Fund industry to establish and fund rating system
Field of non-systematic risk in the proportion of the total risk is only 3o%, while more than 70% of systemic risk, in this case,
abercrombie and fitch coupons, the Fund itself is difficult to avoid through the portfolio investment risk,
cheap ed hardy, because the fund portfolio by investing avoid the main non-systemic risk. China's current practice of the operation of securities investment funds have proved this point, when the stock market fully to the good, all funds can be profitable, but once the stock market correction, its profitability is significantly impaired, if the stock market crash, the fund will be a serious loss. Second, accelerate the establishment of a fund rating system as the China Securities Investment Fund continues to expand, the current non-professional small and medium investors, careful to distinguish these funds is quite difficult. How to help them figure out what is the meaning of each fund, performance in the end and whether they buy their own? This raises the rating to the fund industry needs. Combined with the actual situation of China's capital market, the fund rating system should have the following characteristics: the independent third party to serve as rating agencies; rating method comprehensive, objective, scientific, adapt to the characteristics of Chinese fund industry; mature enough to profit model to ensure its continued stability and development. This proposal: 1, to establish uniform standards for disclosure of fund information. With the industry-accepted standards, under the same disclosure rules, go to more than just funds together for comparison,
ed hardy jeans, and then to performance ratings. Currently the Fund based on the current information disclosure regulations, promulgated by China Securities Regulatory Commission is mainly (Interim Measures for Securities Investment Fund Management> Regulations No. This disclosure standards are beginning to develop in the fund industry was born, although the back to make another some amendments, but because of the fund industry has developed rapidly,
don ed hardy, new problems and challenges, the implementation details have been unable to meet the needs of development and the specification is recommended the introduction of GIPS (Global Investment Performance rating criteria) in the United States, more than 80% of the fund industry who have adopted the GIPS. GIPS is a North American Investment Analyst Association in 1998 to develop a fund of information disclosure rules, the application has been approved by the company there are many requirements into data requirements, calculation methodology, the requirements of fund categories, information disclosure requirements, reporting requirements of the five most presentations. GIPS provides a standard of disclosure, is often used internationally as an important disclosure rules, investors can help to confirm the integrity and impartiality of information, and provide standardized fund performance rating indicators, unification of the different funds compared according to the scope of our investment funds, investment objectives, the local transaction costs, tax and environmental factors, localized adjustments GIPS 2, solve the fund rating agencies, market access issues In the full maturity of the market on the market, the fund rating agencies usually do not exist so-called market access issues from the U.S. fund rating agencies about the situation, they do not need to set up relevant departments on the special permit, as long as no illegal In principle, any individual, any organization can engage in fund rating business in emerging markets like China, to maintain appropriate conditions for market access, through the appropriate regulatory agencies to set the threshold, the focus of the rating company's internal operating procedures, information disclosure of methods, into the eligibility limit will help fund the development of rating business steady, but market access must be sufficient to maintain the level of competition in the market, competition among rating agencies, the Fund is to maintain the healthy operation of the fund rating system, a key factor in early stage, large rating agencies to encourage foreign and domestic joint venture, may be a more appropriate transitional measures. 3, no benefits associated with the Fund to support an independent third party to set up a fund rating system. so that investors have more choices In this process, but also supports the international well-known fund rating agencies into the country (such as the American one of the Morningstar fund rating agency to enter China's fund market rating scheme has been implemented), to let them compete. participants rating To get investors to recognize and form the authority. 4, rating agencies should learn from foreign (outside) experience with their proven profit model to ensure continued stability fund rating agencies, development funds after the establishment of rating agencies,
abercrombie canada, is facing a very real problem the problem is the profit model, Hong Kong some of the fund rating agency rating the sales platform and linked, of course, can serve as an interim choice. but in the long run,
ed hardy jeans, the fund rating agency, or should be by providing a wide range of fund rating service to get the derivative income, therefore, the profitability of the fund rating agency model such a real problem in the Chinese market, the answer may not be entirely consistent with the mature markets, which need to fund rating agency with the Chinese market and make the appropriate market development. [Author: Fujian Investment Guarantee Corporation] (Editor: Zou Jianming)
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