RCLB- Rocket Lab 和 2021破產後的 Hertz，會是屌絲的逆襲嗎？

我就是愛拍照 wrote:
一樣是登喜馬拉雅山，一個是登山家，一個是雪霸，雪霸還可以背兩個人的氧氣筒，這兩者的本質有何不同？除了一個是可以為情懷而死，一個是可以為錢而死，其實也沒多大不同。看事情的角度不同而已。

Special Memorandum Account (SMA): Definition and Purpose
By Adam Hayes Updated November 26, 2024，
Reviewed by Thomas Brock，Full Bio
Thomas J. Brock is a CFA and CPA with more than 20 years of experience in various areas including investing, insurance portfolio management, finance and accounting, personal investment and financial planning advice, and development of educational materials about life insurance and annuities.

What Is a Special Memorandum Account (SMA)?

A special memorandum account (SMA) is a dedicated investment account where excess margin generated from a client's margin account is deposited, thereby increasing the buying power for the client. The SMA essentially represents a line of credit and may also be known as a "special miscellaneous account."

Special memorandum accounts should not be confused with separately managed accounts, also abbreviated as "SMA."
Key Takeaways

A special memorandum account (SMA) is a dedicated investment account where excess margin generated from a client's margin account is held.
An SMA equates to the buying power balance or excess equity in a margin account, which is money an investor has to buy securities.
Brokerage firms calculate the SMA balances of margin accounts at the end of each trading day.

Understanding a Special Memorandum Account (SMA)

An SMA generally equates to the buying power balance in a margin account. Buying power, or excess equity, is the money an investor has available to purchase securities and equals the total cash held in the brokerage account plus all available margin.

An SMA provides additional buying power in a client's margin account. It exists when the margin equity in an account exceeds the Federal Reg T requirement of 50%. If the Reg T initial requirement is not met, a Fed call will be issued against the account.1

Brokerage firms calculate the SMA balances of margin accounts at the end of each trading day to make sure they are greater than or equal to zero. SMA is calculated simply as the previous day's SMA +/- the change in current day cash, and +/- the current day trades' initial margin requirements.

An SMA will lock in any gains realized in a client's margin account. However, the SMA balance fluctuates.
Important

Borrowing on margin is very risky because it amplifies both losses and gains. If the value of your investment drops, you will face a margin call and will have to provide the cash (or liquidate securities) to cover it. Your losses could be higher than your initial investment.
Special Considerations

Consider the situation where stock within a client's margin account realizes a capital gain and creates excess margin. If this excess amount is held in the account, and the stock position produces a capital loss at a later date, the client could then lose their gain entirely.

The SMA balance increases in value with cash deposits into the brokerage account. The SMA also holds interest and dividend payments from long positions and proceeds from closing out a securities position.

Clients can use funds in their SMA to purchase additional securities for their margin account. The SMA balance decreases with cash withdrawals from the brokerage account and when buy orders for securities are executed.
What Is the Purpose of Regulation T?

The primary purpose of Regulation T is to safeguard investors and the financial markets against excessive leverage in margin accounts. Regulation T is a Federal Reserve rule that stipulates that brokers can only lend investors up to 50% of the "total purchase price of a margin equity security for new purchases." In essence, it limits how much an investor can borrow on margin to buy securities.1
Can You Withdraw Money From Your SMA?

Yes, you can withdraw money from your special memorandum account (SMA) because it is excess equity in the account (the amount above the 50% of securities value Reg T requirement). However, removing your excess money limits your purchasing power and also reduces your buffer in case of future margin calls.
What Is an Example of a Margin Account?

A margin account allows you to borrow money to purchase securities rather than having to pay the full cost yourself. So, for example, you want to purchase $20,000 of stock XYZ. In a margin account, you deposit $10,000, as required by Regulation T (50% of the purchase price), and your broker lends you the remaining $10,000. You now have $20,000 to purchase XYZ. The stock you purchased serves as collateral against the money you borrowed.1
The Bottom Line

A special memorandum account (SMA) increases an investor's buying power by holding excess margin. The excess margin occurs when the equity in the account is above the Reg T requirement of 50%. This extra amount can also act as a buffer against future margin calls if the account's value drops.