An old fight over margin protections rears its head

CFTC rules on margin and loss limits for separate accounts are being torn up for asset managers

Not all things consigned to the history books remain there.

More than five years ago, a group of US derivatives exchanges and regulatory bodies tried to clamp down on margin protections relied on by asset managers running separate accounts for institutional clients. That effort went nowhere and the issue faded into the background.

Five months ago, it resurfaced, much to the dismay of asset managers.

On May 14, the Joint Audit Committee – which counts CME Group, Ice Futures and the National

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