The standoff over separate account margining
CFTC issues sixth extension of no-action relief as long-awaited final rule stalls
Listen closely and you might hear the tinny rattle of a can being kicked, and kicked, and kicked down the road.
On June 24, the US Commodity Futures Trading Commission issued the latest extension of its no-action letter on the ring-fencing of separate accounts belonging to the end-investor for margin purposes, leaving the relief in place until June 30, 2025 or the effective date of a final rule dealing with the issue.
The no-action relief – set forth in CFTC Letter 19-17 – was initially granted on
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