基金创新系列报道 Fund innovation series of reports

　　⊙记者 周宏 ○编辑 张亦文

ZhouHong ⊙ reporter zhang aijing ○ editor

　　不是每一个基金创新的想法最后都能在短时间“瓜熟蒂落”，比如传说中的货币基金ETF。

Not every one fund innovation idea finally can in a short time“GuaShouDiLa”，Such as the legendary monetary fund (ETF。

　　本报获悉，尽管得到了多方的力推，甚至被有些报道打上了两个交易所竞争的标牌，但货币基金ETF的推进仍然处于“一步三叹”的艰难状态。面临着诸如“担保交收”、“折溢价考验”、“流动性可能低迷”等等实际性障碍，货基ETF的“上市创新之路”，目前来看仍然处于艰难推进之中。

This newspaper that，Despite the many push，Even some reports to play on the two exchange competition of the plate，But monetary fund ETF propulsion is still in a“Step three sigh”Hard state。Faced with such as“Guarantee delivery”、“Folding premium test”、“Liquidity could downturn”And so on practicality disorder，Cargo base of ETF“Listed the road of innovation”，So far is still in a difficult in advance。

　　创新初衷：基金“进军”保证金市场 Innovation purpose：fund“march”Bond market

　　货币基金已经存在了七八年，但把货币基金搬上市（发ETF）却是近一年的事。

Monetary fund has been in existence for 78 years，But the monetary fund listed on the move（Hair ETF）It is almost a year of。

　　启发行业思维的是两个事件。首先是，货币基金收益率在近两年持续攀高，大大高于普通活期存款，包括券商保证金的利息。换言之，从收益率上来说，货币基金有了“进军”其他市场的可能。

Inspire industry thinking are two events。The first is，Monetary fund yield in nearly two years sustained jobs，Greatly higher than common demand deposits，Including brokers deposit interest。In other words，For from the rate of return，Monetary fund had“march”The possibility of other market。

　　另一个事件则是，进入2012年来，伴随着银行短期理财产品和类理财金融产品的收益率高涨，券商保证金的稳定性逐步动摇。过去几个月中，券商保证金每逢月末必然有大额流出、月初再大额回流，这也相当程度影响了券商的利益，并推动相关产品的创新。

Another event is，In the 2012 years，Along with the bank short-term financial products and class finance financial products of high rate of return，The stability of the securities margin gradually moved。The past few months，At the end of the month securities margin must be big outflow、To the large amount of early return，This is the impact the interests of securities，And push related product innovation。

　　据悉，一些券商之前已经悄然通过创新“内部短期理财产品”的方式，主动分流旗下保证金。而若货币基金ETF创新能够成功，则券商客户可以通过购买货基ETF的方式，将保证金方便地转换成接近理财产品的收益。由此，基金行业也有望加入瓜分券商保证金的行列。

It is reported，Before some brokers have quietly through the innovation“Internal short-term financial products”I'd，Active shunt its margin。And if monetary fund (ETF innovation can succeed，The securities trader customers can through the purchase goods base ETF way，The deposit shall be easily converted into close to financial products income。this，Fund industry is expected to join the ranks of the partitioned brokers margin。

　　创新难点：担保交收 Innovation difficulty：Guarantee delivery

　　但“完美的设想”不意味着“完美的产品”，更不意味着创新之路一帆风顺。

but“Perfect idea”Does not mean“Perfect products”，More does not mean the road of innovation plain sailing。

　　积极推进的基金公司，很快发现他们面临着现实考验。

Actively promote the fund company，Soon found they face the realistic test。

　　最明显的考验是——谁来为资金取与存担保交收？

The most obvious test is for money - who take and deposit guarantee delivery？

　　券商保证金的基本要求是“随用随取”、“随剩随存”。但这对于货币基金而言，却是很难跨越的门槛。目前业内运行最出色的货币基金，也只能勉强在部分渠道做到T+1，大部分时候货币基金的申购赎回是T+2以上。

Brokers are basic requirements of the deposit“As with take with”、“With the deposit with the left”。But it is in terms of monetary fund，It is difficult to cross the threshold。At present the industry operation the best monetary fund，Also can barely in some channels do T + 1，Most of the time the monetary fund explain buy redemptive is T + 2 above。

　　因此，要把实际上较慢的资金划转“拨入”快车道，核心的关节是找到机构为在途的资金做担保交收。而最佳的机构无疑是负责交易资金清算的“登记结算公司”。但近期有消息传来，由于申请担保交收的机构较多，此前答允“开口子”试点的中登，日前态度又趋谨慎。

therefore，The actually slower funds transfer“Dialing in”Fast lane，The core of the joint is to find a mechanism for the capital in road do guarantee delivery。And the best mechanism is undoubtedly responsible for fund settlement of trade“Registration and settlement company”。But there has been a recent news，Due to apply for guarantee delivery mechanism more，Previously undertake“burst”Pilot boarding in，Recently and cautious attitude。

　　没有担保交收就没有T+0，没有了T+0，瓜分保证金市场，基金公司们难度又大了不少。

No guarantee delivery is no T + 0，No T + 0，Carve up bond market，Fund companies have difficulty big many。

　　过渡方案： Transition scheme：

　　放弃ETF？或者不追求“T+0” Give up ETF？Or not to pursue“T + 0”

　　据业内人士透露，搁浅货基ETF的，或许不止担保交收这一个问题。模式之争，场内场外份额的利益平衡都是问题。因此，业内一度纷传监管部门态度发生变化，一些已经到了创新“临门一脚”的基金公司，撤回了产品申请。

According to industry insiders revealed，Stranded cargo base of ETF，Perhaps more than guarantee delivery this one problem。Mode for，Stade share interests balance are all problems。therefore，The industry have once the supervision department attitude change，Some have to innovation“Rimmon a feet”Fund company，Withdraw the product application。

　　但据悉，随着一些公司积极更动方案、或是创新模式，一些类似货币基金ETF的新产品，可能以“黑马”之姿积极推进，意图抢在货币基金ETF 前冲线。

But it is reported，With some companies actively change scheme、Or innovation mode，Some similar monetary fund (ETF new products，May be in“Dark horse”Appearance actively promote，The intention in monetary fund (ETF finish before。

　　据悉，目前业内比较看好的模式包括放弃“T+0”，转而做一个相对“低效率”的类货币的上市基金，或是退而直接放弃上市方案，改为在场内开放申购赎回。

It is reported，At present the industry will prefer model including give up“T + 0”，To do a relatively“Low efficiency”Class monetary public funds，Or back directly give up public plan，In the field to open explain buy redemptive。

　　但是，这些方式并非完全无瑕。对于后者而言，即是创新一个申赎“高效”的货币基金，但仍需突破“交收”关。而对于前者而言，放弃了T+0，意味着基金上市后折溢价的波动将显化，而这是吸引保证金的“致命弱点”——当市场价格异常波动，对于存入周期较短的保证金而言，将面临或有损失，而这可能阻碍保证金的流入。

but，These ways are not fully immaculate。For the latter in，Innovation is a "redeem“efficient”Monetary fund，But still need to break through“delivery”shut。For the former concerned，Gave up T + 0，Means that the fund after the listing fold premium fluctuations will manifest，And this is to attract the deposit“Achilles' heel”When the market price, abnormal fluctuations，For in a short period in the margin，Will face or loss，And this may hinder the influx of deposit。

　　货基创新之路犹在，但未来持续“披荆斩棘”的努力不可或缺。

Cargo base the road of innovation in judah，But in the future continue“Blaze a trail”An effort。