Core Viewpoint - The China Securities Regulatory Commission and the Ministry of Finance have jointly released the "Securities Settlement Risk Fund Management Measures," effective from December 8, 2025, aimed at enhancing the safety of the securities registration and settlement system and mitigating market risks [1][2]. Group 1: Key Adjustments in the Management Measures - The revised measures establish a risk governance system that combines precise risk prevention with efficient adaptation to market innovations [1]. - The calculation scope has shifted from a listed approach to a conceptual one, covering various types of multilateral net guarantee calculations to meet market innovation needs [1]. - A differentiated payment mechanism for risk funds has been implemented, avoiding a one-size-fits-all approach [1]. - The fund's scale has transitioned from a fixed upper limit to a dynamic baseline, balancing safety and flexibility [1]. - The fund's utilization and operational processes have been optimized to enhance fund usage efficiency and response speed [1]. Group 2: Impact on Market Participants - The adjustment of the payment ratio for the risk fund reflects a precise understanding of risk characteristics across different securities, reducing costs for market institutions such as securities companies and fund management companies [2]. - The fund's scale regulation has been modified from a fixed limit of 3 billion yuan to a requirement that the net asset total of the fund be no less than 3 billion yuan, with the addition of a dynamic assessment clause [2]. - This adjustment signifies a more scientific, precise, and proactive regulatory approach, ensuring that risk reserves align with actual market risks [2]. - The improvements in fund management and recovery mechanisms strengthen the trading safety framework for investors, while the enhanced inclusivity of rules expands institutional space for innovative business [2].
证券结算风险基金管理办法迎来修订 对市场各方影响几何？
Sou Hu Cai Jing·2025-11-10 08:07