What is this speaker cable connection?

+1 gdnrbob, the really easy clear solution is with a simple wrap of electrical tape.  No reason to listen to those that get all high drama about it, the connectors will likely work just fine.  As mentioned above, if they are too long to connect from the bottom, connect from the top.  Also, can't beat the price.

you can remove them, and put banana plugs on yourself

Spades are much better, connectivity-wise, in my opinion.
Bob

Thanks for the extra photos! The more photos the more problems we can see! They inexplicably screw a barrel over the thing, for no other reason than to hold the little red or black plastic ring. Brilliant! The spade itself, instead of being flat on both sides so it can fit in a range of terminals flares out making it both harder to fit and even harder to bend without breaking. More brilliance! Don't try and bend, anyone stupid enough to do all this other stuff is for sure too dumb to use quality metal that can bend without breaking. Odds-on favorite: Made in China. 

Looks like there's still one more barrel that should screw off. Inside near the spade there has to be something in there to crimp or solder the wire to the spade lug. If you're lucky then you can unscrew and throw that away, slide some shrink wrap insulator over the connection, and have a much improved spade lug. Still crap, but nowhere near as crappy as it was with all that other crap attached.

If you're lucky. With the brainiacs who made this though it could go either way. Could be they solder the cable into that big long tube.

Whatever. For entertainment purposes only. Should be abundantly clear by now we are well past wasting any more time with this. The worst spade lug in the history of audio has long since been unceremoniously cut off and thrown in the dumpster where it belongs. One half inch is stripped and the bare wire ends are twisted around and fastened in the terminal post.

Right? RIGHT???!

I could not use with my Arcam solo neo. It never stays there. I tried with KEF LS 50 and It did not work well. The always come off. That's the reason I have asked.