It took nearly two years after the collapse of investment bank Lehman Brothers — the defining moment of the credit crisis — before financial reform was passed and it may take another year to see the important details of how it is implemented.
Performance in the managed futures space has been uneven in 2010 and that goes for experienced programs as well as emerging managers. Those newbies that have excelled tend to be short-term and discretionary.
The final rules recently announced by the Commodity Futures Trading Commission (CFTC) regarding retail forex trading will require more trading programs to register as commodity trading advisors (CTAs) and commodity pool operators (CPOs)
Cervino Capital Management, operated by Davide Accomazzo and Mack Frankfurter, used a combination of futures and options positions to capture the long beta of gold. (Cervino closed its program shortly following the PFG bankruptcy.)