According to the law of the market, the highest price wins, and it is very normal for a contract to negotiate with many institutions. Pen ~ fun ~ pavilion www.biquge.info

No one knows how many contracts the counterparty wants, but some people are further optimistic about Shibor, which is a certain thing, coupled with the further tightening of the liquidity of the capital side, the index may be further pushed up, but the pressure on the appreciation of the US dollar has also increased, which is equivalent to the relative depreciation of the RMB, whether the change in the exchange rate will lead to the recovery of liquidity in the local currency market, is a proposition worth considering.

There are central moms inside, exchange rate fluctuations outside, and various variables are mixed together, resulting in little change in Shibor.

On Wednesday, July 19, Lei Hao got the figure of about 5.1%.

The average hedging position is around 5.1%, of course, 1 day, 7 days, 14 days and 21 days of Shibor are definitely different, but after 14 days to equalize, it is 5.1037%, and the agreement amount is not far behind, 520 billion.

"Calculated together, for every 1% fluctuation, the base is 520 billion, which is close to 200 million profit and loss." Lei Hao immediately calculated the number in his heart.

"The LEI has invested 20 billion dollars in the base of the US dollar...... The US dollar, with an estimated profit margin of 0.27%, can also have 54 million US dollars, and in terms of RMB, it can have about 360 million. ”

"The Asia-Pacific foreign exchange mixed market also has some chips, and tens of millions of dollars are still in the account."

"There are some gains on the books on the stock market, tens of millions of yuan? But not enough to get out. ”

"The futures market, the bond market and other places should also have some gains, plus those of quantitative hedging, it is still not more than 100 million, the amount of energy!"

Lei Hao quickly calculated the various benefits of Thunder and LEI, and at his current stage, it was no longer enough to invest in a single market.

The amount of funds is too large, you can't say which index fluctuates too much to invest in, you can only say that Shibor fluctuates the most, and Lei Hao spends the most effort here.

Moreover, data like Shibor, its fluctuations are affected by other markets and will be fed back and affect other markets, such as money market funds, bond interest rates, etc., which is also a place to invest.

However, strictly speaking, Lei Hao is unilateral, that is, using more complex theories to explain, he is doing structural unilateral hedging.

Shibor soars, bond market interest rates rise; The U.S. dollar exchange rate is rising, the renminbi is falling slightly, and other currencies are falling slightly; The stock market rose but did not have the amount of energy, the futures market fluctuated in a narrow range, the price of precious metals adjusted slightly downward, and the median price of crude oil fluctuated...... One index affects another, but each index can be analyzed independently.

This is the financial market.

The U.S. dollar is the largest, and Shibor is the most volatile, so the expected return on the LEI side is not as good as the domestic side, and more importantly, the operation of Shibor may allow the central bank to test the financial weather vane: marketization!

The financial departments of ICBC and China Merchants Bank immediately cheered, and according to the agreed price difference of 2 basis points, the working group responsible for helping Thunder collect chips can get 0.02% net interest income.

In other words, 520 billion multiplied by 0.02% divided by 365 times 14, almost 4 million net income, just two days, is enough.

Thunder's trading department is very hard, they operate with partners on the same spot, after each contract is signed, they have to sign on behalf of Thunder, and then quickly take it back to the headquarters to go through the procedure, and the department leaders who need to sign through, including Lei Hao, sign softly.

More and more contracts are signed, and the counterparty knows that there is a problem, no matter how stupid it is.

Sometimes, when it is clear that the figure given by the party is less than 5.2%, and the figure of 5.0% is clearly set by other institutions, why can the contract be established? How many contracts are there in the market? There's definitely something wrong with that.

But if you don't sign, others will sign, the contract is negotiated at the same time, the market trend is given by the research department to give a certain amount, there is an expected profit margin, it doesn't matter if the counterparty position is doubtful, you buy scattered, buy more, it means that you are under more pressure, why not sign?

Sign!

"Mr. Lei, 100 billion." At 3 o'clock in the afternoon, Zhao Lichen called to report.

"Mr. Lei, 300 billion ......" At 4 o'clock, Zhao Lichen came over to explain in person.

"Mr. Lei, 500 billion!" At 5 o'clock, sweat oozed from Zhao Lichen's forehead.

Yu Rong, Xiang Yongze and others also began to feel nervous, and in a trance, what Lei Ting did was fully revealed: to be a banker.

According to the daily trading volume of more than 100 billion yuan in the interbank lending market, the amount of Thunder's agreement is enough for four or five days, of course, the trading at the end of the month and the beginning of the month is a little active, but there are also one or two days of volume and energy contracts.

Although it is not a hedging of real money, it is definitely enough to affect the direction of the market, and the fool also knows that Thunder has access to the interbank lending market of banks.

How many chips did you take? What do you want? Are you so blatant that you're not afraid of the wrath of the regulators?

You know, the sons of the central banks such as the four major banks can have some "technical mistakes", and it is okay to cause tens of millions of losses every time, and your mother will not spank you, but Thunder is private, do you dare to try? It's a strange thing that three people don't take turns to educate you.

"Stop!" Lei Hao stuck the number of contracts in the right place, and he also thought that things would develop according to his intentions.

The agreement amount of 520 billion, and the last slight change of 5.1042% hedging position, these data just stuck in the throat of the market.

No matter how much it is, it will inevitably lead to a serious chain reaction, and this position is the most uncomfortable for others.

Lei Hao is equivalent to handing a knife to the regulators, asking them to swing this knife for the sake of financial marketization, and teach a small lesson to many financial officials who are still very old-fashioned.

With the passage of time, the first to collect complete information was the CBRC, then the first bank and the three committees all knew about it, then the entire mainland financial market knew about it, and finally the foreign-funded institutions also knew about it.

After getting a glimpse of the whole picture and analyzing it carefully, everyone was immediately very surprised and expectant.

"Well done, China Lei is stirring the nerves of the regulatory side." People from foreign institutions are excited.

"What does this mean, betting that the regulators won't inject liquidity into the market?"

"Forcing the central bank with contracts?"

"Lei is always so courageous!"

It doesn't seem to be a nerve-wracking profit and loss range, but it faintly reveals the ultimate goal, and the financial circle is suddenly boiling.

Yes, there is not much money, but the opinion of the representative is very resolute, I just bet that you will not make a move, I just let you have scruples to make a move, and what about marketization? Three times and two times issued documents talking about marketization and deleveraging, and now it's time for you to make a choice.

Everything is ready, only the east wind is owed, and Lei Hao finally ignited a fire in his heart. (To be continued.) )