记者 Lydia Beyoud 和 Nicola M White 报道 美国证券交易委员会（SEC）发布了一项提案，允许资金管理人再次进行固定收益证券的交叉交易，支持这一变革的倡导者称这将为投资者带来显著的成本节约。
By Lydia Beyoud and Nicola M White The Securities and Exchange Commission issued a proposal to let money managers once again cross-trade fixed-income securities, backing a change proponents say would bring about significant cost savings for investors.
该机构2020年发布的指导意见限制了固定收益交叉交易，这种交易涉及关联基金之间直接买卖债券。基金经理经常需要重新调整投资组合以遵守基金规则或调整客户投资。交叉交易可以让他们以比在公开市场出售债券更低的成本完成这一操作。
Guidance from the agency in 2020 restricted fixed-income cross trading, which involves affiliated funds trading bonds directly with each other. Fund managers often recalibrate their investment portfolios to comply with fund rules or tweak client investments. Cross-trades can allow them to do so at lower costs than selling the bonds on the open market.
SEC规则通常禁止关联基金之间相互交易，但周五发布的提案将允许由同一实体管理的基金进行此类交易，前提是它们遵守公平定价和董事会监督。
SEC rules generally prohibit affiliated funds from trading with each other but the proposal released Friday would allow funds managed by the same entity to do it, so long as they adhere to fair pricing and board oversight.
交叉交易可被视为一种利益输送形式，但它可能帮助基金更好地管理流动性，避免在市场动荡时期被迫以大幅折价出售资产。SEC专员 Mark Uyeda 在声明中表示：“该价格可能反映的是‘市场流动性暂时不足，而非基本面发生变化’。如果该价格随后被用于模型估值，其影响可能会在整个市场蔓延。” 投资公司协会（ICI）估计，2020年固定收益交叉交易为基金节省了近3.3亿美元。
Cross-trading, which can be considered a form of self-dealing, may help funds better manage their liquidity and avoid having to sell assets at severe discounts during periods of market distress. That price might reflect “a temporary lack of market liquidity rather than a change in underlying fundamentals,” SEC Commissioner Mark Uyeda said in a statement. “If that price is then used in mark-to-model valuations, the effects can reverberate throughout the market.”The Investment Company Institute estimated that in 2020 fixed-income cross-trading had saved funds nearly $330 million.
ICI首席执行官 Eric Pan 在声明中表示：“现代化该规则‘将降低交易成本，改善投资组合管理，使基金股东受益，同时保持强有力的投资者保护’。”
Modernizing the rule “will reduce transaction costs, improve portfolio management, and benefit fund shareholders while maintaining strong investor protections,” ICI Chief Executive Officer Eric Pan said in a statement.
SEC并未允许风险最高、最难估值的资产符合交叉交易资格。这类资产交易不频繁，因此其价值难以确定。
The SEC stopped short of allowing the riskiest, hardest-to-value assets from being eligible for cross-trading. Those types of assets aren’t frequently traded and therefore have values that are difficult to pin down.
然而，该措施将把交叉交易许可扩大到其他类型的投资，而这些投资在2020年之前通常不被允许进行此类交易。此次扩展将涵盖其价值可通过直接或间接来源观察到的证券，例如活跃市场中同类证券的报价，或非活跃市场中相同或类似证券的价格。
However, the measure would expand cross-trade permission to other types of investments that historically weren’t available for it prior to 2020. The expansion would include securities whose values are observable from direct or indirect sources, such as quoted prices for similar securities in active markets, or for identical or similar securities in non-active markets.
如果该提案最终定案，还将增加基金进行交叉交易时必须满足的更多条件，包括确定该交易符合所涉各基金的最佳利益，且不会使任何客户优于其他客户。这些保障措施旨在应对交叉交易可能带来的一些风险。
The proposal, if finalized, would also add more conditions that funds would have to meet to engage in cross-trading, including determining that the trade is in the best interest of eached fund involved in the transaction and does not favor any client over another. Those safeguards are meant to address some of the potential risks of cross-trading.
美国证券交易委员会（SEC）的工作人员上个月向金融服务行业发出警告，提醒注意不透明投资的估值问题。这一声明表明，该市场监管机构正密切关注企业如何确定其投资的价值，以及这些价值和风险如何向投资者披露。
SEC staff issued a warning last month to the financial services sector about valuations of opaque investments. The announcement signaled that the markets watchdog was keeping a close eye on how firms determine what their investments are worth and how their value and risks are disclosed to investors.