Rebirth of the investment era

2%, 3%, 5%...

In the blink of an eye, the increase in the Shanghai Stock Exchange Index climbed directly to more than 5%, and all major bank stocks reached their daily limit, and the time-sharing energy was amplified to more than 10 times.

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

Except for Su Yu, no one else has ever seen such a trend in the Shanghai Stock Exchange Index, let alone the entire banking sector. The heavyweight bank stocks with a market value of more than 100 billion were instantly pushed out by tens of billions of funds within ten seconds. It rose to the daily limit, and at the same time, the core weight stocks in the securities and insurance sectors also followed the same trend as these heavy bank stocks.

Of course, at this moment.

Su Yu's position in the CSI 300 Index futures saw the profit figure jump from about 3 million to more than 15 million, with new profits exceeding 12 million. The CSI 300 Index went from 2347.15 to 2490. on, an increase of more than 6%.

"Oh my god! What...is going on?"

After being stunned for a moment, Li Meng stared at the Shanghai Stock Index that had climbed from 2089.26 to above 2200, and then he couldn't help but exclaimed: "Is there any big news that will be announced at noon? This amount of energy can ... Tens of billions of funds are rushing to raise money in the entire 'big financial' sector, it's so scary."

"Damn it, even if it's a big positive, the market reaction shouldn't be so big, right?"

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

"The entire banking sector has increased by more than 9%, and the securities and insurance sectors have also increased by 8%. It's scary, it's so scary."

“I have never seen anything like this before. The entire ‘big financial’ sector has gone straight to its daily limit.”

"The Shanghai Stock Exchange Index won't hit the daily limit today, right? The core-weighted financial stocks are all closing orders of more than one billion yuan. It's crazy. The peak of the bull market in 2007 didn't have such a crazy trend, right?"

"Mr. Su, it should be beneficial, right?"

"Mr. Su, what should we do next?"

"Let's just wait and see!" Su Yu glanced at everyone and said calmly amid the exclamations of the crowd, "The index's rising method 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 profit figure in the stock index futures holding account, which has jumped to more than 17 million, investors with large-scale short positions on the Shanghai and Shenzhen 300 Index futures on the market were instantly hit by their stop loss points, and the bulls were killed in an instant. For short positions, when the liquidity and trading conditions on the market became extremely abundant, all short positions on the CSI 300 Index futures in hand were closed directly at the market price, and the profits were reaped.

Then, after the short position was closed, there was more than 51 million in funds in the account.

He immediately forced short positions on the long side, and the short positions were completely squeezed to stop losses and liquidate their positions. While the CSI 300 Index was still rising slowly, he reversed his position above the 2510 point of the CSI 300 Index and sold short orders aggressively, going crazy. The land swallows up the long buying orders, and the short closing orders that are forced to stop the loss and exit.

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

Compared with the two days before, when he established long orders at low levels, thanks to the extremely high liquidity on the market after the extreme fluctuations in the index, his short selling orders were established extremely smoothly.

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

Moreover, the available funds in the account, which were more than 51 million, also changed again to more than 22 million.

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

First, it is within the supervisory level.

Whether it was the Trading Supervision Department of the Shanghai Stock Exchange or the Supervision Department of the Futures Exchange, they were all shaken. There were countless internal phone calls and communications. The internal employees and leaders who were about to get off work were frightened into a cold sweat in an instant and hurriedly looked for funds to buy. sources of income, and the reasons for abnormal market fluctuations.

Secondly, there are major securities firms, public funds, and private equity institutions.

All the leaders and traders of the trading department, looking at this jaw-dropping scene, quickly adjusted their strategies and mobilized all their connections, hoping to know the reasons for the changes as soon as possible and make relevant strategic responses first.

Then, the major powerful hot money players.

Everyone looked at the 1 million-lot-level orders on those heavyweight bank stocks, as well as the violent promotion efforts, and their hearts were shocked to the extreme. The only emotion they felt was that the funds in their hands were compared to these so-called When it comes to very large institutions, it's really scumbag and not good enough at all.

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

Everyone looked at this shocking scene with unparalleled surprise and excitement, because many people's positions were concentrated in these heavyweight financial stocks.

"Ah, ah... It's so shocking. All the major financial stocks have reached their daily limit in an instant. I have never seen this scene in 5 years of stock trading."

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

"The five major banks, China Commercial Bank, Huanong Bank, Huaguo Bank, Huajian Bank, and Bank of Communications, have all reached their daily limit. This should be the first time in history, right?"

"It's so shocking, so shocking... I have to take a screenshot to save it, it's such a moment in history!"

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

“Will the central bank cut interest rates and reserve requirement ratios?”

"Interest rate cuts and reserve requirement ratio cuts don't have such a terrifying market effect, right?"

"How about an unexpected interest rate cut or reserve requirement ratio cut? Another '4 trillion', and a comprehensive change in 'big finance'. That will be the clarion call for the bull market!"

"Is the bull market really coming?"

"Whether it's a bull coming or not, a change of this level is definitely not simple."

"Strong, invincible. The institutions have finally risen to prominence. This is the real big deal. Hot money is really just a minion in the face of such changes."

"Needless to say, lunch will definitely be good."

"Yes, yes, institutions are always foresight."

"Are there any mid-cap financial stocks that have not reached their daily limit? Can I buy them? Based on this situation, I should be able to eat some meat, right?"

"There are still 2 minutes to close, and there is no large-scale order cancellation. It should be the real market. Buy... I think it can be pursued. After all, 'big finance' has completely changed, and huge amounts of incremental funds have come in. It will never happen." It’s a small market with no sustainability, and I feel like the opportunity to make money in the market has really come.”

"Haha... It seems that the bull market is indeed coming."

"I'm just saying that 'big finance' has bottomed out, right? There is no way to fall. This is not... an instant explosion!"

However, just as retail investors were extremely excited, excited, and shocked, at this moment, the source of the changes in the entire market, Guangda Securities Investment Strategy Trading Department...a quantitative trader responsible for 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 with fear, staring at the market and back-end accounts with a pale face.

Due to system failure.

When the trader executed the buy order and made a one-click purchase, the trading system repeatedly executed the order. Through the ETF channel, within 10 seconds, 46.8 billion was placed on the main stock buying market in one go. orders, and by this time, more than 7 billion had been sold.

Of course, in principle...

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

Not to mention the 46.8 billion in available liquidity, even the 4.6 billion in available liquidity is not available.

However, since the brokerage trading system still implements the T+1 fund settlement rules at this time, under certain special conditions, even if there is not so much money, the transaction can be completed, and it is substantively effective. It just needs to be filled in in a timely manner in the follow-up. The funds for the transaction are delivered to the financial settlement center.

"Ruined……"

The quantitative trader was on the verge of tears and blamed the IT technician: "Didn't you say that the 'one-click buying' program instructions have been debugged and can be used?"

"Me too...I didn't know it would be like this. It was still usable yesterday." The IT technician's face turned pale.

At this moment, the funds in the backend account showed that they had gone from -7.2 billion to -7.6 billion, and were still increasing at a rate of 100 million in 20 seconds.

There are so many pending orders for stocks after the system fails.

It is too late to cancel the order manually, and there is only one minute left before the midday closing.

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

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

Although he was scared, he believed that this was still a technical failure and that he himself could not bear much responsibility.

Just when the two of them were panicking and not knowing what to do, the director of the Fund Management Department of the Strategic Investment Department saw that the entire department had negative funds. He jumped up from his chair in shock, grabbed the phone, and hurriedly called the investment department. The general manager of the strategy department and the group vice president called.

Then, 5 minutes.

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

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

All in all, with the alleged trading system glitch…

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

Of course, in order to minimize the impact of this incident, in order not to cause panic in the market and a run on Guangda Securities and even the entire Guangda Group among customer groups, at this moment, although rumors are flying everywhere, except for the China Securities Regulatory Commission Relevant persons, as well as the exchange supervision department, as well as the core executives of Guangda Securities and the traders involved... other people do not know the truth.

The entire market, except Guangda Securities Company, which is at the center of the storm.

Including many large institutions, hot money, and retail investors, they still have a very optimistic attitude towards the market, thinking that there will definitely be big news at noon, without realizing that this is just a farce.

Unfortunately, amid the positive expectations of investors...

At 11:50, the market was not favorable.

At 12:10, the market was not favorable.

At 12:30, the market was still not favorable.

At this time, everyone finally realized that something was wrong, and speculated that this might not be a jump-start by large institutions, but other extreme anomalies in the market.

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

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

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

"Something happened?" Xu Xiang was stunned.

"Well, I heard that there was some kind of system failure. The trader made a mistake and executed tens of billions of buy orders." Director Qiao replied, "At this moment, I heard that the China Securities Regulatory Commission and the Exchange Supervision Department are making inquiries. Although the specific situation is still unknown, something did happen within Guangda Securities, and the CEO of its securities company just hurried back to the headquarters to hold an emergency meeting."

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

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

"I don't know, but I shouldn't have that much money!" Director Qiao replied.

"Please inquire more carefully," Xu Xiang said, "Find out the specific situation. If it is really Guangda Securities' handiwork before the market closes at noon, then the stock price will definitely move when the market opens at 1 o'clock."

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

Xu Xiang turned back, pondered for a while, and then ordered: "Zhou Kan, use our company's fund account to short the shares of Guangda Securities in the Hong Kong stock market, and at the same time...short the CSI 300 Index futures. If Guangda If something goes wrong with the securities, in order to recover their losses, they will definitely choose to hedge by selling short orders on the CSI 300 Index futures, which 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 investors have heard some rumors and each responded differently.

And at this moment in Yanjing.

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

"Teacher, don't you short-sell CSI 300 Index futures for arbitrage?"

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

"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 near midday in the morning will be untenable at all." Xie Wanting said, "If the index cannot stand, then the decline will become untenable. It is inevitable, and the good news expected by the market has not only failed, but more serious bad news has emerged, which makes the current market at this position without support, it is estimated that in the afternoon... the index will instantly reverse and fall."

"So, at this time..."

"I think using CSI 300 Index futures arbitrage is basically risk-free, and at the same time, the profit is maximum."

"Yeah!" Zhou Guohua nodded slightly, "Yes, the logic is established, but there should be a lot of people who think like you in the current market. I'm afraid the market opened at 1 o'clock, and the CSI 300 Index has not started to fall yet, and the futures index It will quickly fall back to a low range, and we may not have time to build a position.”

"Moreover, the current market and futures liquidity are not very good."

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

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

"Okay!" Xie Wanting responded and started preparing immediately.

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

The A-share market is her first stop and her novice training ground.

As the two communicated, the time entered 12:52, and in 8 minutes, the market would reopen for trading.

At this time, within Yuhang and Yuhang Investment, Lin Antu got the exact information and told Su Yu about the trading error at Guangda Securities Company.

Su Yu smiled and didn't pay much attention. He just tried his best to stare at the trading boards of the two markets that were about to open.

"The announcement before midday was really caused by Guangda Securities' trading error?" Five minutes before the market opened, Li Meng still felt a little unbelievable after hearing Su Yu relay Lin Antu's words, "Guangda Securities is good or bad." It is also a large domestic securities firm, and it would actually make such a mistake."

Su Yu smiled and said: "You can't be wrong. Guangda Securities temporarily suspended trading and basically announced that there is no silver 300 taels here. Of course... they won't admit it now. After all, there are still tens of billions. The order is hanging on the daily limit board. If we don’t withdraw it, the majority of investors in the market will not get the truth.”

In fact, just as Su Yu said...

At this time, Guangda Securities simply cannot afford to disclose the truth.

Because once the truth is revealed before the market opens, it will induce a large number of retail investors and many institutions in the market to sell together, causing the tens of billions of orders placed due to the failure of the trading system to be consumed by market selling on a large scale, which means that Guangda Securities An equivalent amount of real money must be spent to absorb these consumed chips.

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

But when the chips have been purchased, even in the T+1 fund handover mode, funds with the same value of 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 go bankrupt.

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

Faced with -7.8 billion in funds in the account.

Even if they sell all the 4 billion stock positions held by the company during the rest of today, they will have to make up 3.8 billion in cash and enter the trading account before the market opens next Monday to avoid the credit bankruptcy of the entire group and complete the entire transaction. closed loop.

However, what few people know is...

At this moment, the entire Guangda Securities Company had drained all its working capital and could only collect less than 3.8 billion.

In other words, as long as Guangda Securities cannot raise 3.8 billion in funds before the opening of the next trading day, the entire company will essentially 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 purpose of stopping the loss is to frantically cancel orders in the afternoon, frantically sell all the stock positions that can be sold in one's securities account, and at the same time short-sell the CSI 300 Index futures for hedging arbitrage.

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

While he was pondering, 1 o'clock came and the suspended trading of the two markets resumed.

I saw billions or billions of daily purchase orders blocked on various weighted banks, securities, insurance and other stocks. The orders were canceled in a flash and disappeared within a few seconds.

Immediately afterwards, selling orders for many heavyweight financial stocks that opened their daily limits surged instantly, and stock prices plummeted.

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

As for the CSI 300 index futures, before the CSI 300 index had time to dive back in a straight line, it had already fallen like lightning. From around 2520 points, it plummeted straight to 2400 points, which opened up the actual gap with the CSI 300. There is a gap of nearly 90 points in the index trend.

Of course, in this moment.

Su Yu's 550 backhand short selling orders at high prices before midday have already added more than 19 million yuan in profit to him, and the funds in his personal account have expanded from more than 50 million yuan to around 70 million yuan.