Chapter 038 [The first day of working with a certificate]
Monday, March 16th.
This morning, Lu Ming's business car arrived under the Hualian Building. He got out of the car and went straight to the company's headquarters. Today was his first day with a license to trade Tiansheng Pioneer Hybrid Fund.
It is worth mentioning that so far, the subscription amount of Tiansheng Pioneer Hybrid Fund has exceeded 78.5 million, which is nearly double the current fund size.
However, it is still just a floating data, because the members can still cancel it before 15:00 in the afternoon.
For over-the-counter funds, the fund manager cannot buy constituent stocks with the funds that investors subscribe for that day, because the invested funds need to go through the "special settlement account" before they can be transferred to the custodian bank corresponding to the fund.
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It is also worth mentioning that the number of subscriptions for Tiansheng Pioneer Hybrid Fund is still increasing so far, almost doubling the size of the existing fund.
Subscription on the same day will never affect the net value of the day. This is the principle of fund operation.
Because today's net value of the fund is first known, today's new subscription funds will be confirmed according to this net value. When calculating today's net value, today's subscription is not included. Simply put, it is the T-day subscription and does not affect the T-day net value.
But it can affect the net worth on T+1 day, and the larger the subscription amount, the greater the impact.
It can be seen that the Tiansheng Pioneer Hybrid Fund currently has about 80 million, but the new funds subscribed today have exceeded 80 million.
Assuming that Tiansheng Pioneer Mix is now 100% full, the funds subscribed on T day will start to enjoy benefits on T + 1 day, which means that the positions of investors holding shares are immediately reduced by 50%. At this time, for fund managers
It is necessary to use the newly incoming subscription funds to buy constituent stocks as soon as possible to fill the position again.
For Lu Ming, no matter how large the subscription scale of Tiansheng Pioneer Hybrid Fund is today, he will not be able to buy constituent stocks and operate. Today, he can only operate the 80 million funds currently on the plate.
…
It was almost nine o'clock when Lu Ming arrived at the company and rushed directly to the area where the trading room was located.
He is the only fund manager who comes to work at the company so late. The company currently recruits three professional fund managers, and more fund managers will definitely join in the future. They all arrive at the company around 7:30 in the morning, and...
You have to hold morning investment meetings to check domestic and overseas markets, news and other things.
Of course, they haven't taken care of fund products yet because they are still in the design and application stage.
None of these things exist here in Lu Ming. He operates funds, and he won’t engage in these things unless the amount reaches tens of billions, because below tens of billions, what he does is speculative operations of "day alms", and
They all got on the train halfway through the day.
…
The trading room is an absolutely forbidden area at the headquarters of Tiansheng Fund Company, and entry and exit of the trading room will be strictly restricted.
How to ensure the safe and orderly entry and exit of capital markets worth hundreds of millions or even tens of billions? As the core department of a fund company, the trading room is definitely a forbidden area.
There is no doubt that the trading room is one of the most core departments, and no unrelated personnel are allowed to enter.
Tiansheng Fund Company is not large in scale now, but it is definitely a formalized and standardized public fund company. Everything is strictly implemented in accordance with industry regulations. It is impossible for Lu Ming to engage in rat-trading behavior.
In order to strengthen risk management, as a fund manager, there is a strict set of procedures from when he issues an order to buy and sell stocks to when the trader executes his order.
After the order is issued in the trading room, the order is conveyed to the Zhongyang trader through the computer system, and then the Zhongyang trader is assigned to the trader for execution.
Each link has strict procedural requirements.
In addition to the access control system at the company gate, Tiansheng Fund Company also has an access control system in the second place inside the trading room. In addition to the relevant staff of the trading room and the general manager and deputy general manager of the company, other places can enter and exit. All personnel are restricted from entering, including other mid-level and senior-level employees within the company. They are also not allowed to enter or leave the trading room.
At this moment, there are three traders sitting in front of their computers in the Zhongyang Hall of the trading room. There are still many working seats for traders in the hall, and other seats are vacant. Three traders are enough now.
They stared at the market conditions on the computer screen carefully. There were still 5 minutes left before today's collective bidding, and the current time was around 9:10.
These three traders are all young, the youngest is only 25 years old and is still a girl.
Public fund trading is subject to extremely strict supervision. As a fund manager, Lu Ming handed over his mobile phone when he entered the trading room. Because the mobile phone involves public funds and the richest source of information in the entire market, the strictest supervision is used.
Anything that involves the public will be subject to the highest level of supervision, just like public artists who are involved in duplicity will be banned.
There is another historical reason for such strict supervision today, and that is the super bull market driven by share reform from 2005 to 2007. At that time, there were indeed major shareholders of listed companies driving a fund manager to the suburbs and saying that if they were willing to invest, If you vote yes to the share reform, everything in the trunk of the car will be yours.
Historically, public fund managers once had very powerful powers, so they are now facing increasingly strict regulations.
Today's public fund managers not only have to hand over their mobile phones during trading hours, but there must also be cameras at their desks in the trading room, and some data and information are also tracked regularly.
An even more amazing supervision than this is the introduction of big data technology. In his last life, Lu Ming visited two major exchanges to visit the real-time monitoring halls. The big data monitoring system is so powerful that it can handle all related transactions, reverse transactions, and manipulative orders. Real-time alarm monitoring can even track related accounts across the country.
The reason why it is so powerful is that T+1 and the account real-name system allow supervision to publicly see all the details of all trading accounts in the entire capital market. It can be called the eyes of the capital market. In this supervision system, no transaction is unknown. Escape.
The most interesting thing is that this supervision system has actually experienced excessive performance very early. It has nothing to do but run historical data, which can even be traced back to various penalty cases five years ago.
With the rapid development of big data and artificial intelligence technology, the old days of going to rural areas to buy dozens of ID cards and opening accounts all over the country are long gone.
Lu Ming's Tiansheng Fund naturally strictly abides by regulatory regulations. During working hours, fund managers, traders and other staff not only have to hand over their mobile phones, but even making landline calls and sending and receiving MSN messages are under strict supervision by the company's supervisory department.
In addition, the company also has a strict monitoring system for the investment securities of immediate family members of fund managers. All employees are required to report the ID number of their immediate family members for inquiry before joining the company.
…
The time has arrived at 9:15, and today’s collective bidding officially begins.
Lu Ming is sitting in his trading office, with multiple screens in front of him showing the market conditions of the capital market. In such a professional trading room, it can indeed make it easier for him to read the market, and the richness of information obtained per unit time is also high.
More.
At the same time, the traders in the Zhongyang trading room are now staring at the market attentively, and are also waiting for Lu Ming to send them trading instructions.
As the collective bidding began, the three traders became more and more focused. If they missed the trading opportunity when executing the fund manager's trading instructions, they would probably lose hundreds of thousands of yuan or more in the blink of an eye.
80 million missing one point of time-sharing fluctuation means a loss of 800,000. If it is 800 million, it is 8 million.
As the time came to 9:22:30, Lu Ming, who was sitting in the trading office, issued the first instruction: "Close 30% of all positions, bid out, place orders at the last minute, and continue to close at the opening."
Lose 30% and close the position by selling 10% at a time.”
Fortunately, the size of the current capital market is small, less than 100 million, and the size of individual stock positions is not large, ranging from several million to tens of millions, so it is easy to close the position.
Today’s operation is to adjust positions and exchange stocks. All the constituent stocks currently held by Tiansheng Pioneer Mixing will be replaced. However, the minimum position must be maintained at 30%. The current conditions are not enough to trigger the short position standard, so the last 30% of the positions must be closed.
To exit, you must first rotate to buy new constituent stocks to maintain the total fund position above 30%.
