"How much did we short in total?"

Allan. Howard took off his trench coat and hurried towards the conference room surrounded by traders, asking as he went.

"1 billion euros, 1.25% of the shares, close to 5 million shares."

James. Whitehead immediately replied, "Things are very tricky, and based on what is known so far, there are up to 5.8% of the outstanding shares left in the market." Wednesday is the closing day for securities lending, and if we can't get enough shares on Monday and Tuesday, we're in big trouble. ”

"What about the floating profit in our account?" Allan. Howard's footsteps paused, and his face immediately became extremely ugly, "If we can't close all our positions, then what will be our most serious consequences?" ”

"In case of default, in addition to losing a lot of money, I am afraid that I will be expelled from the German market." James. Whitehead hurriedly restrained his steps, even then he almost hit his boss, and his face became equally ugly at the moment, "At the moment, we have a floating profit of close to 200 million euros, but basically we don't need to think about this aspect. As soon as the market opens on Monday, it is believed that the share price of the Volkswagen Group will soon rise to 200 euros, and even the opening may exceed this figure, and the floating profit may be swallowed up in an instant. ”

"What about the broker?" Allan. Howard took a deep breath and shook his head uncontrollably, "I'm afraid this aspect of Fuying is completely finished." Now it's up to the broker to react. ”

"So far, they have not called for the margin, but with our 2x leverage, I believe that the call for the margin will come soon tomorrow. But they don't have a good way, and they can't force us to close our positions, because they can't buy shares. "James. Whitehead said with some tears and laughter. This time, even the broker was trapped.

"Prepare a sum of money immediately and place a buy order when the market opens tomorrow." Allan. Howard has regained his composure," in addition. The broker's side should also actively communicate and be prepared to pay margin if necessary. I really didn't expect them to come up with such a move, so much to force the air! ”

"According to the wisdom of the Porsche family, they could not have come up with such a clever plan!" Another trader Adrian. Hilton took over and said, "I suspect the whole thing has something to do with the Tianyu Fund that appeared on the scene two days ago. Bell Stone. He is the only one who can plan such a large-scale case of multi-force shorting. ”

"But didn't he deny it in public?" James. Whitehead's brows couldn't help frowning, "It's impossible for someone of his level to lie in public, and the consequences of doing so are very serious." ”

"You've overlooked a little condition!" Adrian. Hilton pursed his lips with a somewhat disapproving expression, "What Zhong Shi said is that Tianyu Fund has nothing to do with the Porsche acquisition. But that doesn't mean he has nothing to do with the whole thing. You know, even if the super-rich man uses a little bit of his own money, it will be enough to plan the whole thing. He played a play on words. That's how the whole thing should be. ”

"Oh my God, this is horrible......" James. Whitehead thought about it, and what Bell Stone said publicly was indeed true, so that he realized the depth of the other party's scheming.

"According to your analysis, I think of someone!" Allan. Howard couldn't help but gasp, "Gentlemen, have you forgotten about Soros?" Come to think of it, the hedge fund community across Europe has not formed much of a feud with X-Spatial funds. But only the Quantum Fund and the Tianyu Fund have had a deep grudge, so it is very likely that they are coming for the Quantum Fund this time. ”

"Isn't this a bit of a conspiracy theory?" This statement is obviously far-fetched. Adrian. Hilton and James. Whitehead looked obviously disbelieving, "To collect such a large number of options, I believe that Zhongshi will not be able to do it overnight." But Soros has only appeared for a little more than half a month, and it seems that the time is unreasonable. ”

"God knows what's going on, I'm just talking about a possibility!" Allan. Howard tilted his head and thought about it, and suddenly realized a problem. "By the way, what is the size of the short position of the Quantum Fund? Will they also default? ”

"It's possible!"

Almost at the same time, Adrian. Hilton and James. Whitehead's eyes lit up. According to what they know about Soros, the hedge fund boss will either not make a move, or he will go all out. Especially in this kind of situation that sends an open signal to the entire market, Soros will not hold back. In this case, the situation faced by the Quantum Fund is probably much more dangerous than theirs.

It's just that this schadenfreude didn't last long, and the three of them didn't go on any longer. They are well aware that this time Blevin. Even if Howard Asset Management was able to close its position smoothly, the final loss would be very heavy.

What they didn't know was that even though they knew they were going to lose a lot, they were shocked when the numbers came out two days later.

……

"Give me a call from the president of the Frankfurt Stock Exchange!" On the private jet, Soros had just sat down and hurriedly ordered his assistant.

"Sorry, sir, I can't get through to the phone at the moment." Seeing that Soros was a little angry, the blonde female assistant could only persuade her, "But when the plane takes off smoothly, I will call you as soon as possible." ”

"Hmmm......"

Despite his impatience, Soros can only do so. He was half-lying in his seat, his eyes closed, but his heart could not be still.

True to Murphy's Law, the worst happened, albeit reluctantly, when the Porsche family announced their position, leaving the market with only 5.8% of the outstanding shares. For Soros, a big short with a short limit of up to 5%, this means that they have to buy the vast majority of the outstanding shares in the market to close their positions smoothly, and all this is obviously unlikely.

It's going to be a breach of contract!

Soros immediately realized the gravity of the situation, knowing that if he defaulted, the Quantum Fund would basically be equivalent to smashing his own signboard. Of course, in the event of a default, this also means that the Frankfurt Stock Exchange has smashed its own signboard.

In 87, the futures contract of the Hong Kong Stock Exchange could not be delivered, so that the chairman of the Hong Kong Stock Exchange was arrested after the anti-corruption storm, and the Hong Kong Stock Exchange also set up a leveling fund. In '95, the Singapore Exchange was unable to fulfill the contract. Not only did it lead to the collapse of the Bank of Bahrain, but it also ceded the largest market for the Nikkei Stock Average to the Osaka Stock Exchange.

All of this shows that default is not only a huge challenge for investors, but also a difficult situation for exchanges. Therefore, Soros believes that the president of the Frankfurt Exchange at this moment should be more anxious than his big bear.

"Buzz ......"

The turbine engine sounded, and the plane was quickly launched. It soared into the sky and soon disappeared into the blue sky.

"Mr. Soros, your call is connected!"

Unconsciously, Soros actually fell asleep, and when the sweet-looking assistant delivered the satellite phone to him, he was still a little confused, but the next moment he woke up, immediately took the phone, and said respectfully: "It's Kurt. William. Mr. Cole? Hello. I'm George. Soros, George of the Quantum Fund. Soros. ”

"I know who you are." The other party unceremoniously interrupted Soros's self-introduction, "Hello, Mr. Soros. Is there anything please? ”

Soros was stunned for a moment, but he didn't expect that the other party didn't even bother to say a word of greeting, so he asked directly. He ignores the jet lag, and anyone who is woken up by a phone call in the middle of the night will feel unhappy. It's natural to have a little emotion.

At the moment, Soros didn't have time to think about this, and hurriedly said: "That's the case. Mr. Cole, our Quantum Fund is now one of the largest shorts in the Volkswagen Group, but if we are forced to short by the Porsche Group, we will most likely not be able to close our positions, and we may default at that time. ”

"What? Default? ”

The other party's mood finally became normal, but he was still very dissatisfied. "Aren't there two more days? You just buy as much as you can in the market. How? Are you afraid of losing money? Didn't you think about it when you went short? George. Soros, it's so famous, but you called me, did you plan to let me open the back door? This is obviously impossible. ”

"No, no. No. Soros was respectful like a kitten at this time, without the slightest hedge fund demeanor, "Of course we don't care about losses, although there is an accident, we admit defeat." Merely...... It's just that the amount of our short position is a bit large, and it is more troublesome to close the position. Of course, we will definitely go all out tomorrow and the day after tomorrow to buy stocks in the market to close our positions. ”

"Trouble? What's the trouble? ”

The other party asked strangely, "Mr. Soros, can you tell me how much share you are shorting?" ”

"This ...... This ......," Soros squirmed for a long time before finally reluctantly saying, "We shorted about 4 billion euros of Volkswagen Group's shares, accounting for about 5% of the total share capital. And now the total circulating share of the market is only 5.8%, and I am afraid that even if the Quantum Fund goes all out, we will not be able to close the position on time. ”

"What? How did you guys short so much? ”

It's called Kurt. William. Cole's president of the Frankfurt Stock Exchange gasped and realized the gravity of the situation, "God, how did you get so many stocks?" ”

"This ......" Soros stammered again, but now the situation is involuntarily, after a long time of struggle between heaven and man, he still decided to tell the whole story, "I borrowed shares from the executives of the Volkswagen Group." This point is recorded on the exchange, and there is no element of violating laws and regulations. ”

He did not disclose which executive it was, and the other party did not ask again, which made Soros breathe a sigh of relief.

"We are also studying the specific situation of the development of this matter, but until the moment of the final default, we have no way to express our position."

After a long silence, Kurt sighed and comforted the other party, "What you need to do now is to buy as many shares of the Volkswagen Group as possible from the market in these two trading days." At the time of final delivery, if there is a default, the exchange will come forward to negotiate the matter. Of course, exchanges will not sit idly by and watch a default occur. In any case, the position of the Frankfurt Stock Exchange is unshakable. ”

As the president of an exchange, Kurt. William. Cole naturally knows how hard a default can hit an exchange's business, so in the end, even if he issues an executive order, he wants to avoid a default.

"It's best that way." Soros was overjoyed and praised the other party again and again. However, he quickly changed his words and led the topic in another direction, "Mr. Cole, I believe you know better than me that this is a typical and bad long short forcing incident, and whether or not there is market manipulation or not, just this kind of non-public option contract behavior is a serious deception." I think the Frankfurt Stock Exchange should take action, act now, and crack down on this kind of behavior! ”

"On this issue, I won't bother Mr. Soros!" Kurt. William. Cole snorted, "If nothing else, I'll hang up first." ”

After speaking, ignoring Soros's call on the other end, he hung up the phone with a "bang". (To be continued......)

PS: Thank you to the book friends Xiaoqi Civilization Miracle, everbondjack, seanju1, Xiaoxiaoquan, Chen Zhiao, Hu Lingfeng and other book friends for voting for the monthly ticket! By the way, I would like to thank my friend Hiroshi Han Jiang for his continued support! Although there are many difficulties in writing a book during the holidays, the author will try his best to persevere, and strive to live up to the enthusiasm of so many book lovers for this book.