As for the prospects of the U.S.-Japan negotiations, the hedge funds have made a big bet on the yen, but who would have thought that the Japanese government would really be hard-hearted, and the result is that they have lost huge losses, and the quantum fund alone has bet as much as $8 billion on the yen, losing $650 million in the two days of February 9 and February 12. In addition to the losses on yen futures, there are also a number of premium premiums.

The position of the Quantum Fund in the yen this time is comparable to the position established during the attack on the pound, and the result is very different. However, the quantum fund has a lot of money and has made a lot of money in the European bond market, so it has no big problems in terms of liquidity and profitability, but other hedge funds have big problems.

As a result, hedge funds hold a large number of bond futures positions, some of which also hold long-term bonds, and then also hold huge positions in yen shorts, first the Fed raised interest rates, which made them lose a handful of bond futures, and then a large loss of yen futures, which made their originally small funds a little clumsy.

If they hold their current position in the yen for a long time, then they may return to the original exchange rate level, because the Bank of Japan will not sit idly by and watch the yen appreciate, but it is not known when it will be, and no one knows whether the yen will continue to appreciate in the future, so they can only admit to leave the market for the sake of safety.

In Hong Kong's internal system at X-Spatial Capital Management, the net value of X-Spatial Global Macro and X-Spatial Commodities has come out. It is shown at 1.07, which means that in less than a month, these funds have made a profit of $70 million.

However, in addition to the net value, no one else can see the specific situation of the position, which is also where Zhongshi is clever, if these shrewd traders and fund managers know the specific situation, it is okay once or twice, but there will be problems if there are too many times.

"Oh my God!" A researcher who had invested in an in-house fund was the first to notice this and immediately shouted out in a gaffe: "It's only been a long time, and I've made so much money." If only according to such a profit method. Wouldn't that be doubling by the end of the year? ”

"What's the situation?" Hearing his shout, the other researchers also hurried over, and four or five people watched the screen for a long time, only then did they find the change in net worth at the bottom. "What kind of fund is this? How did you achieve profitability in such a short period of time? ”

These research teams have only been established for a short time. The use of funds is still in its infancy, and the most used fund has not yet used more than half of its funds, as shown above. Half of $100 million is $50 million, and a profit of $0.07 is $7 million, which is 14% of the proceeds in proportion to the funds used.

These thoughts flashed through the researchers' minds, and they were stunned. But the researcher who first noticed the change in net worth surprised them even more: "No, it's not those funds, it's global macro and commodities." ”

"Huh? Are these two funds? After being silent for a long time, one of the researchers who reacted first muttered to himself, and then seemed to remember something, and asked the researcher next to him in disbelief: "I heard that the total size of these two funds is one billion dollars, is it true?" ”

"It seems to be...... the researcher who was asked smacked his lips and subconsciously muttered: "The principal of one billion dollars, earning 7% of the income, that is 70 million US dollars......" I have to say that even industry researchers, what they do every day are very different from those of traders, but after all, they are in the financial industry, and their sensitivity to numbers is not inferior to those of their fixed-income peers. The researcher immediately reacted: "Seventy million dollars, isn't it...... Isn't that equivalent to the size of our entire fund? ”

Several other onlookers nodded, obviously agreeing with his statement, but they knew very well that this was because of the large scale of the fund, so a slight change in income was a change of tens of millions of dollars, and the actual rate of return was not so scary.

"In my opinion, it should be from the bond market, hasn't the Federal Reserve raised interest rates recently, and it is said that the yield of the long-term Treasury bond market has begun to rise slowly, and only this market can accommodate so much money!" One researcher said in a nutshell.

"This is not necessarily, maybe it is in the crude oil market, the price of international crude oil has fluctuated very much recently, maybe it is a short-term entry, and it has seized a band. Besides, the crude oil market is so leveraged, maybe it won't take much money to ...... at all."

"Don't be stupid, how is it possible! If these are floating profits, then wouldn't it be possible to disappear in two days? In my opinion, maybe it comes from the appreciation of the yen, and you can make so much money just by making an over-the-counter option, who would have thought that the Japanese would be so tough? ”

"I'm afraid you're not right, it's possible to invest in gold, the bond market is unlikely, although yields have risen, but they haven't risen to that point yet, and whether the Fed will continue to raise interest rates next is not certain, it's too early to say that it has entered the rate hike channel. In the market that has fluctuated so much recently, the only thing left is the appreciation of the yen, and there is too much uncertainty on the yen, so if you manipulate the commodities a little......"

"In my opinion, it could be a copper ......"

None of them could convince anyone, and after a heated debate, they didn't come to a definite conclusion, but that's easy to do, just wait for the next trading day to refresh the net worth. Because if you invest in the commodity market, there will definitely be open positions, and the profit situation will change with the change in price, and then you will understand. At the same time, several people also agreed to observe several markets with large trading volumes, hoping to find out which market has the closest volatility and changes in net worth.

It's just that there is a misunderstanding in their thinking, that is, in such a short period of time, these funds can only be invested in a single financial product. Therefore, these people are all smart to find out the specific situation of the position, but how can Zhong Shi let these people see it? Not to mention that most of the funds of these two funds are self-owned, and even the net value is released at his behest.

Sure enough, in the days that followed, the researchers carefully watched the changes in the net value of the two funds, and found that there was no change at all, and they came to two conclusions after private discussions, either the money was already in the pocket, or the person in charge of the fund deliberately did not disclose the net value.

"I heard that these two funds are only open to our own people, is this true?" At the end of the day's work. A few researchers gather in a bar in Lan Kwai Fong.

The bar was buzzing. The lights are bright, young men and women sway their youthful bodies wantonly, making all kinds of provocative poses, and this is a famous place in the city to hunt for beauty. I often haunt some very high-quality working men and women.

These researchers came here to pick up girls as soon as they got off work. Practitioners in the financial industry are under great pressure to survive. Therefore, the indulgence after work is even crazier, and those who work on Wall Street are more terrifying in their way of decompression, and some of them play extreme sports. There are crazy promiscuity, and there are even people who drink and take drugs.

"Yes, didn't you say it all when you first came in?" A young man with waxy hair said disdainfully: "But I still don't believe it, now it seems that our boss is really powerful, this is clearly giving us benefits!" ”

"But ......" the person who spoke shook his head and said worriedly: "To say that our base (basic salary) is definitely a first-class level, even those big investment banks on Wall Street can't be compared, and once invested in this internal fund, everything is halved, which is difficult to accept." I'd better take a look first, after all, I don't know how long I can do it! ”

"I won't talk about it when I get off work!" The few people talked for a long time, and one of the researchers, who had been silent, suddenly said arrogantly: "Today I have a treat, everyone can drink as you like!" ”

He invested some of the money he earned a few years ago into this fund, a full 200,000 US dollars, and in just one month, he earned 14,000 US dollars, which is equivalent to 100,000 Hong Kong dollars, which is enough to make him proud.

When a few people saw that there was someone who paid for today's wine, they were no longer polite, and they beckoned the bartender over......

Zhong Shi, who was far away in the United States, naturally didn't know that his move made several internal researchers invest their own funds, but these money were just small benefits he sought for this group of people, and he didn't look at it himself, and what worried him in front of him was the bond futures market.

With a short position of 40,000 lots in bond futures, Louis and his team began to keep an eye on the movements in the U.S. bond market and make buying and selling strategies according to the corresponding changes. As a result of their entry, the price of the 10-year Treasury note moved slightly, from 106-16 to 106-30, which means that the yield on long-term Treasury bonds has fallen, contrary to Bell Stone's original expectations.

"What's the latest news on interest rates?" As soon as he entered the trading hall, he saw his traders nervously looking at the computer screen in front of him, and several traders were talking loudly into the microphone, as if asking for the quotation of the broker in the market.

There are four types of brokerages in the U.S. capital market, the most common of which is brokerage companies, others are similar to brokerage channels of financial institutions, and there is a kind of floor broker, which has great energy, and sometimes the trading volume of a broker is equivalent to the trading volume of some small brokers.

"There's no news, it's just that the broker in the market said a few days ago that he could provide us with leverage, and now I won't talk about it!" Louis made a rare joke, and when he saw that Zhong Shi didn't have a smile on his face, he closed his mouth in amusement.

In his opinion, this was a joke, because he had a lot of money set aside in his hands, and there was no need to add another layer of leverage from the broker or brokerage company, but Zhong Shi keenly sensed the unusual in these words.

"It's a signal!" Zhong Shi said to Louis with a solemn face: "This shows that the brokers on the floor are beginning to anticipate the risks and are not willing to leverage their clients anymore. After that, he looked at Louis who was deep in thought, and seeing that he didn't react for a long time, he continued to explain: "When the brokers on the floor see that the yield of bonds is rising, they will call their clients for margin, and then cause a chain reaction, so to make it clear!" (To be continued......)