According to the law of the market, the highest price wins, and it is very normal for a contract to negotiate with many institutions.
No one knows how many contracts the counterparty wants, but some people are further optimistic about the high shibor, which is a sure thing, coupled with the further tightening of the liquidity of the capital side, the index has the possibility of further pushing up, but the pressure on the appreciation of the US dollar has also increased, which is equivalent to the relative depreciation of the RMB, whether the change in the exchange rate will lead to the recovery of liquidity in the local currency market, is a proposition worth considering.
There are central banks inside, exchange rate fluctuations outside, and various variables are mixed together, resulting in little change in SHIBOR On Wednesday, July 19, Lei Hao got the number around: around 51.
The average hedging position is around 51, of course, 1 day, 7 days, 14 days and 21 days of SHIBOR are definitely different, but after 14 days to equalize weighting, it is 51o37, and the agreement amount is not far behind, 5.2oo billion.
"Calculated together, every 1 fluctuation, if the base is 5.2oo billion, it can only be close to 200 million profit and loss."
Lei Hao immediately calculated the number in his heart.
"EI has invested a base of 200 million US dollars in long US dollars, and it is expected that the profit margin of O27 can also be 540000000 US dollars, and in terms of RMB, it can have about 360000000 US dollars."
"The Asia-Pacific foreign exchange mixed market also has some chips, and tens of millions of dollars are still in the account."
"There are some gains on the stock market, tens of millions of yuan, but there is not enough to exit."
"The futures market, bond market and other places should also have some gains, plus those of quantitative hedging, it is still not more than 100 million, and the amount can be."
Lei Haoxun calculates the various benefits of Thunder and EI, and at his current stage, it is no longer enough to invest in a single market.
The amount of funds is too large, you can't say which index fluctuates too much to invest in which index, you can only say that Shibor fluctuates the most, and Lei Hao spends the most effort here.
Moreover, data such as Shibor, its fluctuations are affected by other markets and will be fed back to other markets, such as money market funds, bond interest rates, etc., which is also a place to invest.
However, strictly speaking, Lei Hao is unilateral, that is, using more complex theories to explain, he is doing structural unilateral hedging.
SHIBOR soars, bond market interest rates rise; The U.S. dollar exchange rate is rising, the renminbi is falling slightly, and other currencies are falling slightly; The stock market rises but does not have the amount of energy, the futures market fluctuates in a narrow range, the price of precious metals adjusts slightly downward, and the median price of crude oil fluctuates, one index will affect the other, but each index can be analyzed independently.
This is the financial market.
The U.S. dollar has the largest plate, and SHIBOR fluctuates the most, so the expected returns on the EI side are not as good as those on the domestic side, and more importantly, the operation of SHIBOR may allow the central bank to test the financial weather vane: marketization The Thunder side is about to place chips, and the financial departments of ICBC and China Merchants Bank immediately cheered, according to the agreed price difference of 2 basis points, the working group responsible for helping Thunder collect chips can get the net interest income of oo2.
In other words, 5.2oo multiplied by oo2 divided by 365 times 14, almost 4oo net income, just two days, is enough.
Thunder's trading department is very hard, they operate with partners on the same spot, after each contract is signed, they have to sign on behalf of Thunder, and then quickly take it back to the headquarters to go through the procedure, and the department leaders who need to sign through, including Lei Hao, sign softly.
More and more contracts are signed, and the counterparty knows that there is a problem, no matter how stupid it is.
Sometimes, it is clear that the number given by the party is less than 52, and it is known that there are other institutions that have opened the number of 5o, why can their own contract be established, and how many contracts are there in the market must be problematic.
But if you don't sign, others will sign, the contract is negotiated at the same time, the market trend is given by the research department to determine the amount, there is an expected profit margin, it doesn't matter if the counterparty position is doubtful, you buy scattered, buy more, it means that you are under more pressure, why not sign sign "Mr.
Lei, 1ooo billion."
At 3 o'clock in the afternoon, Zhao Lichen called to report.
"Mr.
Lei, 3ooo billion" At 4 o'clock, Zhao Lichen came over to explain in person.
"Mr.
Lei, 5ooo billion" At 5 o'clock, sweat oozed from Zhao Lichen's forehead.
Yu Rong, Xiang Yongze and others also began to feel nervous, and in a trance, what Lei Ting did was fully revealed: to be a banker.
According to the daily trading volume of more than 100 billion yuan in the interbank lending market, the amount of Thunder's agreement is enough for four or five days, of course, the trading at the end of the month and the beginning of the month is a little active, but there are also one or two days of volume and energy contracts.
Although it is not a hedging of real money, it is definitely enough to affect the direction of the market, and the fool also knows that Thunder has access to the interbank lending market of banks.
How many chips do you want, are you so blatant, are you not afraid of the wrath of the regulators?
You know, the sons of the central banks such as the four major banks can have some "technical mistakes", and it is okay to cause tens of millions of losses every time, and your mother will not spank you, but Thunder is private, and it is strange that you dare to try a line of three people who will not take turns to educate you.
"Stop" Lei Hao stuck the number of contracts in an appropriate position, and he also thought that things would unfold according to his intentions.
The agreement amount of 5.2oo billion, and the hedging position of 51o42, which changed slightly in the end, happened to be stuck in the throat of the market.
No matter how much it is, it will inevitably lead to a serious chain reaction, and this position is the most uncomfortable for others.
Lei Hao is equivalent to handing a knife to the regulators, asking them to swing this knife for the sake of financial marketization, and teach a small lesson to many financial officials who are still very old-fashioned.
With the passage of time, the first to collect complete information was the CBRC, then the first bank and the three committees all knew about it, then the entire mainland financial market knew about it, and finally the foreign-funded institutions also knew about it.
After getting a glimpse of the whole picture and analyzing it carefully, everyone was immediately very surprised and expectant.
"Well done, China Lei is stirring the nerves of the regulatory side."
People from foreign institutions are excited.
"What does that mean, betting that the regulator won't inject liquidity into the market" "Forcing the central bank with contracts" "Lei is always bold" It doesn't seem to be a nerve-wracking profit and loss range, but it faintly reveals the ultimate goal, and the financial circle is suddenly boiling.
Yes, there is not much money, but the opinion of the representative is very resolute, I just bet that you will not make a move, I just let you have scruples about making a move, and the good marketization is said to be marketized three times and twice, and the document says that it is market-oriented and deleveraging, and now it is time for you to make a choice.
Everything is ready, only the east wind is owed, and Lei Hao finally ignited a fire in his heart.
To be continued
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