Lei Hao has a move, and there are naturally a lot of funds to follow the trend, but everyone has learned well, and he has been killed in front of the thunder pit so many times before, and now Lei Hao is not entering, and others don't even want to grab chips.
On Monday, August 28, when Thunder only sold more than 1,000 January stock index futures contracts a day, Chinese financial institutions such as Qingyu and Hanlong just ate some leftovers and had no intention of competing with Thunder, not to mention HSBC and Keda, they did not operate in the Chinese market at all.
How much is a thousand hands calculated according to the CSI 3oo index of 43oo points, the face value of each contract is 1.29 million, the minimum margin is 15, and the funds held by a thousand hands are less than 200 million.
It's just 200 million, the ghost knows if Thunder is going to pit his teammates again, Lei Hao doesn't hold tens of thousands of hands, and Hanlong, Qingyu and these institutions are empty-hearted.
HSBC and Keda's attitude is clearer, when Lei Hao is interested in shorting Nikkei 225, they focus more on the Japanese stock market, and China does not follow for the time being, because he knows more things, and the flow of certain funds cannot hide the old fritters in these international markets.
The Nikkei 225 is now at 19137, which also happens to be in the middle of the 50-day moving average, and the situation is very delicate.
The Nikkei 225 index futures are more complicated, and large institutions generally build positions systematically to absorb chips, for example, the two markets in Singapore and Japan are denominated in yen, and the United States is denominated in US dollars, and then there is a price difference between Singapore and Japan.
Add to that the fact that these markets have 6 consecutive near-month and 2o near-quarter monthly contracts, and the high cost of Thunder's funds to extend into the Japanese stock market, there are a lot of things to consider when shorting Nikkei 225 index futures.
The direction of the stock market and the fluctuation of the exchange rate are two important points.
Lei Hao has more troubles, the cost of shorting in Singapore is lower than the cost of entering the Osaka market in Japan, but the current Nikkei 225 index futures in Singapore are discounted relative to the spot, that is, after taking the short seller's order, go to the spot market to arbitrage, which is a feasible state.
Looking at it from another angle, Lei Hao wants to be short, and the positive basis will make him face more opponents, the reason is very simple, he has no funds to hedge with him, only operates in the futures market, and does not enter the spot market, resulting in him can only give others room for arbitrage.
The solution is very simple, there is a corresponding counterparty, or enter the stock market to sell short, but there is also the cost of funds entering Japan, if you are a normal person, you must need to find the right time.
However, the Thunder steadily absorbed 1ooo contracts in Singapore. 5oo yen or 5 US dollars per point, the minimum change unit is 5 points, calculated according to 19137, that is, 19135 or 1914o, each contract is worth more than 95,000 US dollars, the margin is negotiated with the futures brokerage company, and the minimum requirement of the exchange is 5, which is less than 48oo US dollars.
A thousand hands is actually a very embarrassing position, say less, it's really a lot, 5o hands or 25 hands even if it's a big order, the position limit is only 1oooo hands, you have to do 10,000 hands and have to do an account, 1,000 hands can not be considered less, say more, it's really not much, especially for a big institution like Thunder, the regular position is almost a thousand hands.
In the same way, China's stock index futures also have position restrictions, but China uses a position ratio limit, and the new regulations are not allowed to hold more than 1o of the total market position, that is, the total market position is 1o, and if you hold more than 10,000 positions in an institution, the regulator can directly force the liquidation.
However, for financial institutions, this is the reason why they are not listed, my fund flow is secret, even if you file a case for investigation, you may not be able to find out all my accounts, let alone not file a case for investigation.
Zhang San is Thunder, Li Si is Thunder, Wang Wu can also be Thunder, everyone plays like this, and it is difficult for the regulator to find out completely, because the bank is not a vegetarian, and they would rather pay a fine than give you a chance to check your accounts.
The escrow of funds is a product of the game between the financial circle and the regulators, and at present, this system relies on the strong credibility and background of the banking industry to reconcile the bilateral relationship.
On the 28th, the Asia-Pacific stock market closed in a narrow range, with all rising and falling, but all hovering at the median line.
However, the thunder's 1,000-hand position is terrifying.
Off-duty hours.
"Lei, our analysis of the Japanese stock market is that it fluctuates in a narrow range, and is optimistic in the long term, and in the short and medium term, Keda does not feel that the Nikkei 225 index has a downward trend."
Lei Hao sat in his office, holding a phone in his hand, and Nick's non-stop explanations came from the receiver.
In China's stock market, it is too difficult for foreign forces to participate, but here in the Asia-Pacific stock market, Japan, South Korea and other goods have not set up too many barriers to currencies such as the US dollar, and it is very convenient for institutions such as Keda and HSBC to participate in shorting Nikkei 225, but they have not moved.
Nick was taught a few times by Lei Hao in the early stage, and then picked up treasures a few times with Thunder, and now he is in charge of Keda's investment projects in the Asia-Pacific region, but as a financial practitioner, it is impossible not to calculate each other.
For example, this time Keda and HSBC did not tell the truth completely to the Thunder, and they still had the idea of both ends of the rat.
"Add our money and it will fall."
Lei Hao also accompanied this group of people to act, and said in a calm tone: "If you are worried about the problem of positions, just follow the rhythm of Thunder to build a position together." ” "But, Lei, Keda is a big institution, although I am only responsible for highly speculative funds, but it also takes a certain amount of time to get the approval of my superiors."
Nick's voice continued to come through the phone microphone.
"So, you decided to wait and see," Lei Hao asked.
"Well, I do think that way, Ray, I hope you understand, I need to be responsible for the funds."
Nick replied.
"Actually, I also want to see how much energy there is in the market, and if you don't participate, let me test it first."
Lei Hao said hypocritically. hung up the phone, but a smile appeared on the corner of Lei Hao's mouth.
It's true to wait and see, and it's also true to not be able to see the market trend clearly, but Keda and HSBC made it clear that they weren't telling the truth.
With the help of Taihe, Thunder may not be able to see the entry of peripheral funds into China, but HSBC and Keda will instead see some clues through other markets in the Asia-Pacific region, and then according to their own strong channel capabilities, they will naturally be able to draw some inferences as soon as they continue to explore.
I can't say for sure, but it's certain to have doubts.
These things are very important to the Thunder, but the two guys Keda and HSBC don't say it, they don't need to think much about what they have in mind, they must be taking advantage of the information advantage to get more benefits. however "You can't be sure, but I've been sure, when it comes to information superiority, who is bigger than me" continued to answer a few phone calls, and got similar answers from HSBC and Standard Chartered, Lei Hao was a little happy to calculate others
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