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  • Midwest Trading Partners, LLC

Recent Statistics
  • Dec Return: 0.00%
  • YTD Return: -1.58%
  • Annual CROR:1 2.10 %
  • Worst DD:2 -6.72%
  • Losing Streak:3 -6.40 %
  • Sharpe Ratio:4 0.49
  • Min Investment: $1,000,000
  • AUM:5 $0
  • Calmar Ratio:6 N/A
The MAP is a discretionary trading program focused on U.S. short term interest rate (STIR) futures. The MAP does not attempt to predict or profit from directional price movements and is managed on a "delta neutral" basis. Returns are achieved by capturing spread price dislocations that are a regular occurrence in the STIR markets due in part to institutional hedging, directional trader activity, and changes in monetary policy.


Midwest's "competitive edge", lies in the fact that it is uniquely positioned in size and sophistication to take advantage of these dislocations. Because most of these dislocations are not large, major financial institutions tend not to commit resources. Likewise, smaller hedge funds, CTA's, and proprietary traders are generally not focused on relative value strategies.

Return opportunities for the MAP are mainly a function of low credit spread volatility and normal to above normal interest rate volatility. Likewise, drawdowns tend to be a result of a lack of trading opportunities rather than strings of unprofitable trades. We believe that our trading style and competitive edge uniquely position the Micro Arbitrage Program to produce excellent risk adjusted returns over the coming years as interest rates normalize and hedging and trading activity increases.

Risk for the MAP is monitored on a portfolio level. This includes but is not limited to market directional, curve, and credit spread risk. Midwest makes every effort to remain market neutral with respect to directional price exposure. Our model calculates our directional exposure first into maturity buckets, and then into total exposure. This allows us to mitigate as much curve and directional risk as possible. Our largest potential exposure is credit spread risk. This is the risk that the normal "credit spread" between two contracts makes an adverse move to the position. This risk is also monitored on a portfolio basis and is mitigated when the exposure exceeds predetermined levels (approx. 2%). Our commitment to risk control is evident in the low levels of drawdown incurred by the program.

Shawn W. Bingham is the Co-Founder and a Managing Partner of Midwest Trading. Mr. Bingham's primary responsibilities include trading, risk management, program research and the day to day operations of the firm. Mr. Bingham has over 20 years experience in the futures and options industry. Mr. Bingham began his career at Chicago Research and Trading, and has also been employed by HSBC Securities USA, Inc. and Prudential Equity Group LLC. Prior to Midwest, he held positions as both institutional trader and in institutional sales. He has been a member of the Chicago Board Options Exchange and the Chicago Board of Trade. Mr. Bingham completed his B.S. at Northern Illinois University. Steve J. Congemi is the Co-Founder and a Managing Partner of Midwest Trading. His primary responsibilities involve trading, risk management and the day to day operations of the firm. Mr. Congemi has over 25 years experience in the futures and options industry. Mr. Congemi has been employed by Chicago Research and Trading, Fuji Bank, Bank of America, HSBC Securities USA, Inc., and Prudential Equity Group LLC. Prior to Midwest, he has been an independent trader, and held positions in institutional sales. Mr. Congemi has also been a member of the Chicago Board of Trade. Mr. Congemi attended Waukesha Technical Institute.

Accounting Notes: Performance shown is net of all fees that would have applied at that time. AUM data are managed accounts only, no proprietary AUM is included. From 2006 through 2010 a majority of managed accounts elected to hold their nominal account size constant on a monthly basis. As a result, the NFA requires that the annual return be computed by summing the monthly returns and not compounding them. Because Midwest does not calculate returns shown here, the YTD returns shown here are compounded. As a result of the July 2012 Peregrine Financial bankruptcy proceeding and related actions, client managed accounts were not fully under the control of Midwest Trading Partners and therefore were excluded in whole from the monthly performance calculation.


  • Trading Methodology
    100% Discretionary
  • Style Sub-Categories
    Arbitrage
  • Trading Style
    100% Arbitrage
  • Market Allocation

  • Holding Period
    10% Long Term
    30% Medium Term
    50% Short Term
    10% Intraday
  • Sector
    US
    Contracts
    Futures

Performance Since January 2005

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecROR Max DD
2016 -0.63% 0.01% -0.02% -0.20% 0.04% -1.13% 0.17% 0.48% 0.01% -0.17% -0.14% 0.00% -1.58% -1.91%
2015 0.19% 0.11% -0.16% -0.17% 0.12% 0.03% -0.01% -0.02% -0.41% 0.56% -0.75% -1.00% -1.51% -1.8%
2014 0.19% -0.48% -0.34% -0.86% 0.11% -0.05% 0.55% 0.14% 0.25% 0.07% -0.63% 0.21% -0.84% -1.67%
2013 0.47% 0.04% 0.21% 0.01% 0.09% -0.46% 0.05% 0.00% 0.13% -0.03% 0.01% 0.13% 0.65% -0.46%
2012 0.16% 0.12% 0.07% 0.35% -0.01% -0.44% 0.00% 0.00% 0.05% 0.28% 0.25% -0.64% 0.18% -0.64%
2011 -0.21% -0.14% -0.12% 0.18% 0.10% -0.35% -0.18% -0.19% -0.26% -0.17% -0.04% -0.03% -1.4% -1.4%

Years200520062007200820092010
ROR17.00%5.22%3.77%3.56%1.85%-0.39%
Max DD-0.43%-0.49%-0.09%-1.20%-0.56%-2.05%

Years201120122013201420152016 YTD
ROR-1.40%0.18%0.65%-0.84%-1.51%-1.58%
Max DD-1.40%-0.64%-0.46%-1.67%-1.80%-1.91%


PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. THERE IS A RISK OF LOSS IN FUTURES TRADING.

Program Information
  • Start Date: Jan-2005
  • New Money: Yes
  • Min Investment: $1,000,000
  • Fund Minimum: $0
  • Notional Funds: Yes
  • NFA Member: Yes
  • NFA Number: 0357161
  • Currency: US Dollar
  • AUM:5 $0
  • Annual CROR:1 : 2.10%
  • Worst Drawdown:2 -6.72 %
  • Losing Streak:3 -6.40 %
  • Sharpe Ratio:4 0.49
  • Calmar Ratio:6 N/A
  • Margin:7: 2-20%
  • Mgt Fee: 0-1%
  • Incentive Fee: 20-25%
  • Other Fees: No
  • Avg Comm:8 $1.00
  • Max Comm:9:
  • Round Turns:10 6,800
Additional Information
  • Other Memberships: None Listed
  • Correlations: AG CTA Index: -0.042 | AG Discretionary CTA Index: -0.035 |
  • Accounting Notes: Performance shown is net of all fees that would have applied at that time. AUM data are managed accounts only, no proprietary AUM is included. From 2006 through 2010 a majority of managed accounts elected to hold their nominal account size constant on a monthly basis. As a result, the NFA requires that the annual return be computed by summing the monthly returns and not compounding them. Because Midwest does not calculate returns shown here, the YTD returns shown here are compounded. As a result of the July 2012 Peregrine Financial bankruptcy proceeding and related actions, client managed accounts were not fully under the control of Midwest Trading Partners and therefore were excluded in whole from the monthly performance calculation.

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  • * By selecting to be contacted by a Representatives Autumn Gold may refer you to a third party broker or directly to the Manager.

    (P) - Proprietary Trading Results (C) - Client Trading Results

    1. Rate of Returns are calculated from the start date of each program. Usually returns are calculated based on the Annual Compounded Rate of Return method. In some cases returns have been calculated on an Non-Compounded basis. This would occur when a Manager trades based on account unit rather than on account equity.

         The Annual Compound Rate of Return ("Annual CROR") represents the compounded rate of return or each year or portion thereof presented. It is computed by applying successively respective monthly rate of return for each month beginning with the first month of that period.

         Annual Rate of Return ("Annual ROR") is calculated adding each month's return.

    2. The Worst Peak-to-Valley Drawdown ("Worst Drawdown") is defined as the greatest cumulative percentage decline in net asset value due to losses sustained by the trading program during any period in which the initial net asset value is not equaled or exceeded by a subsequent asset value.

    3. The Current Losing Streak ("Losing Streak") represents the extent of the Adviso'rs current drawdown.

    4. Sharpe Ratio is a risk adjusted ratio that rewards consistancy of returns. Traders are penalized for volatility regardless of whether it is onthe up or downside. The Sharpe Ratios is calculated using a 1% risk-free rate of return.

    5. Assets Under Management ("AUM") represents the current nominal assets traded by the Manager.

    6. Calmar Ratio represents the historical amount gained for each dollar risked. A higher number is better. Unless otherwise denoted the Calmar Ratio is calculated by dividing the 36 month Compounded ROR by the 36 month Peak to Valley Drawdown. Traders with less than 36 months of data or a negative Calmar Ratio will be indicated by N/A.

    7. Margin to Equity ("Margin") represents the average margin as a percent of a fully funded account.

    8. The Average Commission ("Avg Comm") represents the average commission rate of the composite track record. A higher or lower commission rate would increase or decrease the performance accordingly.

    9. Maximum Commission ("Max Comm") is the Maximum Round Turn Rate allowable by the Manager.

    10. Round Turns per Million ("Round Turns") represent the average number of round turns that would be generated in a $1,000,000 account.

  • ++Qualified Eligible Investors Only. A Qualified Eligible Person must meet the following two requirements: 1) the investor must first be an accredited investor. The most common ways for this are to either have a net worth of $1,000,000 or more OR an annual income of $200,000 or more for the last two years OR, combined with a spouse, $300,000 per year for two years, 2) the investor must meet an additional portfolio requirement, which is having $2,000,000 in securities holdings OR $200,000 in margin on deposit with a Futures Commission Merchant OR a combination of the two (for example, $1,000,000 in securities and $100,000 in margin).

    Exemptions: PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH THE ACCOUNTS OF QUALIFIED ELIBIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUANCY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

    RISK DISCLOSURE

    PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

    THIS MATTER IS INTENDED AS A SOLICITATION FOR MANAGED FUTURES. THE RISK OF TRADING COMMODITY FUTURES, OPTIONS AND/OR FOREIGN EXCHANGE ('FOREX') IS SUBSTANTIAL. THE HIGH DEGREE OF LEVERAGE ASSOCIATED WITH COMMODITY FUTURES, OPTIONS AND FOREX CAN WORK AGAINST YOU AS WELL AS FOR YOU. THIS HIGH DEGREE OF LEVERAGE CAN RESULT IN SUBSTANTIAL LOSSES, AS WELL AS GAINS. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IF YOU ARE UNSURE YOU SHOULD SEEK PROFESSIONAL ADVICE. AN INVESTOR MUST READ AND UNDERSTAND THE CTA’S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY.

    PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. IN SOME CASES MANAGED ACCOUNTS ARE CHARGED SUBSTANTIAL COMMISSIONS AND ADVISORY FEES. THOSE ACCOUNTS SUBJECT TO THESE CHARGES, MAY NEED TO MAKE SUBSTANTIAL TRADING PROFITS JUST TO AVOID DEPLETION OF THEIR ASSETS. EACH COMMODITY TRADING ADVISOR ("CTA") IS REQUIRED BY THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") TO ISSUE TO PROSPECTIVE CLIENTS A RISK DISCLOSURE DOCUMENT OUTLINING THESE FEES, CONFLICTS OF INTEREST AND OTHER ASSOCIATED RISKS. A HARD COPY OF THESE RISK DISCLOSURE DOCUMENTS ARE READILY AVAILABLE BY CLICKING ON EACH CTA'S "REQUEST DISCLOSURE DOCUMENT" BUTTON.

    THE FULL RISK OF COMMODITY FUTURES, OPTIONS AND FOREX TRADING CAN NOT BE ADDRESSED IN THIS RISK DISCLOSURE STATEMENT. NO CONSIDERATION TO INVEST SHOULD BE MADE WITHOUT THOROUGHLY READING THE DISCLOSURE DOCUMENT OF EACH OF THE CTAS IN WHICH YOU MAY HAVE AN INTEREST. REQUESTING A DISCLOSURE DOCUMENT PLACES YOU UNDER NO OBLIGATION AND EACH DOCUMENT IS PROVIDED AT NO COST. THE CFTC HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN ANY OF THE FOLLOWING PROGRAMS NOR ON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE DOCUMENTS. OTHER DISCLOSURE STATEMENTS ARE REQUIRED TO BE PROVIDED TO YOU BEFORE AN ACCOUNT MAY BE OPENED FOR YOU.

    PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. PROSPECTIVE CLIENTS SHOULD NOT BASE THEIR DECISION ON INVESTING IN THIS TRADING PROGRAM SOLELY ON THE PAST PERFORMANCE PRESENTED. ADDITIONALLY, IN MAKING AN INVESTMENT DECISION, PROSPECTIVE CLIENTS MUST ALSO RELY ON THEIR OWN EXAMINATION OF THE PERSON OR ENTITY MAKING THE TRADING DECISIONS AND THE TERMS OF THE ADVISORY AGREEMENT INCLUDING THE MERITS AND RISKS INVOLVED.

    AUTUMN GOLD CTA INDEXES ARE NON-INVESTABLE INDEXES COMPRISED OF THE CLIENT PERFORMANCE OF CTA PROGRAMS INCLUDED IN THE AUTUMN GOLD DATABASE AND DO NOT REPRESENT THE COMPLETE UNIVERSE OF CTAS. INVESTORS SHOULD NOTE THAT IT IS NOT POSSIBLE TO INVEST IN THESE INDEXES.