In securities companies, Chinese reporters asked about the business restart time, many bank customer service personnel said that the specific restart time has not been clear, waiting for follow-up notice. Some people in the industry also believe that the suspension of bank agency for personal precious metal business is in line with regulatory policy guidance, and the business may not be restarted in the future.
Unanimous suspension or triggered by investor complaints
According to the announcement of the 17 banks mentioned above, almost all banks have suspended personal precious metal business on behalf of Shanghai gold exchange, and some banks have also suspended their account precious metal business.
Shanghai Gold Exchange and Shanghai Futures Exchange are the only two exchanges in China that can legally trade precious metals. Among them, financial members (mainly commercial banks) of Shanghai gold exchange can carry out agency trading business for individual investors, while comprehensive members can carry out self operation and agency business for corporate clients.
All qualified banks have suspended the new account opening business, according to an industry source. This situation is rare. After the crude oil treasure incident, a number of banks, including state-owned banks and joint-stock banks, announced the adjustment of relevant account transactions within a few days. Since then, there has been no unified action of so many banks.
The reasons given by various banks for suspending the opening of new customers accounts are due to the impact of the international political and economic situation and the new crown epidemic, and the price fluctuation in the precious metal market has intensified. In order to protect the interests of investors, the above measures are taken. At the same time, the normal transactions of customers who have opened accounts will not be affected.
But why are the measures and time points adopted by the banks so uniform? Chinese reporters from securities companies learned from a number of insiders that banks have recently received window guidance from regulatory authorities on related businesses. Industry speculation, the regulatory guidance or with individual investors to the regulatory authorities to report and complaints related.
According to China judicial documents website, the platform master gold has been involved in several civil disputes related to precious metal transactions, most of which ended with the plaintiff withdrawing the lawsuit. Among them, a court judgment on the class action of 17 individual investors shows that golden master is a comprehensive member unit of Shanghai gold exchange. The staff of the platform can guide investors to open online trading accounts at commercial banks or financial settlement centers and other institutions through remote guidance. Subsequently, they will send short messages to investors, listing the varieties and positions of transactions And stop profit price, stop loss price and other investment information. According to the information publicized by the court, many investors lost more than one million yuan in principal.
The court finally ruled that Jin master and other defendants failed to fulfill the corresponding obligations such as the investors affordability assessment obligation, the risk disclosure obligation and the appropriate recommendation obligation in this process. Therefore, the plaintiff and the defendant should bear 50% of the principal loss of the investor.
The Court pointed out that with the continuous improvement of the professionalism and complexity of financial products, especially financial derivatives, investors are in an obvious inferior position in terms of information, while financial institutions are in an information dominant position. Therefore, in the legal relationship of financial services, professional financial institutions should be subject to corresponding obligations, that is, when providing investment or financial advisory services to investors, they should pay attention to investors It is necessary to undertake the fiduciary duty to avoid unnecessary losses caused by the lack of professionalism of the investors as far as possible. This kind of obligation to financial institutions can also prevent them from pursuing their own interests, introducing unqualified investors into the capital market improperly and profiting from them regardless of the rights and interests of investors.
Whether it can be restarted remains to be seen
Some people in the industry believe that the suspension of new account opening for precious metals may be a long-term move by the regulatory authorities. On the one hand, the crude oil treasure incident exposed the defects in the risk control of commercial banks; on the other hand, the regulatory guidance also coincides with the policy guidance of maintaining separate operation requirements and guiding banks to return to serve the real economy in the new commercial bank law.
Wang Hongying, President of the China (Hong Kong) Financial Derivatives Investment Research Institute, said that the crude oil treasure incident experienced by individual banks during the epidemic period was actually a stress test on the risk control ability of traditional commercial banks in financial derivatives trading, and the results are not very satisfactory. At present, traditional commercial banks still have some defects in the risk control ability of financial derivatives intermediary business. From this perspective, suspending new account opening is also a better choice.
A person in the industry also believes that there is still a lack of a reasonable dispute settlement mechanism in the financial derivatives business of commercial banks, and such disputes may continue to recur.
He further pointed out that the reason for this problem is that the positioning of banks is not clear. If the positioning of the bank is commercial bank + investment bank, these business risks will inevitably be included. However, if the positioning of the bank is the final barrier of financial risk, and investors believe that the bank is a low-risk channel, and the loss will require the bank to cover the bottom, which will lead to the development of intermediate business such as financial derivatives.
For the bank when can restart the precious metal new account opening, a number of bank customer service personnel told reporters, the specific restart time has not been determined, can be announced later.
Novel coronavirus pneumonia prices are showing a rising trend in the long term. The volatility of the precious metal market is not normal, Lou Feipeng said. But the new uncertainty is increasing. The big probability of precious metals in the near future is still fluctuating. After the market price trend is relatively stable, the bank can restart the new account opening. Wang Hongying thinks, restart possibility is not big. He said that the commercial bank law of the peoples Republic of China (Revised Draft) recently issued by the peoples Bank of China maintains the requirement of separate operation of banks. In this context, commercial banks carry out paper gold, paper crude oil and other businesses in the regulatory level, and there is a problem of gambling in the trading mode of financial derivatives, that is, when customers do more, banks do it This kind of mode is not in line with the current policy orientation of commercial banks returning to serve the real economy and comprehensive financial services of enterprises. Source of this article: Yang Bin, responsible editor of securities companies in China_ NF4368
Novel coronavirus pneumonia prices are showing a rising trend in the long term. The volatility of the precious metal market is not normal, Lou Feipeng said. But the new uncertainty is increasing. The big probability of precious metals in the near future is still fluctuating. After the market price trend is relatively stable, the bank can restart the new account opening.
Wang Hongying thinks, restart possibility is not big. He said that the commercial bank law of the peoples Republic of China (Revised Draft) recently issued by the peoples Bank of China maintains the requirement of separate operation of banks. In this context, commercial banks carry out paper gold, paper crude oil and other businesses in the regulatory level, and there is a problem of gambling in the trading mode of financial derivatives, that is, when customers do more, banks do it This kind of mode is not in line with the current policy orientation of commercial banks returning to serve the real economy and comprehensive financial services of enterprises.