Data map: Bank of China location. China News Service issued photo by Wang Dongming

　　China News Service Client, Beijing, May 7 (Zhang Xu) With the settlement proposal put forward, the Bank of China's crude oil treasury penetration event is coming to an end, causing concern.

　　The reporter learned from some crude oil treasure investors that the negative price loss of crude oil treasure investors will be borne by the Bank of China. The Bank will also return part of the funds deducted from the investor's margin account.

　　Although some investors have successively received calls and signed settlement agreements, some investors are still expecting a "better solution" to recover more losses, and do not even rule out filing a lawsuit.

The loss of position crossing shall be borne by BOC

　　On the evening of May 5, Bank of China once again issued an announcement saying, "BOC has actively understood customer demands recently, followed the principles of rule of law and marketization, and has done its utmost to protect customer interests. It has studied and put forward opinions to respond to customer demands. Relevant branches are actively communicating sincerely with customers based on opinions, and negotiate settlement on the basis of voluntary equality. If no settlement can be reached, both parties can resolve civil disputes through litigation, and BOC will respect the final judicial judgment.

The picture is from Bank of China.

　　On May 6th and 7th, several investors told reporters that they had received a call from the Bank of China and gave a solution to the loss of crude oil. It is understood that the solution proposed by the Bank of China is: Bank of China will bear the portion of the position, and return the investor 20% of the amount of the position held at 22:00 on April 20 as compensation.

　　According to Caixin reports, this time, Crude Oil Bao customers below 10 million yuan have the opportunity to get back 20% of the deposit from the Bank of China. For large households with more than 10 million yuan, they will have to bear all the margin losses themselves. There are more than 60,000 customers of BOC Crude Oil and less than 100 customers with more than 10 million yuan. This means that the vast majority of investors have the opportunity to get back a 20% deposit.

　　Why is the return rate 20%? An investor told reporters, "According to the transaction agreement signed between BOC and investors, the minimum ratio of Crude Oil's mandatory liquidation margin is required to be 20%, which means that when the customer's margin is less than 20%, BOC must force the liquidation To avoid the expansion of losses, but at that time BOC did not enforce the contract, it was reasonable to bear this loss. "

Some investors look forward to a better settlement

　　Regarding the settlement plan that is currently confirmed to return the 20% deposit, most of the reporters in the crude oil treasure investment group clearly stated that they "not accept" and "do not rule out litigation."

　　Mr. Zhang, who is still waiting for a call from the Bank of China, told reporters: "I have two points. One is to settle the price on April 15 because the risk of crude oil has greatly increased after the change of the rules on the Chicago Stock Exchange on April 15. Changed; the other is the full refund of the principal. If the crude oil treasure can be determined to be a virtual disk and the Bank of China is the dealer, it is an illegal product and should be refunded in full. "

　　Mr. Zhang further explained: "I consulted a lawyer, and according to the changes in the" Contract Law ", after the change of the rules of the Chicago Stock Exchange on April 15 allowed a negative value, the original contract risk is huge, and other similar products have already left the market. As a professional institution, BOC did not control risks and re-signed contracts with investors. The responsibility lies with BOC. Looking at the negotiation, I cannot rule out litigation. "

　　A number of investors told reporters that they have received calls from local Bank of China outlets one after another and were invited to interview the banks to negotiate crude oil solutions.

　　In some investor groups, a small number of investors have signed settlement agreements and withdrawn from the group themselves, and most of them are still waiting for the Bank of China to contact them. In an investor group where the reporter is located, the number of people is decreasing every day. As of May 7, the number of people who retired from the group was 22, accounting for 10% of the total number of people in the group.

　　"If you can't bear the pressure, just sign it. If you have already signed the contract, you will automatically leave the group. Those who receive the phone should cherish the opportunity and work hard to negotiate." "If you have the time and energy, continue to insist, and the benefits must be won by yourself." Investment People constantly update relevant information in the group and cheer each other up.

　　Some investors believe that the account manager requires one-on-one interviews, so everyone may get different negotiation results. "At present, there are two situations for signing a contract. One is that it can't bear it and is eager to get the 20% to relieve the pressure. The other is that the amount of the loss is relatively small, which is only 5,000 US dollars and 10,000 US dollars. It is also a loss. Those of us who have not signed, still hope to get a better plan. "

The picture shows crude oil treasure investors discussing in the group

　　However, some investors were told that 20% is the bottom line, and there will be no results after further talks. "It's not negotiating at all. The Bank of China called and said that the 20% refund is the final result of their treatment. If they agree, they will sign the agreement in the past and there is no need to talk."

　　"Have any group of friends received a call from Bank of China that they can talk?" This question was not answered in the group.

Lawyer: Investor advocates or is difficult to establish

　　What do economists and lawyers think about BOC's settlement plan and investors' claims?

　　Pan Helin, executive dean of the Digital Economics Research Institute of Zhongnan University of Economics and Law, told CNN reporters, "The reason why some investors are willing to accept a compensation plan that refunds 20% of the principal amount is, in simple terms, that it is possible to compensate a little. For investors who are unwilling to accept the settlement agreement of the Bank of China, they can resolve disputes through litigation, but it is up to the court to make a specific judgment based on the law and facts about the proportion of compensation that can be obtained. "

　　If the litigation approach is taken, is the odds of winning? Wang Jianbiao, an equity partner attorney at Beijing Zhongwen Law Office, analyzed the reporter of Chinanews.com and said that if an investor advocates a lawsuit based on the "change of circumstances" in the "Contract Law", there is little chance of winning.

Investors believe that the changes in the "Contract Law" after the change of the rules of the Chicago Stock Exchange on April 15th.

　　Wang Jianbiao believes that the “Exchange Allows Negative Values ​​to Appear” in the Bank of China crude oil incident meets this condition caused by unforeseen and force majeure, but even if the risk is increased, it is still a commercial risk, and the situation change does not apply to commercial risk.

　　The application procedure of the principle of situation change is very harsh. Although the international financial crisis has brought about various effects on different economic fields or industries that are interdependent and closely related to each other, the resulting loss of profits in contract disputes generally falls within the scope of commercial risks.

　　"In individual cases, we must pay attention to the specific situation of the market, especially for contracts involving commodities subject matter with lively market attributes and long-term price fluctuations, as well as venture capital financial product subject matter, the situation change should be applied cautiously. Principles. Relevant cases where the principle of situation change is to be applied must be discussed by the adjudication committee of the accepting court and the processing opinions submitted in time to the high court in a written report. If necessary, the high court should report to the Supreme People ’s Court for instructions and reporting. "Wang Jianbiao analysis, investor If a lawsuit is filed in accordance with changing circumstances, the probability of winning the case is less.

　　Pan Helin believes that the “crude oil treasure churn” incident is just the tip of the iceberg. For the financial product risk caused by abnormal price changes in the international commodity market, it has always been a problem that requires our special attention. In international investment transactions, investors should improve For risk awareness, relevant institutions should also strengthen their risk prevention and legal control capabilities to protect the legitimate rights and interests of investors. "(End)