CFTC refuses to budge on margin treatment of SMAs

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

Robert Mackenzie Smith
Noah Zuss
17 Sep 2019

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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

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