Collateral Management Agreements (CMA) and Stock or Storage Management Agreements (SMA) are two core tools for commodity traders, lenders, and structured trade desks. Both protect lenders when goods are financed and stored, but they serve different purposes and carry different legal and operational duties.
A CMA is a tripartite agreement among the borrower, the financing bank or credit fund, and an independent collateral manager. The manager takes physical control of the financed goods—whether metals in a warehouse or grain in a silo—and releases them only on instructions agreed in the LC or loan facility. This gives the lender comfort that if the borrower defaults, the goods can be liquidated to repay the debt.
An SMA is lighter. It is signed when the lender does not need full physical control but wants documented oversight of goods. The storage operator or warehouse commits to regular stock reporting, access for inspection, and notification of abnormal movements. Title often remains with the borrower or a trading SPV.
Use a CMA when lender exposure is high, commodity prices are volatile, or counterparty risk is material. An SMA fits lower-risk or short-tenor deals where continuous control is not cost-effective. Some facilities start with a CMA and later convert to SMA as performance builds trust.
Both agreements require full KYC and AML checks on all parties and detailed collateral descriptions. Expect legal opinions in each storage jurisdiction, proof of insurance, and signed warehouse undertakings. Fees vary by commodity, location, and inspection frequency.
Submit your intake file to structure a CMA or SMA for your next trade finance transaction.
Submit Intake FormThis page is for corporate and institutional trade participants. It does not solicit the purchase or sale of securities and is not a commitment to lend. All collateral management structures are subject to underwriting, KYC, AML, sanctions screening, and the appetite of banks or private credit funds.
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