[ad_1]
Original title: Heavy Night! The Bank of China is once again responding to the crude oil treasure incident: take proper responsibility and work together with customers!
On the ins and outs of the crude oil treasure incident, please delve into detail:
The director is lost and I owe him several times! The end result of BOC crude oil is miserable! Does the product have major defects? A total loss of 30 billion? Much suspense to solve
In response to the great loss of crude oil from the Bank of China, 8 important questions remain to be answered! Supervision requires an urgent self-examination, there are large banks that suspend the opening of positions, but international oil prices have soared …
Despair + disappointment! BOC started deducting “funds owed”! No prior notice or SMS reminder! Behind the crude oil treasure store, there are still four major problems to solve.
On the afternoon of April 24,Bank of chinaOnce again, I will explain the situation of the “crude oil” product to which the market has recently paid attention.
This is the latest explanation of the “crude oil treasure” on the Bank of China website in just a few days.
In this announcement, BOC stated that it will comprehensively review product design, risk management, and linkages and control processes, and assume its responsibilities under the legal framework.
This expression seems to soften significantly compared to the previous announcement.
1. BOC Reissued Announcement: Thoroughly review product design, risk management and control links and processes
Is named “Bank of chinaIn the announcement of “Explanation of the products of” Crude Oil “”,Bank of chinaHe said the bank launched the “Crude Oil” product in January 2018 to provide domestic personal clients with trading services linked to crude oil futures abroad. Among them, the US crude oil variety is tied to the first Texas Light Crude Oil (WTI) futures contract on the Chicago Mercantile Exchange (CME).
Bank of chinaHe said that since the beginning of this year, international crude oil prices have fluctuated wildly and investors have frequently traded. Starting April 6, BOC will use SMS, phone, public, official accountWeiboThrough various channels, we have repeatedly provided specific risk warnings to “Crude Oil Bao” customers, especially after April 15, daily risk warnings to customers. 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))
The bank said that in relation to the negative settlement price of the May WTI contract linked to the “crude” product, 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.
Bank of chinaHe said he was deeply concerned about the losses suffered by clients investing in “crude oil” products in the circumstances of the global spread of the epidemic and the drastic fluctuations in the crude oil market.
FinallyBank of chinaHe said that he has been actively listening to everyone’s voice and market concerns, thoroughly reviewing product design, risk management, and the links and control processes, assuming due responsibilities under the legal framework, working together with clients and doing everything possible to protect the legitimate interests of customers.
This is another explanation of the “crude oil treasure” on the Bank of China website in just a few days.
On the afternoon of April 22, for the “crude oil treasure” business, ChinaBankAnnouncement, called to rule out the negative settlement price of the day due to the abnormal price caused by the exchange system failure and other reasons, BOC actively contacted the Chicago Mercantile Exchange and market participants to verify, so that oil crude tied to the US oil contract USA Suspended Treasury product transactions for one day did not affect customer rights. BOC also said at the time that when the market price was not negative, the long position would not cause 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.
BOC’s “crude oil treasure” caused great concern due to the recent decline in WTI crude oil. May futures fell to a negative value.
BOC previously confirmed that the official clearance price of CME -37.63 USD / barrel is a valid price. However, according to the rules of the Bank of China crude oil contract, the change should start at 22:00 on April 20, but the Bank did not successfully change the position, resulting in large losses for the customers. In addition, crude oil did not meet “when the margin adequacy ratio is less than 20%, the system will perform a forced liquidation of open contract products one by one according to the principle of single loss ratio from large to small “
This move and gaps in transactions caused investor doubts and dissatisfaction.
ChinaBankAt the time, he said that after careful confirmation by the bank, on April 20, 2020, US time. The official settlement price of the CME May WTI crude oil futures contract, $ 37.63 per barrel, is the effective price. According to the “ChinaBank“Individual Product Agreement in the Financial Market of Joint Stock Co., Ltd.”, the crude oil contract for the bank’s crude oil products in the United States will be settled or transferred with reference to the official settlement price of CME.
The Bank of China also stated that, in view of the current market risk and delivery risk, the bank suspended the client’s new crude opening transactions (including US oil and British oil) from April 22, the client’s closed positions will not be affected.
The Bank of China issued another announcement the same day, the bank’s “2005 US crude oil contract” closed on April 22 was -37.63 dollars, and the “2005 US crude oil contract RMB” closed on 22 April was- 266.12 RMB, there is no new open settlement price.
Prior to this, on April 21, the Bank of China stated that the official settlement price of the CME May futures contract for WTI crude oil closed at -37.63 USD / barrel, which closed at a negative value for the first time. time in history. The bank is actively communicating with CME to confirm the settlement price. Validity and related settlement agreements.
The Bank of China said at the time that due to this impact, the Bank’s crude oil products “US oil / USD” and “US oil / RMB” were suspended from trading on April 21 for one day, and contracts British crude oil was normally traded.
After problems related to the Bank of China “Crude Oil Treasury” were exposed, other banks also took emergency measures or immediately warned of the risks.
For exampleConstruction benchOn April 21, a market risk alert was released for the recent account commodity business.
Construction benchPay attention to the risk of recent fluctuations in crude oil market prices and reasonably control the position; Pay attention to the risk of strong premiums between two monthly contracts for the same crude oil variety in the recent account. When the client exchanges positions or exchanges, there may be a stake in the position (Clients may choose to take the initiative to close the position first, and then choose the opportunity to open a new contract based on market conditions.
Construction benchIt is recommended that clients reasonably arrange the proportion of individual asset allocation, take related risk management and control measures, and invest rationally. In the case of “ChinaConstruction benchIn the circumstances specified in Article 22 of the Commodity Trading Agreement for Personal Accounts, the Bank has the right to suspend all or part of the Commodity Account Business.
April 22,Construction benchAdvertise again to remember the Commodity Trading Business Account WTI2006 Contract Negotiation Rules,Construction benchIn accordance with current price risk and liquidity risk and other factors, in accordance with the “China Construction Bank Personal Products Trading Products Introduction and Marketing Rules”, the bank has the right to adjust the time of Processing and processing rules of expiration contract of business contract WTI2006, Cash settlement of open positions of expired clients.
On the afternoon of the 24th, China Construction Bank also announced that it will maintain personal accounts from 6:00 p.m. to 8:00 p.m. on April 25, 2020 (Saturday)Precious metalsAnd two-way trading business, update of the trading system of trading personal account products.
2. Is there a flaw in BOC? Some attorneys began requesting victims to represent
According to multiple sources, some investors have claimed that they are preparing a class action lawsuit against the Bank of China. Whether the Bank of China is to blame or not is currently inconclusive.
Some lawyers believe that whether the Bank of China is responsible for investor losses depends on the deal. There is also an opinion that the design of the BOC Crude Oil Poor product is faulty and the bank is responsible, and the loss should not be assumed by the customer.
In fact, attorneys have recently collected clues to BOC’s crude oil business.
RecentlyWeiboLord LindenWeiboDa V released the announcement of the Shanghai Xieli law firm’s request for commercial tracks for “Crude Oil”. The announcement says that some investors recently said that “the crude oil treasure design rules or there are major flaws, resulting in large losses for investors, we intend to go to class action.”
Song Yixin, an attorney at the Shanghai Hanlian Law Firm, also said the investor’s claim record for the collection of the same-day crude oil treasure losses, that is, investors who bought the oil treasure products BOC crude and suffered losses before April 20, 2020, can apply for pre-registration.
PS: After a few days of anxious waiting, Crude Oil Bao investors finally saw a slightly relaxed statement from BOC. I believe that in the near future, the Bank of China will propose the final solution. However, after this dispute, I am afraid that apart from profitable foreign hunters, there is no winner.
(Source: Securities Times Network)
(Editor in charge: DF353)
Solemnly declare: The purpose of this information posted by Dongfang Fortune.com is to spread more information, which has nothing to do with this booth.
[ad_2]