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Original title: “Deeply disturbed!” Right now, the Bank of China spoke again about “Treasury of Crude Oil” – along with customers! Why did your attitude suddenly change? Existing banks seize the opportunity to capture clients
On the afternoon of April 24,Bank of chinaOnce again issued a statement on the status of the product “Crude Oil”.
Compared to the first time, BOC revealed more information and stated that it will assume its responsibilities under the legal framework, work with clients and reflect the attitude of solving problems.
The Bank of China noted that on the settlement date of April 20, approximately 46% of Bank of China clients took the initiative to liquidate and exit the market, and approximately 54% of Bank of China clients switched or expired. Price settlement in USD / barrel. However, the Bank of China has not disclosed the number of positions and open positions.
At the same time, the Bank of China also expressed deep concern at the losses suffered from investing in “crude oil” products, and will comprehensively review product design, risk management, and linkages and control processes.
However, since ancient times, its counterparts have been friends, and the Bank of China “fell” in the crude oil treasure incident, but has achieved otherBankOpportunity
YesBankPeople informed Chinese press brokers that they have a keen sense of smell.BankHe has been secretly competing for BOC clients and has a wide range of client groups, be it low-risk fixed-income wealth management clients or high-risk equity investment clients.
More than half of clients have not closed positions, Bank of China: together with clients
On the night of April 24, the Bank of China issued a second statement on the crude oil treasure, which revealed more information than the first, and expressed that it would assume its due responsibilities under the legal framework and work together with clients. Many investors said that this response tone is no longer “beef”, reflecting the attitude of solving the problem, and the Chinese reporter from the brokerage agency has solved four important contents.
First, after April 15, risk warnings are given to customers daily.
BOC noted in the fact sheet that since the beginning of this year, international crude oil prices have fluctuated wildly and investors have frequently traded.
Since April 6, the Bank of China via SMS, telephone, public account, officialWeiboThrough various channels, we have repeatedly provided specific risk warnings to “Crude Oil Bao” customers, especially after April 15, daily risk warnings to customers.
Even after CME completed the negative oil price test on April 15, BOC can also be aware of customer risks, especially by having a large number of multiple orders available and giving customers daily risk warnings. .
Second, more than half of clients do not have closed positions.
April 20 is the current liquidation date for US Crude Oil products. USA, Approximately 46% of BOC clients take the initiative to liquidate and abandon the market, and approximately 54% of BOC clients change their positions or face due gaps (both long and short))
That is, among the clients who invested in BOC Crude Oil, more than half of the clients did not close the position, and finally settled at the price of -37.63 USD / barrel. However, the Bank of China has not yet disclosed the number of positions and final open positions.
For the “crude oil” product linked to the negative settlement price of the May WTI contract, the Bank of China continued to contact relevant market institutions to negotiate on abnormal market performance on April 20. The Bank of China will continue to do everything possible to safeguard the interests of clients and will keep in touch with clients in the future regarding progress.
Third, it will thoroughly review product design, risk control links, and processes.
BOC stated that it was deeply disturbed by the losses suffered by customers by investing in “crude oil” products under the global spread of the epidemic and the volatile crude oil market.Bank of chinaHe has been actively listening to everyone’s voice and market concerns, and has extensively reviewed the product design, risk management and control links and processes.
This means that before the market questions the design, risk control, and processing of crude oil products, BOC will conduct a full self-examination. Furthermore, he also expressed his guilt for the losses suffered by the clients’ investment products.
Fourth, take due responsibility and work together with clients.
Finally, the most important thing is that BOC indicated that it will assume its responsibilities under the legal framework, will work together with clients and will do everything possible to protect the legitimate interests of clients.
BOC clients who are “flashy” by other banks
It has been an enemy since ancient times, and the Bank of China “fell” in the crude oil treasure incident, but it has created opportunities for other banks.
Some bankers informed Chinese brokers that some smart banks are already secretly competing for BOC clients, and are targeting a wide range of clients, be they low-risk fixed-income wealth management clients or investment clients high risk capital. Within the objective.
“This kind of opportunity is absolutely rare. Not only” Zhongzhao “clients in Crude Oil Investment, but also some of the Bank of China clients who had no crude oil investment in the account, also questioned the Bank of China and they were even worried. This response to the crisis is definitely a failure, “said the banker.
In fact, in the early hours of the 23rd, the Bank of China began to directly withdraw the deposit in the investor’s “crude oil” account, and officially implemented the unprecedented settlement price of -37.63 USD / barrel. Transfer all deposits in your BOC account to other banks, worrying that BOC withdraws your deposit account.
Their concern comes from a clause in the investment agreement: if the client’s frozen margin account does not have sufficient funds,Bank of chinaFunds in other investor accounts can be deducted for the loss of the bank.
As a result, many investors have transferred all funds into BOC deposits, wealth management, and other accounts on the morning of the 23rd.
“The remaining more than 8,000 in my margin account have been deducted. Although more than 10,000 in the deposit account have not been liabilities, he is still scared. What if the deduction is true?” Said the investor.
In this regard, a financial case lawyer told reporters that even if there is an investment agreement agreement that can deduct other accounts, the bank actually deducts the funds from the investor’s deposit account accordingly, and the investor You can also object.
“First, the deposit agreement and the investment agreement are two different legal relationships. Can the legal effect of the investment agreement directly affect the performance of another legal relationship? This is difficult to say; second, in the event that the bank is at risk of revealing the flaw, At least a lawsuit must be filed to confirm that the investor really owes money, and then press the court to enforce the deduction. If the deduction is made directly, the bank must take a big risk legal, “said the lawyer.
As for whether the accounts of investors in other banks will be affected, some lawyers told Chinese stockbrokers that the BOC has no right to withhold deductions: “This can only be done through court litigation, and the court can only you can execute the deduction after the court wins the case. ” Deducted. “
A personSouth China TownCommercial bank executives also said that even if there are relevant withholding authority clauses in the investment agreement, the Bank of China should be cautious in making this decision. “In the past, when we handle some investor disputes, we must clearly explain and strive to reach an agreement. We must pay attention not to escalate the contradictions.”
Customer position up to 5 hours
Looking again at the huge loss of the “Crude Oil” product, the China brokerage reporter discovered that behind this was scratching the client’s position for up to 5 hours, that is, the design of the product system or a great escape.
In the first product description, the Bank of China noted that for crude oil products, when the market price is not negative, the long position will not lead to a forced liquidation. For those who have decided to enter the change of position or due to the settlement of the difference, the client will complete the due treatment at the settlement price and will no longer mark the market or settle.
That is, before falling to a negative price, there is no strong settlement system for the long position of crude oil, and the fall to a negative price occurs after 22:00. The Bank of China no longer watches the market and liquidates.
So if the trade is really frozen at 22:00, if the crude oil rises to 120 US dollars, what about the short position? The Bank of China no longer marked the market, forced liquidation, clients are unable to trade and there is no emergency stop, which means that the client’s position is liquidated for 5 hours from 10:00 PM to 3:00 AM. Therefore, there are large gaps in the design of the product system.
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(Source: China Brokerage)
(Editor in charge: DF353)
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