Hard to buy a supervisor Banks kneel down to seek derivatives talents with high salaries

In the past week, Mr. Cai has frequently traveled between Shanghai and Jiangsu and Zhejiang.

In the first two weeks, I went to several places in Ningbo, Nanjing, Hangzhou, and other places to train local small and medium-sized banks and their teams in financial derivatives trading business. Mr. Cai, who has many years of experience in derivatives trading, has been quite popular in the industry recently.

Even busier than him are the financial market departments and fund trading teams of some local small and medium-sized banks. On the one hand, they "crammed for knowledge" to provide emergency training to relevant personnel in the industry, and on the other hand, they "knelt down" to the head of derivative trading business with high salaries.

All these changes stem from the command of new financial regulations.

According to the new regulations, commercial banks must have the qualification for derivative trading when issuing structured deposits. This means that after the stock expires, institutions cannot renew structured deposits without regulatory approval qualifications.

Detailed Rules for New Financial Regulations

Some small and medium-sized banks that have been operating without a license have had to immediately establish professional teams to meet the qualification requirements and embark on the long road of license application in order to maintain this important source of debt.

Hard to buy a supervisor

this year8In January, Li Nan just jumped from a local bank in Shanghai to a local agricultural and commercial bank in Jiangsu. As soon as he arrived, he tirelessly began to establish a derivatives trading team, preparing to apply for financial derivatives trading qualifications to the local banking regulatory bureau.

This rural commercial bank is quite lucky. Some rural commercial banks in more remote areas have opened80Ten thousand yuan or even100An annual salary of over ten thousand yuan, but it seems like we still can't recruit anyone If it weren't for her home in Jiangsu, Li Nan wouldn't be willing to give up the opportunity in Shanghai to develop here.

According to Article 7 of the Interim Measures for the Administration of Derivative Product Trading Business of Financial Institutions, one of the conditions that must be met for qualification application is that the supervisor of derivative product trading business should possess5More than years of direct involvement in derivative trading activities and risk management.

But too many small banks are stuck above this threshold.

Nowadays, Agricultural and Commercial Bank of China (ABC) is not allowed to operate across provinces and must work locally. However, traders in second and third tier cities rarely come into contact with derivatives and still rely on recruiting people from large cities or local banks. Li Nan has had many years of experience in both on and off market derivatives trading at banks and fund companies in Shanghai, but there are5Practitioners with more than years of experience have basically started a family in 'Beijing, Shanghai, Guangzhou' and are unwilling to move back to second or third tier cities for work and life

In addition to the requirements of the supervisor, there are also strict regulations for team members: they should have the ability to engage in derivative products or related transactions2Trading personnel who have received specialized training in derivative product trading skills for at least six months with a minimum of years of experience2Name, relevant risk management personnel at least1Name, risk model researcher or risk analyst at least1First name.

Agricultural and commercial banks in various preparation teams are already recruiting people everywhere. Recently, recruitment inspirations have been posted and people have been poaching each other. Existingforeign exchangeFor traders, they began to use their break time and work overtime for professional training.

Last weekend, at the training site of a rural commercial bank, the entire team from front desk trading, middle desk risk control, to backend clearing arrived, and a large conference room was filled with 50 to 60 people, along with on-site and outdoor connections, providing continuous training for all staff.

Competing to grab the license plate

The purpose of recruiting supervisors and organizing teams is to apply for licenses.

After the 11th National Day, the pace of applying for licenses by local agricultural commercial banks has significantly accelerated, and the industry atmosphere has also become increasingly tense.

Previously, some banks were still watching, but the dust of the new regulations had settled before the 11th, and everyone must take action immediately, "Mr. Cai told reporters.

9month28Article 75 of the Measures for the Supervision and Administration of Wealth Management Business of Commercial Banks, which was announced on the day, stipulates that "Commercial banks issuing structured deposits shall have the corresponding qualification for derivative product trading business." The so-called structured deposits refer to deposits embedded in financial derivative products absorbed by commercial banks.

Previously, some small and medium-sized banks produced 'fake structure' products, and some signed contracts with qualified large banks. However, according to the new regulations, they must have their own qualifications and professional teams, "Mr. Cai said.

The agricultural and commercial bank where Li Nan works has been preparing since six months ago. The compliance of regulations, system construction, and material preparation are all about the same. We are currently in communication with regulatory authorities, and it is difficult to say when they will be approved

The reporter learned from a local banking regulatory bureau in Jiangsu that two-thirds of the local legal person rural commercial banks have submitted applications, but they have not yet been approved.

According to the official website of the China Banking and Insurance Regulatory Commission,10Since the beginning of this month, the local banking regulatory bureau has only approved3The qualifications for conducting derivative trading business are Dongguan Bank, Bank of China Financial Leasing, and Yokohama Bank Shanghai Branch.

The main reason for the difficulty in passing the review is the lack of professional talents. The relevant professional qualifications provided by the agricultural commercial bank do not meet the requirements and are being rectified, "a person from the China Banking Regulatory Commission told reporters. The qualification of derivative products is subject to preliminary review by the sub bureau and approval by the provincial bureau. The key points of the review are personnel, systems, and systems. Due to the high number of applications for agricultural and commercial banks, the provincial bureau has strict approval standards.

Retaining wealth management funds is urgent

Why are small and medium-sized banks in a hurry to obtain licenses?

The purpose is very clear, it is to issue structured deposits, "a middle manager of a rural commercial bank in southern Jiangsu told reporters." The new regulations specify that issuing structured deposits requires derivative trading qualifications. Many small and medium-sized banks without qualifications have stopped issuing structured deposits now

After the implementation of new financial regulations, principal guaranteed financial products are about to be fully withdrawn. Structured deposits, as the best "substitute" for banks in the transition period from principal guaranteed products to net worth, have become a "sharp tool" for many banks to retain customer wealth management funds.

The reporter learned from the industry that agricultural commercial banks that have obtained their licenses in advance have successfully issued structured deposits below the average interest rate level in the local market, stabilizing their debt scale.

We position structured deposits as an alternative to principal guaranteed financial management at maturity, as a marketing aid for deposits, and are not prepared to vigorously issue them, "said the above person." The practice of applying for qualifications solely for the issuance of structured deposits does not comply with regulatory incentives

Structured deposits are just one of the purposes, and many banks value the blue ocean of the domestic financial derivatives market.

As the domestic derivatives market is gradually opening up, the fluctuation of the RMB exchange rate is expanding, Future RMB Foreign ExchangefuturesWe will also launch and more and more companies have a demand for hedging RMB products. Now, preparing a professional team in advance is also laying a solid foundation for the transformation and development of banks Mr. Cai said.