Bank of China fined 50.5 million yuan for “oil treasure” incident |

Original caption: Bank of China fined 50.5 million yuan for the “oil treasure” incident

After a lapse of 8 months, “oil treasure”productThe result of the sanction for the risk incident was announced. On December 5, the China Banking and Insurance Regulatory Commission announced that it would investigate and addressBank of China“Raw oil”Product riskEvent, yesBank of ChinaYBranchA total fine of 50.5 million yuan; at the same time, theBank of ChinaFour officers received warnings and a total fine of 1.8 million yuan was imposed. Further,Bank of ChinaAccess to related businesses and related branches was also suspended.

Looking back, it is affected by the “negative effect” of the May WTI crude contract in April this year.Oil price“The impact of the incident,Bank of ChinaThe rights and interests of investors in “Crude Oil Bao” products have been significantly affected. Market participants believe that although the “crude oil treasure” incident is aproduct designBut it also reflects the current lack of understanding of the futures market by some financial institutions and ordinary investors.

Medium Term Research InstituteSupervisorIn an interview with a Futures Daily reporter, Li Bing said that although the “oil treasure” incident occurred in a special context, the incident also fundamentally exposedBankWhen it comes to large financial institutions like those in the derivatives field, there are problems such as insufficient product design and immature risk control management.

SinceBankJudging from the released “Crude Oil Treasure” products, Li Bing believes that this kind ofFinancial managementThe product is a derivative related product similar to OTC counter transactionsWarrantyGold trade despiteBankLeverage is controlled, but not suitable for the general public.

“When many ordinary investors sign an agreement with a bank, they only use the simple level of” wealth management products “and” asset allocation “promoted by the sales manager to understand, and do not understand or recognize.Margin“Transaction” and the object of the transaction are the true meaning of “foreign futures derivatives”. Li Bing said.

Also, from today’s point of view, many investors still talk about “futures” and believe that leveraged trading is a scourge. In fact, it is because futures are still relatively small in the domestic market and investors generally do not understand it. Li Bing believes that a relatively low level of understanding of the futures market has also caused many ordinary investors to suffer losses.

According to the journalist’s understanding, at present, China’s various derivatives investment tools and investment channels are already very rich, and ordinary investors also have strong asset allocation needs and expect to invest in large amounts other than equities. TO.ProductAnd other assets. But do all financial institutions have the capacity to design and manage such investment products and tools? Judging from the “treasure oil” incident, the answer is no.

In the opinion of Hou Yanjun, founder and chief investment officer of Houshi Tiancheng Investment, derivatives trading itself has higher requirements for professionalism. Especially since this year, market conditions have changed.Traditional financeDepository and credit institution banks do not have great advantages in derivatives transactions. Product design andinternational marketInsufficient link, so it is impossible to control the risk immediately.

“Judging from the sanctions imposed by the China Banking and Insurance Regulatory Commission, it is very clear that financial institutions must take more responsibility in risk events,” Li Bing said.

For the selection of professional institutions in bulkCommodity futuresInvestment, Li Bing told reporters that in the eyes of investors, futuresthe companyIt may be small in scale, much less powerful than the bank, but in fact, futures firms are more professional in risk management, product design, and investor education, and are more sensitive to various risks. investors face.priceStock exchanges, futures companies, etc. They will protect investors’ interests in a timely manner by increasing margins and increasing the settlement line to avoid increasing losses.

Some market participants said that after the “oil treasure” incident, several banks recently announced the suspension of opening new clients.Precious metalstransaction account, Which shows that the bank’s risk awareness is constantly increasing.At the same time, this involvement of ordinary investors impliesCommodityOf investment products also have a warning effect.

“Participation in the futures market requires a high degree of professionalism. When ordinary investors choose financial products linked to investing in commodities, they should at least deal with the relevant transactions.DeliveryMechanism and discPricesSome understanding of basic logic. SDIC Essence FuturesAnalystLi Yunxu said.

Li Bing also suggested that investors are expected to learn lessons from the “oil treasure” incident and have in-depth knowledge of investment products and tools, and that they cannot be “clouds of people.”

According to Sui Xiaoying, a senior researcher in Founder’s Intermediate Futures Investment Consulting Department, individual investors face higher risks when investing in commodities linked to crude oil. Before investing in related products, you should consider several aspects and invest carefully, for example, carefully review the product before investingcontractFactors, clarify the terms of the contract and avoid investing in products with irregular management; To identify whether the product is overkill, so-called low-risk, high-yield products are generally bogus.

(Source: Futures Daily)

(Editor in charge: DF353)