监管出手！堵住“货基增强”套利漏洞

Core Viewpoint - The regulatory authorities have taken action to optimize the fund sales settlement mechanism to prevent "money market fund enhancement" arbitrage, which has harmed investor interests [2][3]. Group 1: Regulatory Changes - Recent regulatory updates require fund managers to send confirmation and settlement data to sales institutions by 10:00 AM on the fund share confirmation day, with successful subscription funds transferred to the fund's registration account by 4:00 PM the same day [4]. - The previous slow settlement process allowed sales channels to exploit the time difference for arbitrage, leading to a dilution of returns for money market fund holders [5][6]. Group 2: Impact on Money Market Funds - The optimization of the settlement mechanism is expected to significantly reduce the time funds remain in transit, allowing for a more accurate reflection of the actual investment performance of money market funds [9]. - The new rules eliminate the previous T+2 settlement delay, allowing subscription funds to enter the fund's property account by T+1, thus enhancing the efficiency of fund operations [10][11]. Group 3: Call for Further Optimization - Industry experts are advocating for similar optimizations in the settlement mechanisms of ETF-linked funds to reduce tracking errors and improve fund performance, especially in volatile market conditions [12]. - Faster settlement for ETF-linked funds would allow fund managers to execute trades more efficiently, minimizing opportunity costs associated with idle funds [12]. Group 4: Effects on Short-Duration Funds - The new regulations may impact the liquidity advantages of short-duration funds, as redemption funds will not be transferred to sales institutions until the next trading day after the redemption request is confirmed [14]. - Despite potential liquidity constraints, short-duration funds may still attract yield-sensitive investors if they maintain significantly higher returns compared to money market funds [15].