September 18, 1985, Chicago Mercantile Exchange, USA.

Just opened the morning market, the bidding stage. The traders in the market have not yet adapted to the busy day, and many of them are still yawning, unaware that in Hong Kong, the eastern hemisphere, Zhong Shi and Liao Chengde are sitting anxiously in the VIP room of the futures company, waiting for news here.

With the development of computer networks, these floor traders soon disappeared. Gone are the days of a dark suit, white shirt broker in a dark suit and white shirt on a noisy trading floor, answering the phone and filling out quotations like a fly. But now, these hard-working traders are still active in the floor market.

Louis is Andrew's colleague, and as early as 6 a.m., he received news from Hong Kong that Andrew had entrusted a large order to buy a long yen with a cross position of about $1.5 million.

Louis was a typical white man, tall and energetic, with dark brown eyes that showed undisguised ambition from time to time. At the Chicago Mercantile Exchange, a place where he spent his days dealing with money, he was hungry for financial literacy and fantasized about how to start his own business.

On the exchange, he was in charge of yen futures. In reality, the exchange rate of the US dollar against the yen has been fluctuating around 250, and in the futures market, the yen has risen slightly, and there is a consensus in the market that the yen will appreciate sooner or later, which is also based on the strong economic development of Japan.

Louis, who had been woken up in his sleep, hurriedly washed his face and drove to the exchange to start his day's work. On his way to work, he was still thinking about going to Lake Michigan with his kids this weekend, unaware that what was going to happen today would change his fate forever.

After buying all the funds entrusted by Andrew into the long yen contract, he was stunned, carefully checked the newly opened account, and found that there was not a single short contract in it.

"What the fuck is going on? Don't you know about risk control? ”

He muttered as he called Andrew in Hong Kong. As soon as the phone rang, it was picked up by the person on the other end, and it was obvious that the person on the other side had been waiting in front of the phone.

"How? Man, bought in? ”

Before he could speak, he heard Andrew's voice coming from the microphone, the microphone of the old-fashioned telephone was good, and he could hear two voices inside, carefully saying something in Chinese.

"Hey, man, I was about to ask you! How can you buy a long yen in full without even a little risk control measures, don't you know that this is very risky? It's easy to lose all your money! ”

Louis, a dutiful trader, wondered if he had misheard at six a.m. when he realized something was wrong. After all, at that time, the human brain was still in a state of confusion.

"Relax, man. This is my client's request, and I have also given him a risk warning according to the professional requirements, but the client is always a client, and I can't do anything about it! ”

Andrew on the other end of the phone was also full of helplessness.

"Well, God bless this guy!" As soon as Louis heard that it was the result of the client's insistence, it was difficult to say anything more. "Andrew, your client won't be Japanese, where did you get any news?"

"You're kidding me, aren't you? My client is a Hong Kong millionaire. As for the news, I haven't heard of it, do you have it? ”

Andrew was stunned for a moment, and then reacted that it was an old friend gag. Thinking that the morning trading was not active, he had the heart to chat with his colleagues in Hong Kong.

"Of course not...... Okay, I'm hanging, it's open! ”

Louis, who was about to say a few more words, immediately stopped talking when he heard the bell and began his busy day's work.

……

Zhong Shi, who was sitting on the sofa, couldn't bear the sleepiness that was surging like a tide, so he was about to lie on the sofa and fall asleep. On the contrary, Liao Chengde, an outsider, looked anxious, kept walking around, and there were words in his mouth, if Andrew could understand Chinese words, he would hear what he said was actually "Great Compassion Guanyin blesses......

After drinking a cup of espresso, Zhong Shi reluctantly opened his eyes and asked, "How is it, have you placed an order?" ”

"Yes, my colleagues have already taken care of it!"

Andrew wiped the sweat from his forehead and said busily. He has long been accustomed to the time difference between Hong Kong and Chicago, and has also developed the habit of sleeping during the day and working at night. However, in order to receive Zhong Shi and others during the day, he had to break his biological clock, and now he is also strong in spirit.

It is said that there is no need to operate now, and when the news of the weekend comes, Zhong Shi will make a lot of money. However, in order not to make Liao Chengde and Andrew suspicious, Zhong Shi also pretended to stay in the futures company.

……

On Wall Street, USA, in the office of Space Capital in the Empire State Building in Manhattan, a middle-aged man wearing a red tie is studying in front of a computer.

"There is another amount of money going into the yen market, and the amount is not small......"

The middle-aged man rolled his eyes and screamed, "Miller, go and find out where this fund comes from!" With that, he pointed to the million-dollar transaction on the screen.

He called a newcomer who had just joined the company, who played the role of a waiter in a large organization, usually doing rough work such as buying coffee, taking out the garbage, and checking information.

Miller hurriedly put down what he was doing and started making phone calls.

"I found out, Davis, the funds came from deep-sea futures, and according to one of my friends, it was a customer from Hong Kong."

Miller was very efficient, finding out where the money was coming from in just a few minutes, and he was clearly familiar with it.

"Money from Hong Kong?"

Davis touched his smooth chin and thought thoughtfully for a long time before he whispered: "Act according to the original Jihua and give your friends in the Far East some insight!" ”

What he is talking about is price manipulation.

Space capital is the largest short position in yen futures, holding about one-third of the short positions in the market, whenever the yen futures are bullish, space capital will take advantage of the lightning momentum to sell in the market, directly hit the fall limit, so that many bulls suffer heavy losses.

This time, they are doing the same trick again, intending to make a big profit in the yen market.

Every time I do this kind of thing, people with space capital have an inexplicable pleasure, and I have to say that this is an unruly hedge fund that uses its abundant capital to make trouble in the futures market. Of course, there are factors such as the lack of supervision by the US Securities and Exchange Commission, and more importantly, not long after the opening of foreign exchange futures, many people still have a wait-and-see attitude towards such a new investment variety.

If yen futures fall sharply at this time, Zhongshi will definitely lose a lot. He couldn't buy at the close of trading on September 20, which made it difficult to explain his actions, and it would be a big trouble if he was targeted by the SEC.

The U.S. Securities and Exchange Commission (SEC) is an independent quasi-judicial agency directly under the U.S. federal government, responsible for the supervision and administration of securities in the United States, specifically supervising inside information, price manipulation and other market practices that violate securities laws.

Unlike ordinary laws, U.S. securities laws are based on a "presumption of guilt", and once targeted by the SEC, they will be convicted unless they can prove that they did not know the "inside story".

The so-called "presumption of guilt" means to determine that the accused person is guilty, and the accused person needs to find evidence to prove his innocence, which is very difficult and basically inexplicable.

What Zhong Shi is worried about is that once he is targeted by the SEC, he will not only spit out all his earnings, but also very likely to be banned from the US capital market for life.

……

At noon, a rumor quietly circulated in the market, it is said that the finance ministers of Germany, Britain, France, Japan, and the United States will meet this weekend, and it is not clear what will be discussed, but anyone with a discerning eye can guess that it must be about the exchange rate of several currencies.

Although it is unconfirmed, it is enough to change the trend of currency futures in the afternoon. Sure enough, as soon as the afternoon opened, all kinds of funds flocked into the long market of the mark, yen, pound sterling, and franc, and the corresponding dollar short market also had a large amount of money entered.

"What's going on?"

Looking at the rising green data on the screen (foreign capital markets are the opposite of domestic, green represents up, red represents falling), and the steady stream of buy orders, Davis couldn't help but hold his head and let out a painful groan.

Each price increase represents a huge loss, and now he has to make a choice between closing the position and continuing with the strategy he laid out earlier.

Davis wailed, remembering the rumor at noon, and he weighed in his heart how true it was.

……

"The price of bullish futures on the yen soared intraday, but it was still beaten back by the bears, rising only five thousandths of a thousand throughout the day. However, the market outlook is optimistic about many analysts. ”

Looking at the CNBC report on TV, Zhong Shi nodded slightly, he was woken up by Liao Chengde, whose eyes were red when he slept until midnight, at this time the United States on the other side of the ocean had closed, although there were some fluctuations in the middle of the day, but the yen futures remained in a stable situation throughout the day.

"How's it going, what's the earnings today?"

Zhong Shi rubbed his sleepy eyes and asked Andrew with a little dissatisfaction.

"Mr. Zhong, your profit today is about 8%, I don't know what your operation strategy will be tomorrow?"

Andrew looked at it carefully, and then said to Zhong Shi and Liao Chengde with a happy face.

"Keep holding, tomorrow won't come, I'll naturally appear when it's time to appear, it's really tiring. By the way, if it falls, you don't need to call the margin call, you can close the position directly, understand? ”

Zhong Shi, who yawned, looked around with wide eyes, and then said dissatisfiedly: "Where's the coffee?" ”

After Andrew, whose face was full of incredulity, left, Liao Chengde counted his fingers for a long time, and exclaimed: "Eight percent of the income, isn't it 800,000?" (Thank you very much for your support, if you like this book, please recommend more collections, I am very grateful)

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