In April this year, people all over the country were struggling to fight the COVID-19 epidemic, and their eyes were basically focused on the progress in COVID-19. However, it is precisely because COVID-19 has pressed the pause button for global economic development that international crude oil futures have seen unprecedented negative oil prices, which has caused many people to suffer huge losses in crude oil futures trading, and some people have not only suffered losses, but also paid back money. It was during this period that the Bank of China crude oil treasure incident broke out.
after investigating the whole incident, China Banking and Insurance Regulatory Commission confirmed that BOC had committed major violations, and made an administrative penalty decision on December 5th: fined BOC and its branch I * * * 5,, yuan; Warnings and fines of 5, yuan were given to the two general managers before and after the global marketing department of BOC, and warnings and fines of 4, yuan were given to the relevant deputy general managers and senior traders of the global marketing department of BOC.
how much loss should BOC crude oil treasure have caused in this incident? Then let's review this incident.
on the evening of April 2th, the settlement price of BOC crude oil treasure American crude oil 25 contract was negative, and some crude oil treasure customers not only lost the principal, but also paid the deposit to BOC.
At that time, some media said that the total loss of BOC crude oil treasure customers was about 4.4 billion US dollars, or about 3 billion yuan. However, some professionals believe that the data is wrong, crude oil futures have negative prices, and long crude oil customers have indeed suffered large losses, but the scale is far from reaching 3 billion. Moreover, some short-selling customers have made a lot of money. Therefore, in this case of losses and gains, the overall loss is not a huge figure.
at that time, the closing time of BOC crude oil treasure was set as early as the date of signing the contract (one month ago). The closing time was 22 o'clock on April 2th, and the system automatically closed the position according to the official settlement price of Chicago Mercantile Exchange (CME) on that day. If the customer wants to close the position before the expiration date, it is necessary to manually declare the position.
in the model of crude oil treasure, BOC provides trading services on behalf of customers, and BOC has no right to close positions for customers unless the customers manually close their positions before the set trading date.
crude oil treasure is linked to overseas crude oil futures, and will be automatically moved or closed when the contract expires. The design of BOC crude oil treasure is one day before the expiration of the contract, while some products are designed seven days in advance.
the closing price is the focus of this incident and the main reason why many customers are dissatisfied with it. According to the announcement of Bank of China, the official settlement price of CME -37.63 USD/barrel is deemed as the effective price. However, according to CME crude oil market, the contract price of WTI crude oil futures in May was about $11.15/barrel at 22: on April 2th. Then, why didn't the closing price be $11.15 at the closing time, but $-37.63 in the early morning?
after 2 am on April 21st, the contract price of WTI crude oil futures in May fell sharply, falling to an unprecedented low of around -4 USD. CME announced the official settlement price of -37.63 USD/barrel, which also became the settlement price for closing the US crude oil contract in 25, instead of the real-time trading price. This is not the principle of stock speculation, but also the principle of international futures trading.
In terms of product design, Crude Oil Bao did not violate any rules. The main reason for the huge losses of Crude Oil Bao's customers was also because of the unprecedented situation. The Banking Insurance Regulatory Commission punished Crude Oil Bao's illegal publicity and customer qualification examination.