监管出手！堵住“货基增强”套利漏洞

Core Viewpoint - Recent regulatory measures aim to optimize the fund sales settlement mechanism to prevent "money market fund enhancement" arbitrage, which has harmed investor interests [1][2] Group 1: Regulatory Changes - The regulatory body has issued guidelines to improve the fund sales settlement mechanism, requiring fund managers to send confirmation and clearing data by 10:00 AM on the confirmation day, and sales institutions to transfer successful subscription funds by 4:00 PM the same day [2] - Previous delays in fund settlement allowed some sales channels to exploit time differences for arbitrage, leading to a dilution of returns for money market fund holders [2][3] - The new mechanism aims to eliminate the time lag in fund transfers, allowing subscription funds to enter the fund's custody account by T+1, thus addressing the systemic loophole [4] Group 2: Impact on Money Market Funds - The optimization is expected to enhance the accuracy of money market fund yields, allowing them to better reflect actual investment performance [4] - The changes do not directly increase yield sources but rather restore fairness and authenticity to the yield by closing arbitrage loopholes [4][5] - The average fund settlement time has been reduced from 1-2 business days to the same day, increasing the actual investment days and improving fund utilization efficiency [5] Group 3: Focus on ETF Linked Funds - Following the optimization of money market funds, there is a call for similar improvements in the settlement mechanisms for ETF linked funds to reduce tracking errors [5] - Faster settlement for ETF linked funds would allow fund managers to execute trades more promptly, minimizing opportunity costs, especially in volatile market conditions [5][6] - Current settlement for ETF linked funds is T+1, which can lead to significant tracking errors if the market moves sharply on the day of subscription [5][6] Group 4: Short-Duration Bond Funds - New regulations state that for funds other than money market and interbank certificate funds, redemption funds will not be transferred to sales institutions before the next trading day after the redemption request is confirmed [7] - This may temporarily affect the liquidity advantage of short-duration bond funds, but their competitiveness is not solely reliant on redemption speed [7] - Short-duration bond funds still hold appeal for yield-sensitive investors as long as they maintain significantly higher yields compared to money market funds [7]