Regulatory investigation t+0 redemption Monetary Fund thoroughly raised before loaning pressure – fu 丽水学院附属高级中学

Regulatory investigation T+0 redemption Monetary Fund thoroughly raised before loaning pressure – fund channel Xie Danmin [according to the ICC data, as of the end of 8, the territory of 104 fund management company accumulated fund assets reached 4 trillion and 530 billion yuan, compared to 2 trillion and 230 billion yuan at the end of the scale, it grew more than doubled. Recently, a notice issued by the China Securities Investment Fund Association (hereinafter referred to as "China based association") to fund companies and other institutions has aroused heated debate on the operation of T+0 redemption service business in the industry. "The first financial daily" reporter was informed that the basis of the investigation mainly targeted at the monetary fund. Although cross-border ETF, gold ETF and other varieties in the two markets have realized T+0 rotation trading, but the redemption efficiency is far less than T+0. The IMF has been able to achieve T+0 redemption, rely mainly on the fund company or sales by loaning cashing investors. A domestic large fund company insiders told the reporter, China Base association is also a normal routine inspection. At the end of the quarter, the end of the year and other time points, there have been regulatory funds before operation, deal with huge redemption situation precedent. At the end of September is the end of the three quarter, and eleven golden week before, common sense that the ICC related business research, it is normal. Diagnostic T+0 redemption services in September 18th, the ICC to the public fund companies, sales agencies, brokerage and information management agency issued a "notice on carrying out the industry T+0 rapid redemption service research work" (hereinafter referred to as the "investigation notice"), sort out the product requirements for these institutions to provide services to T+0 rapid redemption under the flag, according to their own situation to design pressure testing program, the establishment of a suitable model for the evaluation of products T+0 quick redemption service’s liquidity, financial pressure etc.. "Research notice" once issued to the fund company, it caused some repercussions. Insiders said that after the regulation to improve the preservation fund, classification fund access threshold, do not rule out the IMF T+0 business model standards will also be improved. However, the number of fund company insiders told reporters that, in the short term, the ICC should move just a routine check, check the focus of fund companies and sales organizations to cope with the huge redemption loaning ability. Near the end of the three quarter and the eleven golden week, a group of agencies may have payment pressure, and the market funds may also be tight. The move is also the basis for the IMF to respond to the pressure of redemption, so as to avoid liquidity crisis. Generally speaking, the monetary fund holders need 2~4 working days from the redemption application to the funds arrival. The beginning of 2012, the fund company launched the baby products, through the realization of efficiency to form T+0 loaning redemption. The product is also favored by investors because of its high liquidity advantages, and has been widely imitated in the industry. The so-called "underwritten" refers to the "T+0" in order to realize the function of immediate cash, fund company or sales to pay its own funds to investors, and other monetary fund to pay the redemption arrival after loaning.

监管调研货币基金T+0赎回 摸底公募节前垫资压力-基金频道  谢丹敏   [据中基协数据,截至8月末,境内104家基金公司累计管理的货币基金资产高达4.53万亿元,较去年末的2.23万亿元的规模,足足增长了一倍多。]   近日,一份中国证券投资基金业协会(下称“中基协”)向基金公司等机构下发的有关调研T+0赎回服务业务运行情况的通知在业内引起热议。   《第一财经日报》记者获悉,此次中基协调研主要针对的对象是货币基金。尽管跨境ETF、黄金ETF等品种在二级市场上均实现了T+0回转交易,但在赎回效率上远远达不到T+0。货币基金之所以能够实现赎回T+0,主要依靠基金公司或销售机构自行垫资兑付投资者。   国内一家大型基金公司内部人士对本报记者称,中基协此举也是正常的例行检查。在季末、年末等时间点,早先也有过监管摸底基金资金运作、应对巨额赎回等情况的先例。9月底是三季度末,也是十一黄金周前,从常理推论,此时中基协进行相关业务调研,实属正常。   摸底T+0赎回服务   9月18日,中基协向公募基金公司、销售机构、券商资管机构下发了一份名为《关于开展行业T+0快速赎回服务运行调研工作的通知》(下称《调研通知》),要求这些机构对旗下提供T+0快速赎回服务的产品情况进行梳理,根据自身情况设计压力测试方案,建立合适的模型对旗下T+0快速赎回服务的产品的流动性、财务压力等方面进行评估。   《调研通知》一经下发到基金公司,便引起了一定的反响。有业内人士称,在监管相继提高保本基金、分级基金的准入门槛后,不排除货币基金T+0业务模式的标准也将被提高。   然而,多家基金公司内部人士对本报记者称,从短期而言,中基协此举应该只是例行检查,重点检查基金公司及销售机构的垫资能力是否能应对巨额赎回。临近三季末、十一黄金周,一批机构可能会有缴款压力,市场资金面可能也有趋紧的可能。中基协此举也是摸底货币基金应对赎回的压力,以免出现流动性危机。   一般而言,货币基金的持有人从递交赎回申请到资金到账,需要2~4个工作日。2012年开始,有基金公司推出“宝宝”类产品模式,通过以垫资形式实现赎回T+0的效率。该产品也因超高的流动性优势获得投资者青睐,并在业内被普遍效仿。   所谓“垫资”,是指为了实现“T+0”即时取现功能,基金公司或销售机构先以自有资金支付给投资者,再等货币基金赎回到账后用来偿付其垫资款。据相关媒体报道,除银行系基金公司能依靠渠道优势代为垫资,大部分机构均以自有资金先行垫付。中大型基金公司总资产也就在10亿至30亿元之间,其能承受的垫资规模有限。有测算显示,货币基金想实现T+0到账,每百亿元的货基需要基金公司自行垫资10亿~20亿元。   实际上,国内货币基金行业的确发生过流动性问题。两个月前,位于上海的兴业基金曾上演了一段货币基金遭遇巨额赎回的小插曲。公开资料显示,兴业基金旗下一款名为兴业鑫天盈货币A的基金产品,因为遭遇巨额赎回惊现了“负收益”的情况,7月18日至7月24日7天时间,七日年化收益率均为负,分别为-1.155%、-1.153%、-1.072%、-0.95%、-0.952%、-0.942%、-0.933%。   货币基金出现负收益极为罕见。在全球市场上,通常只有金融市场出现流动性危机的时候,它的收益率才有可能为负。中国市场上,在2006年上半年也出现过单日货币基金收益为负的短暂情况,之后除了兴业鑫天盈货币A外,从未发生过这样的情况。   不过,真正拉响货币基金流动性警报的是2013年6月中国市场上出现的资金紧张的“钱紧”那段时期。当时,大型商业银行加入借钱大军,隔夜头寸拆借利率一下子飙升578个基点,达到13.44%。在高收益的诱惑下,一大批货币基金遭遇大规模赎回,一些机构及大资金纷纷转投交易所市场及银行间债市。天治基金、银河基金等多家公司旗下货币基金万份收益率纷纷跌破0.1%,但仍坚守住正收益的“红线”。   近年来,尽管“钱紧”等极端现象成了过去时,但监管把保证货币基金的流动性问题摆在了重要位置。2015年末,证监会与央行联合发布的《货币市场基金管理办法》称,为确保基金平稳运作,避免诱发系统性风险,基金管理人应当对当日单个基金份额持有人申请赎回基金份额超过基金总份额1%以上的赎回申请征收1%的强制赎回费用,并将上述赎回费用全额计入基金财产。自2016年2月起,这一措施正式实施。   委外大潮下监管趋紧   进入2016年,中国市场资产配置荒愈演愈烈,一边是机构持有巨量的流动性,另一边则是赚钱效应的缺失,无处可投。于是,出于现金管理或者保值等需求,大量资金涌入货币基金市场。   据中基协数据,截至8月末,境内104家基金公司累计管理的货币基金资产高达4.53万亿元,较去年末的2.23万亿元的规模,足足增长了一倍多。   在一些业内人士看来,很大程度上,银行等委外资金推动了货币基金市场的发展。上述出现负收益的兴业鑫天盈货币基金便是由委外资金定制而来。兴业鑫天盈货币分为A、B两类基金份额,基金中报显示,截至2016年6月末,兴业鑫天盈货币A份额8451.46份、兴业鑫天盈货币B份额为255.93亿份,两者体量相差极为悬殊。值得注意的是,兴业鑫天货币B的250多亿份额由1名机构投资者全权持有。而兴业鑫天盈货币A似乎只是为了保证200户的成立门槛而存在,截至6月末,284户个人投资者持有8451.4份,平均每人持有29.76份;基金公司所有从业人员持有4197.77份,占比近半。   由于基数极为有限,相对于兴业鑫天货币逾250亿元体量的千万分之几的赎回量,便引发了兴业鑫天盈货币A出现负收益。   散户微不足道的赎回尚能引发一只货币基金出现负收益的情况,一旦机构投资者大规模赎回,其造成的影响显然更为重大。监管对此显然颇为重视。中基协此次调研工作在业内人士看来实属正常。   北京一家大型基金公司电商人士对本报记者称,通常来说,在季末或者年末等时点,散户赎回的比例不会太高,主要是个别机构因为有临时资金的周转,必须赎回货币基金,为此基金经理在这些关键时间总要提前备足现金头寸以备应对巨额赎回。   值得注意的是,作为拥有中国第一大货币基金余额宝的天弘基金显然成为了中基协调研的重要对象之一。有接近天弘基金的人士对《第一财经日报》记者称,天弘基金的余额宝跟普通的货币基金不同,它由散户占主导,所以在季末、年末不存在赎回压力,余额宝的主要兑付压力在“双十一”。为此,在“双十一”前,基金经理要备足大量现金头寸,以备持有人购物所用。据基金半年报数据,截至6月末,余额宝资产净值达到8163.12亿元,机构投资者仅持有20.62亿元,占比0.35%。   尽管中基协此次摸底工作在业内人士看来主要是应对节前的巨额赎回风险,但也有基金业人士向记者表达对未来监管升级的忧虑。“长期来看,基金公司垫资问题也有可能被纳入监管。”北京一家基金公司内部人士如是说。相关的主题文章: