According to the disclosure of China Securities Regulatory Commission, as of May 28th, five public offering institutions, namely Dacheng, China Merchants, Harvest, Bosera and Huaxia, submitted seven open-end index funds that were positioned as "transferable between banks" or "tradable between banks". Except for one product of Dacheng Fund, almost six products are policy financial bond index funds.
As of May 30th, the above seven products were still reflected in official website, China Securities Regulatory Commission. However, according to 2 1 Century Business Herald, the above-mentioned product declaration about such innovative index debt-based products has been withdrawn by the regulatory authorities.
A person from a state-owned bank close to the regulatory level revealed that although the innovation pilot of bond index funds has been launched, such products involve many departments such as the central bank, the China Securities Regulatory Commission and the foreign exchange trading center. Product design and distribution need to be repeatedly demonstrated and confirmed, and corresponding business rules and guidelines need to be issued by counterpart departments.
In this person's view, the above-mentioned public offering institutions hastily reported the materials without communication and preparation with relevant departments, which is the main reason why the regulatory authorities informed them to withdraw the application materials; However, some analysts pointed out that with the further communication between banks and exchange bond markets, there is still a very broad market space for such products.
The "rush to run" of public offering
In fact, the declaration of the above seven innovative bond index funds is related to the pilot innovation of bond index funds initiated by the regulatory authorities.
On May 20th, the CSRC and the People's Bank of China jointly issued the Notice on Doing a Good Job in the Innovation Pilot Work of the Open Bond Index Securities Investment Fund (hereinafter referred to as the Notice). It is planned to launch a bond index public offering fund with cross-market bond varieties as the investment target, which can be traded on the exchange or transferred by agreement in the interbank market.
In just six days from May 22nd to May 28th, the application information of as many as seven inter-bank negotiable bonds index funds appeared on the website of CSRC.
However, the good times did not last long. 2 1 Century Business Herald reporter learned that the declaration of such products by the above-mentioned public offering institutions was recently withdrawn by the regulatory authorities.
According to the website of the China Securities Regulatory Commission, six of the above seven public offerings are transferable open index funds in the interbank market, namely Dacheng China Bond 1-3 CDB, Dacheng Bloomberg Barclays China Bond+Policy Bank, China Merchants China Bond 3-5 CDB, China Merchants Bloomberg Barclays China Policy Bank Bond, Harvest China Bond 1-3 CDB and Bosera China Bond1.
Different from the above six products, the "Huaxia Huishi China Bond 1-3-year policy financial bond" declared by Huaxia Fund is marked as "open index fund for inter-bank transactions", which has attracted much attention in the industry.
In a research report entitled "Cross-market bond index fund will be piloted, instrumental value or highlight of bond index products", the metalworking team of Everbright Securities called this product declared by China "ETF".
The reporter of 265438+20 th Century Business Herald learned that the debt base of innovation index introduced by the regulatory authorities is mainly reflected in two forms. One is the trading index fund listed on the exchange, which belongs to the narrow bond ETF, and the other is the bond index fund transferred through the inter-bank market agreement. One of the characteristics of the two types of bond index funds is that their shares can be transferred, and such innovative products need to be "either-or" in the above two trading and transfer places.
"It's really strange that banks call each other ETFs." A product person of a public offering institution in Beijing said, "Different names correspond to different product forms, purchase and redemption, etc. There is no uniform standard for how to name such products, and they are all explored by public offerings. "
The longing for the blue ocean
A number of public offerings declared for such innovative products "slipped" or were related to "rushing away" under their own inadequate preparation.
The reporter of 265438+20th Century Business Herald learned from a brokerage firm close to the regulatory level that before the above-mentioned public offering institutions declared such products, the establishment rules and guidelines for such innovative bond index products had not yet landed, and the relevant public offering institutions did not fully communicate and prepare with relevant departments on product matters.
"Public offering belongs to the securities and futures operating institutions supervised by the CSRC, and the interbank market belongs to the management of the central bank. At the same time, there are necessary docking requirements for the custody, liquidation and system data of index products and basic assets, which takes a long time. Communication and preparation. " The above-mentioned brokers admitted frankly that "some public offering institutions did not even fully report to the foreign exchange trading center and submitted product materials without authorization."
In the eyes of the industry, the reason why institutions "rush to run" such products is not unrelated to the innovation pressure of some institutions.
"There are more and more types of public offerings on the market. At this time, many public offerings hope to be the first or the first batch, which forces some public offerings to be eager for business pilots. " An operator of a public offering institution in Beijing said.
"As a blue ocean market, bond ETF has a very broad market prospect with the opening of interbank and exchange markets. However, due to the previous separation, the development of domestic ETFs was not sufficient, and many public offering institutions lacking experience in bond ETF management also had problems in understanding and preparing for this business. " The above operators pointed out.
In fact, due to the long-term separation between banks and exchange bond markets, domestic bond indexation tools have developed slowly for a long time. By the end of the first quarter of this year, only seven public offering institutions in the exchange market had issued 10 bond ETFs, among which Ping An, Haifutong and Cathay Pacific ranked in the top three, with a total scale of 6.309 billion yuan, 4.0765438 billion yuan and 1.77 billion yuan respectively.
"The bank itself is a big buyer in the bond market and has a natural market advantage. At this time, some fund companies may want to get ahead. " A public fundraiser in Shanghai pointed out.
According to the reporter's understanding, while rushing to run the inter-bank negotiable bonds index fund, some public offering institutions have been quietly conducting communication, testing and preparation for the ETF products listed on the exchange. However, a person close to the exchange revealed that considering the complexity and stability of system interoperability, it will take some time for such products to be declared and approved.
"Although the regulatory authorities have indicated the attitude of doing a good job in innovation pilot work, the actual operation will not only involve public offering institutions, the China Securities Regulatory Commission, the central bank, but also involve information exchange of many market support institutions such as exchanges, China Bond Board, Shanghai Clearing House, and China Securities Board, as well as physical subscription between different markets, which needs to be steadily promoted, so it will take some time for cross-market ETF products to truly land."
(Article source: 2 1 Century Business Herald)