In October 1St, Will Alipay Wechat Be Affected By The New Investment Rules?

In September 1st, the regulatory authorities formally promulgated the "Regulations on the liquidity risk management of publicly offered open-ended securities investment funds" (hereinafter referred to as the new regulations), which will come into effect on October 1st. The emergence of the new rules quickly aroused heated debate in the industry. Many third party research institutions, sellers' organizations and even the media have given their own interpretation, but there are not many voices from the public offering fund.

To this end, the reporter interviewed a number of public offering fixed income investment director and related people, and presented their real views here.

First, the impact of the risk reserve is large. There are special rules for the balance treasure.

The eighth chapter of the new regulation is "special provisions on money market funds". The twenty-ninth requirement of this chapter is that the fund managers should implement the scale control of the money market funds managed by the amortized cost method. The money market fund managed by the same fund manager in the amortized cost method shall not exceed 200 times the balance at the end of the month.

This "200 times" has attracted a lot of attention in the market. Even people in the industry have calculated accounts for the largest monetary fund balance treasure. Wind data show that the balance of assets in the middle of this year is 1 trillion and 430 billion, that is to say, the Celestica fund needs to withdraw at least 7 billion 150 million yuan of risk reserves.

The director of a fixed income Department of a large public offering told reporters that this provision mainly affects some large companies with large scale and low risk reserves, because "risk (preparation)" is essentially a management fee charged at a certain scale, and the larger the scale, the longer the time it gets. Many risks (preparation) are accumulated by fund companies over the years. We have initially calculated 200 times the upper limit, and the restrictions on the "old ten" companies that have been established for 10 years have been limited. However, like some larger and relatively new monetary fund companies, the impact is more obvious. The biggest impact must be on the balance of treasure, which is far more than 200 times beyond, so for them, it will certainly limit the scale of the whole monetary fund as a whole.

Another industry insider told reporters that the Celestica fund has been trying to control the size of the balance treasure, but the latter has maintained a rapid growth. "There may be special cases in the case of balance treasure."

This is also evident in the new regulations. The thirty-seventh provision provides that the CSRC and the PBC shall separately formulate special regulatory rules for the money market funds identified as systemically important.

Two, the average revenue period of institutional cargo base is shortened, and revenue is reduced.

A Southern China public offering fixed income investment director told reporters that according to the new regulation, if the proportion of the 10 largest holders of goods base accounts for more than a certain percentage, there will be restrictions on the operation and duration of such funds, and the direct result will be their earnings level.

For example, the thirtieth requirement of the new regulation is that when the share of the first 10 share holders of the money market fund exceeds 50% of the total share of the fund, the average residual period of the money market fund portfolio shall not exceed 60 days, and the average remaining term can not exceed 120 days. In the portfolio, cash, treasury bonds, central bank bills, policy financial bonds and other financial instruments that are due to expire within 5 trading days shall not be less than 30% of the net assets of the fund.

When the share of the first 10 share holders of the money market fund exceeds 20% of the total share of the fund, the average residual period of the money market fund portfolio shall not exceed 90 days, and the average remaining term can not exceed 180 days. In the portfolio, cash, treasury bonds, central bank bills, policy financial bonds and other financial instruments that expire within 5 trading days shall not be less than 20% of the net asset value of the fund.

"Generally speaking, the cargo base period is short, and the assets are certificates of deposit, interbank deposits, repurchase and short-term bonds. The main purpose is to hold maturity and eat coupons. Some of the 80% or more than 90% of the monetary fund are held by large institutions. For these funds, the original average return period can be 120 days. Now it can only be reduced to 90 days or even 60 days, so the proceeds must be affected. The impact of this impact on the retail base is not so great, because their customers are very fragmented, but the profits to some of the larger funds will drop a lot.

Three, restrict cargo base investment, reduce earnings, and promote capital return banks.

The thirty-third provision of the new regulation provides that the proportion of the financial instruments issued by the money market fund to the institutions whose principal credit rating is lower than AAA will not exceed 10% of the net assets of the fund, and the proportion of the financial instruments issued by the single institution to the net assets of the fund shall not exceed 2%.

Compared with the draft in March this year, the new regulation requires that a single money market fund should invest in the market capitalization of the liquidity constrained assets. The proportion of the net asset value of the fund should not exceed 5% to 10%. However, compared with the previously applied "money market fund supervision and management measures", the proportion of liquidity constrained assets investment that accounts for more than 10 of the maturity date of the IMF in the above 30% trading days is less than 30% of the net asset ratio of the fund.

A Hushang public collection and investment director told the daily economic news reporter that one of the most important concerns in the new regulation was the above one. "When we consulted the draft in March, we analyzed that the direction was to strictly limit the investment direction of the IMF, and the credit rating of the investors could also be upgraded. However, the net capital of small and medium banks in China is usually 2 billion to 5 billion. According to the ratio of 10%, the ceiling of the fund companies to invest in these bank certificates of deposit is only 200 million to 500 million. The net assets of a few joint-stock banks add up to 10%, and almost 400 billion, too. For larger cargo bases, no assets can be invested, and only those assets with low interest rates can be invested. In this way, the yield of cargo base will slow down. "

The above director of Southern China public offering fixed income and investment also pointed out that the most fundamental direction of the new regulation of liquidity risk management is consistent with the direction of national deleveraging, allowing money to return to banks. "Before the short end interest rate has not been able to go down, the enterprise cost is high, and the new regulation is to let the interest rate of deposit and certificate of deposit fall down, making money slowly return to the bank, which is conducive to reducing costs."

In addition, the new regulation thirty-third also prohibits the deposit of certificates of deposit below AA+. The above Hushang public investment and investment director said that this is equivalent to blocking the opportunity to obtain higher returns by configuring low ranking bank certificates of deposit, while pulling up the fund's demand for high-grade certificates of deposit. "High level certificates of deposit receipts will be lower, resulting in lower yields of IMF."

Four, multi pronged approach to reduce liquidity risk caused by large redemption.

As you may recall, the debt market has been drastically adjusted at the end of last year. Insiders revealed that an important part behind it was the bank's rush to redeem the cargo base in the wake of panic and regulatory expectations, triggering liquidity risk.

Therefore, in the new regulation, a number of provisions and measures are aimed at reducing the pressure of large scale redemption.

For example, the twenty-second requirement of the new regulation is that the fund managers can take these auxiliary measures in a specific situation: postponing the application for a huge redemption; suspending the application for redemption; postponing payment of redemption money; collecting short-term redemption fees; suspending the valuation of the fund; setting the price of swing; other measures identified by the China Securities Regulatory Commission, etc.

The so-called swing pricing mechanism, the new regulation fortieth, is also explained. When the open-end fund is experiencing large purchase and redemption, it adjusts the market impact cost of the investment portfolio to the actual investors who purchase and redeem by adjusting the net value of the fund share, thereby reducing the adverse impact on the interests of the holders of the stock fund share and ensuring that the legitimate rights and interests of investors are not damaged and treated fairly.

The director of fixed assets and investment, said the new regulation adopted a number of measures to reduce the liquidity risk caused by large redemption. For example, there were thirty-first provisions that accounted for more than 50% of the share of the top 10 share holders, and cash in the portfolio. National debt When the proportion of assets such as government bonds is less than 10% and the deviation is negative, the goods base can impose a redemption fee of 1% on the redemption application of a single fund share holder over 1% of the total share of the fund. "In this way, the cost of redemption can be raised and the redemption enthusiasm of the organization will be reduced."

Five, what should investors do?

In front of so many investment directors' true feelings, that face New regulation What should investors do?

The two sets of calculations made by Wang Qunhang, deputy general manager of Jinxin Jinxin, may be used as a reference: the basic interest rate of RMB deposits of banks is 0.35% (if they are calculated weekly by an average of 0.0067% per week), 1.50% on a regular basis and 2.75% on a regular basis for three years. According to the statistics of Jinxin fund evaluation center, as of August 18th, the average yield of 298 goods bases in the past week was 0.0727%, and the average yield of 225 goods bases in the past year was 3.22%.

He also cited an example: if a cargo base's seven day reduction from 4.10% to 3.90%, the yield difference of 0.2 percentage points, that means the purchase of 100 yuan of money market funds, holding a full year, the maximum income will be reduced by 0.20 yuan.

It seems that although the yield of the fund may be reduced, the average investor may not need to worry too much in the short term. After all, the advantage of the goods base is quite obvious compared with the same type of products.

"Both short-term and long-term, the yield of money market funds is higher than that of money market funds. Bank Deposits. Considering liquidity, time deposits can not match the IMF. Based on the income calculation method based on the amortization cost method, as well as constantly strengthening supervision, the risk of cargo base has been reduced again and again. As time goes on, the cargo base will surely be recognized and held by more and more investors. " Wang Qunhang said.

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