巨额赎回

巨额赎回是造成开放式基金流动性风险的主要原因。

Quantity of large redemption is the main reason causing liquidity risk .

随着投资者和基金的基金（fundsoffunds）匆忙筹集资金来弥补损失，对冲基金经理正准备迎接巨额赎回。

Hedge fund managers were braced for withdrawals as investors and funds of funds rushed to raise money to cover their losses .

今年早些时候，SAC资产管理规模曾达150亿美元，如今面临外部投资者的巨额赎回。

SAC , which managed $ 15bn earlier this year , has faced significant redemptions from outside investors .

一种巨额赎回导致的开放式基金流动性风险测量

Measuring Liquidity Risk of Open-End Funds for Large Amount of Redemption

在发生巨额赎回的情况下，当日未获受理的场内赎回将自动撤消，中国结算深圳分公司不受理延迟处理申报；

When large-scale redemption occurred , ring redemption which fails to be accepted on the current day will be automatically cancelled , and delayed applicationdeclaration will be rejected by the CSDCC Shenzhen branch ;

当投资者进行赎回特别是巨额赎回时，基金管理人可能由于不能以一个合适的价格变现其资产而遭受损失。

When large redemption or even gigantic redemption happens , fund managers will have to sell part of their securities portfolio in a lower price , which will cause substantial loss of open-end fund .

另一方面，如果基金管理人为了追求盈利性而大量投资于股票、债券则会面临巨额赎回压力。

On the other hand , if fund administrators invest a lot of money in stocks or bonds for pursuing the earnings , the redemptory pressure of enormous amounts of money will be faced with .

开放式基金持续不断的出现净赎回，甚至非理性的巨额赎回现象对我国开放式基金的发展起到了十分不利的影响：首先，大量赎回加大了基金的运作成本，凸现流动性风险；

The open-end fund continues the unceasing appearance net-redemption , even irrational large amount redemption , this to our country open end fund development extremely disadvantageous influence : First , mass redemption has enlarged the fund operation cost , increased liquidity risk ;

此举造成开放式基金遭遇大范围的巨额净赎回，开放式基金陷入困境。

Thus , investors have redeemed a lot of their fund share and Chinese open funds are in trouble .