The increase in short selling will make technical arbitrage have room for operation, and other institutions will help sell chips and earn the difference, which is the cost that large funds must pay, and Thunder has also passed the level of staring at scattered and fragmented interests, and Lei Hao needs to analyze where to start selling with all his might. Pen & Fun & Pavilion www.biquge.info

However, there is still a problem, South Korea has restrictions on the number of positions in KOSPI20 index futures, and if the underlying stocks held occupy a considerable share of listed companies, there are also restrictions on selling, so Thunder not only closes positions to advance, but also needs to adjust the distribution of chips.

Sometimes, Lei Hao even needs to sign replacement agreements with certain institutions in overseas markets, which do not comply with Korean law but comply with the law of the place of registration, which is the so-called edge ball.

CDS, CFD, FRA and other contracts are accumulated like snowflakes, and the cost of large capital operations is very high, and the handling fee alone is enough for ordinary people to use for a lifetime.

The operation of financial institutions is unreasonable, and the ultimate goal is to pursue profits, and including Lei Hao, they all understand the significance of this confrontation.

"If you win, the annual report of that group of guys must be terrible, and in the coming year, the cost of reaching out to other places will increase, and if you lose, the preparation of several new projects will have to drag on for a while."

Lei Hao already felt a sense of restraint some time ago, not that the thunder was not developing fast enough, but after touching the ceiling, things that should come will always come, and you can't make a big move every time, because the amount of money is too large.

As soon as the amount of capital is large, your actions will be stared at, you are the big variable of the market, and there are always some things that cannot be avoided.

The benefits are not without benefits, as long as you can withdraw from the Korean market, what Asian Financial Investment Bank, KH International Bank, as well as Asia Thunder, LEI, Lei Hao has abundant funds injected into it, and set up a strong enough platform.

Thunder started out as speculation, but now, the construction of the platform is king, and a large amount of risk exposure can be independently given to the department in the investment field, and other areas can be made steadily.

From the unveiling of the target to the present, including Lei Hao, Lei Ting also feels that the group has begun to enter a period of calm again.

Negotiations have stalled slightly, the institutions are no longer wavering, but are firmly neutral, and the partners are following suitably, everything depends on whether the Thunder can win the confrontation between South Korea and Thailand, and at the very least, the Thunder must ensure that they can get out of the Korean market.

In summary, Thunder has also participated in many major financial events, and it can be said that there is no lack of experience, but at this time, Thunder, which used to be a company and is now a group, will enter a special mode: the investment department is important.

Under pressure, the time-tested trading department completed the task very beautifully, and with the helpless cooperation of the bulls and the strong assistance of the cooperative institutions, in just one week, the Thunder closed the $40 billion risk exposure.

At first glance, it seems that the Thunder have no positions, but in fact they hold a short position of $30 billion, and at the same time they hold the original bullish position of $30 billion, which is hedged on both sides and the risk exposure is closed.

At this moment, just a week after Lei Hao unveiled the direction of investment, the KOSPI index climbed to 2517 points, and fluctuated violently above 2500 points.

On Monday, November 20th, everyone knew that the last calm before the storm came.

When the risk exposure is completely closed, Thunder has many options, one is to withdraw directly and leave with the profits in the early stage;

the second is a bilateral increase, which means that the opponent's chips are not satisfied;

the third is to start selling bullish positions, suppressing the index and gradually exposing bearish risk exposure;

The fourth is to hold a wait-and-see position, anyway, there is money in hand, both bullish and bearish, with Lei Hao's trading ability, no one believes that he will lose money in the market outlook.

Lei Hao chose the fifth option, reducing the bullish position while he asked the trading department to continue to sell short, but the former was slower than the latter.

This means that Lei Hao maintains a bearish attitude towards the future, but at the same time does not think that now is the time to launch a general offensive, just like a war, now is the time for small troops to fight, and large troops still do not move.

"Sucking chips?" As soon as the thunder moved, other institutions learned about it through various channels.

"That's too confident."

"Why is Ray reducing his bullish position? Doesn't he need those chips to suppress the index? ”

"It doesn't make sense!"

There are many eyes focused on Thunder, and everyone in the industry knows that Lei Hao has always made amazing moves, but the choice of reducing bullish positions is really unexpected.

As a simple example, if you have a call contract of 100 million and a put position of 100 million, your exposure is zero, and when you need the index to fall, you are definitely short selling.

However, there are restrictions on short selling, even in the Korean market, where there are fewer restrictions on the qualifications and quotas for securities lending, tens of millions of chips require a more complicated contract signing process, not to mention tens of billions of selling orders at every turn, so the bullish position in hand will actually affect the power of suppressing the index.

With actual chips, you can form an offensive by selling them directly, but with funds in hand, it is easy to be constrained.

"Something is wrong." Anyone with a little brain can see that something is wrong, let alone the old foxes in the financial circle.

Inside the thunder, the atmosphere is also a little dignified, the middle and lower class people do not contact these strategic confrontations, but the people at the upper level know that Lei Hao's point of view is very simple in the end: drag!

"The longer it drags on, the better it is for us, if the bulls attack, then we can sell short at a higher price, and if the bulls still don't want to move, then drag it out!" Lei Hao knew that he gave outsiders the impression of being radical, but that didn't mean he couldn't use softer methods.

I don't move, because the index doesn't move, which is a good thing for me, and the answer lies in the year-end statement!

By the end of December, the year-end effect will appear, and a large number of institutions will need to close their debt positions, and if it drags on for a month, the downward pressure will increase.

Moreover, the bull market is not at its peak, but it is not a good phenomenon to stagnate and shrink the shock, especially when there is a large amount of money peeping.

For Lei Hao, the time for a decisive battle has come, but since there is a better index to fight for, why be reckless? I drag, I have the advantage.

Either you take the initiative to launch a general attack, or you suffer the feeling of being slowly tightened.

When closing the risk exposure, Lei Hao took the initiative, but during the decisive battle, Lei Hao laid down the defensive line, and then didn't say a word, just waiting for the opponent to rush up.

At this stage, it is called immovable like a mountain.