Financial Management Is Gradually Realizing "Fund".

< p > recently, the central bank issued the notice on matters related to the entry of commercial banks' financial products into the "a href=" http://www.91se91.com/news/index_s.asp "/a" inter bond market, which clearly stated that "financial products should be directly traded on bonds and settled", and put forward various requirements for bank financial products to record, open accounts, trusteeship and trade in interbank bond markets.

We believe that these provisions will facilitate the standardized operation of bank financing and pform to real "fund" products.

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< p > in recent years, the balance of financial products has increased from 7 trillion and 600 billion at the end of 2012 to 10 trillion and 600 billion at the end of last year, but its non-standard operation has been criticized, for example, the operation of class C accounts is a prominent problem.

Before the reorganization of the bond market in April 2013, most of the bank financial products entered the interbank bond market in the form of class C households.

In the case of group C who set up trading settlement in the bond market, different financial products may need to settle accounts and pactions through the same category of households. Banks as a group of households have naturally facilitated the paction convenience between these < a href= "http://www.91se91.com" > account > /a >. Typical performances include: Bank self account accounts for the benefit of financial account; if the old and new financial products of banks are renewed, if the redemption is larger and the funds can not be connected in time, the self operated households will act as the role of fund raising for banks' financial households. For example, financial products of commercial banks are generally managed by bank managers.

These are conducive to the safety of financial products to honor the principal and commitment of the proceeds.

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Although the advantages of group P have promoted the growth of financial products market, but the financial risk has become more and more serious in the macro level area. Last year, 5 months ago, the debt ceiling asked some commercial banks to stop bond pactions between self operated accounts and financial accounts and financial accounts, and demanded that the broker clearing people in the inter-bank bond market suspend their accounts.

However, the prohibition did not solve the non-standard operation between banks' financial accounts at the institutional level.

Management has also begun to upgrade the financial management of households, from group C to group B, and at the same time set up a threshold for financial products to enter the inter-bank bond market.

This time, the central bank notifications are all aspects of bank financial account operation.

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< p > this regulation will urge all aspects of financial products bond account to be standardized.

First of all, there are higher requirements for managers and trustees of financial accounts, including: managers of financial products must be completely separated from proprietary investment management business in assets, personnel, systems, systems and so on; each financial product should correspond to the invested assets, and financial accounts should be managed separately, accounted for and accounted for.

Secondly, when the notice puts forward the conditions for the opening of financial products, it requires that the financial products that apply for bond accounts in the inter-bank bond market should be opened in the name of a single financial product. This undoubtedly confirms the independent status of financial products that will be directly traded on bonds, and the pactions between financial accounts will be further monitored in the future.

Of course, taking account of the large number of financial products, completely opening accounts will increase the bank burden, and inform financial products that are independently managed by third party trustees and can also be opened in the name of series or combinations.

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< p > there is no doubt that after the implementation of the notice, the rapidly developing financial market will also be affected. The liquidity management of banks will also be affected.

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＜p＞　　通知規范了準入的門檻，一部分理財規范不達標的商業銀行不得不進行調整，過快發展的理財業務短期也將放緩;丙類賬戶取消以及營與理財賬戶之間在債市禁止交易后，銀行理財產品也就難以獲得本行其他賬戶的流動性支持，這將迫使其更重視流動性風險管理，銀行理財依靠資產與負債期限錯配獲得高收益的局面將會有所改變，銀行理財的收益率也將下降;銀行理財實施第三方托管后，銀行內部各類賬戶之間的資金關聯交易也就沒有了空間，銀行理財產品的收益率高低也將真正取決于管理人的市場投資能力，理財產品的收益率也將出現更多分化，銀行理財產品按市場波動估值也就成為可能，而第三方托管還將使得銀行以往在季度末利用自營與理財賬戶之間的資金運作來調節表內存款負債的功能喪失，銀行資產負債及流動性風險管理的難度也將加大。

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< p > of course, how much of these theoretical effects can be achieved will be limited by the following factors.

For example, the notice only regulated the investment bond market of financial products, while investment in non-standard and interbank deposits did not need to be inter-bank accounts, and related related pactions and interest pmission were still difficult to avoid. Because of the market price of non-standard assets, financial products could hardly manage the same value as the fund.

At the same time, banks are likely to trust each other to weaken the regulatory function of the third party trusteeship. Banks can also achieve the previous liquidity management and benefit pmission function through mutual pactions between the inter bank self operated accounts and financial accounts, or by finding a third party to pass the coupons.

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< p > these means that if we want to truly achieve the independent a href= "http://www.91se91.com/news/index_c.asp" > fund "/a" operation, we must have further regulatory policies, such as the "No. 9" issued by the CBRC to regulate the behavior of non-standard assets in bank financial investment, and the CBRC will push forward the direct financing instruments for bonds so as to promote more standardization of non-standard assets.

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