How to apply for redemption when the "fuse moment" comes, fuse is undoubtedly the hottest word at the beginning of this year, so what impact does fuse have on the fund? The following small series analyzes it for everyone.

This year started badly, and the market fell sharply on the first trading day. The Shanghai and Shenzhen 300 Index triggered the fuse mechanism twice, and the two markets suspended trading until the close. The market showed a wide adjustment. For the general public, how to purchase and redeem the fund before and after the fuse has become a problem. At present, the fuse is divided into two situations, that is, the Shanghai and Shenzhen 300 fell by 5% and 7%. When the former happens, the redemption of partial stock funds will not be affected, and the latter will be suspended on the same day.

A number of funds announced "fuse time" operation tips

On Monday, the market plunged, and the Shanghai and Shenzhen 300 broke through two thresholds in a row. On Monday afternoon 1: 30, some investors called the Information Times reporter: "The fund I bought on Tian Tian Fund Network cannot be redeemed."

Subsequently, the Information Times reporter called Oriental Fortune to verify this matter, and the fund's back-office service staff confirmed this matter: "After the fuse, the partial stock fund will suspend trading until after the close at 3 pm, and the investor's operation at this time can only be counted as T+ 1 day trading."

So how should the fund be traded if it blows up? According to the reporter of Information Times, on February 5 last year, 16, the fund industry association issued the Notice on the relevant supporting work arrangements for the public offering fund industry after the implementation of the index fuse mechanism (hereinafter referred to as the Notice), which made arrangements for the relevant supporting work arrangements for the public offering fund after the fuse. According to the Notice, the fund manager will adjust the opening hours of relevant types of funds in the event that the trading hours of the exchange change due to the fuse of the index. "In fact, improving the redemption application of fund products is a necessary measure to solve the liquidity asymmetry of financial products when the fuse event occurs, so the relevant arrangements have been completed long ago, but I didn't expect it to be so fast." A person close to the fund industry association revealed.

Up to now, more than 20 fund companies, including Tian Hong Fund, Huaxia Fund, E Fund and Xinyuan Fund, have issued suggestive announcements on adjusting the opening hours after the implementation of the index fuse mechanism. Among them, the main thing that may affect investors' operation is whether investors can handle fund redemption, conversion and other related businesses after the index is blown.

Case 1: big fuse suspended redemption.

However, when a blowout of 7% or a blowout of 5% occurs after 2:45 pm, that is, a so-called "blowout", all applications for subscription, redemption, fund conversion and fixed investment of related funds submitted by the Exchange between the blowout time of that day and 15:00 will not be processed according to the application for subscription, redemption, fund conversion and fixed investment of that day. If the closing time of Shanghai and Shenzhen Stock Exchanges is inconsistent due to the fuse rule, the earlier one shall prevail.

Business applications for subscription, redemption, fund conversion, fixed investment, etc. submitted before the starting point of the index fuse on that day shall be handled according to the application on that day; The redemption business application submitted after the starting point of the index fuse and before the closing of the day is divided into two situations: First, the application submitted through the fund company's direct sales counter and online trading system will not be invalidated and will be processed on the next trading day. If the attitude of investors changes in the next trading day, it can also be cancelled during the opening hours of the next open day; However, if the application is not made at the direct sales counter or in official website, you need to check the consignment channel and deal with it according to the situation, so the entrusted transaction may be invalid. Therefore, investors need to re-verify the success of the transaction on the second trading day.

Case 2: Small fuse applies for redemption normally.

The Information Times reporter learned in the interview that the current fund adjustment plan is divided into two situations: "small fuse" and "big fuse". The so-called "small fuse" refers to the temporary fuse that appeared after the Shanghai and Shenzhen 300 fell by 5%, while the "big fuse" fell by 7% (or the 5% fuse occurred after 2: 45 pm), which led to the early end of the day's trading, and the large and small fuses would have different effects on the fund's redemption application. According to relevant regulations, when there is a "small fuse" in which the Shanghai Stock Exchange and the Shenzhen Stock Exchange resume trading on the same day, the opening hours of all publicly raised funds of the Company will not be adjusted.

The chief analyst of Good Buy Fund once said: "Judging from the arrangement of fuse in most fund companies, we should try our best to meet the liquidity requirements of ordinary people. If the fuse only occurs in the session and only 5% of the fuse is triggered, the opening hours of the fund's public offering will not be adjusted, that is, the subscription redemption and liquidity will not be affected. "

In addition, when the index fuse occurs, in order to protect the interests of the original holders, the fund manager may delay the payment of the fund redemption according to the agreement in the fund contract, which means that the liquidity of the fund may be temporarily affected in the case of "big fuse".