The long report, in addition to the information in the short report, groups the data by crop year, where appropriate, and shows the concentration of positions held by the largest four and eight traders. Due to legal restraints (CEA Section 8 data and confidential business practices), the CFTC does not publish information on how individual traders are classified in the COT reports. Understanding what win rate represents, how it interacts with risk-reward, and why different strategies require different win rates helps traders evaluate performance realistically.
CME sets January trading record
In that case, the former CEO of Ontrak, Inc., Terren Peizer, was convicted at trial and sentenced to 42 months in prison. In January 2026, while the case was on appeal, President Trump pardoned Peizer. Exegy is a global leader in low-latency market data, trading, and execution technology—delivering innovative, end-to-end solutions that power the world’s capital markets. Backed by Marlin Equity Partners, Exegy delivers comprehensive, end-to-end infrastructure solutions to a broad spectrum of market participants, including buy-side and sell-side institutions, trading venues, and independent software vendors. This will allow clients to easily perform best price discovery, filling a structural gap in overnight markets. Axiom will also offer market data access to these ATSs with connectivity currently in development and is expected to be delivered in Q1.
The Legacy and Disaggregated reports are available in both a short and long format. The TFF report is only available in the long format. The Supplemental report is only available in the short format. Profitability depends on the balance between wins and losses.
Customized data report results can be downloaded to available formats – CSV, RDF, RSS, TSV, or XML. Establishing scienter in a case where the alleged insider trades occurred pursuant to a preexisting trading plan can be challenging, particularly where the plan was put in place months earlier. Perhaps for this reason, enforcement actions involving Rule 10b5-1 plans are rare. In 2024, the Vega Gainlux DOJ succeeded in prosecuting its first ever criminal insider trading case, United States v. Peizer, based solely on trades placed pursuant to a Rule 10b5-1 trading plan that was put in place while the defendant possessed material nonpublic information.
“The United States is a distant second in mining at just 12 percent, leaving a significant gap to close. For decades, most insider trading cases have been brought under the antifraud provisions of the federal securities laws, which require proof of scienter.3 For civil violations, this typically requires evidence of, at a minimum, reckless misconduct. Unlike the antifraud provisions of the federal securities laws, the Martin Act has been construed to prohibit material misrepresentations or omissions without any requirement of wrongful intent.
Win Rate vs Risk-Reward Ratio
Understanding where your edge comes from can help you refine what to improve instead of constantly changing strategies. This distinction explains why copying strategies rarely produces the same results. It lives in the interaction between strategy, execution, and discipline.
- 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.
- The idea of a trading edge is often treated as something mysterious or secretive.
- The spread number needs to be added to be both long and short sides, respectively.
- In that case, the former CEO of Ontrak, Inc., Terren Peizer, was convicted at trial and sentenced to 42 months in prison.
- Understanding trading edge meaning helps traders move from outcome obsession to process discipline.
Week-to-week changes in the COT report
Under the Oracle court’s reasoning, unless the defendant’s trades were motivated by a desire to profit on material nonpublic information (i.e., he or she acted with scienter), there would be no duty breach and therefore no insider trading, even under the Martin Act. Expanding coverage to include overnight ATS venues in Exegy’s global market data offering is one of several ways Exegy continues to support its growth strategy and reinforce its commitment to proactively address market shifts and evolving client needs. Further expanding the offered coverage, in Q4 2025, Axiom integrated real-time, low-latency Canadian equity data via the TMX Information Processor (TMX IP), a TMX Datalinx product. Emergent’s in-house counsel reviewed the trading plan, and it became effective on November 13, 2020. In January 2021, following the expiry of the cooling-off period, Kramer began exercising his stock options and selling the shares pursuant to the plan.
Options data can generally be calculated by subtracting from the Futures and Options Combined data information set forth in the Futures report, but some information will be lost due to “spreading,” as discussed further below. Optimizing for win rate alone often leads to poor risk management. For some strategies, a 30 to 40% win rate is normal and sustainable. Risk-reward ratio compares how much you gain on winning trades relative to how much you lose on losing trades. To understand win rate properly, it must be viewed together with risk-reward ratio.
Generally, the data in the COT reports is from Tuesday and released Friday. The CFTC receives the data from the reporting firms on Wednesday morning and then corrects and verifies the data for release by Friday afternoon. Many strategies succeed with win rates below 50 percent. This psychological dimension explains why many traders gravitate toward high win rate strategies, even when those strategies have unfavorable long-term characteristics. In the summer of 2020, Emergent signed a $261 million contract to manufacture AstraZeneca’s COVID-19 vaccine.