2012年7月10日，业内知名期货经纪商，美国百利金融集团（Peregrine Financial Group Inc. PFG Best，以下简称“百利金融”）向伊利诺伊州北区破产法院提交破产清算申请。监管机构——美国期货协会（NFA）——在7月9日声明，“百利金融”超过2亿美元的客户资金从账户上不翼而飞。目前，“百利金融”全部账户资金已被冻结，其所有金融服务业务也被终止。“百利金融”之后发布公告称：“在没有进一步消息前，客户只能执行平仓操作，其他一切交易都被禁止，公司现被禁止释放一切资金。”

On July 10, 2012,The famous futures broker,The us baili financial group(Peregrine Financial Group Inc. PFG Best,Hereinafter referred to as"Baili financial")Illinois to north bankruptcy court to submit application for bankruptcy liquidation.Regulators - the United States futures association(NFA)- in July 9 statement,"Baili financial"More than $200 million from customer capital account vanish from sight.At present,"Baili financial"All account funds have been frozen,All of its financial services business also be terminated."Baili financial"Then releases announcement to say:"There is no further news before,Customers can only execute closing operation,All other transactions have been banned,The company is now banned all release funds."

　　距离曼氏金融破产仅9个月，眼下又有一家美国经纪商面临破产。虽然“百利金融”的客户资产只有大约4亿美元，与曼氏金融相比规模很小，但投资者对美国金融业的信心、美国监管机构的公信力都因此次事件受到很大的负面影响。

Distance mann's financial bankruptcy only nine months,At the moment and have an American brokerage firms are facing bankruptcy.although"Baili financial"Customer assets only about $400 million,Compared with mann's financial scale is very small,But investors the confidence of the financial industry to the United States/American regulators are therefore incident credibility by a lot of negative effects.

　　又一个金融巨人的倒下，在让人们扼腕叹息的同时，更应该引起深思。引发“百利金融”破产的原因是什么？对风险管理和控制有何启示？在我国大力发展期货业进程中，能从中吸取哪些教训？

Another financial giant's fall,In let people sigh) at the same time,Should cause more thoughtful.cause"Baili financial"Bankruptcy of what be the reason?To risk management and control have any enlightenment?In our country to develop in the process of futures,What lessons can draw?

“百利金融”破产危机 "Baili financial"Bankruptcy crisis

　　美国百利金融集团在1980年由拉塞尔?沃森道夫创立，是一家大型的金融服务商。其业务涵盖全球各类商品、金融期权、零售和机构外汇、贵金属现货和期货、客户管理基金、全方位的经纪人服务以及培训等各个方面。此后，公司走上迅速发展道路。美国《期货杂志》最新公布的经纪公司排名中，“百利金融”名列第27位。进入前十位的机构包括美国高盛、J.P.摩根、德意志银行、花旗银行、瑞士银行、摩根士丹利等。根据排名，美国百利是第二大非结算期货经纪公司，也是全球最大的外汇经纪公司之一。

The us baili financial group in 1980 by Russell?Watson doffer founded,Is a large financial services.Its business covers all kinds of goods around the world/Financial option/Retail and institutional foreign exchange/Precious metal spot and futures/Customer management fund/A full range of broker service and training, etc.Since then,Company to rapid development road.The United States[Futures magazine]The latest brokerage company in the rankings,"Baili financial"Ranked 27th a.In the top ten institutions including the United States Goldman sachs/J.P. Morgan/Deutsche bank/citigroup/Swiss bank/Morgan Stanley, etc.According to the ranking,The us baili is the second big non settlement futures brokerage company,Is the world's largest foreign exchange brokerage one of companies.

　　1998年，“百利金融”开发推出了第一个Best Direct期货交易平台，到目前共拥有17个交易平台供客户选择，可以交易多种期货、外汇和期权产品。2004年，百利金融的加拿大、欧洲等分公司相继设立。2007年，公司外汇月交易额超过千亿美元，同年，收购美国国家交易公司。2011年7月，美国“百利金融”获得中国银监会的批准，在上海设立中国代表处。

In 1998,,"Baili financial"Development launched the first Best Direct futures trading platform,Up to now has a total of 17 trading platform for the customer to choose,Can trade a variety of futures/Foreign exchange and options products.In 2004,,Cadbury financial Canada/Europe and other branch set up one after another.In 2007,,The company on foreign exchange trading more than the billions dollars,In the same year,Buying American national trading company.In July 2011,The United States"Baili financial"Obtain the approval of the China banking regulatory commission,China's representative office established in Shanghai.

　　直到“东窗事发”前，整个公司还在一个看似良好的情况下运行——伪造的财务状况成功“逃过”了NFA的监管。7月9日下午，NFA官员进驻百利，令其所有账户进入平仓清算阶段。当晚，NFA对“百利金融”进行了审计，该集团账户下实际持有的客户资金只有510万美元，而集团却谎称有2.2亿美元。据此，NFA认定，在2010年2月和2011年3月的两次报告中，“百利金融”伪造了财务状况，使得实际只有几百万美元的银行余额，看上去超过了2亿美元。

until"Come to light"before,The corporation is in a seemingly good cases operation - false financial situation successfully"escape"The supervision of the NFA.July 9, afternoon,Officials have been NFA cadbury,Make all its account into the closing liquidation phase.That night,NFA to"Baili financial"On the audit,The group account actual held clients fund only $5.1 million,And the group that is $220 million.According to,NFA that,In February 2010 and March 2011 two times report,"Baili financial"To forge the financial situation,Make actual only millions of dollars of bank balance,Look more than $200 million.

　“百利金融”破产原因 "Baili financial"Bankruptcy causes

　　管理者的道德风险。“百利金融”陷入破产危机的直接导火索是变相挪用、骗取客户的资金，以及隐瞒真实债务情况和涉嫌对客户的欺诈。沃森道夫在自杀前的告白书中，披露自己把从客户中诈骗来的钱用于补充公司资本金、建立新的总部大楼，甚至用来交监管部门的罚款。7月18日，在出席法庭听证会时，沃森道夫也承认挪用了客户超过1亿美元的资金，并提到早在1993年，他就开始挪用客户资金。对于钱的去向，他的解释是“大部分挪用的钱用来建立新总部和补充公司的资本金，并支付罚款和日益增长的监管资本金，有时候也用来填补业务亏损”。

The moral risk managers."Baili financial"In bankruptcy crisis direct fuse is disguised appropriation/Cheat customer's funds,And hide real debt situation and suspected fraud to the customer.Watson doffer in suicide confessions before in the book,The disclosure from the customer to the fraud money used to supplement the capital/Establish a new headquarters building,Even used to pay a fine of supervision department.On July 18,,On the court when hearing,Watson doffer admitted stealing the customer more than 100 million dollars in money,And referred to as early as in 1993,He began to embezzle clients' money.Go for the money,His explanation is"Most of the divert money used to create new headquarters and supplement the company's capital,And pay fines and growing regulatory capital,Sometimes also used to fill the business losses".

　　在沃森道夫自杀前，没有人相信他会做出贪污客户资金这样的事情。从1972年从事期货经纪业至今，沃森道夫在业内积累了极高的声誉，在人们眼中，他不仅是一位期货业的元老，也是一位慈善家。但在金融生态恶化的环境下，面对经营困境及业绩考评，即使过去信誉优异的管理者，也极有可能铤而走险，作出牺牲企业长期发展和客户的利益的不道德选择。

In Watson doffer before the suicide,No one believes he will do a corruption clients fund such a thing.From 1972 to engage in futures brokerage so far,Watson doffer accumulation in the industry a high reputation,In people's eyes,He is not only a futures of the grand old man,Is also a philanthropist.But in the financial ecological deterioration of the environment,In the face of the management difficulties and performance appraisal,Even if the past prestige excellent managers,Also likely rush in where angels fear to tread,Sacrifice enterprise long-term development and the interests of its clients the immorality of the choice.

　　公司内部控制存在漏洞。根据监管部门要求，经纪商自有资金和客户保证金之间，应该有严格的“防火墙”隔离制度。但是一些缺乏有效监管的经纪商，自有资金和客户保证金常在一个账户之下，加上场外市场清算制度的不完善，为经纪商挪用客户保证金大开方便之门。

The company internal control existence of loopholes.According to regulatory requirements,Broker equity fund and customer margin between,There should be a strict"firewall"Isolation system.But some of the lack of effective supervision of the brokerage firm,Equity fund and customer margin often in a under the account,Add otc market clearing system is not perfect,For broker misappropriation of clients' margin the door wide open.

　　“百利金融”显然不是这些经纪商之中，用这种手段挪用客户资金的第一个，也不会是最后一个。

"Baili financial"Obviously not the broker in,By this means to embezzle clients' money first,It won't be the last.

　　值得注意的是，在“百利金融”网站上提供的中文介绍手册上却有这么一段话：“‘百利金融’作为受监管的美国公司，期货客户资金采用隔离账户存放，外汇客户资金采用分离账户存放，使公司运营资本金与客户资产严格分开，从而确保客户资金安全。”

It is important to note that,in"Baili financial"Web site to provide Chinese introduce the manual has such a sentence:"‘Baili financial’As regulated of American firms,Futures clients fund use isolation account deposit,Foreign exchange clients fund separated account deposit,The company operating capital and customer assets strictly separate,To ensure the safety of fund, a customer."

　　监管机构形同虚设。“百利金融”破产危机曝光后，人们发现，沃森道夫的欺诈手段并不十分高明。“欺骗那些监管部门太简单了”，在法庭上沃森道夫这样陈述。作为前NFA的董事成员，他深谙“监管之道”。首先，他虚设了一个邮箱，用来截获NFA的机密监管文件，这些文件本应该邮寄给银行用来核实账户余额。随后，沃森道夫利用技术手段修改银行账户余额，并伪造银行签名，再寄回给NFA。至于银行寄给百利的真正的对账单，沃森道夫则以他全资所有这家公司，是唯一的股东为由，不允许任何人查看对账单。利用这种欺上瞒下的手段，在近20年的时间里，沃森道夫不仅骗过了监管部门，就连公司内部也没有其他人知道公司真正的财务状况。直到2011年11月，由于曼氏金融破产，NFA改善监管手段，银行账户余额改用电子确认，沃森道夫的伎俩才得以曝光。

Regulators exist in name only."Baili financial"Bankruptcy crisis after exposure,People found,Watson doffer deceit is not very clever."Cheat the supervision department too simple",In court Watson doffer such statements.A former director of the NFA members,He has seen too much of"The way of supervision".First of all,He dummy a mailbox,Used to intercept the NFA's confidential regulatory documents,These documents should be sent to the bank used to verify the account balance.then,Watson doffer use technology modification bank account balance,And fake bank signature,To send back to the NFA.As for the bank send baili real statements,Watson doffer criterion with he owned all of the company,Is the only for shareholders,Don't allow anyone to check statements.Using this deceives his superiors and deludes his subordinates means,In the nearly 20 years of time,Watson doffer not only fool the supervision department,Even the company internal also no one else know the company real financial situation.Until November 2011,Because mann's financial bankruptcy,NFA improve supervision and management means,Bank account balance to switch to electronic confirmation,Watson doffer trick to exposure.

　　近20年的欺诈行为却从未被发现，作为监管机构的NFA和CFTC也受到外界的强烈抨击。一位美国百利的客户甚至呼吁国会就此事件对NFA也展开调查。面对铺天盖地的质疑，NFA终于在7月16日宣布：“将全面检视其审计查账部门，并对所有期货交易商的银行账户进行彻底检查。”CFTC的主席近日也承认在“百利金融”事件中存在监管失误，并将重新检视自律监管机构制度。

Nearly 20 years of fraud but has never been found,As regulators NFA and CFTC have also been outside strong attack.An American baili customers even called on congress to this event also NFA investigation.In the face of the deluge of question,NFA finally in July 16 announced:"Comprehensively will examine the audit audit department,And for all futures traders bank account for a thorough check."The chairman of the CFTC recently admitted that in"Baili financial"Existing in the event regulatory error,And will re-examine self-discipline supervision mechanism system.

　破产危机的启示 The enlightenment of the bankrupt crisis

　　“百利金融”陷入破产危机，给我国的金融机构、监管机构、特别是期货行业带来很多启示，主要包括以下三个方面。

"Baili financial"Into bankruptcy crisis,To China's financial institutions/regulators/Especially the futures industry has brought a lot of enlightenment,Mainly includes the following three aspects.

　　要加强金融机构内部控制的执行力，并将风险控制落到实处。作为经营30多年的期货机构，“百利金融”理应有着完善的内部控制制度，但制度的执行力在不同时期存在风险隐患，尤其是高度关注最高管理者对制度的执行程度。此外，在金融机构扩大业务的同时，应不断完善风险控制机制，针对不同时期金融生态环境的变化，提高风险控制能力。在经营自营业务时，要同时兼顾收益和资金安全，建立完善的“防火墙”机制，对运营风险进行必要的警示和处理。同时也要认识到，仅仅加强制度建设是不够的，更重要的是将风险管理落到实处。“百利金融”也声明了自己的风险管理制度：公司自有资金和客户保证金分离账户存放，严格分开。但是没有落实的制度，最终成为了欺骗客户的幌子，也为公司的危机埋下了伏笔。

To strengthen financial institutions internal control execution,And the risk control into effect.As the management 30 years of futures agencies,"Baili financial"Ought to has a perfect system of internal control,But the system implementation in different period exist risks,Especially high attention top management to the implementation of the regulations degree.In addition,In the financial institutions to expand business at the same time,Should constantly improve risk control mechanism,According to the different period financial ecological environment changes,Improve risk control ability.In business operating business,At the same time to give attention to two or morethings earnings and financial security,Establishing a perfect"firewall"mechanism,On operational risk necessary warning and processing.At the same time to realize,Only strengthening the system construction is not enough,More important is to risk management into effect."Baili financial"Also announced their risk management system:The company has its own capital and customer margin separation account deposit,Strictly separate.But no implementation of system,Finally became cheat customer pretence,Also for the company's crisis buried the foreshadowing.

　　金融机构要以保护投资者利益为第一要务，并切实披露信息。不论是“百利金融”欺诈客户，挪用客户资金，还是之前曼氏金融投资以高杠杆大举投资欧债导致破产，都暴露出对投资者利益的漠视。金融业作为一个服务行业，其本质的立足点应该是服务于自己的客户，保护客户的合法利益。没有投资者的利益也不会有金融机构的利益。从表面上看，金融机构利用手段掩盖挪用客户资金，从而谋取短期利益，但从根本上讲，这是在既得利益的驱使下对法律法规的漠视，对投资者的不负责任，更是对金融机构乃至整个金融市场的腐蚀。投资者是整个金融市场的重要参与者，只有金融机构长期坚持保护投资者利益，才能提升投资者对金融机构的信任，使投资者和金融机构建立良好的关系，促进金融市场的良性发展。

Financial institutions should in order to protect the interests of investors is the first priority,Disclosure of information and practical.No matter"Baili financial"Fraud customer,Misappropriation of clients' funds,Or before mann's financial investment with high lever massive investment European debt lead to bankruptcy,All exposed to the interests of the investors ignore.The financial sector as a service industry,The essence of the foothold should be in the service of your customers,Protect the legitimate interests of the customer.Not the interests of investors also won't have the interests of the financial institutions.On the face of it,Financial institutions use means cover misappropriation of clients' money,Thus seek short-term interests,But fundamentally,This is driven by the vested interests of laws and regulations, disregard,For investors irresponsible,But for financial institutions and even the whole financial market corrosion.Investors are the whole financial market the important participant,Only financial institutions insist for a long time to protect investors' interests,To increase the investors to the financial organ trust,Make investors and financial institutions to establish a good relationship,To promote the healthy development of financial markets.

　　金融监管部门需改善监管方式，并采取多种方式进行监管。监管部门要注意完善监管体系中存在的漏洞，避免高管人员和机构利用漏洞逃避监管；对不同金融机构实行有针对性的分类，对重点金融机构进行重点监管，并采取多种方式进行监管，并对监管的方式进行探索，不能只为监管而监管，要及时发现问题，为维护金融体系的安全和发展保驾护航。目前，我国采取建立专门期货保证金监控中心，将期货市场的客户资金全部纳入监控范围，通过第三方有效地进行监管和信息披露，有利保障了期货市场的长足发展，在实践中得到了期货公司股东、经营层以及投资者的高度认同，保证金的监管模式得到发达国家的认可。

Financial regulators need to improve the way of supervision and regulation,And take a variety of ways supervision.Regulators should pay attention to perfect regulation system existed in the holes,Avoid senior executives and institutions use of loopholes escape supervision;Different financial institutions to implement targeted classification,The key financial institutions for the emphasis on the supervision on the,And take a variety of ways supervision,And the way of supervision to explore,Not only for supervision and regulation,To timely find out problems,In order to safeguard the financial system safety and development to escort.At present,Our country adopts the establish special futures margin monitoring center,The futures market clients fund, all included in the scope of monitoring,Through the third party efficient supervision and information disclosure,The advantageous safeguard for the rapid development of the futures market,In practice by the futures company shareholders/The height of the management and investors identity,Deposit the supervision model of developed countries to get approval.

　　现阶段，我国正在大力发展金融市场，特别是期货市场。随着国债期货、原油期货的上市，更多的金融机构、资产管理机构、企业会进入期货市场，金融机构如何加强期货投资的风险管理、如何利用期货市场的优势为投资者提供更多服务，避免简单照搬发达国家的监管模式和经验，建立符合中国实际的监管体系，应成为今后我国期货市场发展中亟待解决的重要课题。

At present,Our country is developing financial market,Especially in the futures market.Along with the Treasury futures/Crude oil futures listed,More financial institutions/Asset management agency/Enterprise will enter futures markets,Financial institutions to strengthen futures investment risk management/How to use the futures market advantage for investors to provide more service,Avoid simply copy the developed countries supervision mode and experience,Establishment conforms to China's actual supervision system,Should become the future of China's futures market urgently to be solved in the development of an important subject.

　　（作者单位：对外经贸大学金融学院应用金融研究中心）

(The author unit:Foreign economic and trade university financial college application financial research center)