自2017年11月以来，一行三会等监管层相继出台了《资管新规》、“55号文”等文件，意在打破刚兑、推进金融去杠杆，尤其是整治过于庞大的信托杠杆产品；但机构自有应对策略，以安全垫模式为代表的结构化资管产品有望成为配资新模式：安全垫模式指作为基金管理人在发行结构化产品时，同时也拿出一部分资金作为安全垫；非安全垫部分则承担更小的风险，但收益空间也小。今天我们就来谈谈“安全垫模式”，真的安全么？什么是“安全垫”关于“安全垫”，2017年1月公布的《关于避险策略基金的指导意见》（证监会公告[2017]3号），对于公募基金安全垫有明确的定义：“安全垫...
Since November 2017, a line of three will wait for regulators have issued new rules on information technology, "no. 55", such as files, is intended to break just against, promoting financial deleveraging, especially the trust leveraged products of regulation is too big; But institution has its own strategy, represented by safety cushion pattern of structured information products is expected to become a new mode: with information and safety cushion model refers to as a fund manager in structured products, but also give some money as a safety cushion; The safety cushion is the risk of smaller, but the profit space is small. Today we talk about the "safe mode", really safe? What is a "safety cushion" about "safe", published in January 2017 the guidance about hedge strategy fund (SFC announcement [2017] no. 3), for public funds safety cushion with clear definition: "safe mat...
