张海云金融产品本土化案例

LocalAdaptationofFinancialProducts:LocalAdaptationofFinancialProducts:CaseStudiesinChina’sCreditSectorCaseStudiesinChina’sCreditSector张海云张海云HenryHaiyunZhang,Ph.D.,FRMDirector,UIBEFinancialMarketsInstitute(FMI)ProfessorUIBESchoolofBankingandFinance(SBF)Professor,UIBESchoolofBankingandFinance(SBF)Co-Director,BeijingChapter,GlobalAssociationofRiskProfessionals(GARP)July19,2013NAFMIIForumCreditrisktransfer:TheChinaExperimentWealthManagementProducts:TheCDOsofChina?CRMProducts:TheCDSsofChinaConclusionChina’sfinancialsectorfaceChina’sfinancialsectorfaceintertinedchallengesintertinedchallengesintertwinedchallengesintertwinedchallengesCCFFundingEconomicGrowthCContainingCreditBubblesHowtofinancetheHowtopreventHowtofinancetherealeconomy,esp.theprivatesector?Howtopreventexcessivelendingandover-investment?EEncouragingDDispersingEEncouragingBalancedInvestmentDDispersingBankingRisksHowtomakesurethatititHowtoalleviatetheikttii•Retailinvestorsseetheirwealtherodedbyinflation•Institutionsstrugglemainstreaminvestorsgetreasonablereturns?riskconcentrationinthebankingsector?•InstitutionsstruggletomeetlongtermobligationsFinancialMarketsInstitute2ChinaemployedmultipleapproachesChinaemployedmultipleapproachestoaddressthosechallengestoaddressthosechallengestoaddressthosechallengestoaddressthosechallengesFFCCFFundingEconomicGrowthCContainingCreditBubbles•MonetarystimulusStrictregulationson:Monetarystimulus•Fiscalstimulus•PreferentialPolicies•NewfinancialStrictregulationson:•Propertysector•Banklending•FinancialproductsEEncouragingDDispersingproductsEEncouragingBalancedInvestmentDDispersingBankingRisks•Financialproductswithdifferentiatedrisk-returnFinancialproductsandmarkets:differentiatedrisk-returncharacteristics•Transparentfinancialmarketsandmarkets:•Bonds•RisktransfertoolsFinancialMarketsInstitute3PostPost--crisisconsensusinChina:crisisconsensusinChina:FrtherfinancialinnoationsfaoredFrtherfinancialinnoationsfaoredFurtherfinancialinnovationsfavoredFurtherfinancialinnovationsfavoredChinawashereTheWestwashereTraditional Banking ModelNew Banking ModelChinawashereTheWestwashereOriginate & HoldOriginate & DistributeShadow Banking SystemLending intermediaries thattakenodepositsCredit DerivativesSecuritizationthat take no deposits•Whiletheglobalfinancialcrisisdemonstratestheperilsofexcessivefinancialinnovationsandover-developmentoftheshadowbankingsystemindevelopedeconomiesChinasuffersfromapaucityoffinancialinnovationsandoftheshadowbankingsystemindevelopedeconomies,Chinasuffersfromapaucityoffinancialinnovationsandanabsenceofshock-absorbersforrisksconcentratedinthebankingsystem.•Chinahashighsavingsrate,lowforeigndebtandmassivecurrencyreserves,anddoesnothavethetypesofleverageinducedbycomplexfinancialengineeringthatareprevalentindevelopedeconomies.Furtherfinancialinnovationsareexpectedtomitigateriskconcentrationwithoutincreasingsystemicleveragebeyondcontrol.FinancialMarketsInstitute4pggygyTocounterthecreditexpansionsideTocounterthecreditexpansionside--effects,effects,ChinarolledotrisktransfertoolsChinarolledotrisktransfertoolsChinarolledoutrisktransfertoolsChinarolledoutrisktransfertoolsRiskTransferTools•InSeptember2010,anewsystemwasofficiallylaunchedtoallowbankstotradeloansontheinterbankmarket.LoanTradingMitigate•China’ssecuritizationpilotprogramstartedin2005andwashaltedin2009.•InMay2012,thePBOC,CBRCandMOFjointlyissuedacircularonexpandingthepilotCashSecuritizationMitigateLiquidityRiskMitigateCreditRikpgpsecuritizationprogramforcreditassets,signifyingtheofficialre-launchofthesecuritizationpilotprogram.•DiscussionshavecenteredoncashsecuritizationSecuritizationCreditDefaultSwaps(CDS)Risk•Discussionshavecenteredoncashsecuritization.•Since2009,Chinawitnessedarapidriseof“informalsecuritization”inWealthManagementProducts(WMPs)andtrustproducts.Swaps(CDS)•InNovember2010,ChinarolledoutCreditRiskMitigation(CRM)products,China’scounterpartoftheCDSproduct.FinancialMarketsInstitute5Niceguysfinishlast?Niceguysfinishlast?China’s“formal”secritiationlagsbehindChina’s“formal”secritiationlagsbehindChina’s“formal”securitizationlagsbehindChina’s“formal”securitizationlagsbehind2005sawthelaunchoftheInMay2012thePBOCCBRCand2005 saw the launch of the credit asset securitization pilot programs:•Bank sponsored programsIn May 2012, the PBOC, CBRC and MOF jointly issued a circular on expanding the pilot securitization program for credit assets, signifying •Brokerage sponsored programs (SAMP)the official re‐launch of the securitization pilot programAdhocTransactionsPilotProgramsIssuanceSuspensionPost-CrisisRe-launch•92: Sanyareal estate finance•96: Zhuhaihighway finance (US$ 200 mm)•99: China International Marine In 2009, Chinese regulators suspended approval of new Containers (CIMC) ABCP program (US$ 80 mm cap)ppsecuritization issuanceInformalsecuritizationboomsFinancialMarketsInstitute6LocalcreditrelatedfinancialengineeringLocalcreditrelatedfinancialengineeringprodctshaeemploedkesimplificationsprodctshaeemploedkesimplificationsproductshaveemployedkeysimplificationsproductsh