国内首只场内“T+0”货币产品于12月11日发行。该类产品的最大看点在于，在交易所交易时间内，赎回该货币基金得到的资金，即时可用于买入沪深交易所内的其他挂牌股票基金等上市品种即所谓的T+0资金可用，在一定程度上实现了直接将证券账户转换成综合理财账户的创新。

Domestic first only field"T + 0"Monetary products on December 11, issue.This product is the biggest attraction,In the exchange of time,Redeem the monetary fund to get money,Instant can be used to buy in Shanghai and shenzhen stock exchange other listed stock funds listed varieties the so-called T + 0 funds,To a certain extent, realize the securities account directly into comprehensive financial account innovation.

　　在中国金融脱媒提速的大背景下，财富管理也逐渐成为金融机构突破分业经营的主战场。再以该类产品为例，“T+0”货币基金实现了资金从货币市场向证券市场的灵活转换。

In China's financial disintermediation speed big background,Wealth management also gradually become financial institutions breakthrough separated operation is the main battlefield.Then the product as an example,"T + 0"Monetary fund realized from money market funds to the stock market agile transformation.

　　本质而言，金融脱媒即是金融功能在不同主体之间的重新划分。不过，这一层面的效果极其有限。首先，客户割裂的局面未有改观。如享受“T+0”便利局限于基金公司直销客户，使得货币基金替代活期存款先天不足。其次，功能割裂的局面依然难解。如货币基金“T+0”取现有上限，还需相应支付取现手续费。

nature,Financial disintermediation is financial function in different between divided again.but,The level of effect is very limited.First of all,Customer split situation did not change.Like to enjoy"T + 0"Convenient confined to the fund company direct customer,Make monetary fund alternative current deposit congenital deficiency.secondly,Function split situation is still difficult to solution.Such as monetary fund"T + 0"Take existing cap,Still need to pay the corresponding take charge.

　　由于中国金融体系实行严格的分业经营、分业监管制度，每类金融机构从事理财业务的监管主体、审批流程、投资范围、投资门槛等都有很大的差别，这就导致了监管的不统一和不公平竞争。因此，所谓金融产品创新仍是在分业框架下的部分产品功能创新。如此前券商开发的“现金宝”集合理财计划也有类似“T+0”功能。

Because of China's financial system strict separated operation/Separated supervision system,Each financial institution engaged in financial management business regulatory body/Approval process/Investment scope/Investment threshold and so on all have very big difference,This led to the supervision of unity and unfair competition.so,The so-called financial products innovation is still in the framework of the dividing of the part of the product function innovation.So before the development of securities"Cash treasure"Set financial planning also have similar"T + 0"function.

　　金融产品、市场创新的分裂，造成了以银行、信托、保险、基金、证券为主体的五类理财产品子市场发展良莠不齐。一方面，不能满足投资者一站式投资需求。如银行理财产品的投资标的集中于信贷资产、货币市场、债券市场、票据类资产以及利率市场等价格波动较小、易于锁定收益的金融工具，不能投资在二级市场交易的股票、基金、未上市公司股权和上市公司非公开发行的股份；证券业受制于客户的存款、投资账户相分离格局，无法为客户提供统一账户下的资产规划；基金投资于上市交易的股票、债券、证监会规定的其他证券及其衍生品种。另一方面，人为割裂的三八线名存实亡。各类金融机构自身客户资源的差异巨大。由于商业银行庞大的客户基础和数十万的营业网点网络，各类金融机构多借助银行渠道销售，声誉风险使得各类金融机构相互纠缠，你中有我，我中有你，一旦发生客户纠纷，权责利难以充分界定和明晰。

Financial products/Market innovation division,Caused by the bank/trust/insurance/fund/Securities as the main body of the five kinds of financial products son market development the good and bad are intermingled.On the one hand,Can't satisfy investors one-stop investment demand.Such as bank financing products investment target focus on credit assets/Money market/Bond market/Bill asset classes and interest rate market price fluctuation smaller/Easy to lock income financial tools,Can't invest in the secondary market trading stock/fund/Not a listed company equity and listed company shares which development done;Securities subject to customer's deposit/Investment account phase separation pattern,Can't provide unified account of assets planning;Funds invest in the stock of the listing/bonds/The provisions of the securities regulatory commission and other securities derived varieties.On the other hand,People of the split shan exist in name only.All kinds of financial institutions to their own customer resources are great differences.Because commercial Banks huge customer base and hundreds of thousands of business site network,All kinds of financial institutions with more bank channel sales,Reputation risk makes all kinds of financial institutions are intertwined,'m,I have your,Once the customer disputes occur,QuanZeLi difficult to fully definition and clear.

　　中国的金融产品创新从属于金融体制改革的一部分，无法独立进行。创新活动更多地表现为政府通过政策设计与相关利益诱导规定创新路径并控制创新程度。创新路径更多地表现为金融制度的创新以及制度带动产品创新。对于理财市场而言，必须从监管层明确理财市场的总体定位。首要明确的就是，资产管理业务是不是属于分业经营范畴。由于缺乏对资产管理业务的系统性顶层制度设计，影响理财市场发展的一系列问题无法厘清。当务之急，应设立国家层面统一的《资产管理法》，要求银行、基金、保险和证券的资产管理在大法下合规经营，实行分级持牌，促进公平竞争；统一资产管理业务的业务标准、信息披露、风险评估体系、客户评级体系，促进市场安全、有效运行。

China's financial products innovation from belongs to a part of the reform of the financial system,Cannot independently.Innovation activities more performance for the government through the policy design and related interests induced regulation innovation path and control degree of innovation.Innovation path more for the performance of the financial system innovation and product innovation drive system.For financial market,,Must from supervision layer clear the overall orientation of financial market.First is clear,The asset management business is belong to the category of decentralized management.Due to the lack of asset management business of systemic top system design,Influence of the development of the financial market a series of problems can't clear.Top priority,Establish a national level should be unified[Assets administration],Require Banks to/fund/Insurance and securities assets management in the constitution of compliance management,Grading licensed,Promote fair competition;Unified the asset management business business standard/Information disclosure/Risk assessment system/Customer rating system,Promote market security/Effective operation.