What does it mean for one of the market's biggest actors, asset managers?

這將會對市場的資產管理人造成什麼影響？

With me to talk about it, is Arjun Singh-Muchelle, Senior Advisor in capital markets at the Investment Association.

來自 Investment Association 的資深市場顧問 Arjun Singh-Michelle 將和我一同探討此議題

Arjun, welcome. -Thank you.

Arjun，歡迎您！謝謝

So what is the cumulative impact of all these layers of regulation?

所以這些法規將會對市場造成怎麼樣的長期影響呢？

Well in so far as the buyer side is concerned, there are, there been two unintended consequences.

就買家而言，有影響是意料之外的

One in regards to monetary policy, and the low interest rate environment.

一個是低利率的貨幣政策

If you look at from 2007-08, once interest rates had gone down, that we on the buyer side, had record sales of fixed income funds.

就07、08年的情況來看，一旦利率下跌，買家就會有買賣固定收入基金的紀錄

So we've been increasing our holdings of corporate bonds and sovereign bonds and so on.

所以我們繼續買入企業與國家的債券

But, one of the other unintended consequences of prudential regulation placed upon banks

但另一個非預期的影響是政府對銀行的審慎監督

has led to a de-risking and a de-leveraging of bank balance sheets, precisely in corporate bonds and sovereign bonds.

已經降低企業與國家債券營收的風險與槓桿作用，

So this had led to an asset class mismatch between the buy side and the sell side.

所以這造成買賣兩方資產類別無法對應的情況

If it's becoming a bigger part of the market earning more revenues from it, this has, by definition, make the industry systemic.

如果市場因此得到更多利益，那麼就定義而言，這些法規讓市場得以系統化運作

It's always important to recall that the revenues generated by some managers and markets are not revenues for asset managers, they are returns generated by our clients.

我們應該要知道，這些企業經理與市場賺取的盈餘，並不屬於資產管理人，而是由顧客創造的

Revenues generated by some managers come from the sales of funds.

某些經理賺取的盈餘來自基金的銷售

Now, the systemic question as institutions and businesses, asset managers are not systemic.

雖然金融機構有系統化的傾向，資產管理人卻尚未受到影響

And the reason for that is, if you look at the balance sheet of an asset manager and compare that to the balance sheet of a bank,

原因是，如果你比較資產管理人與銀行的資產負債表

a bank's balance sheet is normally a multiple of an asset manager's balance sheet.

銀行的資產負債表的數目通常是資產管理人的好幾倍

And the reason is that the assets managed by an asset manager do not sit on our balance sheet.

那是因為資產管理人所管理的資產並不會呈現在負債表上

They are held in segregated accounts by a custodian.

那些資產放在獨立的帳戶，由托管人監控

And what that means is that were an asset management company to go down, a client's assets would never be touched.

意思是說，假如資產管理公司倒了，顧客的資產仍不受影響

That does not mean to say that we do not bring any sort of risk as any economic agent of financial markets, we bring a certain element of risk.

但這並不代表我們跟其它高風險的金融市場脫節，風險還是存在的

But, those market-based activities are, or will be, mitigated by a method going forward,

但這些市場上金融活動，會因減緩措施的關係而繼續生存

and smooth the other areas globally will that regulators are looking at of course, is where that you can never run on a fund.

這些措施也會舒緩全球其他地區的情況，監督機構也在關注無法靠基金運作的地區

I used it to the great European success story and one of the tools provided and uses is to manage a redemption.

這是歐洲經濟成功的原因，也是可以讓拯救市場的利器之一

Now, if the banks are actually moving out of the market, they're becoming a bigger part of the market.

如果銀行真要退出市場，他們其實只是繼續成為市場的一大部分

There's opportunities there to maybe participate directly, maybe with a counter party, and bypass that intermediary.

銀行或許有機會繞過中間人，透由交易方直接參與市場，

But what are some of the trade offs here?

但是這之間的取捨為何？

One of the bigger trade offs that we've seen in the financial markets is of course, market data.

其中最大的取捨就是市場資訊

What this assumes is that there's a quality of access to market data and the quality ability to pay for market data.

這是因為我們假定市場資訊不易取得，而且需要高端的方法取得

Now if you use the equity market as an example, the price for market data had been rising for a number of years now,

以股票市場作為例子，該市場資訊的價格逐年成長

where the revenue generated, for example, by the London Stock Exchange, from market data non-transactional services is now a greater proportion that it's ever been previously.

倫敦股票交易所因非交易市場資訊服務而賺取的盈餘已佔收入大宗，這是前所未有的

Now if this model was applied to fixed income, this would increase frictional costs for asset managers,

如果相同的模型套在固定基金上，會增加資產管理人的摩擦成本

which have a direct impact on the revenues that we can generate for our clients.

這會直接影響我們從顧客端賺取的盈餘

Arjun, thank you very much. -Thank you.

Arjun，謝謝您的到來。謝謝。