衍生性金融商品最初的設計在於減少風險，但真的做到了嗎？端看近來鬧的沸沸揚揚的人民幣目標可贖回遠期契約(TRF)爭議，隨著中國大陸人民幣走勢急貶、銀行保證金追繳令萬箭齊發，台灣許多中小企業因不堪鉅額虧損而又一次引爆大規模金融糾紛。TRF在報章雜誌及電視媒體上持續熱議，報導的大多是該商品架構何等複雜、銀行如何設計出不平等合約、如何惡意誘騙投資人購買等等，在諸多報章媒體的渲染下，銀行被塑造成十惡不赦的形象，銀行行員亦背負坑殺投資人的惡名。有鑑於此，本文研究重點將著重於實務爭議問題探討。以台灣金融市場銷售主流的累積式目標可贖回遠期契約作為個案，探究TRF設計架構之公平性與合理性，藉商品架構拆解的角度，點出TRF最主要問題，非在於商品本身設計不公，而是取決於投資人能否清楚了解並妥善評估風險；更進一步針對銀行不當銷售相關議題予以討論，從課予銀行忠實義務、說明義務、及適合性原則等幾個法律面向予以討論，勾勒出在金融消費的特殊性下，法律規範與實際銷售所面臨的問題與衝突，試圖提出自己的看法，釐清理財盈虧的歸責與糾紛，以供各界做為參考。;Original design of the Derivative was to reduce risks but does it really serve the purpose? The recently much discussed TRF (Target Redemption Forward) has led to a large scale of financial disputes. Margin calls from banks due to the sharp depreciation of CNY (Chinese Yuan) has caused huge financial loss on many Taiwanese SME (Small & medium enterprises). TRF continues to be a hot topic on media such as journals and television but most of the reports describe it as a complicate product that banks designed an unequal contract to maliciously lure investors to buy. Image of banks had been painted as heinous under these media exaggeration while bankers bear the notorious reputation of bury investors alive. Given the reasons, this thesis is meant to focusing on the study of prevailing practical arguments. Take accumulated TRF, the mainstream financial sales in Taiwan market, as the case to investigate the fairness and rationality on TRF structural design. By disassemble the product structure, the key issue of TRF is thus not unfair design of the product but whether investors clearly understand the product and evaluate the risks properly. Further, the discussion goes to relevant issues on improper selling of banks which started from legal aspects of banks’ obligations on truth, disclose, and suitability principle. It draws the views of the author on the issues and conflicts between legal regulations and practical selling under the speciality of consumer banking. Hopefully to clarify the responsibility and dispute on making profit or loss in financial management and can be provided as references for others.
