William Eckhardt has traded futures professionally for over 35 years. He received a B.A. in Mathematics from
DePaul University in 1969 and a M.S. in Mathematics from the University of Chicago in 1970. In 1974, after
four years of doctoral research at the University of Chicago in Mathematical Logic, he began trading for his own
account at the Mid America Commodity Exchange. Mr. Eckhardt traded off-floor for his personal account from
1978 through July 1991. In July 1986, he began managing accounts for a small number of friends and business
associates and in July 1991 he began managing accounts as a registered CTA.
In conjunction with his trading, over the past 30 years Mr. Eckhardt has conducted extensive research into the
nature of futures price action and risk management. He has developed numerous technical trading systems.
Along with Richard Dennis, he co-developed certain trading systems and in 1984 and 1985, subsequently co-
taught such systems to a group of individuals that have become known as the (Turtles). Mr. Eckhardt was an
associated person of Mr. Dennis from November 1983 to January 1992.
Mr. Eckhardt was a full member of the Chicago Board of Trade from 1983 to 1988 and the Chicago Mercantile
Exchange (CME) from 1979 to 1986 and held other memberships at various other times. He currently holds a
seat at the CME Index and Option Market. From October 1983 to July 1991, Mr. Eckhardt was a partner of
C&D Commodities, which was formerly active as a futures commission merchant and chiefly involved with
clearing partner capital, futures research and trading administration. In 1991, the partnership (and FCM) ceased all business operations and C&D Commodities, Inc. (C&D, Inc.) was established to continue the futures
research and trading administration activities previously conducted by the partnership. Mr. Eckhardt was an
officer of C&D, Inc. until August 1997. In January 2001, ETC took over the employment of the individuals
previously employed by C&D Commodities.
Mr. Eckhardt directs ETC system development and ongoing research, and along with John D. Fornengo,
the president, is responsible for the overall activities of ETC.
John D. Fornengo, a 1980 honors graduate of Lake Forest College, Lake Forest, Illinois, has traded futures for over 21 years. He has been professionally involved with Mr. Eckhardt since the beginning of his trading career in April 1986. In December 1991, he became registered as a CTA and began managing client accounts utilizing the technical indicators of the ETC systems, which he modified with systematically larger position sizes. (These
accounts are the basis for the Standard Program - Higher Leveraged.
In January 1993, Mr. Fornengo began working with ETC to assist Mr. Eckhardt in the implementation and
execution of the ETC trading program. In June 1995, Mr. Fornengo became Vice President of ETC and in August
1999, he became President. From January 1989 through June 1995, Mr. Fornengo managed a proprietary
account for Mr. Eckhardt, the cash balance of which was invested in Eckhardt Futures Limited Partnership in
July 1995. He became an associated person of ETC in February 1993, a principal in June 1995 and a branch
manager in July 1997. Mr. Fornengo is registered in his individual capacity as a sole proprietor CTA; he has no
accounts under management.
Mr. Fornengo, along with Mr. Eckhardt, is responsible for the overall activities of ETC. Mr. Fornengo is
responsible for trading operations including the implementation and execution of ETC trading
programs. Mr. Fornengo and Mr. Eckhardt share in the responsibility of any judgment or discretion utilized for