The comprehensive asset management accounts (CMA) that promised a 3% revenue rate are disappearing in the securities industry. The influence of the Bank of Korea's interest rate cut has been felt, with the disappearance of 3% revenue rate products resulting in revenues lower than the parking account interest rates of commercial banks.
According to the financial investment industry on the 6th, Mirae Asset Securities has lowered the revenue rate of the 'CMA-RP Naver account' from the previous 3.05% to 2.75%. The lowered interest rate took effect from the previous day (5th).
Until the revenue rate was changed, a revenue rate of 3.05% was applied to deposits of less than 10 million won in the CMA, while a rate of 2.50% applied to deposits of over 10 million won. However, as a result of this adjustment, the rates have been lowered to 2.75% and 2.2%, respectively. With the revenue rate of Mirae Asset Securities' 'CMA-RP Naver account' falling to the 2% range, CMA products with a revenue rate of 3% have disappeared from domestic securities companies.
On this day, the product with the highest CMA account revenue rate is Woori Investment & Securities' 'Woori WON CMA Note (bank type).' The 'Woori WON CMA Note (bank type)' offers a revenue rate of 2.8%. Following this, Mirae Asset Securities' 'CMA-RP Naver account' is applying a revenue rate of 2.75%, and Korea Investment & Securities (issued note type CMA, 2.70%), Daol Investment & Securities (RP type CMA, 2.65%), and DB Financial Investment (happy+ CMA RP type, 2.60%) follow in order. The CMA product with the lowest revenue rate is NH Investment & Securities' 'QV CMA RP type' product, which pays an annual revenue rate of 2.00%.
The decline in CMA revenue rates is significantly influenced by the Bank of Korea's cut in the base rate. The Monetary Policy Committee of the Bank of Korea reduced the base rate by 0.25 percentage points (p) in its monetary policy direction decision meeting on the 25th of last month. A CMA is a product that pays investors revenue generated by investing customer funds in short-term financial products such as commercial paper (CP), government bonds, certificates of deposit (CD), and short-term corporate bonds. As a result, higher interest rates than ordinary banks could be received.
As a result, investments in interest-linked assets are inevitably affected when the base rate changes, and thus, CMA revenue rates are affected. When the Bank of Korea lowered the base rate, a majority of domestic securities companies also lowered their CMA revenue rates. As a consequence of the impact of the base rate, CMA revenue rates dropped even below the interest rates of commercial banks' parking accounts. It seems likely that investors' short-term funds will shift to new investment destinations.