货币基金“薅羊毛”套路被堵，监管新规斩断“灰色增强”财路

Core Viewpoint - The recent regulatory changes aim to eliminate the "gray arbitrage" practices in the money market fund sector, particularly targeting the "enhanced" arbitrage model that has exploited time differences in fund transactions [1][2][6]. Regulatory Changes - New regulations require that subscription funds must be transferred on the same day as the confirmation date, effectively closing the loophole that allowed for T+2 arbitrage operations [1][3]. - Fund managers and sales institutions are mandated to improve the efficiency of fund subscription transactions and reduce the time funds are in transit [2][6]. Impact on Market Practices - The new rules eliminate the "enhanced" yield strategies that allowed investors to earn returns on funds that had not yet been transferred to the fund's account [3][4]. - Many fund companies have already implemented measures such as limiting large subscriptions on Thursdays to prevent arbitrage that dilutes existing investors' returns [4][5]. Focus on Fairness and Transparency - The regulations emphasize fair treatment of all investors, prohibiting different redemption timelines based on sales channels [6][7]. - Marketing practices are also being regulated to prevent misleading claims about instant transactions, ensuring that safety in fund transactions is prioritized over aggressive marketing [6][7]. Industry Context - As of the third quarter of this year, the total scale of the off-market money market funds has exceeded 14 trillion yuan, indicating the significant size and importance of this sector [8]. - The regulatory changes are expected to have profound impacts on the business models and profit structures of related institutions [8].