More financial institutions are using commodity indices for wealth management, and financial products linked to commodity indices are also showing a full-scale trend. Recently, at the symposium on the commodity index business of the Dalian Commodity Exchange (Abbr.DCE.), various financial institutions have focused on the products linked to the commodity index.

Bank structured deposits consist of deposits and China Minsheng Bankng Corp.Ltd(Abbr.CMSB) said at the meeting that commodity index products have broad application prospects. In 2018, CMSB began to explore the development of structured products linked to commodity prices, initially linked to crude oil, gold, soybeans, etc. On domestic exchanges, and subsequently developed products linked to the iron ore index, which was recognized by market investors.

Products linked to the Commodity Index can solve some problems for products linked to a single futures contract. When CMSB launched the structured deposit products linked to soybean futures in 2018, it encountered the problem that the future main contract was about to expire rather than the lack of liquidity of the main contract. Products linked to the Commodity Index can circumvent the above problems, and the target is no longer limited by the duration of the main contract, and does not require frequent changes.

A floating income certificate regards a securities company as the issuer, which is a financing instrument issued by a securities company to a qualified investor in a private placement manner. This certificate is a kind of security that stipulates the principal and repays the proceeds associated with the specific subject. The guaranteed-type floating income certificate is a principal-protected product, which reflected in the liabilities of the securities company’s balance sheet, and represented the credit of the securities company. For the flexibility, the term of the certificate and the voucher target can be customized according to customer needs. Securities personnel also stressed that the linked commodity index can mitigate the risk and improve the accuracy of the volatility estimate.

The commodity index futures asset management plan is a special household product. According to the personnel of the futures asset management business, the futures asset management plan linked agricultural product futures price index issued by the futures company mainly achieves the tracking target index by holding the corresponding futures contract of DEC. Investors can achieve the purpose of agricultural product asset allocation and resistance to inflation risks.

Commodity index type insurance products use commodity index to design insurance products, which can meet the insurance needs of entities through index customization and product design innovation. The insurance company took the pig breeding industry as an example and introduced the company's product design ideas. There are three major pain points in pig breeding enterprises: disease epidemics, falling pork prices, rising feed costs. In the view of rising feed costs, Insurance companies have provided the custom pig feed cost futures index for the DEC., then use the index to combine diversified options and insurance plans to meet the different needs of pig breeding companies, eventually diversify farmers' feed cost risks.

It is understood that DCE. has started research on commodity index since 2003. In recent years, in order to actively respond to the market index of commodity investment demand, promote the market's diversified open transformation and development, the DCE. have done and promoted a lot of work for index research and development, index application. At present, DCE. has publicly released 37 commodity futures indices and 2 spot indices, including comprehensive, composition, theme and single commodity index, which basically covers agricultural products and industrial products that have been all listed types. With the cooperation of various market institutions, 13 products have been promoted to issue which is based on bank structured deposits, brokerage income certificates, futures asset management plans and commodity index swap. In addition, DCE. has cooperated with 20 public funds to promote the commodity index fund business, involving the development of 28 fund products. Thereinto, agricultural products, soybean meal, iron ore, black, chemical and other index products that are highly concerned by the market.

金融机构深挖商品市场机会 商品指数金融产品全面开花

更多金融机构在利用商品指数进行理财管理，而挂钩商品指数的金融产品也呈现全面开花态势。近日，在大商所商品指数业务座谈会上，各家金融机构对于挂钩商品指数产品进行了重点阐述。
银行结构性存款由存款与期权组成，在存款的基础上，利用基于指数等标的的期权工具进行对冲。民生银行在会上表示，商品指数产品应用前景广阔。2018年民生银行开始探索开发挂钩商品价格的结构性产品，最初挂钩境内交易所的原油、黄金、大豆等，后续开发了挂钩铁矿石指数的产品，得到了市场投资者的认可。
挂钩商品指数的产品能解决挂钩单一期货合约产品设计发行中遇到的一些问题。2018年民生银行发售挂钩大豆期货的结构性存款产品时，遭遇了当时期货主力合约即将到期交割，而非主力合约流动性不足的问题。而挂钩商品指数的产品则能规避上述问题，挂钩标的不再受限于主力合约的期限，且不需要频繁的变更。
以证券公司为发行主体的浮动收益凭证，是由证券公司以私募方式向合格投资者发售的融资工具，约定本金且收益偿付与特定标的相关联的有价证券。“保本型的浮动收益凭证是本金保障型产品，体现在证券公司资产负债表的负债项下，体现了证券公司的信用。在灵活性上面，收益凭证的期限、挂钩标的可以根据客户需求定制。”证券人员同时强调，挂钩商品指数能缓和展期风险，提升对波动率估算的准确度。
商品指数型期货资管计划是一种专户类产品。据期货资管业务相关人员介绍，期货公司发行的挂钩大商所农产品期货价格指数的期货资管计划，主要通过持有大商所标的指数成份品种对应的期货合约，以达到跟踪标的指数，帮助投资者实现农产品资产配置、抵抗通胀风险的目的。
商品指数型保险产品是利用商品指数设计保险产品，能够通过指数的定制和产品设计的创新，贴合实体企业的投保需求。保险公司以生猪养殖行业为例，介绍了该公司的产品设计思路。生猪养殖企业有三大痛点：疾病疫病、猪肉价格下跌、饲料成本上涨，针对饲料成本上涨的痛点，保险公司向大商所提出了定制猪饲料成本期货指数的需求。而后利用该指数将多样化期权方案和保险方案进行组合，设计出满足生猪养殖企业不同需求的保险方案，以分散养殖户的饲料成本风险。
据了解，大商所自2003年起就开始了商品指数的研究，近年来，为积极响应市场机构的商品指数化投资需求，促进市场多元开放转型发展，大商所围绕指数研发、指数应用与推广等开展了大量工作。目前，大商所已经公开发布37只商品期货指数和2只现货指数，包含综合、成分、主题以及单商品指数，基本涵盖已经上市交易的农产品及工业品品种。并在各类市场机构的配合下，推动了13只基于大商所商品指数的银行结构性存款、券商收益凭证、期货资管计划及商品指数互换等产品的落地。另外，大商所目前已与20家公募基金合作推进商品指数基金业务，涉及28个基金产品的开发，涵盖农产品、豆粕、铁矿石、黑色系、化工等非常受市场关注的指数标的。