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Tighten again! A number of banks announced the suspension of precious metals business, what signal
Source: China Securities Journal 2022-08-08 18:30
Many banks tighten their precious metal business again!
China Merchants Bank announced a few days ago that the bank's personal paper precious metal two-way trading business, personal two-way foreign exchange trading business, personal real paper gold paper silver trading business and "Chao Cai Jin" business will be suspended soon, and the positions customers and spot inventory customers of the above businesses will be suspended. Please choose an opportunity to close your position before October 17th.
Precious metals business tightens
In addition to China Merchants Bank, since July, a number of banks have issued announcements to tighten precious metal business.
On July 15, the official website of ICBC issued an announcement stating that in order to adapt to changes in the market situation, according to the "ICBC Account Precious Metals Trading Agreement", "ICBC Account Precious Metals Trading Rules" and other relevant agreements, from August 15, Beijing time 8: From 00 onwards, ICBC will suspend the opening transaction of account gold and account silver business, and the pending open orders that have been set by customers and have not been executed will automatically become invalid, and the closing transactions of customers who hold positions will not be affected.
On July 18, China Construction Bank issued the "Announcement on the Adjustment of Our Account Precious Metals and Two-way Trading Business", stating that from 7:00 on August 15 (Monday), Beijing time, the purchase of gold and silver in the account precious metal business will be suspended. Setting and changing of conversion transactions and fixed investment plans; suspension of account precious metal two-way trading business for short positions in gold and silver; the set account gold, account silver, and account platinum fixed investment plans will be automatically terminated. Selling, closing short positions and valid pending orders before the suspension of trading of the client's original positions in the corresponding business will not be affected.
On July 21, the official website of China CITIC Bank announced that in order to adapt to changes in the market situation and prevent business risks, it will adjust the personal precious metal business of the Shanghai Gold Exchange in the near future. After the market closes at 15:30 on August 12, all channels of the bank will suspend the new position opening function (including position opening entrustment) of the Shanghai Gold Exchange's personal precious metal spot and deferred business. Affected. The accumulated gold and physical gold business will continue to be carried out normally and will not be affected by this adjustment. At the same time, after the market closes at 15:30 on August 12, the individual clients who have no transactions, no positions, no inventory, no arrears, and zero margin balance in the past year will be liquidated and terminated in batches.
Prevent potential risks
In the past two years, a number of banks have tightened the regulations by raising the product risk level and customer risk tolerance assessment results, raising the transaction threshold, lowering the single transaction limit and single customer position limit, and suspending the opening of trading accounts for new customers. Account precious metals, account foreign exchange and other services.
Since the beginning of this year, under the influence of multiple factors such as the adjustment of the Fed's monetary policy, the price of gold has fluctuated significantly. Regarding the reasons for the adjustment of the precious metal business, many banks mentioned in their announcements that they should comply with market changes and protect the rights and interests of investors.
There are also banks reminding investors to guard against precious metal business risks. ICBC said that considering the uncertainty in the international bulk commodity market, for customers with outstanding positions, it is recommended to prudently control the size of their positions and pay attention to preventing and controlling their own risks. China CITIC Bank mentioned in the announcement that the volatility of the precious metal market has intensified recently. For customers with positions, they are reminded to pay attention to preventing risks, do a good job in position management, and reduce the balance of positions in a timely manner.
"Combining with previous cases, some banks have recently tightened their personal precious metal business transactions mainly to prevent potential risks and protect the legitimate rights and interests of investors." Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank , said that the precious metal market is currently facing a complex environment and increasing volatility. , for investors, the predictability of the market is reduced, and potential risks are increased, especially some trading products are leveraged; regulatory authorities attach great importance to the implementation of investor suitability management by financial institutions; in addition, financial institutions tighten individual precious metal transactions The business also releases signals to the market, and the relevant market risks are currently too high.
Zhou Maohua emphasized that the prospect of the personal precious metal market is still not clear enough, and it is not ruled out that some institutions will tighten the personal precious metal business in the future.
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