Among them, Everbright Bank, Ningbo Bank and Fudan bank announced the suspension of relevant business on November 30, and Bank of Beijing also followed up the suspension on December 1. In addition, although Shanghai Pudong Development Bank and Minsheng Bank did not issue an announcement, after consulting customer service personnel, Chinese reporters of securities companies learned that the two banks had suspended relevant business since November 24 and November 28 respectively.
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
It is understood that the account precious metal business, also known as paper gold and paper silver, focuses on tracking the international precious metal market and basically adopts the full trading mode without leverage; while the personal precious metal business of Shanghai gold exchange, including precious metal spot and precious metal spot extension (i.e. precious metal T + D), is a kind of leveraged margin trading.
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.
The reporter learned that when an individual investor participated in the investment transaction of silver extension contract (Ag (T + D)) of Shanghai gold exchange through a commercial bank and the third-party investment platform authorized by the bank, a huge loss occurred. Afterwards, the investor has been reporting to the regulatory authorities and safeguarding their rights, which has attracted media attention. Some people in the industry believe that this is the direct incentive to trigger regulatory guidance.
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 public information of the court, many investors lost more than one million yuan of 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.
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.
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 are short And vice versa, this kind of mode does not conform to the current policy guidance of commercial banks returning to serve the real economy and comprehensive financial services of enterprises.
Source of this article: Chen Hequn, editor in charge of securities times_ NB12679