Bank Financing Is Simple And Safe.

Recently, a bank launched a complex structure. financial products However, he encountered "Waterloo" in the market. The bank's financial planner told reporters that this product was rarely sought after with some previous products that were guaranteed or guaranteed. "Nowadays, structural products tend to have larger gambling components and higher risks. Even if it looks like a very attractive high-end yield, investors are not buying it. He pointed out that simplicity and supremacy should be an important basis for investors to select financial products.

　 Structural gambling is greater than investment.

Statistics show that as of March 28, 2011, commercial banks issued 3910 financial products in the first quarter of this year, an increase of 128.8% over the same period last year. Among them, the investment targets are interbank market instruments, mixed and bond products, which account for the mainstream of the market. The index of investment targets, commodities and fund products are not more than 10. Last week, 4 linked index and commodity structured financial products were issued. These products are often characterized by high risks and high returns.

A financial manager of a bank cautioned that most financial products are no longer guaranteed capital and are floating income. Therefore, investors need to abandon the idea of making profits without losing money when choosing financial products. The products that are linked to these products may be targets of stocks, funds and commodities with larger risk coefficient, so we should take full account of risk factors.

In addition, a " Snowball "Financial products" attracted much attention in the near future. Although it provides the expected 8% guaranteed floating income, it is a multi period and cumulative income, and the first period income will affect the later income. Complex structure derivatives 。 This seemingly risk-free financial product is too complicated because of the principle of revenue calculation, which has long been stopped by US regulators.

The complexity of design is not terrible. The key is that our ability to control complex products is not perfect. The China Securities Journal reporter saw in a financial product contract that the term of a product was 6 months, but the three level income level was set up, which is a typical structural product linked to the exchange rate.

If the Australian dollar is floating against the US dollar in the upper and lower 400 base points of the initial exchange rate, then the yield will be 4.5%; if the floating rate of the Australian dollar against the US dollar exceeds the 400 basis points of the initial exchange rate, but it will fluctuate within the 800 base points, then the yield will be 1.5%; if the exchange rate of the Australian dollar against the US dollar exceeds the 800 base points of the initial exchange rate, then the maturity will be zero.

"From the design point of view, this product obviously belongs to the nature of gambling." According to the analysis of the banking industry, this product is actually betting whether the Australian dollar exchange rate will fluctuate more than 800 basis points in 6 months.

According to industry figures, the probability of zero return of this product is as high as 90%, and there are serious defects in its design.

Lao Zhang, who buys financial products from banks, complains that the design of some financial products of some banks is extremely complicated, especially those linked to overseas markets. Even investors with professional financial background are hard to understand its essence by one hundred percent. But whether the market fluctuations cause the product to rise or shrink, its benefits always tend to the banks. {page_break}

The hook class has become a "poor student".

From the past earnings of financial products, complex financial products are becoming poor students.

According to Puyi wealth statistics, there are 9228 personal financial products in 2010, of which 8013 are RMB financial products, with an average annual yield of about 2.83%, and only 131 products that yield CPI5.1% at maturity. It is worth noting that nearly a hundred personal financial products have not reached the highest expected rate of return. Among them, structured products accounted for the most, accounting for 71.88%.

"Now domestic structural financial products are mixed." Song Zhen, a financial manager of a branch bank of ICBC, told reporters that the financial products of the structural category had enough high yield to attract eyeballs, but according to his experience in selling financial products for many years, investors often had high yield because they often set different expected returns. In extreme cases, customers may experience zero profits or even loss of principal.

"If you miss the high yield, the attractiveness of this product is also discounted. So they are often suitable for investors with strong risk appetite. We will try to avoid recommending to general financial clients. He said.

A bank financial planner who doesn't want to be named has pointed out that in fact, the structural financial products linked to the category have not been as satisfactory as ever. In 2008, his bank launched a financial product, but the financial crisis brought about a sudden change in the exchange rate market, and there were problems in product design, which led to the fact that after the expiration, there was not only no profit, but also eroded the principal of the customer. To ease things, banks have made up for their losses. So now banks are avoiding such high-risk and highly leveraged financial products.

After a series of events, such as the financial crisis and QDII loss, investors also questioned the ability of domestic commercial banks to control risks in overseas capital markets and the way of marketing of banks. Lao Zhang pointed out that when we launched this structured product, the bank adopted various marketing methods to make such a product. However, after the failure of investment, the last person who paid the bill was ordinary investor.

Bankers also admit that in fact, domestic banks do not have much technical content in the products they sell. Nowadays, banks are more acting as intermediaries. Financial products only deduct the management and service fees of the banks in terms of the profits of the original investment targets, so if the product design is too complex, the risk control ability of the banks will be slightly less.

　 The principle of simplicity and supremacy

Faced with a wide variety of financial products, how should investors choose? Song said that if investors are not very aware of the structure and payment of financial products, it is recommended to choose simpler financial products instead of buying complex structural products with many trigger clauses and intervals.

"The income level of many structured products depends on the matching of basic assets and payment terms. The higher the degree of fit, the higher the level of earnings of products. Therefore, when investing in such products, we must recognize the variety and direction of investment. He said.

A bank financial manager also reminded investors that the choice of financial products in the market is very large. Generally speaking, the financial products of capital preservation and income protection are more suitable for ordinary investors, especially when the "May 1" holiday is approaching. Commercial banks will generally introduce short-term high-yield financial products to invest in the interbank market. The annual yield of these products may be higher than that of some high risk structured financial products.

In addition, he reminded investors who care about guaranteed products. Part of the guaranteed product is actually holding a maturity guarantee. If investors redeem it in advance, they may lose a certain amount of capital. When an investor redeems in advance, the product's revenue is calculated according to the value of the product at that time, rather than the expected maximum yield or capital guarantee clause in the product manual. Investors should choose carefully when purchasing products.