Yesterday, China Money Network announced that the Financial Markets Department of the Central Bank issued the Notice on Matters Related to Commercial Banks' Wealth Management Products Entering the Inter-bank Bond Market (hereinafter referred to as the Notice) to 16 commercial banks, which standardized the behavior of commercial banks' wealth management products investing in the inter-bank bond market. According to the notice, bank wealth management products will be able to directly enter the inter-bank bond market by opening Class B accounts.
The notice * * * is divided into seventeen articles, which clarifies the requirements of the administrator who applies for opening a wealth management product bond account in the inter-bank bond market and the process of opening a wealth management product account in the inter-bank bond market. Insiders pointed out that the central bank's first release of the detailed rules for wealth management products to enter the inter-bank bond market is a continuation of standardizing and rectifying the wealth management market and protecting the interests of investors.
The Notice pointed out that according to the principles of calculable cost, controllable risk and full disclosure of information, each wealth management product should correspond to the invested assets, and each wealth management product should be managed, accounted and accounted separately.
In the past, some of the funds raised by bank wealth management products will be invested in interbank deposits and bonds according to the product description, and some will be invested in the securities market or used for loans. "The losses of wealth management products that have repeatedly occurred in the past are all related to insufficient information disclosure." Wei Gang, director of New Era Futures Research Institute, said that the problem of the flow of bank funds pool has been around for a long time, which greatly increased the risk of wealth management products. The issuance of the Notice will strengthen the supervision of the central bank on the wealth management products of commercial banks.
The Notice also requires that transactions between the manager's self-operated bond account and the wealth management product bond account, as well as between different bond accounts managed by the same manager, are not allowed. "This is mainly to prevent the transfer of benefits." Wei Gang thinks. Another person familiar with the matter told reporters that it is not uncommon for banks to sell bonds to wealth management accounts at high prices in order to obtain benefits, which has seriously damaged many wealth management accounts.
According to the requirements of the Notice, managers and custodians of wealth management products should report to the Shanghai headquarters of the central bank. If an inter-bank account has been opened, it should be re-filed according to the requirements of the Notice within one year, and change procedures or re-open an account according to the situation. According to a national debt trader of CITIC Securities (1 1.87, 0.00, 0.00%), most of the wealth management accounts opened by some commercial banks before were C-type accounts, so it was impossible to conduct online transactions through the central bond integrated business system. During the bond market storm last year, the opening of wealth management products in the inter-bank bond market was temporarily suspended, and then some C-type accounts were planned to be upgraded to B-type accounts. However, since then, the central bank has not officially issued a document to regulate the entry of wealth management products into the inter-bank bond market. According to the notice, the bank wealth management product account will be fully upgraded to a Class B account, and there is no need to trade through an agent.
At present, the outsourcing management of bank wealth management products is widespread. The staff of the fixed income department of a well-known domestic brokerage firm told the reporter that its company managed nearly 6 billion yuan of wealth management products for banks. This is not conducive to supervision. After bank wealth management products directly open Class B accounts in the inter-bank bond market, supervision will be more convenient.
Wrong maturity matching is the main operation mode of bank wealth management products at present. The term of bank wealth management products is generally less than half a year, and the interest margin is earned by investing in bonds with a term of more than one year. The risk of maturity mismatch is very high. If the money cannot be renewed after the expiration of wealth management products, the redemption pressure will increase, which will be very dangerous. The release of the Notice is expected to solve this problem, which is good for the bond market.