The exchange has a tacit attitude towards the self-sourcing behavior of German metal companies in the market, although this is not very standardized, but compared with the credit damage caused by the exchange's default, it can only choose the lesser of two evils.

Zhong Shi has been used to being woken up by a phone call in the middle of the night, but the content of the conversation this time really surprised him, and it turned out that most of the heads asked for a liquidation agreement to close 50,000 contracts at yesterday's closing price.

"Are you sure it's not against the law?" Zhong Shi asked again and again on the phone, and he didn't want to be sued because of this. "In addition, Andrew, is this price still negotiable, you must know that they are definitely in urgent need of liquidity now, and the price can be pressed again."

Because German metals are in urgent need of shipments, they naturally make concessions on prices, but it is unlikely that they will be pressed too much, because every drop in the minimum price will mean a loss of $5.5 million for German metals. However, one thing is that German metal cannot exhaust these contracts in a certain day's trading, because it may violate the NYMEX one-day trading limit of 15% in one direction, and the number of sell orders will be smashed out, almost everyone will know that this is a German metal closing order, and when the time comes, or the bears will suppress a few more prices, it will push German metal into the bottomless abyss.

The reality is that German Metal will have to close these contracts as soon as possible, because if NYMEX asks them to pay double the margin, it will be another $50 million in funds, which is undoubtedly an unaffordable expense for German Metal, which is rumored to be bankrupt.

"What is the price target?" Andrew asked on the phone, this price is not up to him.

Zhong Shi thought for a moment. Give a number that surprised Andrew: "Just $15.50." At this time, if you don't take advantage of the fire to rob, when will you wait? I believe that it is not easy for them to find such a big liquidation opponent in the market for a while and a half, and if they are unwilling, then we will continue to close the position in the market according to the original jihua step by step. ”

Andrew, who got Zhongshi's order, began to contact the other party, naturally using the identity of an agent of offshore companies such as Skyline International Holdings and Skyline Financial Co., Ltd., but as soon as the two sides made a little contact, they broke up unhappily because of the big difference in price.

On December 2, amid rumors that German metal was in deep bankruptcy, NYMEX began a day of trading, and as soon as the market opened, it swallowed up all the gains accumulated by the bulls in the previous two trading days. The December crude oil contract opened at $15.99. Despite the desperate efforts of the bulls on this day, it still could not change the downward trend, and the crude oil contract finally closed at $15.63 on this day, a decline of 2.89%.

This price is not far from the target price given by Bell Stone. And on this day. NYMEX contract holdings increased again. It reached 455,000 lots, an increase of 15,000 lots from the previous trading day.

These figures are ordinary, if only before the news of a bankruptcy broke out of German metal. At most, it's a normal trading day. However, under special circumstances, this method is to force the long capital chain to be tense and even have the possibility of forcing positions, which may further force the price of crude oil futures to fall, and even threaten the credit of the exchange to some extent, so when the market closes on this day, people from German metals once again find Andrew.

Andrew is a very good agent, and he will not let go of the price set, and no matter how hard the German metal team grinds, he finally sticks to the price of $15.50.

At this time, the most anxious is not German metal as a bull, nor Skyline series companies as the main force of bears, but the New York Mercantile Exchange. Because once the crude oil futures contract defaults, it will deal a fatal blow to the dominance of NYMEX in the crude oil futures market, and then the London exchange IPE will wait for the opportunity to rise and seize the pricing power in this field, you must know that this variety has been eyeing this variety in London for a long time.

Zhong Shi, who was anxiously waiting for news, unexpectedly received a call from HSBC's private banking department, which turned out to be Linda from the United States, in which he unexpectedly got a good news: "Mr. Zhong, I heard that German metals are flat copper contracts in the market, I don't know if you are interested?" ”

"Copper? How, do they also make copper? Zhong Shi asked curiously.

"Yes!" Linda on the phone was stunned, and then quickly explained, "German Metals not only makes copper in the LME, but is also a clearing member of the LME. The LME maintains a British-style exchange system, with only a dozen members, and even a well-known investment bank like Goodman cannot become their members! ”

"Your message is very useful!" Zhong Shi sighed, but then he changed his words and politely refused, "As for copper, my team is not familiar with it, so forget about this matter." ”

"Mr. Zhong, according to our news, German metal is short in the LME market, and I believe that you can make a lot of money by entering the market during this time!" Linda on the other side of the phone was a little anxious, this is almost public information in the market, as long as the institutions with a little capital will run to bite the flesh of German metal, how can the private bank staff as an investment adviser let go of the opportunity to recommend this investment to customers!

As for what kind of heart they had behind their backs, Zhong Shi was hard to determine. I believe they got the news, and the commodity funds or proprietary businesses of these consortia also know about it, and it is unknown whether they will set traps or something in them. You must know that London's supervision of market manipulation is far less than that of its American counterparts, and even the later Hamanaka Taio East Window incident was initially due to his manipulation of copper prices in the American market, and finally London agreed to investigate under the pressure of the United States.

"Linda, are you talking a little too much? Is there any misleading ingredient? Zhong Shi's voice changed, and he asked coldly. For this self-proclaimed smart woman, if Zhong Shi hadn't seen the great help he gave when he first arrived in the United States, I am afraid that he would have asked the HSBC private banking department to change the service staff now.

Hearing the dissatisfaction in Zhong Shi's words. Linda didn't dare to say anything more, and after a few more pleasantries, she hung up the phone unwillingly.

Hanging up Linda's phone, Zhong Shi began to think about the investment varieties after withdrawing from the oil market, and now although the brunt of crude oil futures is the first thing, the negotiations with German metals are basically a certainty, and the rest is a matter of time. What puzzled him was that in the memories of later generations, there were not many memories of '94, except for the two major events that were about to happen that shocked the global market.

"Do you really want to enter the copper market and test the depths of the water?" Zhong Shi, who couldn't think of a good investment direction after thinking about it, muttered to himself in wonder. But he didn't know that in the next year. There are also several extraordinary things happening in the Shijie financial market. Especially the copper market that Linda just mentioned. In this way, in a daze, Zhong Shi fell asleep again.

In New York, Deutsche Metals' negotiating team met with Andrew again, this time officially. Even Andrew hired a lawyer who was well-versed in the operation of capital markets.

"$15.50. This is the bottom line. If you don't, you can go to other short positions to close your position. Andrew said sternly. said that robbing while the fire was so noble and righteous, he was also extremely thick-skinned.

The man in charge of negotiations at German Metals was a white man in his thirties. His name is Schuber, he is a German-American, tall, with a high nose bridge, deep eyes, and an out-and-out beautiful man according to Western aesthetics. Schuber was originally a lawyer, and before meeting Andrew, he thought of three or four negotiation strategies, and also tried to persuade Andrew with his incorruptible tongue, but Andrew made all his preparations fall through.

"Wait a minute, we need to ask our superiors!" After two minutes of cold play, Schuber saw that Andrew still did not want to let go, and couldn't help but break the embarrassing situation, and at the same time give himself a little buffer.

"Please!" Andrew still looked indifferent, which made Schuber, who was secretly observing his reaction, helpless.

……

In the end, the two sides decided to complete the liquidation of 50,000 contracts at $15.50, and Zhongshi helped German Metal temporarily solve the margin problem, and the two sides closed 10,000 contracts at the same time in the next five trading days, and finally closed all of them on December 8.

After the deal was reached, it was easiest for NYMEX to defuse a time bomb that had been piled up on their heads, allowing them to set their price on crude oil without being adversely affected. However, they have already begun to adjust the trading rules in order to curb excessive speculation in the crude oil futures market.

In the next five trading days, the two sides tacitly carried out a large-scale liquidation, and finally completed the liquidation of all positions on the agreement on December 8, although the price of crude oil fell to a minimum of $15.21 per barrel in these days, but soon the two sides who had reached an agreement pulled the price back to about $15.50, so that the liquidation activities of the two sides could continue.

As a result, Zhongshi's short position of 100,000 lots eventually fell to 50,000 lots, and another $150 million of profits were recorded, and by December 8, the price of crude oil futures contracts also fell to $15.47, and it was at this time that NYMEX announced the adjusted trading rules:

“…… First, the maximum number of positions in the crude oil futures speculative account will be adjusted from the original 20,000 lots to 10,000 lots...... Second, the maximum number of crude oil futures contracts in all months has been adjusted from 30,000 to 20,000 contracts...... Third, for one-way positions of more than 10,000 lots, the relevant information of the position holder and the purpose of holding the position must be reported to the exchange......"

This adjustment of the rules, aimed at all participants in the market, does not have much of a boost to oil prices at the moment, although there are restrictions on speculative accounts. After rising for two trading days, the oil index entered the downward channel again, and even fell below $15.00 at the end of December, closing all positions in Bell Stone at $15.00. In the end, the remaining 50,000 crude oil futures contracts of Zhongshi were all wiped out before the arrival of the New Year in 1994, and at this point, all of Zhongshi's activities in crude oil futures came to an end, and finally made $450 million. (To be continued......)

PS: It's not easy to code words, it's not easy to stick to code words, I hope you can support more, xiexie~