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公募基金流动性新规落地——货币基金呈现四大发展趋势
2017-09-05 21:46:52 中国经济网
经济日报-中国经济网北京9月5日讯(记者周琳)中国证监会近日发布《公开募集开放式证券投资基金流动性风险管理规定》(以下简称《管理规定》),自2017年10月1日起施行。中国证监会新闻发言人高莉表示,从《管理规定》征求意见期间的反馈情况看,市场各方普遍认为,流动性风险是现阶段我国公募基金行业稳健发展所面临的突出问题,《管理规定》聚焦公募基金流动性风险,进一步细化底线要求,强化机构在流动性风险管控方面的主体责任,有利于降低基金业务的结构脆弱性,促进我国公募基金行业的持续健康发展。这是自今年今年3月17日,证监会以《机构监管情况通报》的形式对持有人占比进行了限制以来,监管层继续加码公募基金流动性防风险。
“《管理规定》的重要指向是近期货币基金规模快速增加的潜在流动性风险。”国寿安保货币基金经理黄力认为,面对规模迅速增长的货币基金,监管部门高度重视,连续发文对货币基金的客户集中度、流动性以及资产集中度等方面做出要求。目的为了让货币基金回归流动性本源,避免盲目追求收益带来信用及流动性风险。
从市场整体持有人结构分析,2017年半年报时,我国货币基金总规模约为5.1万亿元,其中机构投资者占比约五分之三,即3万亿元,个人投资者占比约五分之二,即2万亿元。在一个以机构为绝对主导的市场中,控制好流动性风险的重要性不言而喻。
新监管要求,将货币基金推上了新的竞争起点,未来的货币基金何去何从?黄力表示,总体看规模适中,资金充足的公司前景看好,未来货币基金将呈现几大发展趋势。首先,在新的竞争中,客户结构相对分散、货币基金规模1000亿元左右、资本金充足的基金公司更有发展空间。其次,机构版货币基金必须将前10大持有人的占比降低到50%以内,否则新的流动性资产要求将使得货币基金的收益有所降低,在竞争中完全处于收益劣势。再次,未来机构版货币基金的竞争主战场将是90天剩余期限,20%低收益流动性资产的品种。当前客户相对分散,现有货币基金规模较大的公司在协调客户资源,为旗下产品创造合适的集中度上明显更具优势。反过来看,受到单一银行存款、同业存单投资集中度的限制,货币基金总规模超过2000亿的公司就将遇到可投高收益资产不足等问题。第四,货币基金总规模受到200倍风险准备金的要求限制,发展1000亿元规模货币基金需要5亿的资本金补充进风险准备金。这条规定对于部分想大力发展货币基金但资本金不充足的公司来说显得心有余而力不足。
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