What Is a Special Memorandum Account (SMA)?
A special memorandum account is the Reg T credit line on a margin statement, not spare cash. Follow the SMA ledger through four events in one account.
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Non-Marginable Securities: Reg T vs House
Non-marginable securities carry a 100% cash requirement. Here is where that comes from, how Reg T and house rules differ, and how to check a current one.