Internet fund meets cushion pressure bottleneck

When the quarter comes, Centralized large redemption, instant "blow" the Chinese fund company's cushion funds. On March 28, the micro-credit management issued a bulletin said that since 10 o'clock in the morning March 28, China's financial management through the redemption to the account time adjusted into redemption of the second working day.

Cushion capital Pressure has now become the fund company and the Internet platform to cooperate a bottleneck. According to the reporter of the 21st century Economic report, in order to solve the problems of the fund company, financial management will have the possibility to t+1 the online redemption port in the near past, so that the customer can choose t+0 or t+1 redemption way freely. In addition, many fund companies are also trying to be able to use the bank credit model to solve the problem of cushion, but still no substantial progress has been made.

"T+0" & "T+1"

"Financial management through the online has been t+0 redemption." Because the prophase has been net purchase, cushion capital pressure is not big. "A fund company, the head of the electric business, the fund industry theory to calculate the average daily redemption amount of money fund assets of 5%, that is 100 billion scale, daily redemption limit is 5 billion yuan." So in the early days of China's actual cushion capital amount is not much.

But with the advent of the quarter, the flow of capital has come to an inflection point.

The quarter is the key point of bank deposit, with the increase of the expected yield of the bank's financial products, the financial management Pass has been entered into the net redemption stage from net purchase.

In fact, China and micro-credit management cooperation wealth treasure scale has nearly billions. "The amount of central redemption at the quarter is very large, China can't afford it, simply suspend t+0 redemption." "A large fund company vice president pointed out that the Chinese fund suspended t+0 redemption, refraction is the fund company's own capital cushion model encountered bottlenecks."

In fact, the IMF is t+1 liquidation system. And for the fund company that wants to enhance the competitiveness, want to realize t+0, need to provide cushion capital service.

According to the 21st century economic reporter, some investors are very interested in the experience of t+0 redemption.

"T+0 redemption is very convenient, would prefer to lower the yield, or will choose to achieve t+0 redemption products." "Jingjing," said the investor, March 28, the redemption of China's financial pass to the account time is 27 hours, now it has turned the money to add rich to the full treasure.

In fact, the current micro-credit management of another partner Huiyuan fund recently launched the "full treasure" still implement t+0 redemption. And the vice president also introduced, easy to reach the fund and the Fund's Money fund will soon be landing micro-credit management, the initial adoption of t+0 redemption model. "But as they grow in size, they also have problems with their own funds." ”

It is reported that micro-credit management is trying to solve the fund company's cushion financing problems.

"Financial Qualcomm will be online t+1 redemption of the port, so that customers can choose to redeem is t+0 or t+1 to the account." Some are not particularly urgent funds, can choose T+1 to account, after all, there will be more than one day of income. "The head of the electricity business of a fund company in South China estimates that half of the future redemption will go to the t+1 channel."

The vice president expressed a similar view to reporters.

"Financial management opens the T+1 redemption port after t+0 and t+1 redemption will be combined to do." The fund company stipulates that the amount of t+0 redemption can be realized daily, and once the amount of redemption exceeds that, it can only be t+1 to the account. Said the vice president.

Credit Suspense

Huaxia Fund to suspend the Chinese financial t+0 redemption business move, let the fund company pay more attention to the problem of cushion.

An asset scale in the top five of the fund company vice president said that the Fund's net assets ranked first Yifangda fund's net assets less than 5 billion yuan, the Chinese fund net worth is 2.6 billion yuan. The limited funds will inevitably make the fund company and the external platform will face the "cushion" problem.

Limited by their own funds, many fund companies try to get through the bank credit model to get through the road of cushion.

"All the families are looking for a bank to talk to, but because of the technical aspects of the operation, there is no discussion." Qian, deputy general manager of the Electric Business Department of a large fund company, revealed that the bank had never provided credit to the fund company and that there was currently no reference model.

"If the credit is based on the Shibor interest rate, the eligibility is relatively cheap." The problem, however, is that neither the Fund nor the IMF has a credit licence. "Qian introduced, the CBRC requires financial institutions to enter the interbank market, must have the qualification of interbank lending."

As a result, a number of fund companies have recently submitted their applications to the regulatory layer to apply for the release of the Fund's qualifications for interbank lending. But in the short term

It is difficult to make new progress.

In addition to the peer credit, the fund company to obtain a bank credit is another mode of corporate credit. But compared with the credit, this model faces the problem of higher capital price.

"Corporate credit is the loan rate to the enterprise, the period of 6 months and above the interest rate is 5%, which the price fund company can't stand." "Qian points out that the fund's investment income is only about 4% per cent a year, and that if a bank is awarded at 5% of the price, this means that the fund company will need to put up money to do t+0 redemption business."

Aside from the capital Price, the fund company goes to the enterprise credit model, and also faces some operational problems, such as trust evaluation and trust model.

"Banks provide credit to enterprises and require fixed assets such as factories to provide collateral." But fund companies are light assets and have little to offer to mortgage, leaving banks with no idea how to give credit ratings to fund companies. "The head of a large fund company introduced.

An industry insider, once a bank joked that asset size ranked in the top ten fund companies, credit rating is AA grade. But the problem is that banks offer credit to an enterprise, and one of the procedures in the internal process is to build a credit model.

"No bank has ever offered credit to a fund company before, so there is no model to refer to now." Banks don't know how to build credit models. The head of the large fund company said that they have been looking for a number of banks this year to negotiate, but the basic is stuck in this link.

Based on the various problems in credit operation, the fund company believes that the future is more feasible mode or peer credit.

"The fund company has no hardware assets to mortgage. Only by letting go of the qualification of interbank lending, can the fund company lend to each other with credit and operating capacity, this path may be able to get through. "said the owner of the electricity business. (Edit Li Yanling)