另一个办法是对赎回征收备用流动性费用,以此建立“断路器机制。例如,一旦一家货币市场基金的流动性水平跌至预先设定的周平均水平以下,就可以征收流动性费用。
The opportunity now presents itself for the money market fund industry and financial regulators to come back to the table to discuss viable alternative solutions. While a compromise should be based on give and take, neither side should abandon fundamental principles.
对于货币市场基金行业和金融监管当局而言,当前正是回到谈判桌旁探讨其他可行解决方案的大好时机。虽然双方彼此都做出让步才能达成妥协,但任何一方都不应抛弃基本原则。
For the industry, the principles should be based on maintaining a stable, safe, and convenient financial vehicle for their investors. For the regulators, the principles centre on ensuring financial stability. Surely there must be a common ground solution that preserves the product and protects markets.
对于货币市场基金行业来说,其基本原则应基于向投资者提供稳舰安全、便捷的金融工具。对于监管当局来说,其基本原则应以保证金融体系的稳定性为中心。因此,双方一定能基于各自原则中的共同点,找出既能促进货币市场基金发展又能保持金融体系稳定的解决方案。
Burton Malkiel is the author of: ‘A Random Walk Down Wall Street’
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