Tracking the CTA Industry

NilssonHedge tracks the current status of the CTA industry and offers unique insights into the registered CTAs and CPOs by scanning the NFA register for new and closed funds. We measure unique entities and a particular manager may control more than one entity. This page is updated daily and will reflect the current status of the CTA industry in a user friendly manner, with infographic-like charts.

New & Closed Managers

The number of managers changes over time and each month several managers removes their regulatory status with the NFA. To give real-time insights into the NFA register, we also use managers that are Pending for NFA registration and managers that are not under NFA’s oversight. Most managers that close are small when they cease to operate. Some of the managers may have still be operating, but outside the regulatory framework of the US regulator.

Net Change to number of managers

The net change measures, to some extent the climate for managers. If the net change is negative, managers believe it is difficult to raise capital for new trading strategies. In a strong market, we will observe positive numbers while in an environment unfriendly to asset raising and asset management will see a decline.

Number of registered managers

Our count of the total managers differs from the NFAs count as we aggregate including the Pending managers. We also record the manager on the date when we observe that the manager has appeared or disappeared from the NFA register. Our count and date will thus differ slightly from the official numbers.

CTA/CPO by registration status

CTAs and CPOs have slightly different regulatory status and the particular registration depends on the activities of the manager. To match NFA’s numbers, we count similarly, only counting managers that are under their oversight and are registered in a particular category. Some managers only have one type of registration but to have both the CTA and CPO registration is also possible. This is the reason for why the total number of managers is smaller than the sum of the parts.

Location of new and closed CTAs

CTAs are typically operating in major economic areas. New York, Illinois, California and Texas represents more than 50% of the existing CTAs. Thus these states will typically be more common when it comes to new and closed managers.

An overwhelming majority of the CTA/CPOs are registered in the USA, with larger states representing the majority of the managers. In the US, larger states with financial centers have more managers than smaller states.