A key part of maintaining an edge is knowing when not to trade. Adapting exposure based on market regime preserves long-term advantage. Without enough data, traders may abandon a valid edge prematurely or commit to a losing one.

• Designed for scalability, resilience, and operational efficiency, Exegy’s high-performance solutions leverage fully managed, purpose-built appliances, FPGA-accelerated systems, and advanced enterprise software.
• The Commodity Futures Trading Commission (Commission or CFTC) publishes the Commitments of Traders (COT) reports to help the public understand market dynamics.
• Many profitable strategies lose more often than they win.
• Understanding where your edge fits matters more than copying others.

Many profitable strategies lose more often than they win. Managing expectations around win rate helps reduce emotional decision-making. Small frequent wins can be erased by a few large losses. Win rate does not measure how much you win or lose on each trade. But those tensions haven’t stopped the White House from pushing a new trading bloc. The meeting was underscored by tensions between the US and allies amid US President Donald Trump’s unsolicited attempts to acquire Greenland from Denmark.

Supplemental Report

However, this legal formulation has not been tested in the specific context of insider trading. As discussed below, there is good reason to believe that scienter is an essential element in any insider trading prosecution, even under the Martin Act. While the NYAG’s complaint alleges that Kramer was aware of nonpublic information regarding Emergent’s vaccine contamination issues, it also acknowledges that his trades were executed pursuant to a Rule 10b5-1 plan that was approved by counsel. As a result, Kramer’s state of mind is likely to be a key issue if this case proceeds to trial. This could tee up novel legal issues under the Martin Act, which could have significant implications for companies, executives and investors doing business in New York.

Trading Edge in Options vs Stocks

1 Rule 10b5-1(c) provides an affirmative defense to insider trading where the insider demonstrates that his trades were executed pursuant to a plan that was entered into, in good faith, before he became aware of material nonpublic information. Rule 10b5-1 also contains several other specific conditions that the plan must satisfy for the affirmative defense to apply. The case law interpreting insider trading under the Martin Act is sparse and draws heavily on federal precedent, which has developed over decades and uniformly holds that scienter is required.

Insider Trading Under the Martin Act

The NYAG’s lawsuit against Kramer was filed the same day that NYAG announced a $900,000 settlement with Emergent based on the company’s approval of Kramer’s Rule 10b5-1 trading plan while he allegedly possessed material nonpublic information in violation of the Martin Act. As the market evolves from extended trading hours towards 24/5, the initiative to cover overnight ATSs ensures institutional investors’ infrastructure is equipped to take advantage of shifting liquidity in US equities. Exegy’s data-as-a-service solution, Axiom, currently offers connectivity to Blue Ocean ATS, by Blue Ocean Technologies. Bruce ATS™, which utilizes Nasdaq technology, and MOON ATS offered by OTC Markets will become available as Q1 progresses. There is not a list of historical release dates; the only available release dates are for the 13 months of reports that are published on the Commission’s website. Win rate is the percentage of trades that end in profit.

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An edge only becomes visible over a sufficient number of trades. This Vega Gainlux is why professional traders focus on process metrics rather than individual outcomes. Two traders can use the same strategy and experience different results. They focus on being right rather than being profitable.

In such event, once a contract market has again reached 20 or more reportable Large Traders, the contract market will be added again to the COT Reports. Win rate in trading measures how often trades are profitable, but it does not measure how profitable a strategy truly is. On its own, win rate can be misleading and emotionally deceptive.

For reportable positions, additional data is provided for commercial and non-commercial holdings, spreading (in certain categories only), changes from the previous report, percent of open interest by category, and numbers of traders. The COT Public Reporting Environment (PRE) provides an application programming interface (API) to allow users to customize their experience with the COT market report data. The API allows users to search and filter across columns for each of the datasets, including reporting date or week, commodity groups, subgroups, or name, and contract market name.