After signing an agreement with Jiangdong City on investment intentions, Zhong Shi handed over the specific affairs to Huade Real Estate, and the rest was handled by professionals. It's just that he hasn't rested long before someone from HSBC's brokerage department comes to his door.

This time it was a middle-aged man in his thirties, wearing a pair of gold-rimmed glasses, who looked very Sven. He was wearing a long gray-green trench coat and carrying a typical briefcase in his hand, and he looked shrewd and capable, except that his eyes were puffy and his pupils were bloodshot, and he obviously hadn't rested well before coming.

"Mr. Zhong, will you take a look at this first?" After introducing himself a little, he opened his briefcase and handed over a letter of inquiry in English.

His name is Gu Zhangli, and he is the deputy general manager of HSBC's brokerage department in Hong Kong, and after receiving a fax from the North American department, he immediately contacted Zhong Shi non-stop, and then there was this visit.

After opening more than 100,000 short positions, NYMEX paid close attention to HSBC's positions, and found that the shorts in HSBC seats did not stop building positions, and even intensified. Unable to sit still, they sent a very harshly worded warning letter to HSBC North America when Zhongshi had set up an empty position of 130,000 lots, asking them to explain that there were so many empty positions in their seat, and even threatening the possibility of filing a lawsuit against the seat.

At the end of the day, brokers are just an intermediary who attracts clients to the futures market through their commission policies and professional research reports. Brokerage companies with greater energy can provide customers with higher capital leverage. It may even be possible to settle on behalf of the exchange, but it is unrealistic for them to bear the corresponding risks.

The big investment banks have their own brokerage channels, and they also have their own proprietary businesses, and their operations have their own research reports as investment references, and most of these companies have their own legal teams, which are very professional in avoiding risks and dealing with legal affairs, even if the SEC finally invests a lot of manpower and financial resources to investigate their market manipulation, it is often difficult to do so.

But all these resources, Zhong Shi can't borrow. On the contrary, if to be charged. Maybe HSBC's brokerage department will clean up the relationship in the first place, knowing that the SEC uses the presumption of guilt, which means that if you can't prove your motives, then you are manipulating the market. Criminal charges followed.

"It's really troublesome!" Zhong Shi frowned and looked at it for a long time. I roughly understood what the letter said. Then asked Gu Zhangli rhetorically: "I don't know what HSBC meant before you came?" ”

Gu Zhangli's face showed a little embarrassment, he understood the meaning of Zhong Shi's words very well. But on the one hand, there is SEC, and on the other hand, there are customers who can bring huge commissions to the company, and only one can be selected when necessary, and this will definitely not be on the side of Zhongshi.

"Zhong Sheng, according to the research of our legal department, if you can't give a reasonable explanation, I'm afraid these positions will be forced to cut off, and you will inevitably fall into the charge of market manipulation, after all, these are not hedging orders. Our advice is to keep the position to around 100,000 lots and give the trading committee a plausible explanation. ”

If it is a long position, the explanation is very easy, and a direct "rigid demand" can block most people's mouths, of course, in this case, most of the orders must be delivered, and then it will be a big deal of billions of dollars.

"So, HSBC is going to abandon me?" Zhong Shi snorted lightly and looked at Gu Zhangli with a smile.

The embarrassment on Gu Zhangli's face became more obvious, and after bowing his head and being silent for half a minute, he raised his head again and said in a firm tone: "Mr. Zhong, you also know that this warning is already polite, but we discussed it overnight, after all, this situation has not happened before, and the final result of the discussion is to hope that you can reduce your position in our seat, and then we will issue a bearish report, it should be about the same." ”

He said that he was extremely unconfident, and it was obvious that he was pessimistic about the current situation. He knew very well that with the level of reporting from their research department, it would be difficult to convince the SEC people, and it would be difficult to explain the holding of so many short positions. In fact, it is difficult to understand that even HSBC has such a large short position in Jong Stone's funds, and they have discussed it privately, and finally come to the conclusion that it is market manipulation.

Saying this paragraph will naturally offend Zhong Shi greatly, but Gu Zhangli can't take care of it so much at this time, if HSBC North America is taken into the dock, in the end, not only the business of the brokerage department, but also the business of commercial banks will suffer a heavy blow.

"That's it!" Zhong Shi touched his smooth chin and continued with some interest, "I have prepared a research report here for a long time, which is specifically designed to deal with this situation. I believe that with this, these people at the SEC should not say anything. In addition, register a few more offshore financial companies for me and transfer some of my short positions to these companies, so that the positions of a single account will not be so glaring. Besides, you can consider splitting your position! ”

Splitting positions means borrowing the positions of other brokerage houses, so that the number of positions in their seats will not be so amazing, but borrowing other people's seats will naturally pay a part of the price of commissions.

This is naturally a solution, Gu Zhangli frowned and thought about it, and then made a seemingly extremely rude request: "Zhong Sheng, can I take a look at your research report first?" After saying that, he felt that it was too much, and hurriedly avoided Zhong Shi's gaze.

Such a private research report, it is basically impossible to leak, otherwise it will be very troublesome to be targeted by others, and now Zhongshi can be described as a big player in the market, like his operation direction and strategy must be strictly confidential, otherwise it may also cause followers to operate in the same direction, so it is to grab money with Zhongshi.

Large research institutions are happy to publish this kind of research report, first, because they have money to make, and secondly, they can cooperate with their own business to cause a herd effect. Naturally, they generally publish macro reports, not specific varieties or individual stocks. Even if it is released, it will publish a report with a target price, words such as "recommended to reduce holdings" and "recommended overweight".

To Gu Zhangli's surprise, Zhong Shi actually agreed: "Naturally, you can take a look at this report first." If you're satisfied, you can even post it in the name of HSBC's research department. After that, he went into the room and printed out the "research report" that had been stored on the computer for a long time.

Contrary to Gu Zhangli's idea of trying to avoid a lawsuit, Zhong Shi is trying to drag HSBC into the water at this time, so that he will face less pressure, and this is exactly what he means by publishing the research report in the name of HSBC Futures Research.

At this time, the performance of the computer was far from being comparable with that of later generations, and Zhongshi's computer still used the Linux system. The corresponding document system is nowhere near as good as Word. Zhong Shi took a lot of effort to print out the article, and then handed the paper that still exuded a faint scent of ink to Gu Zhangli.

"As European monetary integration proceeds, trade between countries will also skyrocket, coupled with a reduction in the exchange rate of the United Kingdom, which was previously separated from the European exchange rate system. Makes exports grow. Economic data has improved markedly. It is expected that the growth rate will be around 2% this year......"

"In the United States, the economy has been sluggish since the Clinton administration came to power. The Fed will cut short-term lending rates to stimulate the economy, but it remains to be seen whether this will cause inflation, but judging from the data released, the US economy is gradually moving towards recovery......"

"In the recovery process of the two major economies of Europe and the United States, oil production, which is one of the important resources, will not fluctuate greatly in the short term, even if OPEC believes that the current oil price is too low, but once they make production cuts, it will greatly hurt the ...... of the Shijie economy."

"From OPEC's point of view, even if some of the original exporting countries propose to cut production, believing that the current oil price is too low and harming their interests, once the production cut is implemented, it will produce an oil crisis similar to that of the seventies, which may cause serious damage to the shijie economy, and eventually because of the decline in the shijie economy and the reduction in demand, oil prices will further decline on the basis of the existing price."

"Therefore, in the long run, OPEC is unlikely to cut production, and it is even possible to increase production appropriately. Therefore, the corresponding systemic risk in the crude oil futures market has arisen, and the general reaction of the market to crude oil prices is low, so the expectation of OPEC production cuts makes the bulls hold excess positions, and even some hedging accounts have similar expectations and operations, so shorting before the OPEC policy comes out will be a very noteworthy operation direction. ”

"It should be noted that we should always be vigilant against price fluctuations in the spot market, after all, if the bulls get the news in advance, it is very likely to force up the price of the futures market by operating in the spot market, and if necessary, make corresponding hedging in IPE or other related varieties."

"The above analysis report is for reference only and does not bear any legal responsibility." When Gu Zhangli finished reading this research report with tens of thousands of words, he was completely speechless, this is a private research report, it is clearly a standard long-term bearish crude oil futures report, and even Zuihou's disclaimer has been written. According to the report, all the operational basis is based on OPEC's non-production cuts, and if OPEC does not cut production in the end, then this report is undoubtedly very forward-looking, and if OPEC finally announces the decision to cut production, then this report is a joke.

In any case, the report is enough to explain to the SEC the motivation for building so many short positions, and I believe that the SEC will not think that HSBC's crude oil research unit has the means to know in advance about OPEC's decision on crude oil production, and they will at best consider it a gambling bet.

"To send it or not?" Zhong Shi on the side watched Gu Zhangli's face change one after another, and he didn't make up his mind for a long time, so he couldn't help but urge.

"Fat!" Gu Zhangli thought about it again and again, suddenly made up his mind, and almost roared out. He knew that once this report was released, if OPEC finally cut production, then HSBC's crude oil futures trading department would become a laughing stock in the market. But what does that compare to leaving a big customer? There are many unreliable research reports on the market, and there are many of them! (To be continued......)

PS: Thank you for the monthly pass support of someonepp556! Thanks for another tip that made me think about it!