After the dispute over crude oil investment losses continued for a day, the Bank of China (601988.SH) issued a five-point note, but many investors did not “buy.”

On the evening of April 22, the Bank of China issued a five-point note on the status of crude oil treasure business. Among them, the first three are the interpretation of crude oil products, expiration processing, and contract settlement price. In the latter two notes, Bank of China responded to some of the questions raised by investors.


First, investors questioned that the Bank of China had not yet initiated the transfer at 22:00 on April 20, and the suspension of trading suspended the account and caused their property losses.

In this regard, the Bank of China stated in the description that according to the agreement and advance announcement, April 20 is the month of the May contract of Crude Oil US crude oil < strong> Last trading day, the trading deadline is 22 o’clock Beijing time . In the early hours of April 21st, Beijing time, WTI crude oil futures May contract prices fell sharply, falling to an unprecedented minimum of around -40 US dollars. The settlement price announced on the day was -37.63 USD, the first negative settlement price since the listing of the Chicago Mercantile Exchange Group WTI crude oil futures contract.

BOC stated that in order to exclude the situation where the settlement price is negative on the day due to abnormal reasons such as failure of the exchange system, BOC actively cooperates with the Chicago Mercantile Exchange Market participants contacted for verification, so the trading of crude oil products linked to the US oil contract was suspended for one day, which did not affect customer rights.

BOC stated that currently, main participants will still settle with reference to the settlement price according to the exchange rules. The expiration of the May contract has been completed according to the agreement in advance .


Second, investors questioned the Bank of China ’s failure to implement a forced-equity mechanism. According to the previous contract, the minimum margin requirement for forced liquidation is 20%.


Compulsory liquidation mechanism in the BOC crude oil product agreement div> BOC said that for crude oil products, when the market price is not negative, the long position will not trigger a forced liquidation . For those who have determined to enter the position shift or due gap processing, they will complete the due process for the customer at the settlement price, and will no longer mark the market or liquidate .

In this regard, some investors pointed out that the “Bank of China Co., Ltd. Financial Market Personal Product Agreement” signed by investors did not find relevant content. Another investor said: “If you say this, the rules of the bank can be set at will. When can you set it, how can you set it. How is that different from fraud?”

In addition, investors believe that the early warning mechanism of BOC has also failed. The previous agreement stated that when the investor’s margin adequacy ratio is less than 50%, the Bank of China will issue an early warning reminder to allow investors to add margin. According to investors, they did not receive any warning alerts from BOC.


Investors also said that in the Bank of China ’s response, they did not explain the design of the close date between the delivery date and the shifting date .

But some bankers also said: “BOC is really stupid, but the rules are the rules, and the bank does not say that it will not make mistakes in transaction judgment, so it ’s small Retail investors should bear the loss. “