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 中国国企历史上最大的5.5亿美金年亏损 |
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中国国企历史上最大的5.5亿美金年亏损 -- 游客 - (7293 Byte) 2004-12-02 周四, 11:54 (2255 reads) |
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作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Business Times - 03 Dec 2004
Mark-to-market spared CAO huge futures losses
It has liquidated positions on two accounts: sources
By SIOW LI SEN
CHINA Aviation Oil's (CAO) trades through its two futures accounts, believed to be with ABN Amro Futures and BNP Paribas, were spared huge losses because of daily mark-to-market practices, say sources. Since the 1990s, regulated exchanges, in order to preserve financial stability, revalue all open positions daily (mark-to-market), so as to limit participants' exposure.
CAO, which has rocked the market with staggering US$550 million losses from oil derivatives trading, has squared off and liquidated all its positions on those two futures accounts, one with ABN Amro's Singapore office and the other with BNP Paribas' London office, they said. Both banks have declined to comment on the matter.
BNP Paribas is listed on CAO's annual report as one of its principal bankers.
CAO is one of 26 companies approved by the China Securities Regulatory Commission to trade in offshore futures. ABN Amro, which recently announced a venture with China Galaxy, China's largest state-owned brokerage, has said it is the primary broker for some of the 26 companies.
Before liquidating all its positions last week, CAO was trading a few thousand contracts sometimes worth about US$100 million, depending on the price of oil, said sources.
'It wasn't losses all the time . . . mainly it couldn't snowball,' said a banker.
CAO's accounts at the two banks were for trades on exchanges which have stringent daily mark-to-market requirements.
For example, on the website of the Singapore Exchange (SGX) derivatives clearing, it states that the Clearing House revalues all open positions daily.
'This daily revaluation is called 'Mark-to-Market' (MTM). The main objective of carrying out MTM is to limit the exposure of the Clearing House to price changes and not allow losses to be accumulated until maturity of the futures contracts to find out that the counter-party Clearing Member is unable to meet its obligations.'
The Hong Kong Futures Exchange said it derives its financial stability in large part by removing debt obligations among market participants as they occur. This is accomplished by determining a settlement price at the close of the market each day and marking all open positions to the price.
'All CAO's losses are from trading over-the-counter derivatives, where they are not mark-to-market on a daily basis,' said the banker.
Over-the-counter deals by non-financial institutions are monitored quarterly or even annually, when gains or losses would be netted or payments exchanged.
CAO probably had multiple contracts with the oil majors such as Shell or BP which would not react immediately when a trading loss has occurred. They would ask for a top-up. In addition, oil majors may also have been given bankers' guarantee by CAO in return for giving it a line for trading, the banker said.
Sources say the oil majors are not terribly worried about defaults by CAO. The company is still paying the bills, they say. 'Otherwise we'll all be taking trains in China,' one quipped.
作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 中国国企历史上最大的5.5亿美金年亏损 -- 青青 - (7293 Byte) 2004-12-02 周四, 11:54 (2255 reads) - Mark-to-market spared CAO huge futures losses -- 青青 - (3186 Byte) 2004-12-04 周六, 02:19 (871 reads)
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