RSS订阅 加入收藏  设为首页
时时彩信誉老平台
当前位置:首页 > 时时彩信誉老平台

时时彩信誉老平台:"Volatility-managed funds" became targets

时间:2018/4/11 18:13:54  作者:  来源:  浏览:0  评论:0
内容摘要: The so-called "volatility management" does not really manage or control volatility. It just means that when the stock market fall...

The so-called "volatility management" does not really manage or control volatility. It just means that when the stock market falls, the funds are taken away and escaped: If the stock market reverses, according to pre-designed computer programs, such funds Automatically sells stop-loss of risky assets. Most of the sell-offs are equity assets, including stocks.

At the beginning of February, the stock market crash in the United States plagued the pool fish, causing the world's major stock markets to fluctuate. There are both macro and technical reasons for stock market fluctuations. For technical reasons, some pointed to the company's insurance company, especially the insurance company's variable annuity, the US insurance company's product "volatility-managed funds," thus surfaced.

Many of the concepts in the US stock market are a bit like the Russian matryoshka and there are concepts in the concept. For example, there are variable annuities in annuities, and variable annuities are invested in volatility-managed funds. According to the US Securities and Exchange Commission (SEC), annuities are contracts between investors and insurance companies. Investors pay for their retirement or other long-term goals, pay them in lump sum or in installments to insurance companies, and insurance companies can immediately Pay or choose to pay investors on a certain date in the future. The annuity period may be 20 years, or it may be the lifetime of the investor or his/her spouse.

Annuities have the effect of cost-cutting. If it is the one-off payment of all pensions at the time of age, many retirees will purchase annuity products from insurance companies to resist inflation. The purchase of annuities is also for self-control, so as to avoid over-consumption, and if you accidentally eat, use, and spend. Of course, all parties are gambling and being in Bo. As far as retirees are concerned, if you know that you don't have much to come by, it's a good thing to eat, use, and spend. Some pension benefits are favorable. After the pensioner passes away, it is collected by his spouse. Thus, deciding whether to receive such a pension at one time, the couple will consider the life expectancy of the spouse. For the pensioner, if he knows that the retirees do not have a large number of days, they are naturally willing to pay monthly pensions. After short-term pension payments, they no longer have obligations.

An annuity investor needs a fixed return, and an insurance company that sells an annuity invests in a fixed income product for this purpose. Fixed income products are synonymous with bond products. Bonds usually have a fixed interest return, so long as the company or other entity issuing the bonds (the term “issuer”) is not bankrupt or insolvent, investors can continue to receive interest on the bonds.

But annuity investors are also eyeing a high return on stocks during the bull market. As a result, insurers have introduced variable annuities based on their advantages and investments. Their funds are invested in the stock market and they enjoy a high return from the bull market. The “variability” of variable annuities is that the annuity income changes with the income of the financial products invested by the insurance company. The financial products invested in funds of annuity products are usually stocks, and the income changes greatly. The first variable annuity "School Teacher's Retirement Equity Fund" was introduced in New York in 1952. The U.S. Supreme Court found that the variable annuity was introduced at the beginning to protect against inflation, because "in theory, the long-term return of ordinary shares can compensate for the rising inflation."

At the beginning of the launch of the variable annuity, all parties were happy: Investors were busy with some money and money, and insurance companies were very aggressive and were busy launching and promoting new products. Unfortunately, the world is changeable. In 2008, when the international financial crisis broke out, variable annuities suffered heavy losses due to the stock market crash. After the crisis, some insurance companies made pains to learn and no longer sold variable annuities. However, there are still some insurance companies who are facing difficulties, and they are trying to turn their heads into new ones and find new investment opportunities for variable funds: Volatility-managed funds, also known as “variable fixed-point funds”. Variable annuities mostly require customers to invest part of their funds in manageable volatile funds. As of 2016, insurers have a variable annuity of approximately $275 billion into volatility-managed annuities.

But the so-called "volatility management" does not really manage or control volatility, but refers to the escape of funds when the stock market falls. If the stock market reverses, according to pre-designed computer programs, such funds Automatically sells stop-loss of risky assets. Most of the sell-offs are equity assets, including stocks. It is because of the volatility of managed funds selling shares, some people think that the decline of US stocks at the beginning of this year will intensify. However, some people think that the volatility of the managed funds in the market share of the total proportion of small, not enough to shake the entire market. However, during the period of stock market fluctuations, how much volatility is managed by the managed funds has not been accurately estimated. The people in the industry are stubborn and unwilling to agree. According to the algorithm of Deutsche Bank , during the most intense days of the US stock market volatility from February 5 to February 9 this year, volatility-managed funds sold approximately $40 billion to $50 billion in stocks, and Oliver Wyman ( Aaron Sarfatti, a partner at Oliver Wyman, believes that volatility-managed funds sell about $80 billion to $100 billion in stocks. However, as of 2017, the market value of global stock market is $68 trillion, and even if the volatility is managed by the managed fund, it will eventually sell $100 billion worth of stocks and it will be difficult to shake the entire stock market.

As far as its legal nature is concerned, variable funds are securities. As early as 1959, in the SEC v. Variable Annuity Life Insurance Co., Ltd., the U.S. Supreme Court found that the variable annuity was a security because the investment was risky and the insurance company did not bear the corresponding risk, so it should be applied. The "1933 Securities Act", the sale of such securities must be registered at the SEC, disclose relevant information. The Supreme Court of the United States accepted the case because the variable annuity was a complex financial product involving many investors. What's more, the securities supervision involved the division of power between the U.S. federal government and the state government. It was a matter of great importance and required the Supreme Court of the United States. The wisdom of the people, with their prestige, cling to the parties. Of course there is the opposite: US courts use the pretext of preserving the power of the state government as the reason for their verdicts, and to avoid making explanations about the dispute. For example, the SEC requires the NYSE to provide that companies listed on the NYSE must share the same rights. However, the United States Circuit Court of Appeal denied the SEC's decision on the grounds that shareholder voting rights were determined by the state company laws. It can be said that the U.S. Supreme Court is arguing.

Variable annuities are securities, while funds managed by volatility managed funds and other annuities are mostly mutual funds, and the “Investing Company Law” applies. Article 3 of the Investment Company Act stipulates that any issuer who “engages in or intends to invest in, reinvest, own, hold or trade in securities, holds or plans to acquire investment securities, whose value exceeds 40 %" is the investment company.

According to U.S. law, volatility-managed funds are securities plus funds, and the controversy surrounding the innovative varieties of such insurance companies will continue.


相关评论

本类更新

本类推荐

本类排行

本站所有站内信息仅供娱乐参考,不作任何商业用途,不以营利为目的,专注分享快乐,欢迎收藏本站!
所有信息均来自:百度一下 (时时彩信誉老平台)
蜀ICP备16843510号