证券交易委员会提议修订基金交叉交易规则 恢复多数固定收益证券交叉交易降成本
美国证券交易委员会（SEC）10月9日发布规则提案（第2026-104号），拟修订《1940年投资公司法》第17a-7号规则，恢复对多数固定收益证券的交叉交易安排。
交叉交易指同一投资顾问管理的不同基金之间直接买卖证券，可省去市场中间环节。现行规则对固定收益证券的交叉交易限制较严，业界多年反映这抬高了基金的交易成本。提案拟在定价透明、独立核查等保障条件满足时，允许更多固定收益证券进行交叉交易。
SEC主席保罗·S·阿特金斯（Paul S. Atkins）表示，修订旨在降低基金及其投资者的交易成本，同时保留防止利益冲突的防护措施。提案将公开征求意见，随后由委员会表决决定是否通过。
SEC Proposes Easing Fund Cross-Trading Rules to Restore Most Fixed-Income Cross Trades and Cut Costs
The U.S. Securities and Exchange Commission on October 9 issued a rule proposal (Release No. 2026-104) to amend Rule 17a-7 under the Investment Company Act of 1940, restoring cross-trading for most fixed-income securities.
In a cross trade, funds managed by the same investment adviser buy and sell securities directly with each other, bypassing market intermediaries. Current rules restrict cross trades in fixed-income securities, which the industry has long said raises trading costs for funds. The proposal would allow more fixed-income cross trades when safeguards such as transparent pricing and independent checks are met.
SEC Chairman Paul S. Atkins said the amendments are intended to lower trading costs for funds and their investors while keeping protections against conflicts of interest. The proposal will be open for public comment before the Commission votes on adoption.
发布：GSM·美国（发布链接）
图片来源：图：纽约证券交易所交易大厅。摄影：Thomas J. O'Halloran，美国国会图书馆藏，公共领域，来源：Wikimedia Commons / Photo: Traders on the floor of the New York Stock Exchange. Credit: Thomas J. O'Halloran, Library of Congress, public domain, via Wikimedia Commons
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