人民幣TRF契約之法律問題研析

TRF已在臺灣銷售多年，更在在國際市場行銷已久。香港、馬來西亞、韓國、印度、波蘭、印尼及巴西等地區，就曾經在2009年間成為金融重災區，因為銷售TRF或類似TRF的商品如KIKO、Accumulator，金融市場受到重創。國際貨幣基金的財經專家曾提出，TRF的風險特性，即是獲利一倍卻損利兩倍，存在的部位風險與投資者的資產無法對襯，因此作為避險工具，TRF實屬不恰當，甚至也稱不上是投機性的投資，理性的投資者在獲利有上限但損利無上限為前提的風險，是不會願意去承擔的，因此各國主管機關應該嚴格把關TRF這類高風險的商品，（Randall Dodd, 2009）。 TRF，其實屬匯率選擇權之一種，即投資者向銀行買進選擇權，反之，銀行賣出選擇權給投資者。國內銀行熱銷的TRF金融商品，主要標的多以人民幣為主，且是由有上手銀行之稱之國際投資銀行研發並發行商品，國內銀行以仲介商的身份負責代理銷售商品，並可從銷售商品賺取傭金及手續費。買賣雙方對賭人民幣匯率未來趨勢，人民幣匯率走勢被投資者押對了，投資者的獲利是「本金 × 匯差」；反之，投資者的虧損是本金乘上匯差之外，必須再乘上槓桿倍數，亦即「本金 × 匯差 ×2 倍槓桿倍數」的填補虧損。TRF契約期間常見的有二種，可選擇12個月或24個月，每個月結算作業一次，交易下限額度多為100萬美元。倘若投資者獲利累積達設定條件，可即時提前履約獲利出場，若是投資者虧損需填補，則必須履行契約到到期日。我國就衍生性金融商品市場之法律規範，與美國較為相似，並無統一或囊括所有投資者行為之法律規範，然而在證券商與銀行辦理相關業務時，對於銷售不同商品，其客戶分級之標準似乎漸趨統一後，我國衍生性金融商品市場之客戶分級較類似歐盟與英國及香港之分級方式，而有盡可能統一客戶分級的趨勢。對於不同金融服務業者針對相同的投資者辦理相同的商品業務，其客戶分級制度自是統一為妥，美國SEC對於相類似的分級目的亦有整併客戶分級制度的情形，此可使規範更簡潔而易遵守，應值贊同。惟於我國的情形，需特別注意不同法規範間是否同步。例如衍商管理辦法之修法，要求銀行針對分級為專業投資者每年進行一次覆審，此卻未見於證券商交易業務規則，其為因衍商管理辦法修正草案並未有此規定，所造成的修法上的疏漏，或者係認為證券商不需對其客戶之分級每年進行覆審，似乎頗滋疑義。

關鍵字

衍生性金融商品；契約；法律規範

並列摘要

TRF has been sold in Taiwan for many years, and even in the international market, TRF has a long history. As early as 2009, South Korea, Malaysia, India, Indonesia, Brazil, Poland, and Hong Kong, etc., have become financially hit areas because of TRF or TRF-like products such as KIKO and Accumulator. Financial experts from the International Monetary Fund pointed out that TRF has the risk of making twice but losing twice, which is not at all inconsistent with the risk of investors' assets. Therefore, TRF should not be regarded as a hedging tool at all; It is speculative investment, and rational speculators will not be willing to bear the risk of earning a cap but not compensating them. Therefore, they call on the competent authorities of various countries to strictly limit commodities such as TRF (Randall Dodd, 2009). TRF is essentially an exchange rate option, that is, the customer buys an option from a bank, and the bank sells an option to a customer. The popular TRF sold by China National Bank is mainly based on Renminbi. Most of them are developed and issued by the International Investment Bank. The International Investment Bank is the so-called "hand bank", while the National Bank is only responsible for the sales of goods, acting as a similar intermediary. The role of a retailer, and earn commissions and commissions for selling goods; it becomes a golden chicken for bank profits because of hot sales of goods. Buyers and sellers bet against the future trend of the RMB exchange rate. When customers stake on the RMB exchange rate trend, they can obtain a "principal × exchange rate difference" profit; on the contrary, in addition to the exchange rate difference multiplied by the principal, the customer's loss needs to be multiplied. The upper bar defends multiples, which is to fill the loss of "principal x exchange difference x 2 leverage multiples". TRF contract periods are generally divided into two types, with 12 or 24 months to choose from. Each month, a settlement operation will be performed, and the transaction threshold will fall to $ 1 million. If the customer accumulates profits to meet certain conditions, he can perform the performance profit, but when he loses money, he must wait until the contract expires to end the contract. China's laws and regulations on derivative financial commodity markets are similar to those in the United States. There are no unified or comprehensive laws and regulations on investor behavior. However, when securities dealers and banks handle related businesses, their customers' classification standards for the sale of different commodities. It seems that after gradual unification, the classification of customers in China's derivative financial commodity market is more similar to the grading method of the European Union, the United Kingdom and Hong Kong, and there is a tendency to unify the classification of customers as much as possible. For different financial service providers to handle the same goods business for the same customers, the customer classification system is self-contained. The US SEC also consolidated the customer classification system for similar classification purposes, which can make the specification more concise and convenient. Easy to follow and worthy of approval. However, in the case of China, special attention needs to be paid to whether the laws and regulations are synchronized. For example, the amendments to the management measures for dealers require banks to review once a year for those who are classified as professional clients, but this has not been seen in the business rules of securities dealers. The omissions in the amendments, or the fact that the securities dealers do not need to review their customers' ratings annually, seem to be very suspicious.