时近年底，金融业改革与创新步伐再度加快。

In recent years when the bottom,Financial sector reform and innovation to speed up the pace again.

　　10月19日，中国证监会正式发布修订后的《证券公司客户资产管理业务管理办法》、《证券公司集合资产管理业务实施细则》及《证券公司定向资产管理业务实施细则》。其中，集合资产管理计划正式由审批制转为备案制，同时还允许集合计划份额在投资者之间有条件转让。

On October 19,The China securities regulatory commission issued a formal revised[Customer asset management business of securities companies management measures]/[Securities companies set the detailed rules for the implementation of the asset management business]and[A securities company detailed rules for the implementation of the directional asset management business].the,Aggregate asset management plan by formal ShenPiZhi into records,At the same time also allows pool plan in investors share between escrow.

　　时隔三天之后的10月22日，保监会新推出四项新政，包括《关于保险资产管理公司有关事项的通知》、《保险资金投资有关金融产品的通知》、《基础设施债权投资计划管理暂行规定》和《保险资金境外投资管理暂行办法实施细则》。

After three days after October 22,,The China insurance regulatory commission new launched four New Deal,including[About the insurance assets management companies related matters notice]/[Insurance funds investment relevant financial products notice]/[Infrastructure debt investments plan management interim provisions]and[The overseas investment of insurance capital detailed rules for the implementation of the interim measures for the administration of the].

关系错综复杂 Relationship complex

　　2012年，中国金融自由化及市场化改革高歌猛进，从监管机构监管政策的放松到金融机构的创新空间，从事关整体金融业的利率与汇率事项到金融业各个子行业的发展，金融业改革的速度之快及力度之大，足可以在中国金融史上留下浓墨重彩的一笔。

In 2012,,China's financial liberalization and marketization reform rapid development,From regulators policy relaxation to the innovation of financial organizations space,From the whole financial industry is the interest rate and exchange rate matters to finance the development of each sub industries,The reform of the financial industry fast and strength of the big,Enough in China JinRongShi left on absorbing.

　　不仅金融监管政策的出台令人眼花缭乱，各类金融子行业也由于产品及业务的频繁创新，而使得彼此之间的关系开始变得错综复杂，主要可以归纳为三大新趋势：

Not only financial regulation policy appearing dazzling,The son of all kinds of financial industry but also because of frequent products and business innovation,And makes the relationship between each other become complex,Main can be reduced to three new trend:

　　一是各路机构在某些业务领域里的产品类型及业务模式日益趋同，使得各路机构在相关业务领域的边界日益模糊，这一点在理财领域最明显。在巨大的财富管理市场蛋糕面前，银行、保险、信托、券商及基金皆磨刀霍霍，算得上是八仙过海，各显神通，结果自然是各路机构短兵相接激烈竞争。

One is the mechanism in some business in the field of product type and business model increasingly convergence,That each institution in relevant business field boundary is fuzzy,This point in the financial field is the most obvious.In the huge wealth management market before the cake,The bank/insurance/trust/Brokers and fund are threatening with war,Be called on the way,Each shows special prowess,Results nature is the mechanism foot to foot fierce competition.

　　如基金公司推出的短期理财基金，虽然与银行理财产品有诸多区别，但还是与后者形成了一定的直接竞争。再如根据新的保险新规，保险资产管理公司可以开展公募性质的业务，受托管理养老金、企业年金、住房公积金等机构的资金，从而涉入基金领域，从而使保险资管公司具有基金公司的部分特征。

Such as fund company launched short-term financial fund,Although and bank financing products are many difference,But with the latter formed certain direct competition.Be like again according to the new insurance new gauge,The insurance assets management companies may carry out public offering nature of the business,The pension management/Enterprise annuity/Institutions such as housing accumulation fund of funds,Thus involvement in fund field,So that the insurance endowment tube company has a part of the fund company characteristics.

　　此外，目前银行、信托、券商及基金都可以设立集合理财计划及单项理财计划，以满足不同层次的市场需求。这些共性的理财产品形式增加了各类机构间的趋同性与共性，至少在理财领域里的边界已不再是泾渭分明。

In addition,Currently, the bank/trust/Brokers and the fund to be possible to set up the set financial planning and single financial planning,In order to meet the different levels of market demand.These common financial product form increased all kinds of mechanism between the convergence and generality,At least in the financial field boundary is no longer entirely different.

　　创新产生的新趋势之二就是各类金融机构间的合作进一步加深。已经存在的包括银信合作、银保合作及银证合作，新趋势中基金则加大了与其它行业的合作。如受托管理保险资金，这是被动受惠于保险资金投资运用改革，目前已进行了两轮基金管理人的筛选，打破了此前保险资产管理公司一类机构垄断的局面，相关的管理资金估计已经开始入市建仓。

Innovation produces the new trend of all kinds of financial institutions is the second cooperation between the further deepening.Existing including such cooperation/The cooperation between bank and insurance and silver-colored card to cooperation,The new trend of funds is increased and other industry cooperation.Such as the management of insurance funds,This is passive benefit from the investment of insurance funds use reform,At present has two wheel fund manager screening,Broke the previous insurance asset management companies a kind of mechanism monopoly situation,Related management fund estimate the market has begun to open a position.

　　再比如汇添富基金等三家公司推出的“货币基金网上直销T+0赎回”业务，就是基金公司借助银行先行向投资者支付赎回资金，其实质就是银行对基金公司的短期贷款。这一业务未来也需要相应的管理细则予以规范。

Again for instance exchange add rich fund launched three companies"Monetary fund online marketing T + 0 redemption"business,Is the fund company with bank advance payment to the investor redemptive capital,Its essence is the bank to fund company's short-term loans.The business future also needs corresponding management rules to regulate.

　　趋势三是各类机构通过对其它金融机构所开发产品的投资，从而实现了彼此的交叉、渗透与融合。如根据最新的券商理财新政，大集合投资范围增加了中期票据、保证收益及保本浮动收益商业银行理财计划，此前已有券商发行理财产品，用于购买银行票据资产的做法。而根据最新的保险新政，则允许险资可以投资银行信贷资产支持证券及商业银行发行的理财产品。

Three is the trend of all kinds of institutions through to other financial institutions to develop the products investment,So as to realize the cross each other/Seepage and the fusion.If according to the latest brokers finance the New Deal,Big collective investment range increased the medium-term notes/Ensure that income and break-even floating income commercial bank financing plan,Previously existing issue securities financial products,Used to buy bank notes the practice of assets.According to the latest insurance the New Deal,Allows risks endowment can invest in bank credit asset-backed securities and commercial Banks to issue of financial products.

创新与规避风险 Innovation and avoid risk

　　无疑，改革带来了收益，但同时也产生了诸多风险。虽然无法衡量这种收益与风险是否对称，但明显的一点是，最先显露的是收益，风险则是在改革进入中场甚至下半场后才会显性化。这或许可以用来解释，为何一种创新一旦出现，众多机构都会蜂拥而入的原因，因为大家都在争取先发优势，以获取在风险积聚及出现之前的创新收益。

undoubtedly,The reform has brought benefits,But at the same time also have some risk.Although cannot be measured the profit and whether or not the risk is symmetrical,But it is obvious,The first show is income,Risk is in reform into midfield even after the second half will be innovated.Perhaps this can be used to explain,Why a kind of innovation once appear,Many institutions will be flooded in reason,Because you are all striving for starters advantage,In order to get the risk accumulation and innovation of before the emergence of income.

　　这种博弈心态极易产生风险，尤其是上述第一类趋势中，部分创新已经出现值得引起注意的苗头，最明显的就是信托公司的资金池业务模式，而新的险资投资金融工具的规定，允许险资投资银行信贷支持证券，也相当于险资通过证券化产品间接进入信贷领域。

This kind of game mentality susceptible to risk,Especially in the first class in the trend,Part of the innovation has been worth notice the symptom,The most obvious is the trust company funds pool business model,And the new risk capital investment of the provisions of the financial instruments,Allow risk capital investment bank credit support securities,Also equivalent to risk information through the securitisation indirect into credit field.

　　资金池原本是银行经营得以产生及存续的根本，也是银行资产负债管理的一种方式，即聚集小资金以实现使用大资金、聚集短期资金以进行长期使用的目的，并通过持续不断地吸收存款来实现持续性。所以，从本质上说，银行某种程度上也具有“庞氏骗局”的特征，只不过，银行是真正在利用所获得的存款负债进行经营，参与实体经济并获得真实利润及增值。即使如此，当经营不善、储户对其失去信心的时候，也会因挤提而出现破产倒闭，与“庞氏骗局”易因资金链断裂而无法维持没有区别。

The pool was the bank management to produce and the surviving root,Bank assets and liabilities management is also a kind of way,That is gathered little money in order to realize the use of big money/Gather short-term capital for the purpose of long-term use,And through continuously absorb deposits to achieve sustainability.so,essentially,The bank also has a certain extent"Ponzi scheme"characteristics,just,Bank is really use received deposit liabilities for business,Participate in the real economy and obtain the real profit and value-added.Even so,When the poor management of/Depositors lose faith in its time,Due to the run and appear went bankrupt,and"Ponzi scheme"Easy for capital chain rupture can be maintained and no difference.

　　信托业资金池业务也是利用了银行资金池原理，但其投资标的的不确定性，为这部分资金的相机处置提供了方便，既可以放贷给企业，也可以用来接盘到期但不能提供期初约定收益的信托项目，甚至有可能会进入资本市场而进行投机。因此，这部分资金的风险难以估量及控制。

Trust business capital pool business is also use the bank funds pool principle,But the investment mark uncertainty,For this part of funds camera disposal provides convenient,Can lend to the enterprise,Can also be used to flange due but cannot provide initial agreed gains the trust project,There is even may enter the capital market and speculation.therefore,This part of the risk of money is difficult to measure and control.

　　此前，信托业进入银行业领域的主要方式是信托贷款，今年9月份信托贷款增加2024亿元，同比多增2247亿元，今年前9个月，信托贷款共增加7015亿元，同比多增6176亿元。

after,Trust industry into the banking sector main way is to trust loans,In September this year the trust loan an increase of 202.4 billion yuan,Year-on-year increase more than 224.7 billion yuan,The first nine months of the year,Trust loans were an increase of 701.5 billion yuan,Year-on-year increase more than 617.6 billion yuan.

　　无论是信托贷款还是信托资金池，都是一种有益的创新，可以改善风险过于集中在银行系统的格局。但同时对于这些模糊各类金融机构间边界的创新，也需要有相应的监管措施，比如资金池业务，需要对其资金用途、信息披露及风险控制与处理有明确规定。否则，金融混战极易导致混乱。

Whether the trust loans or trust capital pool,Is a useful innovation,Can improve risk too focused on the pattern of the banking system.But at the same time for these fuzzy all kinds of financial institutions of the border between innovation,Also needs to have the corresponding regulation measures,Such as the pool business,Need to use its funds/Information disclosure and risk control and processing have specific provision.otherwise,Financial melee easily lead to chaos.