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Midwest Trading Partners

midwest.altavra.com

Open A Futures and/or Forex Trading Account.

Manager Name: Midwest Trading Partners
Program Name: Micro-Arbitrage Program
Minimum Investment: 1,000,000 USD
Strategy: Market Neutral, Arbitrage
Markets: Stock Indices, Interest Rates
Restrictions: QEP
Disclosure Document: Call
Management Agreement: Call
Download Page: Download PDF Version: Midwest Trading Partners
Print Page: Printable Version: Midwest Trading Partners
Disclosure Statement: Open

View The Performance Report for

Midwest Trading Partners

includes free access to the managed futures database

Commodity Trading Advisor (CTA) Report: Midwest Trading Partners

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This program is only available for Qualified Eligible Persons (QEP). What is QEP?

PLEASE NOTE: ALTAVRA does NOT charge a load, upfront or initial fee on any account.

Online Account Application: open.altavra.com / Account Forms: forms.altavra.com / Manager Shortcut: midwest.altavra.com

Program Description: Micro Arbitrage Program

 

The Micro-Arbitrage Program (MAP), offered by Midwest Trading Partners, is a non-systematic trading program based on the arbitrage of U.S. dollar based short term interest rate futures contracts. The Micro-Arbitrage Program attempts to capture pricing inefficiencies between these contracts while at the same time maintaining a “neutral” or “non-directional” market stance. The foundation for the Micro-Arbitrage Program is built on the exploitation of relative value spreads between various short term money market futures and the ability of the Micro-Arbitrage Program's proprietary model to quantify them. The Micro-Arbitrage Program model identifies potential arbitrage opportunities, quantifies risk, and determines the appropriate hedge.


Notwithstanding any trading signals provided by Micro-Arbitrage Program, Midwest Trading Partners exercises its discretion to determine if the identified trade is appropriate under existing market conditions. The Micro-Arbitrage Program, unlike most “black box” or “systematic” traded programs, does not rely on price trends to produce higher risk adjusted returns. By design, the Micro-Arbitrage Program is more reliant on changes in the level of interest rates, either higher or lower. While no guarantee that past returns will correlate to future returns, since inception, the greater the volatility in interest rates, the higher the rates of return of the program. Likewise, the lower the volatility of interest rates, the lower the returns of the program. This is primarily the result of the fact that markets become more inefficient when they are more volatile and more efficient during periods of low volatility.

Due to the trading nature of arbitrage, Micro-Arbitrage Program is expected to trade frequently and requires holding significant overnight positions. Micro-Arbitrage Program seeks a higher rate of return than other low volatility investments. This is achieved, in part, by lower costs of trading, market inefficiencies, and mitigating market directional risk. However, current volume and open interest levels of component products traded limit the nominal equity Micro Arbitrage Program can efficiently manage while maintaining risk adjusted return goals. Based on recent trends, we expect these limitations to decrease as volume and open interest increase.


New accounts under management initially are likely to incur negative or flat performance due to the nature of the program. Micro-Arbitrage Program often relies on large “scaled into” positions that often take days or weeks to build, and weeks or months to unwind at levels deemed to be fair value. We anticipate the possibility of mark to market losses in the early stages of the new account’s trading. However, returns should normalize after the first few months. Favorable market volatility at the onset could diminish early mark to market losses significantly.


In summary, the Micro Arbitrage Program is a non-directionally biased trading program that attempts to capture arbitrage opportunities in short dated U.S. interest rate futures. The program has a strong bias toward risk adjusted returns and capital preservation at the expense of absolute returns. The program is managed to produce superior risk adjusted returns during periods of increased interest rate volatility while operating in a capital preservation mode during periods of low volatility.

 

Management Information: Shawn Bingham

Shawn Bingham began his career at Chicago Research and Trading (Aug 1989 to June 1995), a private option market making firm with operations on most futures/option exchanges around the world. Shawn Bingham’s primary duties included trading and risk management of both exchange and over-the-counter equity index futures and options. Shawn Bingham joined HSBC Securities USA Inc. a subsidiary of HSBC Group (Jun 1995 to Oct 2002), a global banking institution as an institutional salesman of US fixed income futures and options. After partnering his business with Steve Congemi, Shawn Bingham moved to Prudential Equity Group LLC, a Futures Commission Merchant (FCM) subsidiary of Prudential Financial, (Oct 2002 to Jan 2005) as a Senior Vice President. Shawn Bingham’s primary responsibility was to perform brokerage services for institutional clients.

 

Note: On Jan 1, 2004 Prudential Equity Group LLC changed its name to Prudential Bache Commodities LLC. In December 2004, Shawn Bingham along with Steve Congemi established the Illinois LLC Midwest Trading Partners, as a Managed Futures company, which in June 2005 became a member of the National Futures Association (NFA) and is registered with the Commodity Futures Trading Commission (CFTC) as a Commodity Trading Advisor (CTA).

 

Principal Registration History
Floor Broker: 5/18/1998 – 4/24/2012
 

Associated Person:

HSBC Securities USA Inc. 6/2/1995-9/12/2002,

Prudential Equity Group LLC 10/3/2002-1/1/2004,

Prudential Bache Commodities LLC 1/1/2004-1/7/2005,

Midwest Trading Partners LLC 6/24/05-Present.
 

NFA Associate Member:

HSBC Securities USA Inc. 6/2/1995-9/12/2002,

Prudential Equity Group LLC 10/3/2002-1/1/2004,

Prudential Bache Commodities LLC 1/1/2004-1/7/2005,
Midwest Trading Partners LLC 6/24/05-Present.
 

Principal:

Midwest Trading Partners LLC 6/24/05-Present.
 

Management Information: Steve Congemi

Steve Congemi also began his career at Chicago Research and Trading (CRT, May 1986 to Oct 1989) on the Chicago Board of Trade in the financial complex. Steve Congemi’s duties included assisting in managing the hedges of the option traders in the futures contracts. Steve Congemi left CRT to join Fuji Bank, (Oct 1989 to Feb 1994) a commercial bank based in Japan.

 

Steve Congemi has Vice President in charge of fixed income futures and options institutional sales. Steve Congemi left Fuji in February 1994 and spent a year (Feb 1994 to Mar 1995) as an independent trader trading 5yr, 10yr, and 30yr Treasury Futures. Steve Congemi joined Bank of America, a leading US banking operation, in March of 1995 as Vice President whose primary duties were institutional futures and options brokerage. Bank of America ceased floor operations in November 1998, and Steve Congemi was between employment for the month of December 1998 before joining HSBC Securities USA, Inc in January 1999. Steve Congemi continued as an institutional broker until October 2002 when he with Mr. Bingham joined Prudential Equity Group LLC and continued to service their institutional client base. Note: On Jan 1, 2004 Prudential Equity Group LLC changed its name to Prudential Bache Commodities LLC. Steve Congemi remained employed at Prudential from Oct 2002 to Jan 2005 until Steve Congemi and Mr. Bingham created Midwest Trading Partners, LLC in December of 2004.

Steven J. Congemi
Floor Broker: 2/26/1991 – 4/14/08
 

Associated Person:

Prudential Equity Group LLC 10/25/2002-1/1/2004,

Prudential Bache Commodities LLC 1/1/2004-1/7/2005,

Midwest Trading Partners LLC 6/24/2005-Present.
 

NFA Associate Member:

Prudential Equity Group LLC 10/23/2002-1/1/2004,

Prudential Bache Commodities LLC 1/1/2004-1/7/2005,

Midwest Trading Partners LLC 6/24/2005-Present.
 

Principal:

Midwest Trading Partners LLC 6/24/2005-Present.

 

The descriptions above are from the manager’s disclosure document.

 

THE RISK OF LOSS IN TRADING FUTURES, OPTIONS AND OFF-EXCHANGE FOREX CAN BE SUBSTANTIAL.  PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.  PLEASE READ THE CTA'S RISK DISCLOSURE DOCUMENT CAREFULLY BEFORE INVESTING MONEY. 

 

Disclosure Statement       Download Page Download PDF Version: Midwest Trading Partners       Print Page Printable Version: Midwest Trading Partners

 

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THE RISK OF LOSS IN TRADING FUTURES AND OPTIONS CAN BE SUBSTANTIAL. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THIS MATERIAL HAS BEEN PREPARED BY A SALES OR TRADING EMPLOYEE OR AGENT OF ALTAVRA AND IS, OR IS IN THE NATURE OF A SOLICITATION. THIS MATERIAL IS NOT A RESEARCH REPORT PREPARED BY AN ALTAVRA RESEARCH DEPARTMENT. YOU AGREE THAT YOU ARE AN EXPERIENCED USER OF THE FINANCIAL MARKETS, CAPABLE OF MAKING INDEPENDENT TRADING DECISIONS, AND AGREE THAT YOU ARE NOT, AND WILL NOT RELY SOLELY ON THIS DOCUMENT IN MAKING TRADING DECISIONS. (ALTAVRA.CO/RISK)

THIS CONTENT AND ALL OF ITS LINKS ARE FOR INFORMATIONAL PURPOSES ONLY, AND IS CURRENT ONLY AS OF THE DATE(S) HEREOF. IT DOES NOT CONSTITUTE A SOLICITATION FOR ANY CTA OR TRADING PROGRAM, AND THE INFORMATION IS SUBJECT TO CHANGE WITHOUT NOTICE. THE FIGURES CONTAINED HEREIN WERE OBTAINED OR COMPILED FROM INFORMATION PROVIDED BY THE CTA, TRADER OR THEIR REPRESENTATIVES. NEITHER ALTAVRA NOR ANY OF ITS AFFILIATES OR EMPLOYEES MAKES ANY ENDORSEMENT OR REPRESENTATION AS TO ITS ACCURACY, VALIDITY OR COMPLETENESS. THE INFORMATION HAS NOT BEEN INDEPENDENTLY VERIFIED AND THEREFORE CANNOT BE GUARANTEED. WHILE ALTAVRA MAY PROVIDE INVESTORS WITH CTA ANALYSIS, ALTAVRA DOES NOT PROVIDE “DUE DILIGENCE” ON AN INVESTOR’S BEHALF AND IS NOT RESPONSIBLE FOR A CUSTOMER’S INVESTMENT DECISIONS.

NO OFFER OR SOLICITATION MAY BE MADE PRIOR TO REVIEW OF THE CTA’S CURRENT DISCLOSURE DOCUMENT (
FORMS.ALTAVRA.COM), WHICH INVESTORS SHOULD READ CAREFULLY PRIOR TO INVESTING. INVESTORS MAY ALSO WISH TO CONSULT THEIR LEGAL, TAX AND INVESTMENT ADVISORS TO DETERMINE WHETHER AN INVESTMENT IS APPROPRIATE IN LIGHT OF THE INVESTOR’S RISK TOLERANCE, INVESTMENT OBJECTIVES AND FINANCIAL SITUATION.

ALL FUTURES AND OPTIONS TRADING INCLUDING MANAGED FUTURES IS SPECULATIVE, INVOLVES A HIGH DEGREE OF RISK AND IS SUITABLE ONLY FOR PERSONS WHO CAN ASSUME THE RISK OF LOSS IN EXCESS OF THEIR MARGIN DEPOSIT. NO REPRESENTATION OR ASSURANCE IS MADE THAT ANY CTA OR TRADING PROGRAM WILL OR IS LIKELY TO ACHIEVE ITS OBJECTIVES, BENCHMARKS OR TARGETED RETURNS OR THAT ANY INVESTOR WILL OR IS LIKELY TO ACHIEVE A PROFIT OR WILL BE ABLE TO AVOID INCURRING SUBSTANTIAL LOSSES.

 
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