Design And Determination Of Structured Deposit Products Under The New Asset Management Regulations

As the asset management business of normative financial institution "guidance",the development of financial institutions in the asset management business in China has entered a new situation,for the largest commercial Banks shock is for break rigid honour,traditional break-even financial management has become the past,the gap of wealth 7 trillion need new products to replace,and structured deposits for replacement products to how to design and pricing to meet the demand of regulation and investors has become a hotspot issues need to solve now.At first,this paper start from the content of the information technology the new rules,information technology is studied the influence of the new rules for banking information technology business,analysis of information and new rules rules,information technology were analyzed in the new rules after landing at present our country formally structured deposits product development present situation,and meet the demand of reality,alleviate the pressure of the commercial bank sequestration and promote the marketization of interest rate products structured deposits is summarized in three dimensions to the necessity of developing in our country,from structured deposits products the design of the machine,the product from structured deposits break-even types,the types of embedded options and option part has carried on the classification,the hook mark For the follow-up study has laid a solid foundation.On the basis of above research,from the operation mechanism of products,analyzed the structured deposits in product design need to focus on product design 5 design elementsthat investment period,starting point of a scale and subscribe,break-even rate and participation as well as the additional terms,and the products from the perspective of investors and issuers Angle to carry on the risk identification.Finally on the basis of product design based on the current structural deposits was studied,and how the product pricing from the product structural characteristics of the product is decomposed into fixed-income parts and options pricing,fixed income part of the pricing of the selected is the commonly used the discounted cash flow model,part of option pricing in summarizing three kinds of mainstream of option pricing method after choose the monte carlo simulation method for pricing options part.Then through the form of case to huaxia bank issued a new type of structured deposits linked to gold futures products as an example,the product is decomposed into two parts,a fixed income parts and options,and the method of using the terms of the product evaluation and pricing,and the accuracy of the rationality of the design of products and pricing decisions.According to the above research and case analysis,the structural deposit products should be designed with emphasis on the capital preservation rate and participation rate in terms of clause design,so as to design high-quality products that meet the requirements of supervision and investors.At the same time,monte carlo simulation pricing method has a very significant effect on products with embedded exotic options.At the same time,this paper puts forward some Suggestions for the future development of structured deposit products,which is of great guiding significance for the future development of structured depositproducts.