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<p>英國政府週四確認了改革貨幣市場基金監管規則的計劃，該領域自 2020 年 3 月市場動盪以來一直受到密切監管。</p>
<p>這些改革是在貨幣市場基金在 COVID-19 引發的現金搶購期間面臨大量贖回和流動性壓力後提出的，這暴露了短期融資市場的脆弱性。</p>
<p>政府還確認，新指導方針將要求貨幣市場基金持有更高水平的流動性。</p>
<p>修訂後的框架預計將在年底前實施，需獲得立法者的批准。</p>
<h2>旨在增強市場韌性的改革</h2>
<p>英國金融監管機構此前在 2023 年就擬議的改革進行了諮詢。</p>
<p>這些措施旨在使基金在市場壓力期間更容易出售資產。</p>
<p>此次諮詢是基於英格蘭銀行的建議，該銀行表示，英鎊貨幣市場基金領域需要變得更加有韌性。</p>
<p>英鎊貨幣市場基金被企業廣泛用於日常融資操作和過夜現金管理。</p>
<p>在 2020 年 3 月出現嚴重市場干擾後，監管機構越來越關注這一領域。</p>
<p>當時，投資者迅速從貨幣市場基金中撤回現金，因為金融市場對 COVID-19 大流行的影響日益加劇做出了反應。</p>
<p>大規模的資金流出在該領域造成了流動性壓力，並引發了政策制定者對金融穩定更廣泛風險的擔憂。</p>
<p>最新的改革旨在減少未來類似壓力事件的可能性，並增強該領域應對突發贖回壓力的能力。</p>
<h2>計劃提高流動性要求</h2>
<p>根據擬議的變更，貨幣市場基金將被要求維持更高的流動性緩衝。</p>
<p>政府在聲明中沒有具體説明確切的流動性閾值。</p>
<p>然而，它確認，如果獲得立法者的批准，更新的制度將在年底前推出。</p>
<p>這一舉措反映了監管機構更廣泛的努力，以確保基金在高度波動期間能夠滿足投資者的贖回需求，而不會引發無序的資產銷售。</p>
<p>政府表示，金融行為監管局將很快發佈聲明，提供有關計劃改革的更多細節。</p>
<h2>關注 2020 年市場壓力後的穩定性</h2>
<p>全球監管機構自 2020 年 3 月以來繼續審查貨幣市場基金的韌性。</p>
<p>在英國，當局特別關注英鎊貨幣市場基金領域，因為它在短期企業融資和現金管理活動中至關重要。</p>
<p>英格蘭銀行此前建議進行改革，以提高該領域抵禦金融壓力的能力。</p>
<p>這些擬議的措施是加強疫情期間市場干擾後金融系統內部保護措施的更廣泛努力的一部分。</p>
<p>隨着政府正式確認改革，英國正在推進收緊對該領域的監管並改善在該國運營的貨幣市場基金的流動性標準的計劃。</p>
<p>該文章的首發為《英國推進貨幣市場基金改革以提高行業韌性》，出現在 Invezz 上。</p>

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<p>英國政府已確認計劃改革貨幣市場基金的監管，以增強該行業的韌性，原因是 COVID-19 大流行期間經歷的流動性壓力。這些改革將要求基金維持更高的流動性水平，並預計將在年底前實施，待立法批准。這些變化旨在防止未來市場壓力事件的發生，並確保基金能夠滿足投資者的贖回請求，而不會導致資產銷售的干擾。金融行為監管局將很快提供有關改革的更多細節</p>

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<p>The British government on Thursday confirmed plans to reform rules governing money market funds, a sector that has remained under close regulatory scrutiny since the market turmoil of March 2020.</p>
<div class="lb-trans"><p>英國政府週四確認了改革貨幣市場基金監管規則的計劃，該領域自 2020 年 3 月市場動盪以來一直受到密切監管。</p>
</div><p>The reforms come after money market funds faced heavy redemptions and liquidity pressures during the COVID-19-induced dash for cash, which exposed vulnerabilities in short-term funding markets.</p>
<div class="lb-trans"><p>這些改革是在貨幣市場基金在 COVID-19 引發的現金搶購期間面臨大量贖回和流動性壓力後提出的，這暴露了短期融資市場的脆弱性。</p>
</div><p>The government also confirmed that new guidance would require money market funds to hold higher levels of liquidity.</p>
<div class="lb-trans"><p>政府還確認，新指導方針將要求貨幣市場基金持有更高水平的流動性。</p>
</div><p>The revised framework is expected to be implemented by the end of the year, subject to approval by lawmakers.</p>
<div class="lb-trans"><p>修訂後的框架預計將在年底前實施，需獲得立法者的批准。</p>
</div><h2>Reforms aimed at strengthening market resilience</h2>
<div class="lb-trans"><h2>旨在增強市場韌性的改革</h2>
</div><p>Britain’s financial regulator had previously consulted on proposed reforms in 2023.</p>
<div class="lb-trans"><p>英國金融監管機構此前在 2023 年就擬議的改革進行了諮詢。</p>
</div><p>The measures were designed to make it easier for funds to sell assets during periods of market stress.</p>
<div class="lb-trans"><p>這些措施旨在使基金在市場壓力期間更容易出售資產。</p>
</div><p>The consultation followed recommendations from the Bank of England, which said the sterling money market funds sector needed to become more resilient.</p>
<div class="lb-trans"><p>此次諮詢是基於英格蘭銀行的建議，該銀行表示，英鎊貨幣市場基金領域需要變得更加有韌性。</p>
</div><p>Sterling money market funds are widely used by companies for day-to-day funding operations and for parking cash overnight.</p>
<div class="lb-trans"><p>英鎊貨幣市場基金被企業廣泛用於日常融資操作和過夜現金管理。</p>
</div><p>Regulators have increasingly focused on the sector after the severe market disruptions seen in March 2020.</p>
<div class="lb-trans"><p>在 2020 年 3 月出現嚴重市場干擾後，監管機構越來越關注這一領域。</p>
</div><p>At the time, investors rapidly withdrew cash from money market funds as financial markets reacted to the growing impact of the COVID-19 pandemic.</p>
<div class="lb-trans"><p>當時，投資者迅速從貨幣市場基金中撤回現金，因為金融市場對 COVID-19 大流行的影響日益加劇做出了反應。</p>
</div><p>The sharp outflows created liquidity strains across the sector and prompted concerns among policymakers about broader risks to financial stability.</p>
<div class="lb-trans"><p>大規模的資金流出在該領域造成了流動性壓力，並引發了政策制定者對金融穩定更廣泛風險的擔憂。</p>
</div><p>The latest reforms are intended to reduce the likelihood of similar stress events in the future and strengthen the sector’s ability to cope with sudden redemption pressures.</p>
<div class="lb-trans"><p>最新的改革旨在減少未來類似壓力事件的可能性，並增強該領域應對突發贖回壓力的能力。</p>
</div><h2>Higher liquidity requirements planned</h2>
<div class="lb-trans"><h2>計劃提高流動性要求</h2>
</div><p>Under the proposed changes, money market funds will be required to maintain higher liquidity buffers.</p>
<div class="lb-trans"><p>根據擬議的變更，貨幣市場基金將被要求維持更高的流動性緩衝。</p>
</div><p>The government did not specify the exact liquidity thresholds in its statement.</p>
<div class="lb-trans"><p>政府在聲明中沒有具體説明確切的流動性閾值。</p>
</div><p>However, it confirmed that the updated regime would be introduced before the end of the year if approved by lawmakers.</p>
<div class="lb-trans"><p>然而，它確認，如果獲得立法者的批准，更新的制度將在年底前推出。</p>
</div><p>The move reflects broader efforts by regulators to ensure funds can meet investor withdrawals during periods of heightened volatility without triggering disorderly asset sales.</p>
<div class="lb-trans"><p>這一舉措反映了監管機構更廣泛的努力，以確保基金在高度波動期間能夠滿足投資者的贖回需求，而不會引發無序的資產銷售。</p>
</div><p>The government said the Financial Conduct Authority would release a statement shortly providing additional details on the planned reforms.</p>
<div class="lb-trans"><p>政府表示，金融行為監管局將很快發佈聲明，提供有關計劃改革的更多細節。</p>
</div><h2>Focus remains on stability after 2020 market stress</h2>
<div class="lb-trans"><h2>關注 2020 年市場壓力後的穩定性</h2>
</div><p>Regulators globally have continued to examine the resilience of money market funds since the events of March 2020.</p>
<div class="lb-trans"><p>全球監管機構自 2020 年 3 月以來繼續審查貨幣市場基金的韌性。</p>
</div><p>In Britain, authorities have focused particularly on the sterling money market funds sector because of its importance in short-term corporate funding and cash management activities.</p>
<div class="lb-trans"><p>在英國，當局特別關注英鎊貨幣市場基金領域，因為它在短期企業融資和現金管理活動中至關重要。</p>
</div><p>The Bank of England previously recommended reforms aimed at improving the sector’s ability to withstand periods of financial stress.</p>
<div class="lb-trans"><p>英格蘭銀行此前建議進行改革，以提高該領域抵禦金融壓力的能力。</p>
</div><p>The proposed measures formed part of a broader effort to strengthen safeguards within the financial system after the pandemic-era market disruption.</p>
<div class="lb-trans"><p>這些擬議的措施是加強疫情期間市場干擾後金融系統內部保護措施的更廣泛努力的一部分。</p>
</div><p>With the government now formally confirming the reforms, Britain is moving ahead with plans to tighten oversight of the sector and improve liquidity standards for money market funds operating in the country.</p>
<div class="lb-trans"><p>隨着政府正式確認改革，英國正在推進收緊對該領域的監管並改善在該國運營的貨幣市場基金的流動性標準的計劃。</p>
</div><p>The post UK advances money market fund reforms to improve sector resilience appeared first on Invezz</p>
<div class="lb-trans"><p>該文章的首發為《英國推進貨幣市場基金改革以提高行業韌性》，出現在 Invezz 上。</p>
</div>

UK advances money market fund reforms to improve sector resilience

- 英國政府確認將改革貨幣市場基金監管規則，以增強市場韌性。  
- 改革要求貨幣市場基金維持更高的流動性，並計劃年底前實施。  
- 此次調整旨在提升應對突發贖回壓力的能力，減少未來市場干擾風險。

英國推進貨幣市場基金改革以增強行業的抗風險能力