Buy side seeks non-cleared margin relief for SMAs

Initial margin clarity — Risk.net montage

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Asset managers are still finding problems with the non-cleared margin rules, even after regulators deferred the final phase of the regime and eased some operational requirements.

The latest hazard concerns separately managed accounts (SMAs).

Under the rules, counterparties need only exchange initial margin (IM) if the aggregate amount due exceeds $50 million. When asset managers run SMAs for large investors such as pension funds and insurers, the relevant counterparty is the end-client. As a

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