No, you can get it to catch going directly into the back of the binding post so that it compresses down. Alternatively, you can back the binding post back until you see a hole that will allow you to put the wire through and then tighten down. I find this to be more secure than any other type of connection. I use Belden 5000 for the speaker cable. I bought a lot of it when I was moving into my apartment because it is rated for in wall use. It works great. No need for the smoke and mirrors or fancy wire or spades. And no, it isn't quite as cheap as lamp cord, but that isn't in wall rated. Only advantage I see to spades or banana plugs is that if the kid yanks on the wire, the spade/banana plug may pull out before the speaker falls on him.
Shawn