Monetary Fund'S Regulatory Policy Is Further Tightened. Where Will The Balance Of Ma Yun Go?

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What is the opening sign? So we have to mention Alipay. The balance treasure launched by Alipay and Celestica fund in June 2013 has opened an era of Internet Finance in China through the Internet pformation of the monetary fund, and by the end of June this year,

The scale has reached a record high of 1 trillion and 400 billion, making it the largest Monetary Fund in the world, directly affecting the size of China Merchants Bank, the largest joint-stock commercial bank in China.

Recently, however, Ma Yun may be asleep again.

After the limit of the balance of treasure dropped from 1 million to 250 thousand to 100 thousand, the regulatory authorities finally announced the regulation of the monetary fund such as the balance of treasure. Today we are going to talk about the new regulatory era of the Monetary Fund.

I. monetary fund with double supervision

Recently, five months after the release of the draft, the securities and Futures Commission formally issued the "Regulations on the liquidity risk management of publicly offered open-ended securities investment funds" in September 1st, which was formally implemented in October 1st.

Compared with the previous draft, there are several key points in the official release.

First, the new regulation restricts the investment entities of the IMF, and the financial instruments with low credit rating have been greatly restricted.

Second, for the first time, the concept of "systemically important money market fund" was put forward, and it was indicated that special regulatory rules would be made separately by the SFC and the people's Bank of China.

Third, fund managers should control the scale of money market funds managed by the amortized cost method.

The total net asset value of a 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 of the fund's risk reserve.

Fourth, from the date of implementation of this provision, the risk reserve of fund managers is not up to "200 times". It is not necessary to initiate the establishment of new financial market funds and single purchase and purchase fund shares which are calculated by the amortization cost method, and use the fixed period to lock in the financial bond funds, and raise the proportion of risk reserve to more than 20% from the beginning of next month.

According to the requirements of this new deal, not only the supervision is strict, but also the Monetary Fund's risk reserve has been put forward higher requirements. With the introduction of the policy, the sword of Damour, who fell on the head of the monetary fund, has finally fallen.

For Internet banking is not barbaric growth, this matter is difficult to judge, after all, due to the rapid development of Internet Finance chaos is endless, but we do not talk about Internet finance today, let's first talk about the money fund.

Two. The past and present of IMF

Speaking of Monetary Fund, in fact, it is nothing new. As early as the 70s of last century, there was already a money fund.

In the 70s of last century, the US economy was in the "stagflation" of economic recession and inflation. At that time, because of the control of the deposit rate of commercial banks by the Federal Reserve, the interest rate of residents deposits was generally lower than the inflation rate, which caused the US residents to have an abnormal entanglement. That is, as long as residents' money exists, banks will be in a long-term devaluation.

At the same time, the banks in the United States are also facing the predicament of shortage of funds. Therefore, in order to attract deposits, banks used high interest rate certificates of deposit to absorb savings. However, the threshold of such certificates of deposit is too high, at least hundreds of thousands to millions of dollars to invest, so only a small number of institutional investors have enough funds to buy, but most ordinary Americans can only buy poor ordinary deposits or small financial products with low interest rates.

At this time, the famous American fund analyst Ruth Bent, through his own research and analysis, thought why he could not collect the idle funds from one hand through an institution so as to invest in those high interest certificates of deposit.

So the famous "savings fund company" was established. The savings fund company purchased a high interest rate regular savings of $three hundred thousand, and sold it to small investors for $1000 at the same time. In this way, small investors enjoyed the return on investment that large enterprises could get and had higher cash mobility at the same time, so the first money market fund appeared in history.

Because money market funds have high interest rates, good liquidity and are very safe, they soon became popular in the United States. But because the purchase and redemption of the IMF are more complex, they are very popular though they are not very popular.

Until 1974, the American fidelity group launched the "fidelity day income trust" to carry out the T+0 paction. The proceeds were carried forward every day, and cheque could be issued. Such a fund was almost no difference from cash usage, and it had such a high income. So the fund launched in just 7 months was over 500 million US dollars, accounting for 1/4 of the assets of the retail monetary fund at that time.

We put the lens back inside, the IMF as a relatively mature fund type, actually very early has entered China, but still before this problem, the IMF's purchase and redemption are more complex, and the purchase of Monetary Fund's threshold is higher. The result of the two superposition is until 2012, the net asset value of the money market fund has always been below 300 billion members, all of which is changed with the emergence of the balance treasure, the balance treasure has pformed the monetary fund through the Internet means, and has reduced the purchase threshold of the monetary fund to 0.01 yuan.

In addition, the T+0 paction of the IMF has been realized through the way of underwriting. With the advantage of Alipay's own payment, the IMF has been pformed into a "cash like" payment method in China.

Therefore, since 2013, China's Monetary Fund has entered an era of explosive growth. According to the data of the China Association of fund industries, as of June 30, 2017, the cumulative net asset value of the 325 IMF was 5 trillion and 105 billion 669 million yuan, accounting for more than 50% of the 10 trillion public offering assets.

By the end of 2014, the size of the IMF was only 2 trillion yuan, and before 2013, the size of the IMF was only around 1 trillion yuan.

Three, why should regulators strictly manage monetary fund?

Five trillion scale monetary fund, 1 trillion and 400 billion scale balance treasure, such a huge scale of funds can be said to be extremely rare in the world's financial history. With the rapid expansion of the scale, the demand for fund risk control will also gradually improve, because monetary fund is relatively safe asset, but after all, monetary fund is not bank deposits. Once there are any problems, it may cause great systemic risk.

Take the current risk reserve as an example, before the new regulations are introduced, the fund's risk reserve is proposed in accordance with 10% of the management fee income. Once a month, the balance reaches 1% of the net asset value of the management fund at the end of the last quarter. According to the management fee of 0.33% in the current fund industry, the balance treasure of 1 trillion and 400 billion can charge a management fee of 4 billion 620 million yuan for 1 years, and the risk reserve of 462 million yuan.

Although the money looks a lot, but if there is a big risk event, compared to 1 trillion and 400 billion of the super large scale, such a low risk reserve is really not enough.

This is why regulators are so nervous that these high money market funds, especially after the financial work conference, have prevented gray rhinoceros from becoming the theme of most financial regulation. What is the grey rhino of the fund market?

If a large-scale fund has a risk event, it will undoubtedly become a grey rhinoceros that hits everything. So it is not surprising to face such financial risks, to strictly supervise or even control the scale.

Therefore, everything is returning to a unified principle to prevent financial risks and avoid large-scale risk events.

For us? In fact, the reduction of money fund such as balance treasure is really not a bad thing, because investment science has repeatedly told us not to put eggs in one basket. On the one hand, Ali has already launched various channels such as Ali network bank, ant wealth and so on to provide diversified financial products. On the other hand, many commercial banks have also realized many "cash like" Monetary Fund.

Therefore, the best choice is to diversify our capital into different investment channels so as to achieve the purpose of risk diversification.

The success of the balance Bao is to realize the cash conversion of high yield financial management. From this perspective, their historical tasks have been completed well, and investors do not need to set eyes on a sheep's wool. From the perspective of diversified investment and risk diversification, investors can invest in more diversified products, while realizing investment returns, at the same time, they can really reduce potential risks and realize the preservation and appreciation of wealth.

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