Now that the market is about to open, Sun Dahai has assigned Qiao Wanting and Laursen a task, requiring them to use multiple accounts to create 40,000 short orders within three days above 310 points in the S&P 500 index futures.
For S&P 500 Index futures, the price of each contract is points multiplied by 250. Since the 10% margin system is adopted, the margin required for each contract is 310*250*10%, which is US$7,750.
The margin for the 40,000-lot short contract is about US$300 million. Sun Dahai also asked Laurson to buy US Treasury bonds, with a limit of US$500 million.
The investment profit rate of the bond market is generally lower than that of the stock market, and it is incomparable with stock index futures. But the biggest advantage of the bond market is the large amount of funds. Central banks and large financial companies in many countries will invest in treasury bonds in the bond market.
trade.
Sun Dahai's US$500 million is no longer a small amount in the stock index futures market, and it can easily be discovered accidentally. But if the same money is thrown into the bond market, there may not even be a splash.
At 22:30 Hong Kong time, the Chicago Mercantile Exchange opened on time, and the S&P 500 stock index opened at 308 points, which was basically the same as last weekend’s settlement price. Then it slowly climbed up with the help of last week’s upward inertia.
More than half an hour later, the index reached 310 points. Laurson had already begun to take command from the center. The two trading teams were responsible for different accounts and opened positions at different prices with small quantities of 10 or 20 lots.
After several years of development, the daily trading volume of S&P (S&P 500 Index futures) is now worth tens or millions of hands. If Sun Dahai planned to complete the 40,000 short orders in one day, it would not be a big problem.
But for the sake of safety, Sun Dahai still asked Laursen to place orders in three days, with more than 10,000 and less than 20,000 lots per day, without showing off, and quietly entered the market.
The bond market is much simpler. The US$500 million is divided into two or three purchases and completed smoothly. Almost all of them are large investors. For orders of less than US$10 million, I am afraid that even the buyer cannot be found and will be mixed with other orders.
Deal done.
Sun Dahai stayed in the trading room until after midnight. Seeing that the market performance was stable, Laursen's command was appropriate, and the work of opening positions was proceeding in an orderly manner, he said goodbye to everyone, left the trading room, and went back to the hotel to rest.
On the morning of October 13, Sun Dahai came to the trading room on the 31st floor of the Future Building before the official opening of the Hong Kong Stock Exchange. At this time, Xing Wenyan's Asian team was busy in the trading room.
It is quite interesting to say that the Nikkei 225 Index futures were not first opened on Japanese exchanges. Instead, the Singapore Exchange took the lead in launching this stock index futures product in 1986.
Sun Dahai is mainly doing this product this time. The initial position building is the same as the US market, and it is also opened in three days. Sun Dahai does not need to say this. Qiao Wanting, who was present last night, will naturally explain it to Xing Wenyan today.
As the manager of the financial investment department, Qiao Wanting is not affected by the closed trading of the trading team, otherwise she would not be able to carry out normal work.
But she knows that the work of the trading team is the most important, so at this time, she will focus on the trading team's affairs and try to stay with the trading team as much as possible.
Yesterday, after Sun Dahai left, Qiao Wanting went upstairs to rest. Today she came down early and completed the handover between the two groups.
The trading team has had the experience of group operations across time zones before, so no need to say much this time, everyone knows what to do.
Since Sun Dahai has made it clear that he mainly focuses on the US market, then, unless he clearly stated it, the operation of the Japanese market is also based on the US market.
As a new product that was born just over a year ago, the daily trading volume of Nikkei 225 stock index futures is much lower than that of the S&P. However, Sun Dahai does not plan to invest too much here, ranging from 100 million to 150 million.
Ten thousand dollars is enough.
As for the Xiangjiang market, Sun Dahai hesitated for a long time and finally did not arrange for the company to enter the market for short selling. Again, short selling is too hateful. Sun Dahai planned to operate Xiangjiang as his own base, even if he did not make any money.
However, the trading team has a dedicated account, which Sun Dahai Investment allows them to make money freely. The trading team can use this account to operate freely while completing their own work.
Sun Dahai transferred 50 million Hong Kong dollars into this account and asked them not to exceed 30 million Hong Kong dollars when short selling. In the Xiangjiang market, this amount of money is inconspicuous, so it is treated as a hard-earned money for them.
Last night was the first day of trading for the American group, and Sun Dahai went there in person. So today, the Asian group started trading, and Sun Dahai also made a special trip to express that he would treat both groups equally, and there would be no distinction between which one is more important.
Qiao Wanting had already arranged all the work here. After listening to her introduction, Sun Dahai felt that there was no problem, so he didn't need to say anything more.
After the market opened, Sun Dahai looked at the market trend for a while and felt that there was no problem, so he left the closed trading area and returned to his office area on the 33rd floor to work.
Sun Dahai's office also had a computer, which was also equipped with a very advanced 5.25-inch floppy disk drive at the time. The computer contained major stock and futures data from major stock markets around the world. It was manually entered by a dedicated person from the Financial Investment Department, and all computers were updated with floppy disks.
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When Sun Dahai is not here, the data on his computer is updated once a day. When he is in Xiangjiang or has special requirements, the data will be updated at any time according to the closing time.
Sun Dahai has no interest in current computers.
There is no Internet access, and there is no entertainment at all. Sun Dahai can only use a computer to look at trend charts. Because the performance of current computers is not good, even the simplest additional analysis functions such as drawing lines cannot be realized, so Sun Dahai can only
I can make do with it this way.
When Sun Dahai saw the secretary delivering documents, he suddenly remembered that he had been in the company for more than an hour and had not seen Gao Yi, so he asked the secretary what Gao Yi was doing.
It turned out that Gao Yi had classes this morning, so he would not be able to come to the company until the afternoon. Sun Dahai then remembered that Gao Yi was only a sophomore, and if he wanted to have time freedom, he would have to stay until his senior year.
Just done.
What Sun Dahai didn't know was that the Chinese University had changed to a credit system since last year. Thanks to the foundation he laid in that year's preparatory course, Gao Yi got started quickly in his freshman year and gained a lot of extra credits. If this continues, it will be very difficult for him.
It is possible to graduate early.
Thinking of Gao Yi, Sun Dahai also thought of the bet that Gao Yi mentioned yesterday. He thought for a while and decided to call Feng Lina and He Lin to tell them that he had arrived in Xiangjiang and asked them to have dinner together in the evening.
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He Lin and Ye Haochen both agreed, and even Li Jiajie, who was usually in the mainland and occasionally returned to Xiangjiang, also agreed. But when they arrived at Feng Lina's place, problems arose again.