中信泰富外汇衍生品投资亏损案例分析与启示

Analysis on Citicpacific's Huge Loss on FX Derivatives Investment and Its Implications

最近,国内大型企业因参与衍生品期货交易失败,从而导致巨额亏损的案例频频见诸报端。本文通过详细分析中信泰富签订的Accumulator合约,指出金融危机、投机行为、内部监管不力和合同陷阱是导致中信泰富套期保值失败的重要原因,最后针对投资外汇衍生品交易提出了若干对策建议。

Recently, large scale companies in China has been frequently reported of suffering huge loss from financial derivatives deals. This paper analyses all details in the accumulator contracts by Citicpacific and points out that financial crisis, arbitrage, failure to internal monitoring and flaws in the contracts are the main reasons leading to the failure of hedging. Finally this paper provides some suggestions on investing in FX derivatives.