048 [2019-10-29]
Salt Rock Capital Partners Cayman lp, United Kingdom, , NFA ID 459524 [2019-10-29]
Crumpacker Asset Management Llc, United States, Oregon, NFA ID 461512 [2019-10-29]
Cordus Wealth Advisors Llc, United States, Georgia, NFA ID 477604 [2019-10-29]
Intrinsic Value Capital Management Llc, United States, Arkansas, NFA ID 484798 [2019-10-29]
White Marigold Capital Management lp, United States, Connecticut, NFA ID 504416 [2019-10-29]
Two Trees Investment Management Pty Limited, Australia, Nsw, NFA ID 505986 [2019-10-29]
Aurum Capital Llc, United States, Florida, NFA ID 506389 [2019-10-29]
Gaia Capital Management Llc, United States, Colorado, NFA ID 507746 [2019-10-29]
Alphalyra Capital Llc, Cayman Islands, Grand Cayman, NFA ID 508703 [2019-10-29]
Laurel Canyon Partners Llc, United States, Illinois, NFA ID 509549 [2019-10-29]
Forex Mandamus Services Inc, United States, New York, NFA ID 511425 [2020-07-24]
Amsys Capital Llc, United States, Texas, NFA ID 514211 [2019-10-29]
Market Neutral Trading Systems Inc, United States, Washington, NFA ID 515803 [2019-10-29]
Bhv Financial Llc, United States, Iowa, NFA ID 517252 [2019-10-29]
Philos Investment Group Llc, United States, Georgia, NFA ID 521710 [2019-10-29]
Noah Fx Us Inc, Hong Kong, , NFA ID 525121 [2019-10-29]
Tyche Asset Management Llc, United States, Illinois, NFA ID 529301 [2020-03-27]
Standard Normal Energy Llc, United States, Massachusetts, NFA ID 529469 [2020-03-29]
Eigen International Limited, China, , NFA ID 529710 [2020-06-19]
Lab Quantitative Strategies Llc, United States, Colorado, NFA ID 530579 [2020-05-23]
Mlt Harrison Llc, United States, New Jersey, NFA ID 531098 [2020-06-04]
Glass Value Investment Limited, United Kingdom, , NFA ID 531246 [2020-06-15]
Singleprofit Capital Llc, United States, Delaware, NFA ID 531422 [2020-06-21]
Index Plus lp, United States, Virginia, NFA ID 532274 [2020-08-02]

Key findings and discussion: With all indicators pointing towards decelerating, interest in smaller CTA/Managed Futures firms, it may not be surprising that there have been fewer CTAs (in aggregate) this month than we have seen in previous updates. It is, however, interesting to observe that closed outpaced new manager by a factor of two, on a consistent basis.

Additional, continuously updated data can be found here: https://nilssonhedge.com/reports/tracking-the-cta-industry/

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