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留学生作业代写:Money Market Fund

2017-08-30 来源: 51due教员组 类别: Essay范文

下面为大家整理一篇优秀的essay代写范文- Money Market Fund,供大家参考学习,这篇论文讨论了货币市场基金。货币市场基金,就是指仅投资于货币市场工具,每个交易日可办理基金份额申购、赎回的基金。近年来,伴随着我国利率市场化的推进,货币市场基金已获得较大的发展,不仅撑起了公募基金管理资产规模的半壁江山,在我国金融系统中的重要性也越来越突出。

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In recent years, with the promotion of the interest rate marketization in our country, especially since 2012, the money market funds have been greatly developed. It not only holds up half of the assets of the public fund management, but also plays an increasingly important role in China's financial system. As an employee of the public fund, in order to improve the healthy development of money market funds, the author tries to analyze the importance of developing the money market funds from the perspective of monetary fund managers, and puts forward some practical suggestions on the management of money market funds.

According to the definition of "Monetary market fund Management measures" issued by the SFC, money market funds refer to funds that invest only in money market instruments, which can be used for the purchase and redemption of fund shares on each trading day. The investment goal of money market funds is to provide investors with stable returns above the performance benchmark in the context of ensuring principal security and high liquidity, and performance benchmarking is typically the current bank's personal demand savings rate. Money market funds have the following characteristics:

When investors buy money market funds, they do not have to pay subscription fees and redemption fees as non-monetary funds, and fund management companies only charge a small amount of management fees as compensation, and the redemption funds can achieve no loss of access. Money market funds as an open-ended fund, the time of redemption is generally $literal, especially the fund companies to improve customer experience, successive development of "T" Redemption model, the weekend can also be normal redemption, support real-timely to account, thus greatly improving the liquidity of money market funds, and bank deposits have been similar, Money market funds have the function of replacing individual bank deposits in liquidity.

Unlike non-monetary funds, the valuation of the net value of the money market fund adopts the amortization cost method, the fixed value of the fund's net assets is 1 yuan, plus the daily calculation income, which can enable investors to obtain reinvestment income and increase the share of the fund. As a result, investors invest in money market funds to achieve stable returns, at present, money market funds generally have more than 10 times the same period of bank deposits, which greatly increases the attractiveness of individual bank demand deposit users, coupled with the application of the Internet, so that money market funds have the function of replacing individual bank deposits.

According to the measures, money market funds are limited in investment to financial instruments that are well within 1 years of liquidity, such as cash, bank deposits, interbank receipts, bond buybacks and bonds. In order to prevent the large area credit risk of the money market fund portfolio holding assets, the latest version of the "method" enhances the money market fund holdings of bonds and other assets credit rating restrictions, from the original must not be lower than AA to increase to no less than AA +, coupled with the fund diversification investment, thereby reducing the overall portfolio risk, Make Money market fund have low risk characteristic, raise capital security.

In recent years, with the change of domestic and foreign economic situation, the malpractice of investment and trade driving economic growth mode is gradually revealed, the economic structure transition is slowly underway, and the monetary policy frame of central Bank is in the transition period. With the development of the marketization of interest rate and the basic market of the financial system, money market funds invest in money market instruments, which play an increasingly important role in the development of money market and the construction of financial system.

From the investor's point of view, increased the investor Cash Management tool. Before the development of money market funds, because of lack of investment channels, China's resident fund management mainly in the way of bank deposits, high security but the benefits can be negligible. With the promotion of interest rate marketization, money market funds have developed greatly, in particular, the emergence of the balance treasure, the security of money market funds, liquidity similar to savings but income is far higher than the savings of the "quasi-deposit" function has been recognized by ordinary investors, a time when the phenomenon of large-deposit relocation, the pent-up demand for residents to finance the outbreak. This suggests that the emergence of money market funds provides investors with a safe, liquid and profitable cash management tool that is in the form of bank deposits and capital markets, enriching investors ' investment channels.

From the point of view of fund management company, it is advantageous to enrich the product line of fund company and enlarge its management asset scale so that it can raise the market popularity while gaining income. Money market funds because of cost standards far lower than non-monetary funds, for the fund company has been a chicken, the degree of attention is insufficient. But with the advance of interest rate marketization and the turbulence of financial market, the demand for safe haven is increasing, the fixed income market is expanding rapidly, and the fixed income product, represented by Money market fund, has become a good cash hedging tool, which leads to the geometric growth of its scale. The rapid expansion of the scale offsets the low cost of management, visionary companies have taken priority in the development of money market funds strategy, a short period of time the fund management company's rankings to scrub, which is the days of Hong Fund, Hui Fu and Hua Bao Societe Generale as the representative. The development of money market funds, enrich the fund management company's product line, improve customer stickiness, so as to expand its asset management scale, so that in the acquisition of revenue at the same time gradually enhance market influence, for follow-up customer development and maintenance laid a foundation.

To the bank, Money market fund is the competitor of bank deposit, it has "catfish effect", it can enhance the sense of hardship of commercial Bank, and impel it to innovate continuously and improve the efficiency of management. Bank deposit, as a traditional and stable source of debt for commercial banks, is an important basis for stabilizing interest income, and bank management can obtain stable income as long as it keeps searching for quality assets to match. However, the move of bank deposits caused by money market funds leads to the rise and instability of the debt cost of banks, and how to obtain a stable and inexpensive debt that can match the corresponding assets becomes a problem that must be thought about in its business activities, and at the same time, in order to reduce the operating risk and realize the stability How to increase the proportion of non-interest income in its business has also become a reality. In a word, with the promotion of interest rate marketization, in the face of new competitors, banks must have enough innovation consciousness, continuously improve their management level, and gradually change to the modern bank management mode.

For the central bank, it is conducive to the transformation of the central bank's monetary policy framework and the improvement of macro-control ability. For a long time, the foreign Exchange account is an important source of China's basic money creation, at this stage with the trend of foreign exchange reserves, the loss of foreign exchange accounted for a large gap in the basic money supply. In order to change the unsustainable nature of the basic money creation, the central bank can flexibly use Omo, create various policy tools such as SLF, MLF, PSL, and adjust the basic money supply. The gradual shift of the base money supply from foreign exchange accounts to the central bank, it means that the central bank's control of the currency liquidity floodgates is conducive to the central bank's control of the money supply and interest rate, and then lays the foundation for the central bank's monetary policy framework to shift from quantitative control to price-oriented regulation, which is conducive to the formation of the interest rate corridor mechanism. The effective conduction of the central bank's monetary policy requires a sufficiently developed currency market and a large number of money market participants, in order to form a reasonable pricing mechanism, improve the yield curve structure, to form a sufficient impact of the benchmark interest rate, and then through the adjustment of the benchmark interest rate level, and then affect the bank credit, causing the market main investment, The adjustment of consumption and other behavior, and further guide the change of aggregate demand, so that the central bank's policy intention to convey to the market, and form a reasonable market expectations, and ultimately to adjust the macro-economic operation of the goal. As an important participant in money market, the development of money market fund is beneficial to the construction of developed money market.

The approach expressly stipulates that the purchase of money market funds by investors does not mean that funds are deposited as deposits in banks or deposit-type financial institutions, and that fund managers do not guarantee that the funds will be profitable and that they will not guarantee the lowest returns. This shows that investors invest in money market funds do not have the same as bank deposits in the scope of deposit insurance, in the event of operating risk can not be legally awarded compensation. In addition, due to the nature of its type of savings, market participants are extensive, money market funds due to operational risks caused by losses will have a wide range of social impact, it should be fully disclosed its risks and strengthen the supervision and management of money market funds.

Interest rate risk refers to the possibility of loss due to uncertainty of market interest rate change. The fluctuation of the valuation of the assets of bonds and CDs in the investment scope of the money market funds will affect the fluctuation of the net asset value of the money market funds, which indicates the risk of interest rate fluctuation in money market funds. Especially when the market rate of interest is high, the net assets of the Fund will not be able to repay the fund's assets in full, such as the 2013 and 2016 two times the occurrence of the shortage of money in the market interest rates in a short period of time, many money market funds portfolio can not timely position adjustment, In turn, the market has raised concerns that money-market funds will face greater losses. To this end, the regulatory authorities, in the measures, provide for the valuation of money market funds by means of cost assessment, at the same time, "shadow pricing" should be adopted to evaluate the fairness of the net assets of the Fund, strictly control its deviation, especially the situation of negative deviation, and make it mandatory for the fund manager to adjust to a certain proportion of deviation within the prescribed time. , and carries out regular stress tests, while also providing for the responsibility of the fund manager in the event of extreme risk.

Because Money market fund belongs to Open-end fund, it can invest in assets within 1 years, in essence, money market fund obtains income on the basis of sacrificing partial liquidity, and there exists the risk of time mismatch. In the case of smooth market operation and stable investor redemption, money market fund managers can usually deal with it, but when large area of centralized redemption occurs, there is a risk that redemption cannot be repaid in time, that is, liquidity risk.

With the gradual break of the rigid payment, enterprises can not be in full and even unable to pay the risk of the principal and interest, that is, the investor's principal and interest expires. The interbank market, in which money market funds are invested, is a large trading market, and the amount of each transaction is huge, and it will be an unbearable loss to the investor if the investment interest expires. The potential adverse impact of regulatory authorities on investors to reduce credit risk, in the scheme, the corresponding provisions are also made, such as the strict regulation of the management of the money market fund can be invested in the production of ratings, diversification of investment, require managers to implement a strict credit rating system, and the emergence of financial instruments to honour the risk of managers and their shareholders responsibility.

Other risks that may exist in the approach are also prompted, and strict management of the internal control system and prevention of the corresponding risks are required.

The essence of the asset management industry is a trust relationship based on the trust of the trustee to the manager, which is "entrusted by the person and money for the person", so the manager must practise "honest credit, diligent and conscientious" to realize the maximization of the principal's interests. The investment operation of money market funds is strictly regulated because of the characteristics of public raising and the interests of thousands of households. I try to put forward some practical suggestions on money market fund investment Management from the perspective of fund managers.

Strictly abide by the regulations and realize the maximization of investors ' interests is the minimum requirement for fund managers. In addition, we should deeply understand the significance of investment results to investors and social impact, from the heart of consciously prudent management of investment portfolio, to maximize the interests of investors as the goal, but also the embodiment of their own value.

The essence of Money Market fund is Cash management tool, ensuring its fluidity and safety is the first important task, on the basis of guaranteeing liquidity and safety, striving for investors to achieve more stable income than the benchmark of performance, must not simply for the pursuit of income to give up liquidity and security this is the most basic requirement; Earnings continue to fall below the industry average, while investors reduce investment, which in turn threatens the liquidity and safety of money funds. So how to manage the investment portfolio prudently, balance the relationship between liquidity, security and income is an important embodiment of the fund manager's ability.

According to the above analysis, the main risk of money market fund is three kinds: interest rate risk, liquidity risk and credit risk, the prevention of these three kinds of risks is the most important, of course, it should be paid enough attention to other risks that run through the investment transaction. The following highlights the prevention management of the three risks described above.

In the short term, the value of the Fund's assets is significantly lower than that of the fund assets, which is the manifestation of the interest rate risk of the money market fund, and also the key control content in the method.

First of all, to improve the ability to forecast interest rate trend is an important way to prevent interest rate risk, in particular, to judge and comprehend the monetary policy intention of the central bank is an important method to forecast the trend of interest rate, combined with the analysis of the capital plane and market sentiment, it can judge the short-term interest rate trend and provide the basis for the investment decision of the money market fund portfolio.

Secondly, according to the judgement on the trend of interest rate, it is reasonable to construct the combination deadline and make dynamic adjustment. In particular, the marginal tightening of the central bank's monetary policy, capital and market sentiment to caution should be as far as possible to shorten the average duration of the portfolio, reduce the combination of interest rate sensitivity, or exchange rate sensitive assets.

Thirdly, the pressure test is carried out regularly to calculate the ability of the combination under different scenarios to withstand the upward rate, and to deal with the negative deviation of the combination in time.

Liquidity risk of Money market fund mainly refers to the risk that redemption cannot be repaid in time, for two reasons: liquidity arrangement cannot meet the redemption requirement and the assets cannot be effectively changed in time.

First, meet the requirements of the liquidity index in the method, and according to the structure of the portfolio investors to reasonably predict the customer's foreclosure at key points, and arrange enough liquidity to deal with the potential redemption pressure, especially in the money market funds mainly by institutional clients, we should pay special attention to strengthen communication with customers. As far as possible to identify the position of institutional customers investment period and characteristics, as far as possible to achieve a long period of matching operations.

Secondly, we should fully consider the fluidity and liquidity of the investment production, rationally determine the allocation ratio of different liquidity assets in order to deal with the demand of asset disposal in the foreseeable future.

Investors invest in money market funds in the interest of the nature of their savings, the security of the principal is the first, such as the occurrence of credit risk not only to investors caused by the enormous loss, the management of their professional ability will also be challenged, which is detrimental to the reputation of managers and long-term development. Therefore, to deal with credit risk is sufficiently deep understanding.

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