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

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