标题：现金管理账户
发展历史
现金管理账户的产生与取消固定佣金制度密切相关。 
在证券市场发展初期，各国采用的都是固定佣金制。但从1970年代开始，欧美国家经历了一场持续至今的金融自由化浪潮，主要是以金融服务价格(汇率、利率和券商佣金费率)以及金融机构跨业经营(银行、证券和保险)的放松管制为主要内容。 
1975年5月1日，美国的证券交易所率先打破固定佣金制，采取竞争性的协议佣金制，即由客户和证券公司协商决定。更为引人关注的是，英国10年后在1986年对证券业实施了一场重大变革——彻底取消政府对佣金标准的控制，客户可与证券经纪商根据市场供求情况、交易额度及各自的实际情况，协商决定按何种标准收取佣金或是否收取佣金。这场变革使英国重新赢得全球主要证券市场的地位。此后，更多的国家放弃了固定佣金制。目前在世界主要的27个证券交易所中，对佣金的收取绝大部分采用自由协商的方式。 
浮动佣金制度的创立，带来了佣金下调的趋势。这之所以成为可能，是由于新技术使交易成本大大降低。随着电子交易的发展，经纪人在交易过程中的作用，越来越没有实际意义。而佣金的降低，却直接影响了券商的收益，使其面临巨大的生存压力，也因此产生了创新动力。不开发新产品来创造新利润，整个行业都将面临亏损的局面。 
作为美国投资银行业金融创新的带头人，美林证券率先以投资银行业务争夺资金，来弥补经纪业务的亏损。它使用的工具就是“现金管理账户”——带有美林金融市场基金的信用卡及支票填写特权的一揽子服务。这等于是在证券市场与货币市场之间盖了个理财超市，5年内便成功开发了53.3万个资产管理客户，使美林得以成功应对浮动佣金制度和银行业务渗透的挑战。很快便在全球范围内受到券商和银行的关注、效仿。 
1980年代末，为增强竞争优势，美林再一次领导了金融创新潮流，通过财富管理战略，将现金管理账户与货币市场基金账户结合，扩大资产组合的范围；随着客户网络的扩大，进一步将现金管理账户升级到集交易和理财于一体的无限优势账户，给客户更大的选择空间。同时，券商收入模式向费用模式的转变也被再次提速。 
可以说，现金管理账户是美林养得最好的一只下蛋鸡，它不仅给美林和美林的客户带来双赢，它也将全球金融产品创新带到了一个新高潮。
特点
现金管理账户，在于其功能的综合性：客户既可以在这个账户上实现证券交易，也可以像一般存款账户那样存取款项，还可以同信用卡公司进行结算，外加支票转账等各种支付功能。 
该账户的资金规模不固定，客户可随时按照自己的意愿提取资金或进行消费，在这点上又很符合活期存款和开放式基金进退自由的特点，管理人可以采取基金的直接投资形式。 
在投资服务方面，券商根据客户的风险偏好和资金规模，设计个性化的投资组合，获取超过银行存款利率的投资收益，从而收取相应的管理费。除了获取专业咨询服务外，客户还可定期(每日、每月)知晓本人的资产状况。
运作流程
1.寻找客户：券商通过与银行合作，寻求有理财需求的银行储户(机构和富人)，了解投资偏好。并与客户进行充分接洽，了解客户的性质，委托资产的规模、期限、收益预期及风险承受能力。客户也籍此了解管理人的资信、业绩历史和业务能力。 
2.签立协议：在彼此认可对方条件之后，双方共同签订资产委托管理协议，确定各方具体的权利和义务。 
3.资金到位：券商利用客户在银行的资金账户开设对应的现金管理综合账户，并按约定将动态的资金余额作为委托资产转入专户。 
4.委托运作：由受托人向委托人提出投资建议书并设计具体的投资组合，运作委托资产。受托人将根据需要，每月向客户提供交易清单，定期走访，了解客户对理财操作的意见。在合同期满或提前中止后，对专门账户上的资产进行清算，并以此鉴定受托人的经营业绩。委托理财合同到期时，券商将客户本金及应获收益划至客户在银行的账户。也可续签协议，重新开始新的资产管理委托流程。
CMA at Merrill Lynch
What is the Merrill Lynch CMAAt Merrill Lynch, we understand that you want to maximize both yourlong-term investments and day-to-day finances. Managing both within asingle relationship provides you with a more comprehensive view of yourassets, making it easier to monitor and track your overall financialpicture.
When should you consider a CMA accountIf you're seeking the convenience and simplicity of an investmentaccount that offers an automatic sweep of cash balances, acomprehensive array of cash management tools and a quick, easy way tomonitor and manage financial assets, you can benefit from consolidatingfunds in a Merrill Lynch CMA account.
What are the benefits of a CMA accountManage all your financial assets in one place
Witha CMA account, you can invest, save, borrow and spend. Also, you maymanage a wide range of investments and benefit from a full array ofeveryday transaction services, such as check writing, direct deposit,online bill payment, ATM transactions, a deferred debit Visa card and more. 
Keep your money working with an automatic sweep
Toensure that your money keeps earning interest, cash balances areautomatically swept into your choice of tax-exempt money market fundsor deposit accounts through the Merrill Lynch bank deposit program.
Earn potentially higher rates by linking accounts
Theinterest rates on deposits made through the Merrill Lynch bank depositprogram vary based on the value of assets in your accounts. With ourstatement-linking feature, the total assets of all the eligible linkedaccounts will be used to determine your interest rate. 
Earmark assets for specific needs and goals
You can establish CMA SubAccounts to segregate funds for specific investment goals, such as education, supplemental retirement savings, emergencies or travel. 
Access a convenient source of home financing solutions
Witha CMA account, you gain access to an extensive range of loan products,including mortgages and home equity loans. A Financial Advisor can helpyou determine which solutions are right for you in the context of yourfinancial picture and cash flow needs. 
Automated Investment Program
Withour Automated Investment Program, you can invest in mutual funds usingyour CMA account. This program takes advantage of dollar costaveraging, which can lower your costs and potentially enhance yourinvestment returns over the longer term. 
Reinvest cash dividends
Automatically reinvest cash dividends in eligible securities with no commission charges through our Reinvestment Power program.
How does it help you manage your assetsProvides comprehensive and summary information
Acomprehensive monthly statement provides a snapshot of your accountbalances, spending, asset allocation and current portfolio valuations.
Asupplementary, consolidated year-end statement eases tax returnpreparation by providing a detailed, chronological breakdown of taxableinvestment activity and realized capital gain or loss.
Statement-linkingservices conveniently package the individual monthly statements for allthe eligible accounts you choose in one envelope with up to fivesummary pages. The linked statements provide a comprehensive view ofthe accounts, which can include your CMA account, CMA SubAccounts andother linked accounts, such as your IRA. By linking your statements,you'll be able to manage your assets more efficiently and reduce theamount of paper in your mailbox.Offers convenient account access and support
Merrill Lynch OnLine offers a secure online platform for viewing account information and performing a variety of routine transactions:
— Check balances and account activity
— Transfer funds between accounts
— Reorder checks— Print images of canceled checks
— Establish e-mail alerts
— E-delivery of account materials
When you call (800) MERRILL (637-7455)and provide your account number, you have access to our easy-to-use,voice-activated telephone system for day-to-day service requests, suchas quotes and account balance information. 
You also can consult your Financial Advisor for advice and guidance on investments and cash management strategies. Your assets are protected
Yourassets held in a CMA account are protected by the Securities InvestorProtection Corporation (SIPC). The SIPC provides up to $500,000 ofaccount protection per customer, including up to $100,000 for cash.
Throughthe Merrill Lynch bank deposit program, deposits placed at each of theMerrill Lynch Affiliated Banks (FIA Card Services, N.A. (FIA) andMerrill Lynch Bank & Trust Co., FSB) are FDIC-insured up to theapplicable standard maximum deposit insurance amount (SMDIA) for eachownership category per bank.