11月23日，“小雪”（节气）的第二天。尽管青岛层峰资产管理有限公司（下称“青岛层峰”）的室内温度在16摄氏度以上，但其总经理张春亮仍觉心中聚着一团寒气。

Nov. 23,,"Light snow"(Solar terms)The second day of the.Although Qingdao layer peak asset management co., LTD(said"Qingdao layer peak")Indoor temperature in 16 degrees Celsius above,But the general manager ZhangChunLiang still sleep together in a group algidity.

　　“对于以客户亏损金返佣事件，我们已经在第一时间就将公司声明挂到了官网上。此消息纯属未经核实的不实报道。”他对前来采访的经济导报记者说道。

"For customer loss gold return maid event,We have been in the first time will the company statement hang the official website.This message is without verification of the false reports."He came to interview with reporters economic newsletter.

　　22日，一则媒体报道将青岛层峰和青岛华银贵金属交易中心（下称“青岛华银”）推倒了风口浪尖。报道称，青岛层峰是青岛华银的综合会员，前者承诺向代理商提供高达65%—70%的佣金提成，该提成主要来源竟是投资者的净亏损资金。

22,A media reports will Qingdao layer peak and Qingdao actively precious metals trading center(said"Qingdao actively")Down in the teeth of the storm.Reports say,Qingdao layer peak is actively Qingdao comprehensive member,The former promised agents offer up to 65% - 70% commi ion on the basis of the commission,The commission main source is a net loss of funds investors.

　　“对于青岛层峰是否将投资者亏损的资金当成佣金返还给代理商，我们并不知晓。交易中心合规稽核部已经开始对青岛层峰进行核查，如果发现问题将严肃处理。”23日，青岛华银总经理晏加铭对导报记者说。

"For Qingdao layer peak will investors loss of money as a commission agent to return,We don't know.Trading center compliance audit department has started to Qingdao layer peak checks,If found that the problem will be dealt with harshly."23,Qingdao YanJiaMing general manager to actively offer reporters.

　　“没人来堵门” "No one came to plug door"

　　位于青岛市山东路广发金融大厦14楼的层峰公司，面积并不是很大，墙上贴着企业目标等标示牌，一进门的地方，还挂着青岛华银颁发的会员资格证书。

Located in Qingdao city of shandong and guangdong development financial building on the 14th floor layer peak company,Area and is not very big,Note posted on the wall enterprise goal of nameplate,A the place that takes the door,Still hang actively Qingdao issued by the member qualification certificate.

　　“我们会给代理商返佣，但绝不可能出现将投资者的亏损金当成佣金返给代理商的事情。”张春亮在其办公室对导报记者说。

"We will return to the agent commission,But never possible loss of investors will return to gold as a commission agent of things."In the office of ZhangChunLiang serially reporters.

　　按照他的说法，在该消息被一些网络媒体转载后，他的电话成了热线。“不少代理商都给我打电话询问是怎么回事，甚至还有不少客户。”

According to his statement,In the news was some network media after transfer,His telephone became a hotline."Many agents all make a phone call to me to ask what is the row,Even a lot of customers."

　　在青岛层峰常务副总经理江涛看来，如果层峰真的出现报道中所说的事情，包括代理商和投资者都会上门来讨说法。“但现在事情都过去两天了，没有客户和代理商堵门，我们的工作也一切正常，只不过是打咨询电话的多了起来。”导报记者的采访，也数次被江涛的电话铃声打断。

In Qingdao layer peak standing deputy general manager and luosha looks,If layer peak really appear in the report the things you say,Including agent and investors will be the door to please statement."But now things are in the past two days,No customers and agents plug door,Our work and everything is normal,Just hit the telephone consultation more up."Offer reporter's interview,Also several times by the ltd.is the telephone interrupts.

　　青岛层峰是青岛华银的综合会员，对于层峰事件，青岛华银是否知情呢？为此，导报记者又赶往位于青岛市保税港区的青岛华银。

Qingdao layer peak is actively Qingdao comprehensive member,For layer peak event,Qingdao? Whether actively informed?therefore,The reporter also offer to located in Qingdao city of Qingdao bonded harbor area actively.

　　“在消息刊出之前，我们对此并不知情。得知消息后，合规稽核部已经开始对此事进行调查。调查结果出来之前，不太方便说什么。”晏加铭表示，一旦查出是真实情况，“该罚款罚款，该撤销会员资格就撤销会员资格。”据他介绍，此前因为违规代投资者操盘，交易中心曾严肃处理了两个代理商。

"In the news before publication,We are not informed.After news,The compliance audit department has started to look into the matter.The results of the survey came out before,It's not convenient to say."YanJiaMing said,Once found out is the truth,"This fine fine,This revocation membership will withdraw membership."According to he introduced,Because of previous generation investors operations,Trading center had serious processing two agents.

　　晏加铭告诉导报记者，交易中心对佣金返还事情并不负责。“我们只负责系统平台的合法性、稳定性和交易的流畅性。”

YanJiaMing told reporters newsletter,Trading center of the rebate things are not responsible for."We are only responsible for the legitimacy of the system platform/Stability and trading of fluency."

　　青岛市金融办综合办公室一王姓处长接受导报记者采访时表示，电子盘市场是有点问题，但不是很严重，需要上级主管部门监管、整改。

Qingdao financial do a comprehensive office director wang newsletter accept reporter to interview said,Electronic disk market is a bit of a problem,But it's not very serious,Need to superior departments supervision/rectification.

　　“如果青岛华银和青岛层峰联手操作，或者是会员和投资者对冲的话，可能会出现投资者的亏损被青岛层峰赚走的情况。但很难保证对冲的结果一定是投资者亏损的钱进入了会员的腰包，毕竟亏损的钱进入的是电子盘市场的资金池，而且对冲的风险也比较大。”中信建投期货济南营业部经理张海城接受导报记者采访时分析说，“或者是青岛层峰将投资者的资金截留，在交易平台之外再私自架设一个平台进行操作。”

"If Qingdao actively and Qingdao layer peak to operation,Or are a member and investors hedge words,There might be a loss of investors by Qingdao layer peak make go situation.But it was difficult to ensure that the hedge results must be investors loss of money into the pockets of the members,After all, loss of money into the market is the electronic plate of the pool,And the hedge risk is big."Citic built cast futures jinan sales department manager ZhangHaiCheng newsletter accept reporter to interview said analysis,"Or is Qingdao layer peak will be the capital of investor entrapment,In the trading platform without outside again set up a platform for operation."

　　青岛一电子盘代理商刘卫东则分析认为，一种可能性是，代理商在代客理财时出现了问题。“获取客户密码进行恶意刷单，有的时候一天或是几天就让客户亏损几万元到几十万元；另外，某些代理机构涉嫌与市场合谋，通过代客理财的方式骗取客户密码，直接通过市场的不活跃合约对倒客户资金，把客户资金对倒入自己的关联利益账号，散户有可能几分钟就亏空了所有的钱。”

Qingdao an electronic disk agent is that Andrew sobel analysis,One possibility is,Agent in stead appeared when problems."Get the customer password malicious brush single,Sometimes one day or days let customer loss tens of thousands of yuan to several hundred thousand yuan;In addition,Some agencies in connection with market conspiracy,Through the valet financial way to cheat customer password,Directly through the market not active contract to pour clients fund,The customer funds to pour into their correlation interest account,Retail investors may have a few minutes in the hole all the money."

　　不过对于上述说法，江涛均予以否认。

But for the above statement,JiangTaoJun denies.

　　

行业潜规则 Industry latent rules

　　尽管青岛层峰将客户亏损金返佣一事尚只是一则报道，但导报记者在调查中发现，目前市场上大大小小的“炒银”平台正呈遍地开花之势，纷纷拉拢投资者参与。

Although Qingdao layer peak will customer loss gold back to the maid is just a story,But gaining reporter in the survey found,Greatly small on the market at present"Fried silver"Platform is the potential of the flowers,Have gain investors to participate in.

　　在网上，导报记者注意到，青岛华银一会员就在大肆招募法人居间代理和自然人居间代理，并称对法人居间代理给出的返佣标准是60%-70%，即使是对自然人居间代理，也高达55%-60%。

On the Internet,Offer reporter noticed,Qingdao actively a member in a recruiting legal intermediary agents and natural person intermediary agency,Said the legal person intermediary agency gives return commission standard is 60% - 70%,Even if is the natural person intermediary agency,Also is as high as 55% - 60%.

　　刘卫东告诉导报记者，代理商在拿到资格后就招聘推广员，而推广员的工作就是打电话找人入盘。“一天大约打200多个电话，碰到有入市想法的客户，就一直跟下去，然后让其开户炒盘。”

Andrew sobel serially told reporters,Agent get the qualification after the recruitment promoters,And promoters job is to make a phone call for someone into the tray."One day about playing more than 200 telephone,Run into a city idea customers,Has been to go down,Then let the Fried dish to open an account."

　　按照刘卫东的说法，代理商有一套非常详细的流程，对于何种问题如何解答都有固定的模式。

According to Andrew sobel said,The agent has a very detailed process,For what problem how to answer all have fixed mode.

　　“代理商的盈利点就是吃返佣，这属于行业潜规则。”刘卫东说，返佣的比例根据代理商的能力大小和投资者进出资金量的大小协商。

"Agent profit point is eat maid back,This belongs to industry latent rules."Andrew sobel said,Return the proportion of commission agent according to the ability of investors in and out of the size and the size of the financing volume consultation.

　　“一般情况下要做代理商基本上没有门槛，没有加盟费，而且是高额返佣。”刘卫东解释说，“比例在50%左右，但不排除有些交易平台的返佣更高。”

"Usually to do agent basically no threshold,No jiamingfei,And it is a high return maid."Andrew sobel explained,"The proportion of 50%,But do not eliminate some trading platform of higher return maid."

　　

监管盲区待覆盖 Supervision dead zone to cover

　　“电子盘情况都是类似的，都不规范。但电子盘只要自身不参与交易，没有出事的。”谈及大宗商品电子盘最近频发的风险事件，期货界知名专家、中国期货业协会副会长常清对导报记者说道。

"Electronic disk situation is similar,All don't regulate.But electronic disk as long as their own do not participate in trade,Not an accident."About commodities electronic disk recently frequent risk events,QiHuoJie famous experts/China futures association vice President for a temperamental predominance serially reporter said.

　　生意社大宗商品研究中心分析师徐晓昆接受导报记者采访时表示，在大宗商品交易过程中，代理商直接操作客户账号进行代客理财的方式是不合法的，但是目前整个行业对此的规范政策条款都不明确，也就很难监管这些代客理财、恶意刷单等行为。

Business club commodities research center analysts XuXiaoKun newsletter accept reporter to interview said,In the commodity transaction process,Agent direct operation customer account for valet financial way is illegal,But now the industry the standard policy terms and conditions are not clear,It is not easy to regulatory these stead/Malicious brush single, etc.

　　值得注意的是，国务院新修改的《期货交易管理条例》将于12月1日起施行。此次修改首次明确了“期货交易”、“期货合约”和“期权合约”的具体内容，删除了“变相期货交易”的规定。

It is important to note that,The state council of the new changes[The regulations on the administration of futures trading]On December 1,.The modified first made clear"Futures trading"/"Futures contract"and"Option contract"The specific content of,deleted"Disguised futures trading"regulations.

　　山东财经大学证券期货研究所所长、导报特约评论员张延良接受导报记者采访时表示，此次条例修改，通过明确期货、期权、变相期货的定义，显示出监管层对清理整顿非法期货交易活动的决心。

Shandong university of finance and securities and futures institute director/Offer special commentator ZhangYanLiang newsletter accept reporter to interview said,The regulation changes,Through the specific futures/option/In disguised form the definition of futures,Show supervision layer to rectify illegal futures trading activity determination.