监管出手！“周四买货基，周末躺赚”的薅羊毛套路被堵了
Di Yi Cai Jing Zi Xun·2025-11-27 13:33

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 [2][4][6]. Summary by Sections 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 time differences to be exploited for arbitrage [2][3]. - The regulations will be implemented starting November 24, with non-compliant products required to rectify within six months [8]. Impact on Market Practices - The new rules will enhance the safety of investor funds and promote a return to the fundamental principle of fiduciary responsibility in asset management [2][6]. - Fund managers and sales institutions are mandated to improve their technical systems to enhance fund subscription efficiency and reduce the time funds are in transit [3][6]. Enhanced Arbitrage Model - The "enhanced" model involved institutions supplementing returns for clients by utilizing the time lag in fund transfers, allowing clients to earn returns before their funds were actually deposited [4][5]. - This model has been prevalent among banks and asset management firms, where large sums were often directed to be subscribed on Thursdays to maximize weekend earnings [5][6]. Broader Regulatory Framework - The regulations also address redemption processes, ensuring that all investors are treated equally and that redemption times are standardized across different sales channels [6][8]. - Marketing practices are being scrutinized to prevent misleading claims about instant fund availability, which have previously contributed to liquidity mismatches [7][8]. Market Size and Importance - As of the third quarter, the total scale of the off-market money market fund sector has surpassed 14 trillion yuan, highlighting the significance of these funds in the public investment landscape [8][9].