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……

Under the nest, there are no eggs.

On October 19, 1987, Black Monday, the top two on the Forbes 400 list of America's richest people, Tang Huan and Sam Walton's companies, Fangyuan Computer and Wal-Mart, directly evaporated billions of dollars in market value.

Industrialists suffered, and even investors were not spared – George Soros of the Quantum Fund lost more than $200 million in a single day.

Of course, there are also people of insight who have made a lot of money on futures and bonds through bearishness, such as Paul Tudor Jones.

No matter how sad and joyful the players are, the final result is borne by themselves, and the scope of influence is limited.

After recovering from the shock, the world's major trading markets have set trading limits to allow the electronic trading system enough time to clean up transactions, and at the same time help the central banks of various countries to gain a buffer time to mobilize a large amount of capital to inject into the market to bail out the market, thereby easing the panic in the market and avoiding the constant panic decline and the possible financial collapse that may follow.

Among them, as the first domino to fall, the trading restrictions in the Xiangjiang Exchange Market are the most aggressive.

In the early morning of October 20, 1987, the second day of Black Monday, Li Fuku, chairman of the Hong Kong Stock Exchange, after consulting with the Financial Secretary, the Financial Services Department and the Securities Regulatory Commissioner, obtained the consent of the Financial Secretary and announced that the Hong Kong stock market would be closed for four days from now on, that is, it would not reopen until the next Monday, October 26.

This makes the Hong Kong Stock Exchange the only one of the world's major stock markets to be suspended. This move is naturally intended to calm investors down and at the same time gain more buffer time to bail out the market.

You must know that at this stage, although the Xiangjiang trading market is prosperous and world-famous, there are too many imperfections.

Like what. A pattern like Xiangjiang. The stock market and the futures market, which are supposed to be opened under the same market maker, are now managed by two different companies, and the inconsistency between them is particularly prominent in certain market conditions.

Another example is the Hang Seng Index futures, which were launched on May 6, 1985, have been crippled, and as early as March this year, they were suspended because they fell by more than 100 points; By October, there were more than 80,000 open positions, and the margin value alone had exceeded HK$1.2 billion, compared with billions of financial risks, and the guaranteed share capital of the Heung Kong Futures Exchange was only HK$15 million.

It's just that not everyone supports Li Fuzhao's decision to suspend the market.

After all, the Xiangjiang stock market was closed for four days, which directly led to a large number of futures brokers being unable to perform their contracts, and the following Saturday and Sunday, a full six days, the anxious stakeholders could not take any floor trading activities, and could only watch the world's other major trading markets, wailing all the way down sharply.

It is conceivable that the suspension of the Hong Kong stock market for 4 days not only did not ease the panic of investors as desired, but instead accumulated negative energy, waiting for the moment of concentrated release.

In such a dire situation, on Saturday, October 24, the Association of Hong Kong Banks announced an interest rate cut, hoping that this move will restore investors' confidence; On the evening of the second day, the Financial Secretary of Hong Kong announced that HK$1 billion provided by the major brokers in the futures market and shareholders of Heung Kong Futures Company, plus HK$1 billion withdrawn from the Exchange Fund, would be used as a standby loan to support Heung Kong Futures Guarantee Limited and save the futures market from collapse.

However, in the face of the global stock market crash, all these efforts were in vain.

On Monday, October 26, the Hong Kong stock market, which had been suspended for four days, reopened.

As a result, it took only 15 minutes for the Hang Seng Index to fall by more than 650 points, and at the end of the day, it fell by a total of 1,120.7 points, a whopping 33.33%, making it the world's largest one-day decline ever.

At the same time, the futures index fell by 1,554 points. At HK$50 per point, there is a loss of HK$77,700 per futures index. This makes many futures holders unable to, or simply unwilling to fulfill, the contract.

If calculated based on 80,000 open interest contracts, this amount reaches HK$6.2 billion, which is far more than the guaranteed company can afford.

And the HK$2 billion announced by the Hong Kong Financial Secretary last night to save the guarantee company instantly seemed pitiful and ridiculous.

The Financial Secretary of Hong Kong, which has no way out, has once again allocated HK$1 billion from the Exchange Fund, together with HK$1 billion from the Bank of China, HSBC and Standard Chartered Bank, for a total of HK$2 billion, to form a new standby loan to continue to support Heung Kong Futures Guarantee Limited.

At the same time, the Hong Kong government began to mobilize major consortia in Hong Kong to work together to rescue the city.

……

"Tang, the situation in the Hong Kong capital market is very bad right now, the Hang Seng Index is falling every day, and there is no bottom in sight." On the transoceanic teleconferencing system jointly built by Hong Kong Telecom and Pacific Telecom, Hong Kong Governor Wilson chattered endlessly.

Tang Huan, who was fiddling with the pile of documents in front of him, replied seriously: "Of course I understand." I have been keeping a close eye on the situation in the capital market of Hong Kong. ”

Wilson snorted a haha and began to lobby: "I also know that the relationship between Qinhe and HSBC, as well as some consortia in Xiangjiang, has been complicated since the second half of this year. But after all, everyone is sitting in the same boat, and at this time of life and death, it is reasonable to abandon the past suspicions and tide over the difficulties together. ”

Tang Huan hummed noncommittally, "I still have this big picture." Your Excellency, you might as well say it bluntly, what do you need me to do? ”

"I don't know...... Wilson asked in a deep voice, "Is Tang currently rich in his hands and provides a sum of cash to support Heung Kong Futures Guarantee Co., Ltd." You know, this is the most direct and powerful initiative. ”

"Now that His Excellency the Governor has opened Chrysostom, no matter what, I have to do my part." Tang Huan was not very affectionate, and said directly: "I'll transfer 200 million US dollars first, is it okay?" ”

"Great." Wilson thanked him again and again with great joy, "That's the way it goes." Sino's Huang Zhixiang has arrived, and I must have a good negotiation with him. This person bought 10,000 futures contracts with a shell company through his own securities firm, and today, the loss has reached one billion Hong Kong dollars, but he plans to liquidate the shell company to pass the customs. Where does such a rule break put the Hong Kong government? ”

"It's a pretty big bet." Tang Huan smiled dumbly, and at the same time felt how Hong Kong Governor Wei Yixin was now anxious and put out fires everywhere.

"Tang, please take the time to come to Xiangjiang in the near future, heavyweights are needed here to boost morale." Before ending the call, Hong Kong Governor Wilson did not forget to remind him.

"Of course I'm going to enjoy the wonderful expressions of some people," Tang Huan muttered meaningfully, casually signing his name on the document.

……

The full text will be sent tomorrow morning. If you have opened the starting point of this chapter or Q_Q mobile client, you can press and hold the chapter name on the directory interface to download it again.

……

Under the nest, there are no eggs.

On October 19, 1987, Black Monday, the top two on the Forbes 400 list of America's richest people, Tang Huan and Sam Walton's companies, Fangyuan Computer and Wal-Mart, directly evaporated billions of dollars in market value.

Industrialists suffered, and even investors were not spared – George Soros of the Quantum Fund lost more than $200 million in a single day.

Of course, there are also people of insight who have made a lot of money on futures and bonds through bearishness, such as Paul Tudor Jones.

No matter how sad and joyful the players are, the final result is borne by themselves, and the scope of influence is limited.

After recovering from the shock, the world's major trading markets have set trading limits to allow the electronic trading system enough time to clean up transactions, and at the same time help the central banks of various countries to gain a buffer time to mobilize a large amount of capital to inject into the market to bail out the market, thereby easing the panic in the market and avoiding the constant panic decline and the possible financial collapse that may follow.

Among them, as the first domino to fall, the trading restrictions in the Xiangjiang Exchange Market are the most aggressive.

In the early morning of October 20, 1987, the second day of Black Monday, Li Fuku, chairman of the Hong Kong Stock Exchange, after consulting with the Financial Secretary, the Financial Services Department and the Securities Regulatory Commissioner, obtained the consent of the Financial Secretary and announced that the Hong Kong stock market would be closed for four days from now on, that is, it would not reopen until the next Monday, October 26.

This makes the Hong Kong Stock Exchange the only one of the world's major stock markets to be suspended. This move is naturally intended to calm investors down and at the same time gain more buffer time to bail out the market.

You must know that at this stage, although the Xiangjiang trading market is prosperous and world-famous, there are too many imperfections.

Like what. A pattern like Xiangjiang. The stock market and the futures market, which are supposed to be opened under the same market maker, are now managed by two different companies, and the inconsistency between them is particularly prominent in certain market conditions.

Another example is the Hang Seng Index futures, which were launched on May 6, 1985, have been crippled, and as early as March this year, they were suspended because they fell by more than 100 points; By October, there were more than 80,000 open positions, and the margin value alone had exceeded HK$1.2 billion, compared with billions of financial risks, and the guaranteed share capital of the Heung Kong Futures Exchange was only HK$15 million.

It's just that not everyone supports Li Fuzhao's decision to suspend the market.

After all, the Xiangjiang stock market was closed for four days, which directly led to a large number of futures brokers being unable to perform their contracts, and the following Saturday and Sunday, a full six days, the anxious stakeholders could not take any floor trading activities, and could only watch the world's other major trading markets, wailing all the way down sharply.

It is conceivable that the suspension of the Hong Kong stock market for 4 days not only did not ease the panic of investors as desired, but instead accumulated negative energy, waiting for the moment of concentrated release.

In such a dire situation, on Saturday, October 24, the Association of Hong Kong Banks announced an interest rate cut, hoping that this move will restore investors' confidence; On the evening of the second day, the Financial Secretary of Hong Kong announced that HK$1 billion provided by the major brokers in the futures market and shareholders of Heung Kong Futures Company, plus HK$1 billion withdrawn from the Exchange Fund, would be used as a standby loan to support Heung Kong Futures Guarantee Limited and save the futures market from collapse.

However, in the face of the global stock market crash, all these efforts were in vain.

On Monday, October 26, the Hong Kong stock market, which had been suspended for four days, reopened.

As a result, it took only 15 minutes for the Hang Seng Index to fall by more than 650 points, and at the end of the day, it fell by a total of 1,120.7 points, a whopping 33.33%, making it the world's largest one-day decline ever.

At the same time, the futures index fell by 1,554 points. At HK$50 per point, there is a loss of HK$77,700 per futures index. This makes many futures holders unable to, or simply unwilling to fulfill, the contract.

If calculated based on 80,000 open interest contracts, this amount reaches HK$6.2 billion, which is far more than the guaranteed company can afford.

And the HK$2 billion announced by the Hong Kong Financial Secretary last night to save the guarantee company instantly seemed pitiful and ridiculous.

The Financial Secretary of Hong Kong, which has no way out, has once again allocated HK$1 billion from the Exchange Fund, together with HK$1 billion from the Bank of China, HSBC and Standard Chartered Bank, for a total of HK$2 billion, to form a new standby loan to continue to support Heung Kong Futures Guarantee Limited.

At the same time, the Hong Kong government began to mobilize major consortia in Hong Kong to work together to rescue the city.

……

"Tang, the situation in the Hong Kong capital market is very bad right now, the Hang Seng Index is falling every day, and there is no bottom in sight." On the transoceanic teleconferencing system jointly built by Hong Kong Telecom and Pacific Telecom, Hong Kong Governor Wilson chattered endlessly.

Tang Huan, who was fiddling with the pile of documents in front of him, replied seriously: "Of course I understand." I have been keeping a close eye on the situation in the capital market of Hong Kong. ”

Wilson snorted a haha and began to lobby: "I also know that the relationship between Qinhe and HSBC, as well as some consortia in Xiangjiang, has been complicated since the second half of this year. (To be continued.) )