Exchange set 300 thousand restriction order threshold 80% classification or blocked outside the door-yuanjiao

Exchange set 300 thousand restriction order threshold 80% classification or blocked outside the door-yuanjiao

Exchange set 300 thousand "restriction order" threshold 80% classification or blocked outside Sina fund exposure platform: letter Phi lag false propaganda, performance is lower than the same kind of product for a long time, buy fund by pit how to do? Click on [I want to complain], Sina help you expose them! The reporter He Xiaoqing Guangzhou reports guide, such as the implementation of the new regulations, 80% of investors will not be able to trade, liquidity will be greatly reduced. "300 thousand securities" asset threshold is the biggest limit, which will significantly reduce the classification fund participants, reduce the activity and liquidity of rating funds." September 12th, for the Shanghai and Shenzhen Stock Exchange issued last weekend "classification fund business management guidelines (Draft)" (hereinafter referred to as "guidelines"), a fund company insiders in Shenzhen in twenty-first Century economic report reporter bluntly. Compared with the qualification of futures trading, although the risk of classified fund transaction is relatively low, the requirement of "daily securities assets" is more stringent. As far as I know, the relevant agencies may give further feedback." This personage says. The person further said, "guidelines" on the classification of active trading varieties will affect the Shenzhen Stock Exchange will be greater. As of September 9th, the Shanghai and Shenzhen two exchange of the classification fund site share nearly 160 billion copies, of which the Shanghai Stock Exchange’s field balance is only about 3000000000 copies, the Shenzhen stock exchange share is more than 150 billion copies. According to the data disclosed by the industry, the classification fund market performance of 28 principles, that is, the scale of 20% share by 80% of the number of customers holding, 80% of the scale of the share is held by 20% of the customer." This personage says. "If the implementation of the new regulations, the number of investors accounted for 80% of the transaction will not be able to, liquidity will be greatly reduced." CICC researcher Zhang Jiqiang believes that the implementation of the new regulations, the path of the market performance is manifested, "graded B weak – > classification fund overall discount – > merger redemption arbitrage active > good grading A". Especially before the implementation of the policy, the mood is more favorable to the hierarchical A, which will promote the hierarchical A price center upward. The threshold of arbitrage participation also raises the threshold of arbitrage participants." In September 12th, deputy director of Cathay Pacific Fund Investment Division Liang Liang told reporters. The main role of the venue mother fund is used for merger and split, the original site classification mother fund purchase threshold in the Shenzhen stock exchange is 50 thousand yuan, in the Shanghai Stock Exchange is 50 thousand copies, now become 300 thousand yuan assets to participate in, Liang Xing said. "Similarly, investors if you want to pass the off-site hosting scene in another spin off arbitrage would also have to meet the conditions of 300 thousand yuan, can apply for partition function." Liang Xing expects that the demand for staged B in the bear market is not strong enough. After the threshold is raised, the situation of insufficient demand is expected to be further intensified, or the average discount of the parent fund will be expanded before the threshold implementation. The discount premium of the classified parent fund is determined by the price of the grading A and the grading B, because the grading A is relatively stable, so the price of the grading B is decided by the price at most times. When grading B arises in the market, it is easy to bring the theory of price

交易所设30万“限购令”门槛 八成分级客或被挡门外 新浪基金曝光台:信披滞后虚假宣传,业绩长期低于同类产品,买基金被坑怎么办?点击【我要投诉】,新浪帮你曝光他们!   本报记者 何晓晴 广州报道   导读   如按新规执行,80%的投资者将不能交易,场内流动性会大大降低。   “30万证券类资产门槛是最大限制,这将大幅减少分级基金的参与者,降低分级基金的活跃度和流动性。”9月12日,针对沪深交易所上周末发布的《分级基金业务管理指引(征求意见稿)》(下称《指引》),深圳一家基金公司内部人士对21世纪经济报道记者直言。   “与期货交易资质相比,虽然分级基金交易风险相对较低,但‘日均证券资产’这一资质要求却更为严格。据我了解,相关机构或许对此会进行进一步反馈。”该人士称。   该人士进一步表示,《指引》对分级交易活跃的深交所品种影响会更大。截至9月9日,沪深两交所的分级基金场内份额近1600亿份,其中上交所的场内余额仅为30多亿份,深交所份额则超过1500亿份。   “据同业披露的数据,分级基金市场表现为二八原理,即20%规模的份额由数量占比80%的客户持有,80%规模的份额是由20%的客户持有。”该人士称。“如按新规执行,数量占比80%的投资者将不能交易,场内流动性会大大降低。”   中金公司研究员张继强认为,新规实施后,对市场影响的路径表现为,“分级B疲弱―>分级基金整体折价―>合并赎回套利活跃―>利好分级A”。尤其在政策实施前,情绪上对分级A更为有利,将推动分级A价格中枢上移。   套利参与门槛抬高   “《指引》也抬高了套利参与者的门槛。”9月12日,国泰基金量化投资事业部副总监梁杏对记者表示。   “场内母基金主要作用是用于合并和分拆,原先场内分级母基金的申购门槛在深交所大多数是5万元,在上交所是5万份,如今变成了30万元资产才能参与” 梁杏称。“同样,投资者如果想通过场外转托管到场内再来分拆套利的话,也得满足30万元的条件,才能申请开通分拆功能。”   梁杏预计,熊市中分级B的需求本来就不旺盛,门槛抬高后,需求不足的情况预计将进一步加剧,或导致母基金平均折价将较门槛实施前有所扩大。   “分级母基金的折溢价由分级A和分级B的价格共同决定,因为分级A相对稳定,因此多数时候由分级B价格决定。分级B在市场间歇性上涨机会出现时,容易带来价格的短暂高估,导致母基金整体出现溢价。反之,分级B在没有显著机会、需求不足的时候,就容易带来母基金整体折价。” 梁杏称。   前述深圳基金公司人士表示,分级基金整体折溢价主要受B端折溢价影响,短期B端参与人数减少、买盘减少,导致B端折价幅度加大,整体折价情况可能会更多。长期来看,流动性降低可能导致可操作的整体折溢价套利机会减少。   申万宏源分析师朱岚直言,随着市场活跃度下降,将同时降低分级A、B份额的投资价值。“新规实施初期将会减少B份额的成交活跃度,引发B份额估值下降。不过,由于分级A份额的负面影响略低,机构折价套利的买盘反而有可能会有助于提高A份额的估值。”   场内流动性面临考验   兴业证券分析师任瞳表示,《指引》正式实施后,仅有20%的投资者符合准入门槛,这将对分级基金的流动性带来极大考验。   据基金半年报数据,股票型分级B的个人投资者占比高达90%,平均每户持有基金的平均规模为5万元左右。据统计,有29只分级B平均每户持有规模小于1万元,有91只分级B平均每户持有规模在1-5万元之间,有8只分级B平均每户持有规模在5-10万元之间,有1只分级B平均每户持有规模在10-30万元之间,各有2只分级B的平均每户持有规模在50-100万元和100万元以上。   任瞳预计,中长期来看,分级市场的规模将大概率出现萎缩。其逻辑在于,在《指引》正式出台后,分级B的投资者人数锐减,场内的流动性会受到很大的影响。如果市场继续维持震荡,不出现趋势性上涨的行情,那么可以预见分级B未来的买卖双方力量是悬殊的(买盘少于卖盘),这将导致分级B的折价率进一步拉大。   而随着分级B的折价率拉大,分级基金很有可能会出现持续的整体折价现象,吸引套利资金进场。套利资金通过买入A、B份额,合并赎回成母基金获取套利收益,这个套利过程将伴随着分级的场内规模逐渐缩减。   由于B类流动性大幅降低,在中长期来看,分级可能被迫转型,如规模较小的金鹰500就于近期转型为LOF。   那么未来随着分级A和分级B流动性的不断消亡,分级A的持有机构会否大规模抛售分级A?梁杏表示,分级A未来不是全无流动性,分级A的流动性未来将有接盘者和母基金折价套利者提供。   “目前机构投资者很有可能持A待涨,涨到超出机构投资者认知的范围,或者市场出现了更好的投资机会时,便会抛出分级A,供套利者完成套利。” 梁杏称。“分级A定期折算前后,对折算得到的母基金波动的担忧,使分级A投资者可能提前抛出分级A,分级A的价格下降到一定程度时,将会带来母基金折价的加剧,进一步带来折价套利投资者的买入合并和其他分级A投资者的加入。”(编辑:巫燕玲) 进入【新浪财经股吧】讨论相关的主题文章: