目標可贖回遠期契約（TRF）

Target Redemption Forward Summary

目標可贖回遠期契約（TRF）為近兩年來頗受臺灣中小企業青睞的衍生性金融商品，其標的指標為人民幣對美元的匯率。因為人民幣大幅貶值，造成與銀行交易的企業鉅額虧損，連帶使許多交易對手的銀行，承受相當大的風險。TRF本質上係一合成型的遠期契約（synthetic forward），訂有多次的比價日，再嵌入選擇權（option），由客戶賣出選擇權予銀行。如人民幣升值逾一定價位，由銀行給付客戶，如人民幣貶值逾一定價位，則由客戶賠付銀行。這種契約對於客戶而言，獲益有限，風險無窮，為純粹投機性的衍生性金融商品，係一總合小於零的交易；具有高度的負外部性並易有系統性風險，社會成本高昂。法律上如果無法禁止，就應該增加其交易成本，降低交易數量，從而減低整體社會成本。

In recent years, target redemption forward (“TRF”) caused tremendous losses to many Taiwanese firms due to the Renmibi precipitously depreciating. TRF have become prevalent, but are purely speculative derivative transactions with characteristics of less than zero-sum transaction. These transactions cause highly negative externality and may induce systemic risk when banks incur too much credit risk of counterparties. Thus, the legal system needs to consider increasing the costs of TRF transaction, reducing the incentives of engaging the purely speculative derivatives transaction.