The investment era of rebirth

Chapter 184 Oolong Pointing Out!

2%, 3%, 5%...

In the blink of an eye, the increase in the Shanghai Stock Exchange Index has directly climbed to more than 5%, and all the weighted bank stocks have all reached the daily limit, and the time-sharing energy has been enlarged to more than 10 times.

Seeing this scene, everyone in the trading room was stunned.

Except for Su Yu, everyone else has never seen such a trend in the Shanghai Stock Exchange Index, let alone the entire banking sector. The weighted bank stocks with a market value of more than [-] billion have been instantly pushed by tens of billions of funds within ten seconds. At the same time, the core weight stocks in the securities and insurance sectors have the same trend as these weight bank stocks.

Of course, also at this moment.

Su Yu's position in the Shanghai and Shenzhen 300 Index futures, the profit figure jumped from about 300 million to more than 1500 million, and the new profit exceeded 1200 million. The Shanghai and Shenzhen 300 Index went from 2347.15 points to 2490 points. , an increase of more than 6%.

"My God! This is... what's going on?"

After being dazed for a moment, Li Meng stared at the Shanghai Stock Exchange Index, which had climbed from 2089.26 to above 2200, and then couldn't help but exclaimed: "Is there any big news that will be released at noon? This amount can ... tens of billions of funds are scrambling for funds in the entire 'big finance' sector, it's too scary."

"Holy shit, even if it's a big deal, the market reaction shouldn't be so big, right?"

"In less than 20 seconds, the index jumped by more than 6 points. My God...this is the index. In an instant, it moved like a small-cap stock. It was too scary and shocking."

"The entire banking sector has risen by more than 9%, and the securities and insurance sectors have also gone straight to 8%. Horror, it's too frightening."

"I have never seen such a scene. The entire 'big financial' sector has gone straight to the daily limit."

"The stock index won't be trading at the daily limit today, right? The core weighted financial stocks are all covered by more than one billion orders. It's crazy. The peak of the bull market in 07 wasn't such a crazy trend, was it?"

"President Su, should it be beneficial?"

"President Su, what should we do next?"

"Let's just wait and see!" Su Yu glanced at everyone amidst the exclamation of everyone, and said calmly, "This kind of increase in the index is definitely abnormal. Look at the market information disclosure at noon and the market trend in the afternoon. Bar!"

With that said, Su Yu turned his eyes back to the disk again...

Staring at the stock index futures account, the profit figure has jumped to more than 1700 million. On the disk, investors with large-scale short positions in the Shanghai and Shenzhen 300 index futures have their stop loss points blown up instantly, and the bulls have been killed in an instant. For short positions, at the moment when the market liquidity and trading conditions become extremely abundant, all the short positions in the Shanghai and Shenzhen 300 futures index in the hand are directly closed at the market price, and the profit is reaped.

Then, after seeing the short position was closed, there were more than 5100 million funds in the account.

He immediately forced the bulls to squeeze the shorts, and the shorts were completely squeezed to stop losses and liquidate their positions. While the CSI 300 Index was still rising slowly, he backhanded above the 300 point of the CSI 2510 Index, wantonly selling short orders, crazy The main buying and long orders are swallowed up, as well as the short closing orders that are forced to stop the loss.

100 lots, 200 lots, 300 lots, 400 lots...

Compared with the previous two days when he established a long order at a low level, at this moment, thanks to the extremely high liquidity shown on the market after the extreme fluctuation of the index, his short sale order was established extremely smoothly.

Within 3 minutes, 550 lots of short selling orders were already in his hands.

And in the account, the available funds of more than 5100 million have also changed to more than 2200 million available funds.

And within a few minutes of his rapid operation, the entire domestic financial circle, all large securities investment institutions, hot money, retail investors, private equity institutions, and even various securities market regulatory agencies have all exploded.

First of all, it is within the regulatory layer.

Whether it was the Trading Supervision Department of the Shanghai Stock Exchange or the Futures Exchange Supervision Department, they were all shaken. There were countless internal phone calls and communications. sources of income, and the causes of unusual market volatility.

Secondly, there are various large brokerage institutions, public funds, and private equity institutions.

All the leaders of the trading department and the traders, watching this jaw-dropping scene, quickly adjusted their strategies and mobilized all their connections at the same time, wanting to know the cause of the change as soon as possible and make relevant strategic responses first.

Then, all the powerful hot money.

Everyone looked at those heavyweight bank stocks, the cover orders of 100 million lots at every turn, and the extremely violent promotion handwriting, and their hearts were beyond shock. The only feeling was that the funds in their hands, compared with these so-called For a super-large organization, that's really scum, it's not enough to see at all.

Finally, the majority of retail investors who are the most lagging behind in market news and reactions.

Everyone looked at this heart-shattering scene, and their hearts were unparalleled surprise and excitement, because many people's positions were gathered in these heavyweight financial stocks.

"Ah, ah... It's really shocking. All the heavyweight financial stocks have a unified daily limit in an instant. I have never seen such a scene in the five years of stock trading."

"It's so awesome. I didn't expect that I could get the daily limit on the Chinese Commercial Bank."

"Isn't this the first time in history that the five major banks, namely Chinese Commercial Bank, Huanong Bank, Huaguo Bank, Huajian Bank, and Bank of Communications, have all set their daily limits?"

"It's too shocking, it's too shocking... I must take a screenshot and save it, it's a moment in history!"

"Oh my god, what kind of good news can cause such a reaction in the market?"

"Will the central bank cut interest rates and reserve requirements?"

"Cutting interest rates and RRR cuts don't have such a terrifying market effect, do they?"

"What about more than expected interest rate cuts and RRR cuts? There will be another '4 trillion', and the 'big finance' will change in an all-round way. That is the vanguard of the bull market!"

"Is the bull market really here?"

"Whether it's a cow or not, a change of this level is definitely not easy."

"Strong, strong and invincible. The institutions have finally risen up once. This is a real big deal. Facing such a change, hot money is really a coward."

"Needless to say, noon is definitely good."

"Yes, yes, agencies are always foresight."

"There are still mid-cap financial stocks that have no daily limit. Can I buy them? According to this situation, I should be able to eat some meat?"

"There are still 2 minutes to close, there is no large-scale withdrawal of orders, it should be the real market, buy... I think I can chase it, after all, the 'big finance' has changed in an all-round way, and huge amounts of incremental funds have come in. It is a small market without continuity, and I feel that the opportunity to make money in the market has really come."

"Haha...it seems that the bull market is indeed here."

"I said that 'Big Finance' has bottomed out, right? There's no way to fall, this doesn't... explode in an instant!"

However, amid the extreme excitement, excitement, and shock of retail investors, at this moment, the source of the entire market fluctuation, Guangda Securities Investment Strategy Trading Department... a quantitative trader in charge of managing and tracking the 'Market 180 Index ETF Fund', And a software technician responsible for the maintenance and management of the IT trading system, but his legs were completely paralyzed from fright, staring at the market and back-end accounts with a pale face.

Due to system failure.

When a trader executes a buy order and performs a one-click buy, the trading system repeatedly executes the order. Through the ETF channel, within 10 seconds, 468 billion yuan is listed on the underlying stock buying disk in one go. The list, and so far, has sold more than 70 billion.

Of course, in principle...

Inside Guangda Securities, there is not so much money at the moment.

Not to mention the 468 billion available funds, even the 46 billion available funds are not available.

However, since the brokerage trading system is still implementing the T+1 fund settlement rule at this time, under certain special conditions, the transaction can be completed without so much money, which is also substantially effective, but it needs to be supplemented in time in the follow-up. The transaction funds are delivered to the financial settlement center.

"Ruined……"

Quantitative traders wanted to cry without tears, accusing IT technicians: "Didn't you say that the program instruction of 'one-click buying' has been debugged and can be used?"

"Me too... I didn't know it would happen, it was available yesterday." The IT technician's face was pale.

At this moment, the funds in the background account show that it has gone from -72 billion to -76 billion, and it is still increasing at a rate of 20 million in [-] seconds.

Pending orders for so many stocks, after the system fails.

It is too late to cancel the order manually, and now it is only 1 minute before the market closes at noon.

The trader's hands were trembling. He knew that his career was over, and the losses caused to the group in these few minutes would probably take him his whole life to repay.

"Report to the general manager!" The IT technician was trembling in his heart, but he was still steady and said.

Although he was afraid in his heart, he believed that this was still a technical failure, and he himself should not be able to bear too much responsibility.

And just when the two of them panicked and didn't know what to do, the director of the Fund Management Division of the Strategic Investment Department saw that the entire department had turned into a negative amount of funds. The general manager of the strategy department and the vice president of the group called.

Then, 5 minutes.

The general manager of the investment strategy department kicked away the people in the trading room, and his entire face turned black into charcoal.

Immediately afterwards, countless calls from the China Securities Regulatory Commission and the stock exchange supervision department began to bombard the senior management of Guangda Securities Company. The chairman of Guangda Group, who was in a meeting in Yanjing, was also forced to interrupt the meeting and hurried back to Shanghai from Yanjing.

All in all, with the so-called glitch in the trading system...

Guangda Securities Company, and even the entire Guangda Group, fell into chaos after the market closed at noon.

Of course, in order to minimize the impact of this matter, in order not to cause panic in the market, as well as the client group’s run on Guangda Securities, and even the entire Guangda Group, at this moment, although rumors are flying everywhere, except for the Securities Regulatory Commission Relevant people, as well as the supervision department of the exchange, as well as the core executives of Guangda Securities, the traders involved...others, do not know the truth.

The entire market, except for Guangda Securities, which was at the heart of the storm.

Including many large institutions, hot money, and retail investors in the market, they still have a fairly optimistic attitude towards the market, thinking that there must be a big profit at noon, and they don't realize that this is just a farce.

Unfortunately, in the positive expectations of the majority of investors...

At 11:50, there was no good news in the market.

At 12:10, there was no good news in the market.

At 12:30, the market still has no good news.

It was also at this time that everyone finally realized that something was wrong, guessing that this might not be a rush by a large institution, but some other extreme abnormal situation in the market.

"It's not good, what's going on? With such a large amount of buying before the market closes in the morning, how could there be no news in the market at all?" When the time progressed to 12:40, Modu, Zexi Investment Company, Xu Xiang Sensing the unusualness of the market, "Zhou Kan, where is Director Qiao? Have you heard anything about it?"

Zhou Kan, the leader of the trading team, paused for a moment, and was about to answer 'I haven't heard anything new yet'.

At this time, Director Qiao, who is the director of the company's market information department, had already opened the door and walked into the trading room, and whispered to Xu Xiang: "Mr. Xu, I just heard the news that something happened to Guangda Securities."

"What happened?" Xu Xiang was taken aback.

"Well, I heard that there was a system failure. The trader made a mistake and executed tens of billions of buying orders." Director Qiao replied, "Now, I heard that the China Securities Regulatory Commission and the Exchange Supervision Department are inquiring. Although the specific situation is still unknown, there is indeed an accident inside Guangda Securities, and the executive president of the securities company has just rushed back to the headquarters to hold an emergency meeting."

"Tens of billions... Does Guangda Securities have this much money?"

Xu Xiang knew this securities company quite well, and said, "I remember that the investment banking department of their company was investigated by the regulatory authorities not long ago, so soon... something went wrong again?"

"I don't know, but there shouldn't be so much money!" Director Qiao replied.

"You should inquire carefully." Xu Xiang said, "Find out the specific situation. If it is really the work of Guangda Securities before the market closes at noon, then its stock price will definitely change when the market opens at 1 o'clock."

"Okay!" Director Qiao nodded, turned and walked out.

Xu Xiang turned around, pondered for a while, and ordered: "Zhou Kan, use our company's fund account to short the stocks of Guangda Securities in the Hong Kong stock market, and at the same time...short the Shanghai and Shenzhen 300 Index Futures Index. If Guangda There is a real problem with the securities. In order to recover their losses, they will definitely choose to hedge with short-selling orders on the CSI 300 Index futures index. This should be an excellent arbitrage opportunity.”

"Okay!" Zhou Kan responded and executed immediately.

At the same time, many well-informed institutions, private equity funds, and even large hot money have also heard some rumors to some extent, and each responded differently.

And Yanjing at this moment.

Inside Anlan Fund, its general manager, Zhou Guohua, heard that the chairman of Guangda Group had temporarily suspended an important meeting in Beijing and rushed to Shanghai. Combined with the announcement of the temporary suspension of trading announced by Guangda Securities at 12:45, he immediately guessed When it came to Guangda Securities, something must have happened, and it also made a strategic decision to short Hong Kong stocks of Guangda Securities.

"Doesn't the teacher short-sell the CSI 300 Index futures for arbitrage?"

Xie Wanting asked after Zhou Guohua ordered the fund trading team to short the Hong Kong stocks of Guangda Securities.

"What's the reason?" Zhou Guohua looked at Xie Wanting with a smile.

"If the teacher's guess is correct and something happened to Guangda Securities, then the sharp rise in the morning near noon will be untenable at all." Xie Wanting said, "If the index cannot stand, then the decline will become It is inevitable, and the market's expected good news not only failed, but a more serious bad news appeared, which will make the current market at this position without support, and it is estimated that in the afternoon... the index will reverse and fall in an instant."

"So, at this time..."

"In my opinion, using CSI 300 index futures arbitrage is basically risk-free, and at the same time it is the most profitable."

"Well!" Zhou Guohua nodded slightly, "Yes, the logic is established, but in the current market, there should be quite a few people who think like you. I am afraid that when the market opens at 1 o'clock, the CSI 300 index has not yet started to fall. It quickly fell back to a low range, and we may not have time to build a position."

"Also, in the current market, the liquidity of the futures index is not very good."

"Comparatively speaking, the liquidity of Guangda Securities' Hong Kong stocks is still higher, and it is easier to enter and exit."

"Of course, you can try it with your own small funds." Zhou Guohua said with a smile, "Trading is all about practice, and you should verify your logic."

"Okay!" Xie Wanting responded, and immediately began to prepare.

Over the years, she has learned a lot of theoretical knowledge, but not much in practice.

The A-share market was her first stop, and it was also her training ground for newbies.

With the communication between the two, the time entered 12:52, and there were 8 minutes before the market reopened for trading.

And it was at this time that Lin Antu got the exact news from Yuhang, the 'Yuhang Investment' company, and told Su Yu about the transaction error of Guangda Securities Company.

Su Yu smiled, and didn't care too much. With his eyes, he only tried his best to stare at the trading disk of the two cities that was about to open.

"The one before noon was really caused by Guangda Securities' trading mistakes?" Five minutes before the market opened, Li Meng still felt a little unbelievable after hearing Su Yu relay Lin Antu's words, "Guangda Securities It is also a large domestic brokerage institution, and there will be such a mistake."

Su Yu smiled and said: "It's not wrong, Guangda Securities temporarily suspended trading, basically announcing that 'there is no silver 300 taels', of course...they won't admit it now, after all, there are tens of billions of orders , Hanging on the daily limit board, if you don’t withdraw it, the majority of investors in the market will not get the truth.”

In fact, as Su Yu said...

At this time, Guangda Securities simply cannot afford the price of disclosing the truth.

Because once the truth is disclosed before the market, it will induce the majority of retail investors and many institutions to sell together, and let the tens of billions of orders listed due to the failure of the trading system be consumed by the market on a large scale. It is necessary to spend the same amount of real money to take over these consumed chips.

After all, even if it is a misoperation, even if there is not so much money in the Guangda Securities trading account.

But in the case that the chips have been bought, even if the fund transfer mode is T+1, the funds with the same value as the chips must be handed over to the National Financial Settlement Center, otherwise the credit of Guangda Securities will be completely bankrupt. ...there is only one way to close down.

Moreover, even if Guangda Securities can withdraw all untraded chips on the market.

Faced with -78 billion funds in the account.

Even if they sell all the 40 billion stock positions held by the company during the rest of today, they will have to make up 38 billion in cash before the market opens next Monday, and enter the trading account in order to avoid the credit bankruptcy of the entire group and complete the entire transaction. closed loop.

However, what few people know is that...

At this moment, all the working capital of the entire Guangda Securities Company has been squeezed out, and it is less than 38 billion.

In other words, as long as Guangda Securities raises less than 38 billion before the opening of the next trading day, the entire company will go bankrupt.

Of course, for Guangda Securities, which is already on the verge of bankruptcy.

The only way to recover a little loss and achieve the goal of stop loss is to frantically withdraw the orders in the afternoon, frantically sell all the stock positions that can be sold in his securities account, and at the same time sell short the Shanghai and Shenzhen 300 index futures for hedging and arbitrage.

Moreover, Su Yu knew that the other party would definitely do this.

While he was meditating, at 1 o'clock in the afternoon, the two cities that were suspended resumed trading.

I saw the billions and billions of day-to-day buy orders blocked in the stocks of banks, securities, insurance, etc. of various weights, and the orders were withdrawn in a flash, and disappeared within a few seconds.

Immediately afterwards, the selling of many heavyweight financial stocks that opened the daily limit increased sharply in an instant, and the stock price plummeted.

At the same time, the Hong Kong stock market Guangda Securities crashed, and the stock price also plummeted.

As for the CSI 300 Index Futures Index, before the CSI 300 Index had time to dive and fall back in a straight line, it had already fallen like lightning. From around 2520 points, it collapsed in a straight line to 2400 points. The index moves nearly 300 points apart.

Of course, in this moment.

Su Yu's backhand short selling of 550 lots at a high level before midday has already added more than 1900 million profits to him, and the funds in his personal account have expanded from more than 5000 million to around 7000 million.

(End of this chapter)