People from all walks of life have also calmed down at this moment, making full use of these two days of free time to actively analyze the future development trend of the stock market and study various response plans.
The people who set up the financial investment department of the Future Investment Company and were not able to join the trading team are also doing this kind of work in addition to completing their daily work.
They either formed a group of two or three people and worked together, or one person worked alone. Before officially going to work today, they handed over the analysis reports they wrote to Qiao Wanting.
Everyone completes it voluntarily. The company does not assign this task to employees. However, employees in the financial investment department know that only by joining the trading team can they be considered the core personnel of the department. Otherwise, it means that their overall strength is insufficient and they can only
Let’s start with peripheral work.
In the lounge of the closed trading area on the 31st floor, Sun Dahai and Qiao Wanting were sitting on the sofa, each holding several analysis reports and looking at them quickly.
The video wall in front displays many different pictures, among which the real-time market conditions of the Tokyo Stock Exchange are scrolling in the most conspicuous position of the video wall.
According to the rotation of the earth and the definition of time zones, the Australian stock market opens first among the world's major stock markets every day. However, due to the underrepresentation of the Australian stock market, the Tokyo stock market, which opens one hour later, is the weather vane of the daily global market.
The Australian stock market opened first and continued the trend before the closing of last weekend. After opening slightly lower, it continued to decline slowly. The trading volume was very small and the decline was not very large, only one percentage point. The wait-and-see atmosphere was very obvious.
An hour later, the Tokyo stock market opened. The Tokyo stock market also opened low, but shortly after the official opening, some buying orders poured in, which stopped the inertial downward trend of the market in a short period of time.
This batch of buying should mainly come from the testing hands of listed companies to boost market confidence. There may also be some retail investors entering the market speculatively, preparing for a rebound.
Even if real institutions and mature investors are ready to speculate, they generally will not choose this time to enter the market.
In the face of a bearish market outlook and panic among people, unless there is a major positive event that drives the funds from all parties to form an upward force, any attempt to reverse the market decline will only lead to more funds on the market taking the opportunity to flee.
At this time, the Xiangjiang stock market was about to reopen in a few minutes after a four-day break, and the results of the call auction were about to come out.
Sun Dahai and Qiao Wanting put down the analysis reports in their hands and began to pay attention to the opening of the Hong Kong stock market. The traders in the Asian group of the trading group also temporarily put down other things in their hands and waited seriously for the opening of the Hong Kong stock market.
At this time, not only them, but probably everyone around the world who cares about the stock market is silently paying attention to the opening of the Hong Kong stock market.
The Hong Kong stock market has always been an important part of the global stock market. In the face of the stock market crash this time, the Hong Kong management agency responded with such an incredible method of closing the market.
Therefore, today the Hong Kong stock market resumes trading. Not only investors are paying attention, but also experts and scholars in the economic and financial circles of various countries and staff of relevant regulatory agencies are paying attention, hoping to learn some lessons from it.
In fact, what experts are most worried about now is the futures market. In the Xiangjiang Futures Exchange, many customers are long Hang Seng Index futures, and their positions are relatively heavy.
There are even many speculators who use financial leverage, loans and high-interest borrowings to increase investment in the hope of obtaining high returns.
Before the sudden stock market crash, many investors did not have enough risk awareness. In order to pursue greater profits, they almost did not formulate and implement any protective measures.
On October 19, the Hang Seng Index fell by 11% that day. Calculated based on the normal situation of paying a 10% margin, all investors who had been long in one direction before that, as long as their positions exceeded 50% and did not close on the 19th
If they leave the market with a loss and do not cover their positions, in fact, they have already lost their positions.
The so-called short position means that the fund balance in the customer's account is less than the floating net loss of all contracts held by the customer. The current situation is that the greater the proportion of net long contracts in the hands of investors to their own funds, the greater the loss.
many.
In other words, many customers who hold long orders in Hang Seng Index futures have not only lost all the funds in their accounts, but also owe a lot of margin to the Hong Kong Futures Exchange.
The Futures Exchange has certain preventive measures against this situation. When each customer opens an account, he or she will sign an agreement with the Futures Exchange, which stipulates that when the customer's account funds are faced with a liquidation, the Futures Exchange has the right to automatically force
Close position.
However, the stock market crash broke out quickly and deeply. Although the Futures Exchange had issued orders to force positions to be liquidated, most of the transactions were unsuccessful because there were no buying orders.
In other words, except for a very few lucky ones, the vast majority of long-term customers have not only been liquidated, but their positions have been completely destroyed.
Although some of these customers will make up for the losses in their accounts, there are certainly some who cannot afford such losses and declare bankruptcy.
In this way, the loss of margin is transferred to the Futures Exchange. The Hong Kong Futures Exchange adopts a corporate system, and its own financial situation cannot bear this loss at all.
The capital of the Futures Exchange is HK$15 million. As of the first half of 1987, the accumulated reserve balance was only HK$7.5 million, and this time it is expected that there will be at least HK$380 million in margin requirements.
Customers cover their positions. Among those who are unable to cover their positions, the Futures Exchange itself will bear a large number of losses.
The Heung Kong Futures Exchange was officially established just last year. Counting its predecessor, the Heung Kong Commercial Exchange, its operating history does not exceed ten years. Its main contract types are Hang Seng Index futures and options trading, which accounted for 87% of all transactions in 1987.
%.
Therefore, the deficit currently faced by the Hong Kong Futures Exchange cannot be borne by its own compensation mechanism alone. It must rely on the help of external funds to tide over the difficulties ahead.
Anyone with some financial knowledge now knows that the most dangerous key point is the Xiangjiang futures market. Without sufficient financial support, the Xiangjiang futures market will not be able to cope with this financial crisis.
Once such a situation occurs, futures brokers will sell a large number of stocks to cash out, which will inevitably cause the stock market to fall further, leading to the collapse of the entire Hong Kong financial industry.
This morning, the Hong Kong government has launched many rescue plans. The most eye-catching one is that the government has arranged a loan rescue of HK$2 billion for the Hong Kong Futures Exchange. Half of the funds are directly allocated by the government and the other half of the funds are provided by the futures exchange.
Shareholders of the stock exchange and stock brokerage companies will share the solution.
This bailout policy is quite targeted. By stabilizing the futures market, the government will ensure the stability of the Hong Kong stock market and Hong Kong finance, preventing a chain reaction.
