ZG银行“原油宝”事件案例分析
研究生姓名：汪靖川
导师姓名：贤成毅
学科：金融
研究方向：金融市场与金融投资
年级：2020级
中文摘要
我国如今的金融衍生品业务已经踏入了高速发展的快速道上，因此对于国内的商业
银行及监管机构来说，了解银行金融衍生品业务在发展和运行过程中存在哪些问题和不
足以及产生这些问题的深层原因都极为有意义。本文主要通过 ZG银行“原油宝”违规
案件来研究在我国商业银行金融衍生品业务进入快速发展阶段的背景下，可能存在的一
系列问题及原因。对“原油宝”事件进行深层的分析研究，进而衍射出 ZG银行以及国
内其他商业银行在金融衍生品业务中容易出现的违规问题，一方面为 ZG银行加强金融
衍生品业务的管理和稳健发展提供建议，另一方面从“原油宝”事件中汲取的经验和教
训也为我国金融衍生品市场的发展提供了一定的借鉴作用。
2020年年初新冠疫情爆发，世界经济遭受重创，全球各国对原油需求减少，因此国
际油价开始下跌。为了稳定油价，OPEC就原油减产一事进行了谈判，但是俄罗斯的反对
使得谈判破裂，使得沙特阿拉伯发动了价格战，大量增产原油。在供需矛盾下，国际原
油价格一路下跌，加之原油期货合约交割地库容的不足和芝加哥商品交易所进行修改规
则，最终导致WTI5月合约以-37.63美元/桶的价格结算，进而使得ZG银行与WTI期货
合约挂钩的“原油宝”产品出现穿仓事件，对ZG银行和投资者都造成了巨额损失。
论文以 ZG银行“原油宝”产品为研究核心，采用了定性分析、案例研究、文献研
究等方法对“原油宝”穿仓事件进行案例分析。论文首先对“原油宝”产品的属性、设
计原理和盈利模式进行了阐述，然后还原了“原油宝”事件过程的始末，最后表述了“原
油宝”事件给银行、投资者和公众带来的影响。对ZG银行“原油宝”事件进行回顾和分
析后发现 ZG银行主要存在产品管理不规范、风险管理不审慎以及销售管理不合规这三
大方面问题，随后从产品设计、流动性风险、市场敏感性、投资者适当性、销售人员以
及监管执法这六个视角对“原油宝”事件的原因进行了分析。本文针对以上在“原油宝”
事件中出现的衍生品业务违规问题和原因，为 ZG银行和监管机构提出了以下几点对策
建议：一是强化外部金融监管，二是提升金融衍生品的设计能力，三是加强银行金融衍
生品的信息披露，四是加强风险管理控制，五是强化银行金融衍生品销售环节的管理制
度。
关键词：金融衍生品；WTI原油期货合约；“原油宝”；违规原因
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Case Analysis of ZG Bank's "Crude Oil Treasure" Incident
Graduate student: Jingchuan Wang
Supervisor: Chengyi Xian
Major: Finance
Research direction: Financial Markets and Financial Investment
Grate: class 2020
Abstract
Today's financial derivatives business in my country has entered the fast track of rapid
development. Therefore, for domestic commercial banks and regulatory agencies, it is
necessary to understand the problems and deficiencies in the development and operation of the
bank's financial derivatives business and the problems that arise. The underlying reasons are
extremely meaningful. This paper mainly studies a series of problems and reasons that may
exist in the context of the rapid development of the financial derivatives business of commercial
banks in my country through ZG Bank's "Crude Oil Treasure" violation case. Conducting in-
depth analysis and research on the "Crude Oil Treasure" incident, and then diffracting the
violations that are prone to occur in the financial derivatives business of ZG Bank and other
domestic commercial banks. It is suggested that, on the other hand, the experience and lessons
learned from the "crude oil treasure" incident also provide a certain reference for the
development of my country's financial derivatives market.
At the beginning of 2020, the outbreak of the new crown epidemic, the world economy
was hit hard, and the demand for crude oil in countries around the world decreased, so
international oil prices began to fall. In order to stabilize oil prices, OPEC negotiated a crude
oil production cut, but Russia's opposition broke down the negotiations, causing Saudi Arabia
to launch a price war and increase crude oil production in large quantities. Under the
contradiction between supply and demand, the international crude oil price has been falling all
the way, coupled with the insufficient storage capacity of the crude oil futures contract delivery
site and the Chicago Mercantile Exchange's revision of the rules, eventually the WTI May
contract was settled at a price of -37.63 US dollars / barrel, which in turn made ZG Bank and
WTI The "Crude Oil Treasure" product linked to futures contracts has experienced a breach of
positions, causing huge losses to both ZG Bank and investors.
The thesis takes ZG Bank's "Crude Oil Treasure" product as the research core, and uses
qualitative analysis, case study, literature research and other methods to conduct case analysis
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on the "Crude Oil Treasure" event. The paper first expounds the attributes, design principles
and profit models of the "Crude Oil Treasure" product, then restores the whole process of the
"Crude Oil Treasure" incident, and finally expresses the consequences of the "Crude Oil
Treasure" incident to banks, investors and the public. influences. After reviewing and analyzing
the "Crude Oil Treasure" incident of ZG Bank, it is found that ZG Bank mainly has three major
problems: non-standard product management, imprudent risk management and non-compliant
sales management. The reasons for the "Crude Oil Treasure" incident were analyzed from six
perspectives: sex, investor suitability, sales staff, and regulatory enforcement. In view of the
above-mentioned irregularities and causes of derivatives business in the "Crude Oil Treasure"
incident, this paper puts forward the following countermeasures and suggestions for ZG Bank
and regulators: First, strengthen external financial supervision, and second, improve the design
ability of financial derivatives The third is to strengthen the information disclosure of bank
financial derivatives, the fourth is to strengthen risk management and control, and the fifth is to
strengthen the management system for the sale of bank financial derivatives.
Key Words：Bank irregularities; Regulatory penalties; Reason for violation
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