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  • Since the Financial Crisis, markets have slowly but inactuably been changed by regulation.

    金融危機後,市場逐漸受到法令管制

  • 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。

Since the Financial Crisis, markets have slowly but inactuably been changed by regulation.

金融危機後,市場逐漸受到法令管制

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B1 中級 中文 FinancialTimes 資產 市場 金融 銀行 影響

後危機時代的資產管理|FT Markets (Asset management in the post crisis era | FT Markets)

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    Kristi Yang 發佈於 2021 年 01 月 14 日
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