存款合同还是金融衍生交易——汇丰银行“双利存款”案解析

银行个人理财产品的本质是固定收益计划，但大多嵌入了金融衍生工具从而增加了市场风险。国内首例公开报道的银行理财诉讼——汇丰双利存款诉讼显示，在“存款”名义下发生的是“存款合同＋期权合同”的场外金融衍生交易，在银行与客户之间形成了新的收益-风险分配模式。客户承担理财产品市场风险的决策基础是银行的信息披露与风险提示义务。银行如何履行信息披露义务不仅决定了汇丰双利存款诉讼的结局，同时也是银行个人理财纠纷中区分市场风险与法律责任的关键。

Deposit Contract or Financial Derivative:An Analysis of the HSBC Double Interests Deposit Dispute

The nature of commercial banks' financial products to individual clients is fixed-income products, but many of them have reference to financial derivatives which increase market risk. The HSBC double interests deposit dispute, as the first publicly reported domestic case, shows that the structure of the product is the combination of a deposit contract with an option, resulting in a different way of risk distribution between banks and their clients. The information basis for the client to assume the market r...