新金融商品在臺(tái)灣

新金融商品在臺(tái)灣花旗銀行財(cái)務(wù)處利明獻(xiàn)新金融商品開放之沿革金控經(jīng)營(yíng)策略低利率時(shí)代新種金融商品百花齊放金融監(jiān)理變革未來發(fā)展新金融商品開放之沿革新金融商品開放之沿革銀行業(yè)走出傳統(tǒng)借貸業(yè)務(wù):在全球金融國(guó)際化及本地金控版圖的激烈競(jìng)爭(zhēng)中,銀行亟於業(yè)務(wù)轉(zhuǎn)型以提昇營(yíng)運(yùn)體質(zhì)及積效,積極引進(jìn)人才及knowhow,推展甚或創(chuàng)新研發(fā)新金融產(chǎn)品業(yè)務(wù),金融主管單位從早年逐項(xiàng)產(chǎn)品業(yè)務(wù)申請(qǐng)到近日採(cǎi)負(fù)面表列開放,但亦持續(xù)修法同時(shí)加強(qiáng)金融監(jiān)理證券業(yè)深耕資本市場(chǎng),靈活佈局:證券產(chǎn)業(yè)主管單位,證交所,櫃檯買賣中心及業(yè)者積極合作,推動(dòng)股債市各項(xiàng)制度興革,以新制度,新商品,及國(guó)際化為發(fā)展主軸,因應(yīng)國(guó)內(nèi)銀行業(yè)務(wù)多元化,市場(chǎng)自由化與國(guó)際化的衝擊與挑戰(zhàn)政府及立法機(jī)構(gòu)推動(dòng)完成或進(jìn)行相關(guān)立法或修法:如金融控股公司法,金融資產(chǎn)證券化,不動(dòng)產(chǎn)證券化,RTC等法案19921999200419981996199519941993200020012002外幣間保證金交易199720031991新臺(tái)幣對(duì)外幣DF新臺(tái)幣對(duì)外幣FXSwap

外幣利率交換

外幣對(duì)外幣換匯換利

新臺(tái)幣利率交換外幣對(duì)外幣匯率選擇權(quán)外幣遠(yuǎn)期利率協(xié)議外幣利率選擇權(quán)新臺(tái)幣遠(yuǎn)期利率協(xié)議CommoditySwap新臺(tái)幣利率選擇權(quán)新臺(tái)幣對(duì)外幣換匯換利(期初期末本金皆交換)與外幣匯率選擇權(quán)結(jié)合之外幣存款新臺(tái)幣對(duì)外幣無本金交割遠(yuǎn)匯(NDF)與國(guó)外利率股價(jià)商品之選擇權(quán)或遠(yuǎn)期契約結(jié)合之外幣組合式存款EquitySwap不限期初末本金需交換之新臺(tái)幣對(duì)外幣換匯換利外幣換利選擇權(quán)新臺(tái)幣可轉(zhuǎn)債資產(chǎn)交換與新臺(tái)幣可轉(zhuǎn)債連結(jié)之新臺(tái)幣結(jié)構(gòu)式存款/Loan與新臺(tái)幣公債聯(lián)結(jié)之新臺(tái)幣結(jié)構(gòu)式存款與新臺(tái)幣公債聯(lián)結(jié)之新臺(tái)幣結(jié)構(gòu)式存款新臺(tái)幣換利選擇權(quán)外幣結(jié)構(gòu)式LoanOBUECB資產(chǎn)交換新臺(tái)幣信用衍生性產(chǎn)品人民幣對(duì)美金NDF及NDO新臺(tái)幣臺(tái)股股權(quán)連結(jié)式商品各式利率產(chǎn)品結(jié)構(gòu)式組合(含Quanto組合)各式Hybrid組合新金融商品開放之沿革–銀行業(yè)我國(guó)及全球金融市場(chǎng)Timeline19921999200419981996199519941993200020012002AsiaFinancialCrisesRussianDebtCrisesLTCMgoesbustEnron,WorldComCorporateScandalGolfWar19972003TWN1stPresidentialElection2ndTWNStraitMissileCrises19911stTWNStraitMissileCrisesY2KEuroStartsItstrading911USRecessionCyclebottomTWNDomesticFinancialCrisesTWDInterestCappedUSIraqWar/HighOilPriceWeakerUSDUSEquityheadsOverheatingStrongerUSDOverallStrongerAsiaCCYUSEquityandInternetBubble

FEDStartsMajorRateCuttingCycle

FEDStartsRateHiking新金融商品開放之沿革-臺(tái)灣歷年衍生性金融商品統(tǒng)計(jì)新金融商品開放之沿革-從產(chǎn)品內(nèi)涵分類臺(tái)灣衍生性金融商品業(yè)務(wù)統(tǒng)計(jì)(200411月份中央銀行資料)新金融商品開放之沿革-從產(chǎn)品內(nèi)涵分類InterestRateDerivatives(72%)FXDerivatives(12%)Other(11%)CreditDerivatives(2%)CommodityDerivatives(1%)EquityDerivatives(2%)2003全球衍生性金融商品業(yè)務(wù)統(tǒng)計(jì)新金融商品開放之沿革–證券業(yè)產(chǎn)品或營(yíng)業(yè)項(xiàng)目開放核準(zhǔn)日期認(rèn)購(gòu)(售)權(quán)證Sep1997公司債資產(chǎn)交換June2000新臺(tái)幣利率交換Oct2001資產(chǎn)交換選擇權(quán)June2002新臺(tái)幣利率衍生性商品June2002債券融券制度(ShortBondunderRSagreement)Oct2002公債發(fā)行前交易(GovernmentWhenIssue)Dec2002債券遠(yuǎn)期交易(BondForward)Mar2003公債增額發(fā)行(GovernmentBondReopen)Apr2003新金融商商品開放放之沿革革–證證券業(yè)產(chǎn)品或營(yíng)業(yè)項(xiàng)目開放核準(zhǔn)日期指數(shù)股票型基金(ETF)June2003股票借券制度(Lending/BorrowingonEquity)June2003轉(zhuǎn)換公司債資產(chǎn)交換暨結(jié)構(gòu)型商品(ELN/PGN)Jul2003債券借券中心Jan2004十年期公債期貨交易Jan2004編製十年期公債指數(shù)May2004ETF認(rèn)購(gòu)(售)權(quán)證Jul2004代理買賣外國(guó)債券Jan2005分割公司債及金融債券(BondStripping:IO/PO)Jan2005金控經(jīng)營(yíng)營(yíng)策略金控經(jīng)營(yíng)營(yíng)策略“TheSmileCurve””財(cái)富管理理業(yè)務(wù)資本市場(chǎng)場(chǎng)業(yè)務(wù)Lookingforfeeincomeinunderwriting,derivatives,tradingandwealthmanagement.商業(yè)銀行行業(yè)務(wù)金控經(jīng)營(yíng)營(yíng)策略–核核心競(jìng)爭(zhēng)爭(zhēng)力People,ManagementTeamRiskManagement,Product,ChannelOrganicGrowth,M&A,StrategicAllianceProductManagerRelationshipManagerInvestmentBankerEquityCapitalMarketVVDebtCapitalMarketVVM&AAdvisoryVVDerivativesVVFixed/IncomeSecuritizationVVLoan/SyndicationVVCashManagementVHighercrossratioleadstohigherprofitsmodelMoretransparentresourcesallocation金控經(jīng)營(yíng)營(yíng)策略-資本市場(chǎng)場(chǎng)業(yè)務(wù)Cross-SellHighReturnonRisk-adjustedCapitalProductsRiskManagementRAROC&BISCross-SaleNetworkProductInnovationLegal,ComplianceEntryBarrierSynergy/ReturnProfileControlDerivativesRelationshipManager/SalesProductManager/MarketingIdentifywhichclientsbasesgiveusattractivebusinessIdentifywhichclientsbasesshouldwetargetforgrowth?forreduction?金控經(jīng)營(yíng)營(yíng)策略-財(cái)富管理理業(yè)務(wù)Cross-SellHighReturnonRisk-adjustedCapitalProductsRiskTheRiskManagementStructureTheRiskComplianceRiskOperationRiskMarketRiskCreditRiskUnderwritingRisk“RiskManagementskillsistheCoreCompetitivenessoftheFinancialInstitutions””低利率時(shí)時(shí)代新種種金融商商品百花花齊放低利率時(shí)時(shí)代新種種金融商商品百花花齊放InvestorsEcon/MarketResearchIssuersDebtFinanceLoanSyndicationEquity&ConvertiblePrefShareCapitalMarketsSecuritizationFinancialMarketsFXFXSwapIndexOptionsFuturesInterestRateOptionFuturesBondStrippingSwapCreditFRAOISCommodityFuturesOptionsSwapEquityWarrantIndexSwapConvertibleFRCPIndexEquityWarrantIndexSwapConvertibleCDSIndexCLNCDO/CLOEquityWarrantIndexSwapConvertibleIndex低利率時(shí)時(shí)代新種種金融商商品百花花齊放YieldEnhancementInverseFloaters,RangeAccrual,CMSSpread&Accrual,AutoCall/TargetRedemption,SnowBall/CrescendoNoteorDepositHybridInterestRateStructure+CreditStructure,InterestRateStructure+Equity,InterestRateStructure+FX,..etcAssetManagementBondFund,MMFund,BalancedFund,EquityFund,..etc金融監(jiān)理理變革行政院金金融監(jiān)督督管理委委員會(huì):有鑑於金金融控股股公司法法實(shí)施後後,國(guó)國(guó)內(nèi)原原金融集集團(tuán)跨行行合併或或與異業(yè)業(yè)結(jié)合者者日增,為避避免金融融,證證券,保保險(xiǎn)等等多元監(jiān)監(jiān)理疊床床架屋的的管理問問題,進(jìn)進(jìn)行政政府組織織改造,由原原來的多多元化改改變?yōu)榇勾怪闭虾香y行證證券期貨貨及保險(xiǎn)險(xiǎn)的一元元化監(jiān)理理,以以健全金金融機(jī)構(gòu)構(gòu)業(yè)務(wù)經(jīng)經(jīng)營(yíng),維維持金金融穩(wěn)定定與促進(jìn)進(jìn)金融市市場(chǎng)發(fā)展展中央銀行行:依中央銀銀行法隸隸屬行政政院,經(jīng)經(jīng)營(yíng)目目的為促促進(jìn)金融融穩(wěn)定,健全全銀行業(yè)業(yè)務(wù),維維護(hù)對(duì)對(duì)內(nèi)及對(duì)對(duì)外幣值值的穩(wěn)定定,協(xié)協(xié)助經(jīng)濟(jì)濟(jì)發(fā)展,並積積極參與與金融體體系的建建制與改改革財(cái)政部:依行政院院組織法法,掌掌理全國(guó)國(guó)財(cái)政金融監(jiān)理理變革鼓勵(lì)產(chǎn)品品研發(fā)創(chuàng)創(chuàng)新重視金融融秩序建建立及維維護(hù)要求金融機(jī)構(gòu)構(gòu)提昇風(fēng)風(fēng)險(xiǎn)控管管品質(zhì)同時(shí)強(qiáng)調(diào)調(diào)金融產(chǎn)品行銷銷控管的的重要性性金融監(jiān)理理變革業(yè)務(wù)原則則與方針針。業(yè)務(wù)流程程。內(nèi)部控制制制度。。定期評(píng)估估方式。。會(huì)計(jì)處理理方式。。內(nèi)部稽核核制度。。風(fēng)險(xiǎn)管理理措施。。金融監(jiān)理理變革-提昇金融融機(jī)構(gòu)風(fēng)風(fēng)險(xiǎn)控管管品質(zhì)以銀行為為例，辦理衍衍生性金金融商品品業(yè)務(wù)，，應(yīng)訂定定經(jīng)營(yíng)策策略及作作業(yè)準(zhǔn)則則辦理衍生生性金融融商品業(yè)業(yè)務(wù)之推推廣文宣宣，應(yīng)清清楚、公公正及不不誤導(dǎo)客客戶。風(fēng)險(xiǎn)預(yù)告告書應(yīng)於於明顯處處充分揭揭露各種種風(fēng)險(xiǎn)。。辦理衍生生性金融融商品業(yè)業(yè)務(wù)，應(yīng)應(yīng)制定瞭瞭解客戶戶（KnowyourCustomer））制度。以存款名名稱辦理理與存款款連結(jié)之之衍生性性金融商商品時(shí)，，仍應(yīng)符符合銀行行法第五五條之一一之規(guī)定定，不得得有侵蝕蝕存戶存存款本金金。與客戶解解除契約約，如有有約定違違約金時(shí)時(shí)，應(yīng)本本於公平平合理原原則約定定，不得得收取過過高之違違約金。。金融監(jiān)理理變革-強(qiáng)調(diào)金融融產(chǎn)品行銷銷控管的的重要性性以銀行為為例，辦理衍衍生性金金融商品品業(yè)務(wù)，，與客戶戶權(quán)益有有關(guān)應(yīng)應(yīng)遵循事事項(xiàng)：OTCDerivativesandStructuredProductMarketingandSalesPolicyandProceduresAppropriatenessArm’’sLengthDealingRiskDisclosureOff-MarketTransactionPolicyStructuredFinancePolicyEscalationofTran