Recently, the topic of structured deposits is very hot, and reports on strengthening supervision of "fake structured deposits" are frequently seen in newspapers. Many people have also raised this question: "What exactly is a structured deposit? Can you buy it? " ? "。
I. Regulatory trends In recent days, I saw media reports that a local banking and insurance regulatory bureau "stopped fake structured deposits". Yesterday (10, 10), relevant persons of the Banking Insurance Regulatory Bureau publicly responded that the Bureau is earnestly implementing the regulatory requirements of the CBRC on structured deposit business and urging banking financial institutions within its jurisdiction to standardize structured deposit business. The bureau has not issued a document on "stopping false structured deposits".
Coincidentally, just in September this year, the Beijing Banking Insurance Regulatory Bureau issued the Notice on Regulating Structured Deposit Business, demanding that the main problems existing in the structured deposit business of banks within its jurisdiction be investigated and rectified.
On September 6, 20 18, the CBRC issued the Measures for the Supervision and Management of Financial Services of Commercial Banks, which put forward the business supervision framework and management norms for the financial services of banks, and strengthened the risk control and supervision capabilities of financial services.
The transition period of the Measures shall be from the date of implementation to the end of 2020. During the transition period, all commercial banks should formulate their own plans for the rectification of wealth management business.
After the transition period, the wealth management products of commercial banks should be managed in a comprehensive and standardized manner in accordance with the Measures, and commercial banks may not issue or exist wealth management products that do not meet the provisions of the Measures.
It can be seen from the recent actions of local regulatory authorities that local regulatory authorities have started to clean up and rectify "structured deposits" according to the new financial regulations issued by the CBRC.
In addition, strengthening structured deposit management is also in line with the national economic policy orientation, guiding commercial banks to strengthen their support for the real economy, starting from the debt side, and lowering the deposit interest rate, thus reducing the financing cost of the asset side and reducing the financing burden of the real economy.
Two. What is a structured deposit? In the Measures for the Supervision and Administration of Financial Services of Commercial Banks issued by the China Banking Regulatory Commission, structured deposits are defined as follows:
The definition in the method is professional and difficult to understand. Let's explain it in a popular way:
Structured deposit, whose main body is "deposit", can be understood as what we usually know as deposit. "Structure" is an attribute, which determines the particularity of this product. The so-called structure can be understood as a combination, which consists of at least two different parts. We buy products with structured deposits, and banks will use a certain proportion of funds as traditional deposits, and the other part will buy "financial derivatives". Financial derivative is a special financial tool, which is based on the original basic assets, such as commodities, stocks, bonds, interest rates, exchange rates, indexes and so on. Financial instruments derived from these basic assets are called financial derivatives, and the common types of derivatives are futures, options, warrants, forward contracts and swaps. Its value is also derived from and influenced by the value of the underlying assets.
Three. What is the essence of structured deposits? At present, the wealth management products issued by banks mainly include guaranteed and non-guaranteed wealth management products. Principal-guaranteed wealth management products are structured wealth management products if they are linked to derivative products, and the management method is the same as structured deposits.
Because the capital preservation financial management does not meet the regulatory requirements of breaking the exchange, banks have increased the marketing of structured deposits as a substitute for capital preservation financial management in order to avoid supervision.
A few years ago, some small and medium-sized banks without derivative qualifications entrusted qualified large banks to carry out structured deposit business. Financial derivatives are not embedded in the product structure in essence, but realize the expected rate of return of products through the transmission of interest rates in the bank.
At present, more than 80% of the structured financial management of rural commercial banks and city commercial banks that do not have the qualification of derivatives in the market is packaged into structured financial management by big banks. In this case, small and medium-sized banks "borrow money" to achieve the purpose of high interest rates, while large banks become channel institutions.
Through the above analysis, at least for now, structured deposits are essentially a wealth management product.
Four. Analysis of structural deposits in current market 1. Product design problem
Some banks set a guaranteed income for structured deposits that is much higher than the interest rate of the same term deposits, construct a narrow income fluctuation range or set the exercise conditions of linked derivatives as almost impossible to trigger events, which makes structured deposits change from nominal floating income products to de facto fixed income products, which violates the product design principle of enabling depositors to obtain corresponding income on the basis of taking certain risks.
2. False structure
In some bank structured deposits, financial derivatives are not actually embedded, or the embedded financial derivatives have no real counterparty and trading behavior. We call this behavior "false structure", which is actually a disguised high interest rate.
3, the problem of sales
When some banks sell structured deposits, they strengthen the expectation of "just redemption" and weaken the risk warning. The transaction structure of embedded financial derivatives is not introduced in the product manual, and the safety and profitability of structured deposits are emphasized unilaterally, which makes depositors not fully realize the transaction essence and transaction risk of structured deposit-linked derivatives.
5. Can I buy structured deposits? Structured deposits are different from ordinary deposits, because they are linked to financial derivatives, the risks are greater than ordinary deposits, and the income is higher than ordinary deposits. For ordinary investors, due to the lack of professional knowledge of financial derivatives trading structure, it is impossible to judge the risks brought by the fluctuation of derivatives investment income. It is also impossible to judge whether the trading structure is true or false and whether there are real counterparties and trading behaviors; Complex product manuals are prone to misunderstanding.
Based on the above analysis, ordinary investors are not advised to buy products such as "structured deposits". For some professional investors, there is no problem to buy, and the product itself is not risky.
If you must buy it, you should pay attention to the following points:
You can buy a 90-day 4% structured deposit. With the introduction of the new 20 18 asset regulations, the rate of return on wealth management continues to decline, and the guaranteed wealth management is decreasing. Although the transition period of the new asset management regulations is extended to the end of 2020, bank financing is quietly changing, and structured deposits have emerged. As a deposit product, structured deposit can not only ensure the safety of principal, but also obtain a good rate of return, which can be purchased.
1. What is a structured deposit?
Personal structured deposit refers to a deposit product in which the customer takes the customer's funds as the principal of structured deposit, and embeds one or more financial derivatives on the basis of deposit, which is linked to fluctuations such as interest rate, exchange rate, precious metal price, commodity price and index. , or the credit status of an entity, so that depositors can get higher expected returns under the condition of taking specific risks.
In other words, it is "time deposit+option". Because it is a combination of deposits and derivatives, structured deposits have both "deposit income" and "imagination space for derivatives investment".
2. Elements of structured deposit products
Personal structured deposits are issued to individuals, and the term of structured deposit products generally includes 3 months, 6 months, 1 year, etc. The initial investment amount is generally RMB 1 10,000 yuan. During the raising period, products can be subscribed and cancelled, and the value of products will naturally increase on the day of establishment. When you need money urgently, you can generally apply for a pledge loan or an online banking self-help loan. The expected yield of structured deposits is generally higher than the deposit interest rate in the same period. The 90-day 4% yield is not low and can be handled.
3. Who is suitable for combined deposit?
1) people who want to get high returns, have their own judgments on the market, and are afraid of buying the wrong losses.
We can use structured deposits to earn high returns. If the prediction is correct, there is a high income! In case of "mistake", there will be no loss, there will be a guaranteed rate of return, and there will be no big loss. It not only avoids risks, but also satisfies its own investment fun.
2) People who bought guaranteed income financial management before and now want to buy high-yield and low-risk products.
Although structured deposits set an upper income limit, they also help customers control the risk of loss and are a substitute for the original guaranteed financial products.
4. Is structured deposit safe?
Structured deposits can ensure the safety of principal. Income can be attacked and defended, and product income = promised fixed income+additional high income that may be brought by investing in derivatives. On the premise of ensuring fixed income, obtain additional income.
A little advice, not very mature, please forgive me.
Seek attention, seek attention.