Introduction to International Repo &Securities Lending
全球债券回购与借贷
ASIFMA, CDC, UBS, RBS

February 19, 2007

Table of Contents 目录
Session 1 – Basics of Repo & SellBuyBacks
Classic Repurchase Agreement (Classic Repo) and SellBuyBack
Users and Main Uses of Repo
Collateral Types
Market Risk
Credit Risk
Margin & Collateral Management
Pricing of Securities Collateral1

Table of Contents 目录
Session 2 – Practical Market Considerations
US Market Growth & Experiences
Hedge Fund Incidents
CT10 Reopening after “9-11”
Increase in Different Types of Securities for Repo
European Experience
ICMA Survey and Market GrowthEuro bonds, Corporate bonds, ABS
Benefit to Cash Bond Markets
Provides Liquidity
Allows Shorting
Hedging Interest Rate Risks through Shorting2

Table of Contents 目录
Session 3 – Backoffice 后台
Settlement Operations & Systems 结算操作与系统
Failed Deliveries “Fails” 交割失败Accounting 会计
Legal & Documentation 法律 ＆主协议
Collateral Management 抵押品管理

3

Table of Contents 目录
Session 4 – Securities Lending
What is Securities Lending?
Forms of Securities Lending
Securities Lending vs Repo
Speed of Development of International Securities Lending Markets
Who Uses Securities Lending?
Operations
Collateral Eligibility & Collateral Management
Risks (Credit Risk 信用风险， Liquidity Risk 流动性风险， Market Risk 市场风险，Legal Risk 法律风险， Custodian Risk 托管风险，Settlement Risk 结算风险 )4

SECTION 1 第一节

Basics of Repo & SellBuyBacks
证券回购，买断式回购，基本操作方法

Classic Repo Basics & SellBuyBack Basics证券回购，买断式回购，操作方法♦ Internationally, there are many types of repo
国际上，回购种类繁多♦ Most commonly used is the Classic Repo ＆ ReverseRepo
最常用： “经典回购”与”经典逆回购”♦ Next most commonly is the SellBuyBack & BuySellbacks
买断式回购与买断式逆回购
（卖出买入回购与买入卖出回购）♦ Most Important 重要观念:Repo as a Credit-Risk Mitigated Secured-Lending Product证券回购： 以抵押品减低借贷风险♦ Other Types 其他种类
Gensaki 在日本交易的一种回购方式
Held-In-Custody 由融入资金方托管抵押品（像国内的质押式回购）etc 等。。

6

Standard Repo Structure 标准回购结构
♦ Secured Loan： Cash Loan vs Securities as Collateral
有担保借贷：融出资金，借入证券
$100mm USD 本金

Treasury 10Y
十年期国债<- Repo Rate 回购利率= 4.00% ->起始日：T

到期日：T + 1月后$100m USD 本金

Treasury 10Y
十年期国债$xx USD in repo interest
加：回购利息7

Standard SellBuyBack Structure 标准买断式回购
♦ Similar Structure
相似结构。 开始：卖出证券。 到期：买回证券。
$100mm USD 本金

Treasury 10Y
十年期国债<- Repo Rate 回购利率= 4.00% ->S (Spot)
现价

起始日：T

到期日：T + 1月后

F (Forward)期价$100m USD 本金
Treasury 10Y
十年期国债$xx USD in repo interest
加：回购利息Spot Price 现价 = 99.50 (clean净价) + 0.063881 (accrued interest 应计利息) = 99.563881
Forward Price 期价 = Spot Price 现价 + Carry 回购收益 = 99.563881 + 0.309754 = 99.873635
Carry 回购收益 = Spot现价*RepoRate回购利率* 日数 d / 360天= 99.563881*4.00%*28/360 = 0.309754

8

Repo Math 回购计算F 起价 = S 现价 * (1 + RepoRate 回购利率 * d/360)(1 + rUSD*d/360)(1 + RepoRate 回购利率 * d/360) = -----------------------------(1 + rBOND*d/360)

Rule of Thumb 简单地说:
RepoRate ~= USD Rate – Bond Fee
回购利率~= 现金贷款利率 – 借券的使用费

4.00% ~= 5.25% – 125bps
十年期国债回购利率 ~= 联邦基金利率 – 十年期国债借券使用费

9

Repo Terminology 回购专用名词券
UBS 瑞士银行简称 “A方”

Repo “Seller”
Repo “Lender”
融资方ABC 农业银行
资金

简称 “B方”

Repo “Buyer”
Repo “Borrower”
融券方_______________________________________________
Securities
证券

Security Lender
借出证券

Security Borrower
借入证券

Cash
现金

Cash Borrower
融入资金

Cash Lender
融出资金

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Classic Repo 经典回购 (“RRRA” Bloomberg Ticket)

瑞士银行 借出债券给 农业银行

11SellBuyBack 买断式回购 (“BSR” Bloomberg Ticket)

瑞士银行 借出债券给 农业银行

12

Discussion 讨论♦ International market hardly uses “pledged repo”.
All securities are delivered. Securities are rehypothecable.
国际市场质押式回购比较少。
证券（债券）一般要过户。券从借出证券方的账户转到融出资金方的账户。
♦ Because international repo have rehypothecation rights,
bond borrowers can re-use the bonds. Consequently,
bonds become “special” and repo rates can go lower.
This is equivalent to “Bond Fee” increasing.
国际间的回购有”再借“ 的 权力，所以借入证券方可以再借出证券给其他的借券方.

♦ Repo & Sellbuyback numbers are the same!
(only if there are no interim coupons)
当回购期间无利息支付时,经典回购和买断式回购是相同的.

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Classic Repo (with interim coupon)经典回购（回购期间有支付票息）瑞士银行 借出债券给 农业银行

14SellBuyBack (with interim coupon)买断式回购（回购期间有支付票息）瑞士银行 借出债券给 农业银行

15

Coupon Handling 如何处理回购期间所得票息♦ Classic Repo:
SellBuyBack:

Repo Seller gets the coupon (Repo Buyer manufactures coupon)
Repo Buyer keeps the coupon.

经典回购：买断式回购：

借出证券方取回票息 （借入证券方“制造票息”, 才付给借出证券方）借入证券方存用♦ In international market, both the “Classic Repo” and “SellBuyback”
allows the Repo Buyer practically the same rights. Only difference
when there are interim coupons or tax.
国际间, 经典回购和买断式回购几乎相同。最主要分别在于票息和税额。
♦ In China, “pledged repo” seller freezes bond in his account.
Therefore “pledged repo” buyer cannot reuse the bond.
♦ We can summarize:
国际经典回购
国际买断式回购~= 中国质押式回购 + 券得过户~= 中国买断式回购（银行间）所以，中国的质押式回购，抵押证券冻结在帐户内。因此，借入证券方不能用该证券。
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Main Uses of Repo 证券回购的主要用途♦ Financing Long Positions 融资用途, 为资产提供资金

使用者 Who: Securities Companies 证券公司, Financial Institutions 金融机构
原因 Why:Need Cash; 需要资金;Limited Access to Unsecured Funds 无担保借贷额不足;To Maintain Inventory 保持存货. Secured financing rates may be lower 使融资利率更低一些

♦ Financing Leveraged Long Positions 以杠杆作用提升资产额

使用者 Who: Hedge Funds 对冲基金, Banks 银行
原因 Why:Little capital 资本有限; Efficient Use of Capital 提升资本使用效率

♦ Covering Short Positions 弥补空头头寸

使用者 Who: Securities Companies 证券公司, Hedge Funds 对冲基金
原因 Why:Settlement 必须结算， Hedge Interest Rate Risk 对冲利息风险♦ Covering Leveraged Short Positions 以杠杆作用弥补空头头寸
使用者 Who: Securities Companies 证券公司, Hedge Funds 对冲基金
原因 Why:Trading Strategies 交易投资策略♦ Investment of Cash 逆回购代表一种短期投资产品
使用者 Who: Money Market 货币市场基金 ＆ Mutual Funds / Unit Trust 共同基金/单位信托,Central Banks 中央银行
原因 Why: Safe product 提供安全产品; Liquidity 流动性较高; Flexible Enddates 期限有弹性17Profit! Yield-Enhancement Combinations
商机 ! 提升投资组合的收益率
Where there is market demand for borrowing securities, lend it out!
应市场借券的要求，把证券借出去!
Typical strategies 典型策略:• Collateral Swap (Special vs GC) “抵押品掉换” (特别证券对一般证券）+=正回购 repo(SBB) UST CT10 bond 十年期国债 1mth @ 4.15%
逆回购 reverserepo(BSB) GC bond 一般证券 1mth @ 5.15%
net pickup 提升收益率 (CT10 vs GC) for 100 bps 基点• Credit Risk Creation 承担信贷风险正回购 repo UST 10 bond十年期国债 1mth @ 4.15%
银行定期存款 depo USD 1mth @ 5.25% Æ net pickup提升收益率 110 bps 基点• Gap Risk 期限差距风险
正回购 repo UST10 bond十年期国债 1mth @ 4.15%
银行定期存款 depo USD 3mth @ 5.27% Æ net pickup提升收益率 112 bps 基点• Issuer Risk 发行者风险正回购 repo UST10 bond十年期国债 1mth @ 4.15%
买3月期的商业票据buy ABCP 3mth @ 5.35% Æ net pickup 提升收益率 120 bps 基点

18Collateral Types 抵押品种类
♦ “General Collateral” Repo (GC Repo) “一般”抵押品回购 (简称一般回购，GC)
Basket of Securities一蓝子公识的证券抵押品.
Securities can be substituted and replaced. 抵押品可以替换
Mainly used for funding. 融出资金方不指明某特定债券。主要是让借出证券方融资之用。
GC repo is an alternative to the lending of cash一般回购是拆出资金的另一种方法
GC repo rate correlated w/ money market rates一般回购利率与货币市场利率相关♦ “Specials Repo” or “Specific Repo”“特殊”或“特定”抵押品回购Security is explicitly identified (i.e. CGB 2.92% 9/26/16 国债060016)
No substitution. Will likely be used against a short position.
Specials repo rates are lower than GC repo rates.
特定证券:融出资金方指明借入某证券（例: CGB 2.92% 9/26/16 国债060016）
不可替换。通常用于弥补空头头寸。特别抵押品回购利率要比一般抵押品回购利率低。

♦ Demand drives a bond from being “general collateral” to “very special”.
Factors determining a bond’s specialness include issue size, floating supply,and value in the cash market.
任何一张债券可由“一般”转为“特定” 抵押品。在资金市场中,债券的发行量,增发量,价格等决定了特定抵押品的性质。

19Collateral Types 抵押品种类
♦ More on “Specials Repo” or “Specific Repo”…. 特殊回购…..
strong demand specific piece of collateral 对特定抵押品有强烈需求
buyer offers cheap cash to seller 买方向卖方提供低成本资金
driver of special transactions is security 证券是特殊回购交易的驱动器
special repo is an alternative to securities lending
特殊回购是实现证券借贷的另一种方法
special rates match securities lending fees 特殊回购利率和证券借贷费率匹配
special repo is a capital market instrument 特殊回购是 资本市场工具

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Example of Repo Rates 回购利率例子

特定回购买率21

Example of Repo Rates回购利率例子

一般回购卖率22

Market Risk 市场风险♦ Just as unsecured loans 如同银行间的拆借贷款,repos also have interest rate risks 回购并有利息风险
♦ Example 举例:
repo trade notional 回购数额
repo term回购期限100,000,000 USD (一亿美元)
1month (一个月)delta ~= 100,000,000 * 0.01% * 12 = USD$833/bp
利率增减一个基点,收益波动USD$833♦ SizePosition in one bond 一张券的持有数额:Positions in whole repo book 回购组合的持有数额:2,000,000,000 USD Æ deltas = $16,000/bp
100,000,000,000 USD Æ deltas = $833,000 / bp

♦ GC repo rates less volatile 一般抵押品的回购利率较为稳定Specials repo rates can be volatile 特定抵押品利率波动幅度较大♦ Rate movement risks (Eurodollar futures trading, Fed hike, etc)
利率波动风险的主要原因: 随着欧元期货交易，联储局调整利率等23Market Risk 市场风险Repo & MM Curves 回购曲线 & 货币市场曲线♦ Money Market Curves 货币市场利率曲线
Not just one curve. 不只一种曲线
Deposits, Fed Funds, LIBOR, Treasury Bill Rates(银行存款,联邦基金,欧洲美元,短期国库券)♦ Repo Curves 回购利率曲线US Treasury GC Curve
US Agency GC Curve
US MBS GC Curve
US Specials Repo Curves
Corporate Repo Curves

国债一般回购率曲线
机构证券一般回购率曲线抵押证券一般回购率曲线国债特定回购率曲线
企业债(一般/特定) 回购曲线♦ Divergence of rates in post “9-11” period
9-11事件后一个月左右,各种利息波动因信贷风险的不同，造成利率曲线间的关系脱钩

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Credit Risk 信用风险
♦ Repo offers double indemnity 回购提供双重保障
If the Seller fails, Buyer sells the Bond
If the Bond fails, Buyer calls on Seller for new collateral如果卖方违约, 买方可以出售抵押品
如果抵押品违约, 买方可以要求卖方提供新的抵押品♦ (Risk of collateral AND counterparty failure) < (Risk of collateral OR collateral
failure)(抵押品和对手方同时违约的风险)比(抵押品或对手方违约的风险) 小得多

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Credit Risk 信用风险
♦ Cumulative Default Probabilities 累计违约概率
Credit Rating信贷评级

6 mths (个月)

12 mths (个月)

AAA
AA
A
BBB
BB
B

0
0.00750.01770.108370.67483.3874

0
0.015
0.035
0.205
1.345
6.66

all figures are percentages

数据单位为％

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Credit Risk 信用风险
♦ Cumulative Default Probability of 6mth Repo
6个月回购的累计概率
Collateral (抵押品评级)AABBBCounterparty(对手方评级)AA
A

0.000000563%
0.000001313%

0.000007695%
0.000017955%

eg AA collateral from uncorrelated AA counterparty gives
default risk = 0.0075% x 0.0075% = 0.000000563%
例如， AA级抵押品由非关联的AA级对手方提供，则
违约风险 = 0.0075% x 0.0075% = 0.000000563%

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Credit Risk 信用风险
♦ Reasonscollateral has legal & operational risks
collateral may generate unexpected losses
collateral should be secondary defence
primary defence is counterparty creditworthinessrepo is no substitute for credit risk management
repo is not an excuse for accepting lower credits♦ Warning! 注意！
Credit Risk + Collateral = Operational Risk + Legal Risk
信用风险 + 抵押品 = 操作风险 + 法律风险抵押品有法律及操作风险
抵押品可能会有意想不到的损失
抵押品应该充当第二道防线
第一道防线应该是对手方的信用程度
回购不能替代信用风险管理
回购不是接受较低信用交易的借口（只和那些您愿意和他作无担保交易的对手方作回购）

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Credit Risk 信用风险
♦ Repo allows:回购能实现:
More business with same counterparty and same capital
在相同对手方、相同资本条件下, 做成更多的业务Æ higher return on capital更高资本回报Same business, same counterparties, and less capital
在相同业务量，相同对手方条件下，引用更少的资本Æ higher return on capital 更高资本回报

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Credit Risk Mitigation 减低信用风险♦ Credit risks in repo transactions can be mitigated / subdued via
initial haircuts and mark-to-market margining
回购交易的信用风险可由保证金来减低
Initial Margin/Haircuts (One-time)
The start proceeds of a repo are usually equal or less thanthe market value of the collateral by an amount called
the initial margin or haircut.
回购的初期金额通常等于或小于抵押品的市场价值，其差额部分即称为初始保证金或 折扣.
Initial margin/haircut usually protect buyer against
illiquidity of collateral and counterparty risk
初始保证金/折扣通常保护买方，降低以下风险:
抵押品的流动性低 ， 对手方风险30

Initial Haircuts 初始折扣率• Haircut Matrix (Sample Only) 折扣率表（举例）Rating 证券信用评级
A
BBB
BB+/BB
B+/B
B-

1mth
5%
10%
15%
30%
35%

3mth
5%
15%
20%
35%
40%

Will also depend on maturity, bullet/callable, liquidity
折扣率根据期限，种额， 流动性而定• Example 举例
KOREA08 (rated A)
Dirty Price 现价/全价 = $93.00
Haircut 折扣率 = 5%
Face amount 面值 =10,000,000 USD
Money amount 现金 =8,835,000 USD• What are appropriate haircuts? 折扣率以何为准？
Often firm-specific, but probably consider 95%/99% VAR and consideration of counterparty quality
通常保持在 “VALUE-AT-RISK” 的95%至99%之间，同时也考虑到交易对方的信贷风险
31Credit Risk Mitigation via Margin Maintenance
信用风险减低: 保证金维护♦ The market value of the collateral should be maintained by margin maintenance:
透过保证金维护，以确保足够的抵押品。
抵押品的市值应该进行保证金维护管理。
if market value of collateral falls Æ buyer calls for extra collateral or cash refund
如果抵押品市值下降 Æ 买方追加保证金（买方要求额外抵押品或部分资金返还）
if market value of collateral rises Æ seller calls for extra cash or collateral back
如果抵押品市值上升 Æ卖方追加抵押品 （卖方要求额外资金或者部分抵押品返还）

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Margin Maintenance Frequency
保证金维护调整次数♦ Margin maintenance is a major operational challenge. To mitigate this burden:保证金维护对具体操作是一个主要挑战。 为降低操作负担有下列方法:
Margin maintenance on repo documented under the same master agreement are
made net.
在主协议下的所有回购，保证金维护采用净额支付。
Margin calls can be limited by mutual agreement tomaterial changes in net exposure --- excess of anagreed amount called a margin maintenance limit--- which is also the minimum transfer amount.
双方同意，追加保证金一定要等到不足的差额（或证净额头寸额）超过了最低交付额净额头寸 才发出通知书。

33

Credit Risk Mitigation 减低信用风险♦ Most importantly, your rights to make margin calls and liquidate collateral arestated in the legal agreement (GMRA)!

最重要点：
回购主协议 (GMRA “全球回购主协议”) 列明交易双方调整保证金额以及清盘出售抵押品
的权力！

♦ Have we encountered liquidation?
公司是否曾经清盘？

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Collateral Management保证金的维护与管理♦ Collateral management is the team whose activities are
抵押品管理/保证金管理部门负责- monitors collateral eligibility 确保抵押品符合接受条件- values the collateral 抵押品的估值- calculate exposure (value of collateral <,=,> value of cash) 计算抵押品不足的数量- makes margin calls, recalls/substitutes collateral发出保证金调整通知， 收回或掉换抵押品。

In general, what collateral is eligible? 可接受的抵押品是什么?
Cash is best 现金最好“Like or Better Quality Securities” 同样或者更好信用评级的证券How do you value collateral? See pricing/valuation session
How to satisfy margin calls? 调整抵押品的方法？
1) Post cash (earn interest?) 现金保证金（有没有加利息?)
2) Post eligible securities 提交可接受的证券
3) Reprice trade 重新定价35Collateral Management (Exposure Example)♦ Example provided by Eduard Cia (HVB) 例子

36

Risk evaluation list 风险评估表Overview 概览

THE OVERVIEW SHOWS THE CALLABLE MARGIN AMOUNTS (IN RELATION TO THE MINIMUM
TRANSFER AMOUNT (MTA)
概览中显示了可调整保证金数量（超过MTA 部分相关）Margin evaluation overview as of 10/14/2004

in EUR, customer with risk >-500.000,00- we have to recieve Sec. accountCustomer
Total risk
Master agreement
Margin percent-------------------------------------------------------------------------------------------------------------------------------0000 0069128041,
Counterpart A-695.446,56
17.08.1998

顾客A

0000 0069004377,

Counterpart B

顾客B-803.611,32

18.12.2002

0000 0068410452,

Counterpart C顾客C-751.500,00

13.01.1998________________________________________________________________________________________________________________________________* - risk defined by customer

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Risk evaluation list风险评估表
Detailed report by counterpart对手方详尽报告Margin evaluation as of 14.10.2004
in EUR, Counterpart A

现在价值

交易现金

Receivable/liability
Sec.ID ISIN No.
Units/nominal Start
End
New price
Haircut
New valuation amount Principal
Risk margin amount===========================================================================================================================================================
Buy - ReverseRepo

逆回购交易头寸

RR 131323 IT0000367497
85.000.000,00 14.10.04-15.11.04
109,070000 100,0000
94.333.280,50-94.299.000,00
34.280,50
RR 648386 ES0414970139
10.000.000,00 13.10.04-20.10.04
109,175000 100,0000
11.193.664,38-11.175.596,00
18.068,38----------------------------------------------------------------------------------------------------------------------------------------------------------Total Buy - Reverse Repo:
105.526.944,88-105.474.596,00
52.348,88===========================================================================================================================================================

Sell - Repo

正回购交易头寸

R 353474 AT0000384938
100.000.000,00 16.08.04-16.11.04
110,450000 100,0000-114.552.459,02
113.337.662,93-1.214.796,08
R 353474 AT0000384938
100.000.000,00 16.08.04-16.11.04
110,450000 100,0000-114.552.459,02
113.337.662,93-1.214.796,08----------------------------------------------------------------------------------------------------------------------------------------------------------Total Sell - Repos:-229.104.918,03
226.675.325,87-2.429.592,17===========================================================================================================================================================

Margin (Cash, Security) Deposit

抵押品

SD 138157 DE0001381572
600.000,00 21.09.04- (open)
108,240000 100,0000
672.718,69
0,00
672.718,69
SD 138157 DE0001381572
900.000,00 27.09.04- (open)
108,240000 100,0000
1.009.078,03
0,00
1.009.078,03----------------------------------------------------------------------------------------------------------------------------------------------------------Total Margin Deposit:
1.681.796,72
0,00
1.681.796,72===========================================================================================================================================================

总共风险

Risk:

-695.466,56 !!! MARGIN CALL !!!

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Margining (One Simple Example)调整保证金的例子• During the life of trade, mark-to-market and margining will manage exposures
在回购期间，用市场价计价， 调整保证金，以减低信贷风险• Example 例子
KOREA08 (rated A) 证券
Dirty Price 全价= $93.00
Haircut 折扣率 = 5%
Face amount 面额 =10,000,000 USD
Money amount 现金 =8,835,000 USD
UBS lends cash
市计价 * 折扣率
HaircuttedValue
If DirtyPrice若全价= $92
8,740,000
8,835,000
If DirtyPrice若全价= $93
8,930,000
If DirtyPrice若全价= $94

风险额Exposure-95,000
0
95,000• Make a margin call when Exposure > MTA
若风险额超过最低交付额 (“MTA”) 即须发出调整保证金的通知
MTA (Margin Threshold Amount) depends on rating of counterparty and operational risks. I.e. MTA fora small hedge fund may be 50,000 USD.
MTA（保证金最低的交付额）是根据交易对手及操作风险程度而定。若对手方是一家小型的对冲基金，可能只是５万美元。

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Collateral Management (Which Trades?)
抵押品管理（哪些交易？）♦ Note, did not restrict Collateral Management activities for just “repo”
抵押品管理业非只限与回购交易之用。
♦ Collateral Managers cover different trade exposures
包括以下的例子- repo trades 回购
- interest-rate swaps 利息掉期- securities-lending transactions 证券借贷业务… generally, any trade that has post-transaction credit exposure
where credit-risk management is required
任何交易，只要交易后有信贷风险， 都必用抵押品管理部门管理风险。

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Prices for Securities/Collateral证券或抵押品的市价
♦ Repo transactions are generally Security vs Cash
回购交易一般指证券 现金掉换。
♦ Securities Lending transaction are Security vs Collateral证券借贷指证券对抵押品的调换(collateral can be cash or other securities)
抵押品可以是现金或其他证券♦ Pricing issues apply in general to both Security and Collateral证券或抵押品都须注意市价的准确性。
♦ Price concerns include 市价的相关题:- Sources (do they exist?) 价钱的来源 （是否有市有价？）- Availability & Robustness 准确性
(end of day, start of day, intraday; prices updated or just re-fed)（开市价，毕市价 ?)- Price disagreements during margin calls (illiquid securities, whose price is right)?
若调整保证金时，双方无法违成市价的同意， 如何处理？ 。（若流动性偏低， 该用谁的价格？）

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Time Line 时间程序t-X: UBS 和 “B方公司” 签了 GMRA主协议
t0：成交单

法律文件部门

UBS 前台

“B 方”

结算部门

t0,t1,…. tN：风险管理

市场风险部门 信贷风险部门会计部门

tN：到期日票息部门

抵押品管理部门
监管部门

结算部门

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Contact Information
UBS Singapore 瑞士银行, 新加坡分行Bernard Chin 陈耀明
Executive Director 执行董事
Short-Term Financing Department 短期融资部门
电话: +65 6836 5660
www.ubs.com
Bernard.Chin@ubs.com

RBS Greenwich Capital 苏格兰皇家银行, 格林威治分公司
Tak Eng 吴德凯Managing Director 董事经理Treasury Products Department 财务部
电话: +1 203 625 2715
Tak.Eng@rbsgc.com
www.rbsgc.com

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