CFTC refuses to budge on margin treatment of SMAs

Asset managers must agree new protocols for dealing with margin shortfalls in SMAs by September 2020

The UK's ring-fencing regime takes effect in January 2019

The US Commodity Futures Trading Commission (CFTC) has batted away questions about the margin treatment of separately managed accounts (SMAs) and given the industry a year to comply with new standards on ring-fencing.

In a statement released late last week, the CFTC reiterated its stance on guarantees against loss and the withdrawal of excess margin from SMAs, which it first outlined in a letter dated July 10. 

“Since that time, we have received questions from industry participants about

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here