哥伦比亚：技术援助报告开放式基金流动性（英）

COLOMBIA Open-Ended Fund Liquidity May 2025 Prepared ByNick Green and Richard Stobo Authoring Departments/Institutions: Monetary and Capital MarketsDepartment The contents of this document constitute technical advice provided by the staff of the InternationalMonetary Fund to the authorities of Colombia (the "CD recipient") in response to their request fortechnical assistance. Unless the CD recipient specifically objects to such disclosure, this document (inwhole or in part) or summaries thereof may be disclosed by the IMF to the IMF Executive Director forColombia, to other IMF Executive Directors and members of their staff, as well as to other agencies orinstrumentalities of the CD recipient, and upon their request, to World Bank staff, and other technicalassistance providers and donors with legitimate interest (see Staff Operational Guidance on theDissemination of Capacity Development Information). Publication or Disclosure of this report (in whole orin part) to parties outside the IMF other than agencies or instrumentalities of the CD recipient, World Bankstaff, other technical assistance providers and donors with legitimate interest shall require the explicitconsent of the CD recipient and the IMF’s Monetary and Capital Markets department. The analysis and policy considerations expressed in this publication are those of the IMF’s Monetary andCapital Markets Department. Contents A. Outline and scope of mission..................................................................................................9B. Context....................................................................................................................................9 II. Risk Mitigation and Recommendations..............................................................................................17 A. Supervision of OEF Liquidity ................................................................................................17B. MMFs’ Risk Profile ................................................................................................................19C. Liquidity of FI-OEFs..............................................................................................................22D. Liquidity Management Tools.................................................................................................24E. Interagency Liquidity Working Group on OEFs and Development of Risk Appetite ............27 Conclusion.................................................................................................................................................30 Figures 1. Effect of the Covid-19 Pandemic on net flows in Colombian OEFs........................................................102. Effect of the Covid-19 Pandemic on OEFs’ Liquidity Indicators .............................................................113. Liquidity Indicator Defaults by CIFs (OEFs)............................................................................................114. Participation of OEFs in banking deposits ..............................................................................................125. Portfolio composition of Colombian MMFs and FI-OEFs, 2023-2024 ....................................................14 Tables 1. Recommendations ....................................................................................................................................82. OEFs in Colombia ...................................................................................................................................143. Regulatory OEF Liquidity Requirements.................................................................................................15 Glossary BanRepBanco de la República de Colombia (the central bank of Colombia)CCSSFFinancial System Coordination and Monitoring CommitteeCISCollective Investment SchemeColombian AuthoritiesBanRep, the SFC and the URF collectivelyCOPColombian PesoEUEuropean UnionFI-OEFFixedincome open-ended fund without permanenceFSBFinancial Stability BoardHQLAHigh Quality Liquid AssetsIOSCOInternational Organization of Securities CommissionsLMTLiquidity Management ToolLRILiquidity Risk IndicatorMMFMoney Market FundNAVNet asset valueOEFOpen-ended fund without permanenceRNVERegistro Nacional de Valores y Emisores (National Registry of Securities andIssuers)SFCSuperintendencia Financiera de Colombia (Financial Superintendence ofColombia)URFUnidad de Proyección Normativa y Estudios de Regulación Financiera (Unit ofRegulatory Projection and Financial Regulation Studies)WALWeighted Average LifeWAMWeighted Average Maturity Preface At the request of the Financial Superintendency of Colombia (SFC), the Financial Regulation Unit of theMinistry of Finance and Public Credit (URF), and Banco de la República (BanRep), a Monetary andCapital Markets (MCM) Department mission visited Bogotá, Colombia from March 10 to March 14, 2025to assist the authorities in identifying potential im