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Taiwan Financial Regulatory Commission Punishes Yongfeng Silver And Finishes RMB Derivatives Business For The First Time.

2014/4/29 22:47:00 150

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Taiwan HKMA Renminbi Derivatives Business

the Taiwan Financial Management Commission on Monday evening made a penalty against the business of TMU (Financial Marketing Department) of the Yongfeng inspection bank. It ruled that the Bank of Hong Kong's gold control bank suspended the new TRF (Target Redemption Forward) target redemption forward contract commodity spanaction for a year, but did not include the stop loss spanaction of the existing customers. 
 two sources said earlier on Monday that the Taiwan golden Management Association held a business meeting today, and decided to suspend the TRF business of Yongfeng gold control bank of the a href= "//m.pmae.cn/news/index_cj.asp" > /a > investment for one year, which was the first official penalty for the bank's derivative business. 
 < a > href= > //m.pmae.cn/news/index_cj.asp > > Yongfeng Financial Management > /a > press release said that when the bank handled TMU (Financial Marketing Department) business in high risk derivatives financial spanactions, it did not fully disclose the important contents and risk bearing matters of the commodities, and did not implement the "know customers" (KYC), including inappropriate assessment of the customer risk taking ability and the suitability of the commodities, the spanaction volume of the nuclear customers, and the actual spanaction demand and risk bearing ability of the customers. 
 "at present, the main business of TRF in banking is mostly RMB." A HKMA related business official said. 
 an official source pointed out that because of the close relationship between Taiwan enterprises and China business and the greater demand for RMB, after the TMU financial derivative business of the former seven major banks, the proportion of non hedge customers was too high and the enterprises used low risk coefficient funds to invest in RMB derivative financial products. 
 > the source said, "a href=" //m.pmae.cn/news/index_cj.asp "> Yongfeng bank" /a "has stopped the sale of RMB TRF business after receiving the rectification of the HKMA, and put forward the relevant review report and the measures to improve it, but" it will not be punished because they stop selling (TRF), because they can sell again anytime! "
 this gold inspection is controversial for TRF commodities. A top control officer who did not want to be named said that after the Taiwanese enterprises looked up the renminbi and unilaterally bet on the Yuan's rise and went to TRF, the RMB depreciated 3% this year, so that Taiwanese enterprises not only suffered exchange losses and TRF hedging operations, but also lost money. "But why did Taiwanese businesses lose profits in the past few years?"
Ceng Mingzong, chief executive of the P, said earlier that the two banks were found to be negligent after the gold inspection. One of them was more negligent and less careless. The more serious the loss was, the higher the commission would be to invest in non forbidding clients to invest in foreign exchange derivatives. 
 at the end of March, the Taiwan Monetary Authority said that the original derivative business of the legal derivative business of the seven banks and financial marketing departments (TMU) launched in March this year has attracted the attention of the recent RMB fluctuation. Gold inspection is expected to be completed in 1-2 months.