什麼是特殊備忘錄賬(SMA)?如何使用?

Overview: 

特殊備忘錄賬(SMA)表示的不是賬戶資金或現金,而是在Reg. T保證金賬戶內證券市場價值上升時產生的信用額度。其目的是為了維護未實現盈利對於後續交易所能提供的購買力,如果沒有這種處理,購買力只有通過取出多餘資金然後在要進行後續買入時再存入賬戶才能確定。從這個角度來說,SMA有助於維持賬戶價值穩定、盡可能減少非必要的資金轉帳。

SMA會隨著證券價值上升而增加,但如果證券價值下跌,SMA並不會減少。SMA只有在買入證券和取款時才會減少,使用SMA唯一的限制是證券買入和取款不能讓賬戶資產低於維持保證金要求。可增加SMA的項目包括現金存款、收到利息或股息(等額方式)和證券賣出(淨收入的50%)。請注意,SMA餘額表示的是開戶以來每條會造成SMA水平變化的歷史帳目的總和。考慮到時間跨度和其中包含的帳目數量,從每日活動報表中總結出當前的SMA水平雖然可行,但卻不太現實。 

要說明SMA是如何運作的,我們先假設賬戶持有人存入了$5,000美元,然後買了$10,000美元的證券,貸款50%(保證金要求等於1 – 貸款比例,也就是50%)。前後的賬戶相關數值如下:

項目
描述
事件1 - 首次存款
事件2 - 買入股票
A.
現金
$5,000
($5,000)
B.
多頭股票市場價值
$0
$10,000
C.
淨清算價值/含貸款價值* (A + B)
$5,000
$5,000
D.
初始保證金要求 (B * 50%)
$0
$5,000
E
可用資金 (C - D)
$5,000
$0
F.
SMA
$5,000
$0
G.
購買力
$10,000
$0

接下來,假設多頭股票市場價值上漲至$12,000美元。$2,000美元的漲幅可產生$1,000美元的SMA,可供賬戶持有人:1) 在無需額外存入資金的情況下再買價值$2,000美元的證券,保證金貸款比率50%;或 2) 取出$1,000美元現金,如果賬戶沒有現金,這$1,000美元將記入賬戶的貸款餘額。見下表:

項目
描述
事件2 – 買入股票
事件3 - 股票升值
A.
現金
($5,000)
($5,000)
B.
多頭股票市場價值
$10,000
$12,000
C.
淨清算價值/含貸款價值* (A + B)
$5,000
$7,000
D.
初始保證金要求 (B * 50%)
$5,000
$6,000
E
可用資金 (C - D)
$0
$1,000
F.
SMA
$0
$1,000
G.
購買力
$0
$2,000

*含貸款價值英文縮寫為EWL,在此例中,等於淨清算價值。

最後,請注意,SMA只是一個用以衡量IB LLC下證券賬戶是否符合隔夜初始保證金要求的Reg. T概念,我們並不會用SMA來決定賬戶是否符合日內或隔夜維持保證金要求,也不會用它來決定商品賬戶是否符合保證金要求。同樣,如果賬戶在隔夜或Reg.T初始保證金要求開始實施生效時(美國東部時間15:50)SMA為負值,則會面臨強制平倉清算以滿足保證金要求。

 

What is SMA and how does it work?

Overview: 

SMA refers to the Special Memorandum Account, which represents neither equity nor cash, but rather a line of credit created when the market value of securities in a Reg. T margin account increase in value. Its purpose is to preserve the buying power that unrealized gains provide towards subsequent purchases which, absent this handling, could be assured only by withdrawing excess equity and depositing it at the time the subsequent purchase is made. In that sense, SMA helps to maintain a stable account value and minimize unnecessary funding transactions.

While SMA increases as the value of a security goes up, it does not decrease if the security falls in value. SMA will only decrease when securities are purchased or cash withdrawn and the only restriction with respect to its use is that the additional purchases or withdrawals do not bring the account below the maintenance margin requirement. Transactions which serve to increase SMA include cash deposits, interest income or dividends received (on a dollar for dollar basis) or security sales (50% of the net proceeds). It’s important to note that the SMA balance represents an aggregation of each historical bookkeeping entry impacting its level starting from the time the account was opened. Given the length of time and volume of entries this typically encompasses, reconciling the current level of SMA from daily activity statements, while feasible, is impractical. 

To illustrate how SMA operates, assume an account holder deposits $5,000 and purchases $10,000 of securities having a loan value of 50% (or margin requirement equal to 1 – loan value, or 50% as well). The before and after account values would appear as follows:

Line Item
Description
Event 1 - Initial Deposit
Event 2 - Stock Purchase
A.
Cash
$5,000
($5,000)
B.
Long Stock Market Value
$0
$10,000
C.
Net Liquidating Equity/EWL* (A + B)
$5,000
$5,000
D.
Initial Margin Requirement (B * 50%)
$0
$5,000
E
Available Funds (C - D)
$5,000
$0
F.
SMA
$5,000
$0
G.
Buying Power
$10,000
$0

Next, assume that the long stock increases in value to $12,000. This $2,000 increase in market value would create SMA of $1,000, which provides the account holder the ability to either: 1) buy additional securities valued at $2,000 without depositing up additional funds and assuming a 50% margin rate; or 2) withdraw $1,000 in cash, which may be financed by increasing the debit balance if the account holds no cash. See below:

Line Item
Description
Event 2 – Stock Purchase
Event 3 - Stock Increase
A.
Cash
($5,000)
($5,000)
B.
Long Stock Market Value
$10,000
$12,000
C.
Net Liquidating Equity/EWL* (A + B)
$5,000
$7,000
D.
Initial Margin Requirement (B * 50%)
$5,000
$6,000
E
Available Funds (C - D)
$0
$1,000
F.
SMA
$0
$1,000
G.
Buying Power
$0
$2,000

*EWL represents equity with loan value which, in this example, equals net liquidating equity.

Finally, note that SMA is a Reg. T concept used to evaluate whether securities accounts carried by IB LLC are in compliance with overnight initial margin requirements and it is not used to determine compliance with maintenance margin requirements on either an intraday or overnight basis. It is also not used to determine whether commodities accounts are margin compliant. Similarly, accounts which report negative SMA at the time each day when overnight, or Reg.T initial margin requirements go into effect (15:50 ET) are subject to position liquidations to ensure margin compliance.

 

 

Syndicate content