Core Viewpoint - The article emphasizes the need to accelerate the development of the third pillar of pension insurance and implement a personal pension system in China, addressing structural challenges in pension finance and advocating for an increased allocation of equity assets in pension investments while utilizing derivatives for risk management [2][4]. Group 1: Structural Challenges in Pension Finance - China's aging population poses significant structural challenges to pension finance, with over 310 million people aged 60 and above by the end of 2024, accounting for 22% of the total population [5]. - The reliance on government funding is substantial, with over two-thirds of pension funds coming from government-led basic pensions and social security funds, while enterprise annuities and personal commercial insurance account for only 32.7% [6]. - The investment structure is heavily concentrated in fixed-income assets, with over 85% of pension products invested in such assets from 2021 to 2024 [6]. Group 2: Need for Increased Equity Investment - The current pension finance system is characterized by low marketization and a predominance of fixed-income assets, leading to low returns. As of June 2024, the actual contribution rate for personal pensions was only 22%, with only 25% of contributions being invested [8]. - The potential for the silver economy is significant, with projections indicating that its contribution to GDP will rise from 6% to 9% by 2035, necessitating an increase in equity asset investment to enhance overall pension returns and alleviate government financial pressure [9]. Group 3: Risk Management through Derivatives - Equity investments exhibit greater short-term volatility compared to fixed-income investments, which has contributed to the current focus on fixed-income assets in pension products [13]. - To mitigate risks associated with increased equity investments, it is essential to enhance the performance evaluation period for pension products and utilize financial derivatives for risk management, thereby improving the stability and growth of investment portfolios [12][13].

Core Viewpoint - Bloomberg's Multi-Asset Risk System (MARS) has expanded its regulatory compliance capabilities to help clients meet global derivatives risk regulatory requirements, particularly in light of SEC Rule 18f-4 implemented in 2022 [1][2]. Summary by Sections Regulatory Compliance - SEC Rule 18f-4 requires funds to establish a derivatives risk management plan with strict leverage risk limits and a defined Value at Risk (VaR) calculation method [1]. - MARS has been supporting SEC Rule 18f-4 since its introduction in 2021 and has expanded to include support for similar regulations such as AIFMD, UCITS, and OSC's NI 81-102 [1]. Risk Management Features - MARS allows clients to calculate VaR through relative and absolute VaR testing, helping assess leverage risk [2]. - The system includes a ready-to-use VaR model backtesting feature that can be configured for different time frames [2]. - MARS provides a comprehensive market risk workflow that identifies market variables affecting the valuation of financial instruments [2]. Stress Testing Capabilities - The solution supports various types of stress testing, including historical stress tests, asset class-level stress tests, self-designed stress tests, and correlation-based predictive stress tests [2]. - The combination of VaR testing and stress testing under SEC Rule 18f-4 provides fund managers with a complete derivatives risk management framework [2]. Client Testimonials - WisdomTree's product development and ESG head, Ben Wallach, emphasized the preparedness of the company due to the adoption of MARS in 2022, highlighting its comprehensive risk management tools [3]. - Dharrini Bala Gadiyaram, Global Head of Risk Products at Bloomberg, stated the commitment to continuously optimize solutions to adapt to the evolving regulatory environment [3]. Access and Integration - MARS offers risk analysis capabilities for both cash products and derivative securities, accessible via Bloomberg Terminal or API [3].

美国证券交易委员会（SEC）规则18f-4自2022年起首次实施，要求基金设立衍生品风险管理计 划。该规则对基金的杠杆风险设定了严格限制，并通过一套规定的风险价值（VaR）计算方法进行 衡量。MARS市场风险（MARS Market Risk）于2021年首次引入对SEC规则18f-4的支持，此后 不断扩展对类似风险法规的支持，包括欧洲监管的《另类投资基金经理指令》（AIFMD）、可转 让证券集合投资计划（UCITS）及加拿大安大略省证券委员会（OSC）监管的NI 81-102规定，以 助力客户满足合规要求。 MARS市场风险可根据SEC规则18f-4的指引，通过相对和绝对VaR测试计算VaR，帮助客户评估杠 杆风险。此外，客户还可以使用开箱即用的VaR模型回测功能，可按需配置时间范围。 彭博 MARS提供完整的市场风险工作流程，能够识别影响任何金融工具估值的市场变量所蕴含的风 险。 该解决方案支持多种压力测试类型，包括历史压力测试、资产类别层级压力测试、自设压力 测试和基于相关性的预测性压力测试。在SEC规则18f-4的框架下，VaR测试与压力测试相结合， 为基金经理提供符合该规则要求的完整衍生品风险管理体 ...