2010年1月27日 星期三

美國SEC金融新規又一則:大幅提高貨幣基金流通性

SEC adopts new rules governing money market funds Marketwatch.com

Taxable money market funds must keep at least 10% of assets in cash, Treasury securities or other securities that can be converted to cash within a day.

All money market funds, in addition, must keep at least 30% of assets in cash, Treasurys or government securities maturing in 60 days or less that can be converted to cash within a week.

Moreover, money market funds now can keep only 5% of assets in illiquid securities, down from 10%. "Illiquid" means any security that cannot be sold or unloaded with seven days at carrying value.

若以2008年以前的金融市場來看.這項金融新規影想巨大.因為要保證流動性.只能持有現金,國庫券或者FED同意可立刻融通的資產.也就是說,大量的商業本票,銀行票據將因流通性考慮而被放棄.貨幣基金是安全了.但商業本票市場少掉一部份資金來源.照理講企業將難以透過短票融資.必需轉而向長債市場籌資.

觀查標的:iShares IBoxx $ Invst Grade Bd Fd (ETF) (Public, NYSE:LQD)


理論上投資級公司債將出現額外的賣壓造成殖利率上升.至於對經濟的影響.先觀察一段時間再作評估.

7 則留言:

trifire 提到...
作者已經移除這則留言。
trifire 提到...

LQD 最近一週的表現 照個版主的分析在跑 ㄜ .... 不過1/27最大的跌幅 還是出在 FED 的會議紀錄要升息的那個瞬間 ...

Unknown 提到...

FED會議時不算數.因為10年債也是急跌.高評等債必然連動.額外的跌幅可能要觀察1~2週再比對

ctc 提到...

SEC 之前不是已提案立法若萬一緊急事件發生,不能從 Money Market Fund 提款 (尚未立法),另外 SEC 的規定不是往往要三四個月後才會實施?

ctc 提到...

http://www.zerohedge.com/article/government-your-legal-right-redeem-your-money-market-account-has-been-denied

這是比較完整的文章.... SEC 月初就在擔心有一天 money market fund 會因擠兌失去流動性,而美長債從去年下半年特別是十月後賣的真的很差,今年新債多、要 turn over 的舊債也多,新的 market market fund 限制除了增加流動性外,不知道私底下有沒有促銷國債的意圖?

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