The general redemption process of open-end funds is: T day is not reported, T+ 1 has been reported, and T+2 has been completed. The fund subscription and redemption can only be said to be successful if it is confirmed by the T+2 system.

It is normal to display the uncommitted orders on the submission date (T date). Even if the order is placed around 2:50, as long as records are found in the entrusted inquiry, it will generally be submitted on the second trading day (T+ 1 day) and completed on the third trading day (T+2). And then after liquidation.

Therefore, open-end funds generally take about 4 working days. Other overseas funds are generally within 10 days.

Due to the disorderly competition and misleading propaganda of market institutions, the quick redemption business of money market funds deviates from the original intention of "universal benefit, small amount and convenience".

"Some fund managers and fund sales organizations use the so-called' real-time large cash withdrawal' as a selling point, blindly expand their business scale, carry out exaggerated and misleading publicity, and incomplete information disclosure brings unlimited liquidity expectations to investors."

The person in charge said that the unlimited "T+0" redemption made investors ignore the investment risk attributes and ordinary redemption arrangements contained in money market funds. At the same time, the leading institutions also face certain financial risks, which are easy to lead to liquidity risks in extreme market conditions, and there are systemic risks that need to be supervised urgently.

Up to now, the regulatory authorities have successively issued the Measures for the Supervision and Administration of Money Market Funds and the Regulations on the Liquidity Risk Management of Public Offering of Open-ended Securities Investment Funds. Standardize the raising and investment operation of money market funds, strengthen the management and control of liquidity risks, and protect the legitimate rights and interests of investors and related parties.

? Baidu encyclopedia-fund redemption

People's Daily Online-Central Bank Securities Regulatory Commission rectifies "baby" funds: "T+0" redemption will be limited.