S**C
发帖数: 2964 | 1 The Financial Times reports Federal Reserve officials have discussed levying
exit fees on bond funds, in hopes of avoiding a potentially damaging run on
the $10 trillion corporate bond market.
From the story by Tom Braithwaite, Tracy Alloway, Michael Mackenzie and Gina
Chon:
Officials are concerned that bond-fund investors, as with bank depositors,
can withdraw their money on demand even though the assets held by their
funds are long-term debt and can be hard to sell in a crisis. The Fed
discussions have taken place at a senior level but have not yet developed
into formal policy, according to people familiar with the matter.
“So much activity in open-end corporate bond and loan funds is a little bit
bank like,” Jeremy Stein, a Fed governor from 2012-2014 told the Financial
Times last month, just before he stepped down. “It may be the essence of
shadow banking is … giving people a liquid claim on illiquid assets.” …
Exit fees would seek to discourage retail investors from withdrawing funds,
thereby making their claims less liquid and making a fire sale of the assets
more unlikely.
Introducing exit fees would require a rule change by the Securities and
Exchange Commission, which some commissioners would be expected to resist,
according to others familiar with the matter.
Such fees could be highly unpopular with retail investors unable to access
funds without paying a fee. But some in the industry would welcome them;
BlackRock, the world’s largest asset manager, has called for international
rules setting exit fees on some funds. | l*i
发帖数: 5732 | 2 靠， 很无耻阿
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【在 S**C 的大作中提到】
: The Financial Times reports Federal Reserve officials have discussed levying
: exit fees on bond funds, in hopes of avoiding a potentially damaging run on
: the $10 trillion corporate bond market.
: From the story by Tom Braithwaite, Tracy Alloway, Michael Mackenzie and Gina
: Chon:
: Officials are concerned that bond-fund investors, as with bank depositors,
: can withdraw their money on demand even though the assets held by their
: funds are long-term debt and can be hard to sell in a crisis. The Fed
: discussions have taken place at a senior level but have not yet developed
: into formal policy, according to people familiar with the matter.
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