Chapter 973 [CME: Not counting, start all over again]
Mr. Wang made it clear that he should not even think about getting the money back, as this was impossible.
However, Wanxiang is interested in buying the oil in your hands, and can even offer a premium of more than 20 US dollars. The current oil price is around 10 US dollars, and I will give you double the premium. You can transport the oil to me and buy it.
Wanxiang can pay for the freight, oil storage fees, labor costs, etc. during the period. As long as the oil is shipped out, the remittance will be settled immediately. There is absolutely no such thing as accounts payable.
It is worth mentioning that Wanxiang Group has previously negotiated a right of first refusal with its partners on oil contracts. The main content is that if the oil price is below US$30 per barrel, Wanxiang can exercise the right of first refusal.
At this time, it will be difficult for CME Group to deal with it, because there are only two ways to go.
One is to abide by the rules of the game, then you can only admit this loss, accept the fact that someone has stolen your butt, and then Wanxiang comes back to buy oil, because Wanxiang’s partners actually don’t dare to store oil for too long.
You have to pay for it yourself, and I don’t know how long oil prices will stay low.
For enterprises, the current oil price is almost a "catastrophe" for North American energy companies. The current ultra-low crude oil price is enough to "annihilate" North American oil companies. Among more than 100 North American crude oil companies, they can do this at this time.
Only five companies, including Exxon Mobil and Chevron, are profitable, and the minimum profit standard they have given is that the oil price should reach US$31 per barrel.
Therefore, if you abide by the rules of the game, then Wanxiang will come back and buy oil using the right of priority. North American oil companies will never offer more than 30 US dollars per barrel, and they will not ask for it even if it is reduced to 15 US dollars per barrel. Wanxiang's
The partners want to ship, and at this time, the only buyer that can offer the highest price is US$30 per barrel, Wanxiang.
If we abide by the rules of the game, then these 100 million barrels of oil will really be bought by Wanxiang and shipped back to Greater China.
This is obviously a blood loss for the American side.
The other way is to cheat. Yesterday's oil price fluctuations are not counted. The data will be read back to the closing price of WTI crude oil at $18.27 per barrel on April 17, and the process will start again.
But as a result, Wanxiang's partners refused to agree at the first place. They paid 4.092 billion US dollars in real money in advance. Wanxiang has already taken the money and ran away. They now know very well that it is almost impossible to come back.
possible.
If you don’t count and start over, you’ll lose more than 4 billion US dollars! Is this even worth it?
In addition, CME Group will face a big problem if it cheats. If the settlement and delivery of TAS on April 20 does not count, will the money lost by Yuanyoubao have to be returned to others? What about the liquidated contracts?
Do they all have to be returned to others?
If you say you want to do it over again, it won't count. Of course you have to give it to others again.
It can be seen that the two paths facing CME Group are extremely difficult no matter which one they choose.
Late at night in China at around 3 a.m., heavy news came from North America from the CME Group. The CME Group issued an emergency announcement saying that the negative oil price on April 20 was due to an error in the IT code of the new system and a problem with the software programming.
Therefore, the transaction data on April 20 does not count.
After all, it was a fool's errand.
As soon as the news came out, global investors and netizens were dumbfounded!
…
The next day, Wednesday, April 22nd.
The CME Group issued a so-called emergency announcement overnight, causing the negative oil price incident of WTI crude oil to reverse again.
Putting the matter down to the so-called system error, no discerning person would know that he could not afford to lose and would have to default on the debt. All this was because Wanxiang Group unexpectedly stole the money behind the scenes, otherwise there would be absolutely no so-called system error.
But as soon as this emergency announcement from the CME Group came out, investors who had suffered heavy losses on Yuanyoubao and the platform saw hope.
Since you said it was a system error and you had to read the retracement, Yuanyoubao's loss and loss cannot be counted either.
On the same day, as soon as the announcement came out, Zhongxing began to negotiate with the CME Group.
The CME Group responded by first admitting that there was a system error, so Yuanyoubao's losses from liquidating positions naturally cannot be counted, but the premise is that Wanxiang has to return the money before it can calculate the losses and return them to you.
Good guy!
This made Zhong Xing very angry. It was clear that he was trying to act like a gangster again. Regardless of whether Wanxiang was willing to return the money, even if he returned the money, it would definitely cost less than a penny.
CME Group is no longer cheating, it is shameless.
Besides, why should investors pay the bills? It is absolutely impossible for Wanxiang Group to return the money. If there is a system failure in your exchange, the loss should be borne by your exchange.
In fact, CME Group is aware of these problems, but it still cheats.
There is no other way, Wanxiang will come to get the oil if we don't cheat, and those partners will have to sell the oil in their hands, unless other North American oil companies are willing to buy the oil at a high price.
But what is the situation now? North American oil companies are about to explode. Who will pay a premium of US$3 billion to buy these oils at more than twice the market price?
It can only be cheated, there is no other good way.
It would be a huge loss for Wanxiang to take away the physical crude oil.
Just when CME Group announced its default, one of the banks or insurance companies that participated in the bet also went bankrupt. Oil prices have been negative for a long time, but I never expected that CME Group would ignore the damage to its credit.
There will also be a breach of contract.
What I thought was a sure-profit deal could be stifled by such a bet!
Wanxiang also acted quickly, cashing in quickly and then running away with the money. The gambling agreement this time was a theoretical profit of more than 4 billion U.S. dollars. The banking institutions that bet against it had no choice but to admit their losses.
They didn't dare to cheat and break the contract. Although they were a little painful from being suffocated, it wasn't so painful that they couldn't get out of bed.
Credit is their life, especially for small and medium-sized banks. Once they default, they will become untrustworthy institutions among other customers. The resulting run will be enough to make these small and medium-sized banks bankrupt in minutes. Even large banks cannot withstand the risk of runs, let alone them.
May be able to bear it.
They are different from CME Group, so they don't dare to take this risk and gamble their own credit. The gain outweighs the loss.
The key is that I lost money. Although my body hurt, it wasn't to the extent that my muscles and bones were broken. After weighing it, I chose to admit defeat.
…
The time comes for Saturday, April 25th.
This incident has been extremely popular. From the initial loss of Yuanyoubao to the dramatic turnaround, Wanxiang Group staged a counter-harvest operation that made domestic netizens say it was very enjoyable.
Immediately afterwards, the incident reversed at the speed of light again. CME Group could not afford to default on its debts. Everyone began to worry. Some people began to think that Wanxiang jumped too far and it was indeed a bit hasty. It stimulated the old United States and was counterproductive. It might not be easy to cook.
The cooked duck is about to fly.
With the default of the CME Group, this incident seems to have become unpredictable again and has become unpredictable. Everyone does not know what the final outcome will be, and they are also waiting for the new melon to be released.
And just at around 16:00 this afternoon, Uncle Dang once again broke new information.
According to online news, according to insiders within the Wanxiang Group who wish to remain anonymous, Wanxiang signed an agreement with its partners for the WTI crude oil 2005 contract. The physical crude oil will belong to the partners, and each barrel of oil will be discounted at US$37.63.
The money belongs to Wanxiang, and the partners directly advanced the money to Wanxiang after TAS.
So Wanxiang Group has already obtained real money and run away.
Even when the uncle party news broke, screenshots of the English version of the manuscript signed by Wanxiang Group and its North American partners were published on the Internet. Although it was in English, it could not be troubled by the omnipotent netizens, the "royal translator" on the Internet
"The English version of the manuscript was quickly translated into Chinese.
