In fact, most of the stock index futures are hedge funds and the proprietary departments of major investment banks, and most of the trading methods are programmatic trading, that is, to establish a trading model, when the market price fluctuates, automatically trigger commands, quickly trade, and then arbitrage profits.

However, the research on quantitative arbitrage is still in its infancy, and the most famous arbitrage model "Badge" has not yet appeared, and most hedge funds cannot hand over hundreds of millions of funds to quantitative models to manage, and there are not too many hedge funds with such a large scale.

In the futures market, it is still those big international investment banks and the high-net-worth customers behind them who are rivaling the wealth. These people have far less trust in the process than in the big investment banks that specialize in wealth management.

Even so, there are still a lot of programmatic transactions in the market, especially when the stock market crashes, which automatically triggers certain conditions in the model, resulting in a huge number of sell-offs, which deepens the panic of investors, which is one of the reasons for being criticized later.

At this time, the hot pot in the trading room was full of aroma, and all the ingredients were already cooked, but everyone had no appetite and only looked at Zhong Shi with strange eyes.

Sensing the complex and strange look in everyone's eyes looking at him, Zhong Shi greeted everyone with a smile while taking out the fatty beef from the hot pot: "This is a good time to eat hot pot, the fragrance is completely revealed, what do you see me doing, why don't you come and continue to eat?" ”

"How did you know the bulls' strategy at the price of 360 before, and it was exactly the same as the truth, if you weren't standing in front of us, I suspect you were operating!" Andrew sat at the table, looked at the churning hot pot, and said thoughtfully.

"Didn't I make it clear to you? This is a tacit understanding that the longs and bears have struggled for a long time, and its purpose is to kill the entrants who follow them between fluctuations. ”

"In fact, if the previous bull hadn't placed an order quickly, I'm afraid they would have been killed."

"As far as I know, there are not many people who can dance on the tip of such a knife, and there are not many people with such a large amount of money. Just count the well-known consortia around the world, and the answer is about to come out! ”

"Who is it?"

As soon as they heard this, everyone immediately became interested and asked one after another.

"Could it be those two investment banks?" Instead, Andrew said thoughtfully. Although he doesn't know much about the style, operation methods, and corporate culture of these two companies, these two are well-known, and everyone who is engaged in finance knows them like thunder.

"Yes, that's them!"

…………

85 Broadway, Manhattan, New York, is home to Goldman Sachs. Men and women in black suits and black briefcases enter and exit, and their steps are always in such a hurry.

Looking at the towers of the Twin Towers towering into the sky in the distance, a middle-aged man on the middle floor of this brown building held a thick Cuban cigar in his hand, his handsome face was slightly distorted in the rising green smoke, and even gritted his teeth.

"It's them again! Are they really better than us? He muttered to himself. As soon as the people around him saw his expression, they all took a detour, and even their steps were a little lighter.

He is Ed Blanco, a senior partner at Goldman Sachs, who heads the derivatives department, and the S&P 500 battle in November was the result of his strategy.

Just when he successfully mobilized the morale of the bears and took the opportunity to close the empty orders in his hands, Da Mo suddenly killed from the oblique, not only suppressing the morale of the bears heavily, but also taking the opportunity to push up the price.

"It's only a few seconds away, is it really insurmountable?" Remembering the scene just now, Ed was angry. In fact, they also placed many orders, but they were slightly inferior in time and price, and they were robbed by Da Mo.

In fact, Goldman Sachs, as the main short-seller in the past, also made a lot of money, but for Wall Street, which pursues greed as a good thing, who would make more money!

In the 70s and 80s, Wall Street's investment banks were synonymous with Morgan Stanley, and Goldman Sachs was only one of several giants, far from reaching the status of the first investment bank in later generations.

With the help of European privatization, Goldman Sachs has gradually caught up in mergers and new stock issuances. In fact, the privatization of Europe was also due to the excessively harsh conditions offered by some countries, and Morgan Stanley did not take these businesses due to risk considerations, which gave Goldman Sachs an opportunity.

"Is bloodline really that important?" When Ed thought of these past events, he hated them with hatred. The British government's initial consideration was the Morgan consortium, which is inextricably linked to them, rather than other investment banks that also have a history of 100 years.

In the '80s, when Morgan Stanley's business stagnated and forced it to put down its aristocratic character and become an unscrupulous money-making tool, when they acted as financial advisers for those malicious mergers, the whole Wall Street shouted: "That mild-mannered, self-confident company has become a reckless, offensive company." ”

In '79, IBM had a bond of up to $1 billion, which was the largest industrial loan in history at the time, IBM asked Da Mo to accept and Salomon Brothers as a joint lead underwriter, but within Da Mo, all the partners unanimously rejected this request, and IBM did not make the slightest concession, and as a result, Salomon Brothers took the lead in the bond issuance, which was a milestone in the history of Wall Street, and Morgan Stanley's gold chain was broken.

In retaliation against IBM, Da Mo introduced its rival Apple into the stock market.

In addition, Da Mo has changed his previous conservative style and entered the house in a very crude way, it is the boss of bad faith mergers, it has brought junk bonds to the table, it has even issued leveraged buyout funds, and more than one, involving General Motors, Japan Trust Corporation, and a consortium in the Middle East.

And Goldman Sachs, which had always had a bad reputation before, began to build up its reputation when Da Mo destroyed his reputation and acted as a pioneer of hostile takeovers.

On July 4, 1974, Morgan Stanley represented INCO in its hostile takeover of ESB, the largest battery manufacturer on shijie at the time, at a price of $20 per share. The boss of ESB was forced to urgently seek advice from Goldman Sachs, and with the help of Goldman Sachs, zuihouINCO successfully acquired it at a price of $41 per share.

Goldman Sachs then announced that it was refusing to provide services to hostile takeovers, and the hostile takeover and Goldman Sachs' public assurances had a positive impact on Goldman Sachs, which was seen as a lifesaver by companies that feared hostile takeovers.

Goldman Sachs, which has gained momentum, has become one of the most powerful companies on Wall Street, even vaguely outpacing other investment banks.

However, Goldman Sachs could not compare with its competitors in the fastest-growing fixed-income securities and derivative financial instruments business in the 80s, on the one hand, because Goldman Sachs was unprepared and unprepared, and on the other hand, it was afraid that this business would be too risky, so it did not actively develop these businesses.

It's no wonder that they frequently lose out in the futures market to big Mo, which they see as a strong competitor.

At this time, in the World Trade Center building, Morgan Stanley's derivatives department was rejoicing, clapping its hands in celebration. took advantage of the long orders absorbed at a low level, and then the massive amount of funds rose, and when everything was settled, Da Mo's account added millions of dollars in profits out of thin air.

Most importantly, they defeated another old rival in the market, Goldman Sachs.

As a high-level in the financial industry chain, Morgan Stanley and Goldman Sachs, which has a strong development momentum, undoubtedly have a kind of Yuliang complex, and the two sides have overt or covert competition in various fields, but in terms of derivatives, Da Mo's department has an absolute advantage.

"No, they have always invested not much money in the derivatives department, how can they have such a big deal today?" Sargent also lit a cigar, looked in the direction of Goldman Sachs' headquarters, and said to himself.

"Is it?" Sargent frowned, and shouted at the traders, who were still celebrating: "Has anyone noticed the movements of the Japanese consortium lately?" ”

"Sir, the amount of capital invested by the Japanese consortium in the stock market has tended to decrease, and they have increased their efforts in hedging, and it seems that they are also aware of the bubble in the stock market, but unfortunately it is too late to withdraw!" A staff member with glasses and a somewhat dull expression said.

Sargent knew him, this man was Mark Rurente, a trader who had just entered the derivatives department this year, but he seemed to have a talent for it, and his sensitivity to numbers was unusual, which also made him like a fish in water in the derivatives market. In just half a year since joining the department, he has become one of the most profitable traders.

"Is there a possibility that the Japanese consortium entrusted Goldman Sachs to help manage the funds on the futures index, so as to achieve the purpose of reducing risks?" Sargent frowned, thinking of a possibility.

"It's unlikely, isn't it? Japanese foundations have exclusive seats and channels, and if they want to be in the hands of others, wouldn't it be redundant? Besides, there are many masters in the Japanese consortium, and even if Goldman Sachs is entrusted, it can only be a part of the small consortium. ”

The man who spoke was an East Asian face, and when he first arrived, his white colleagues generally thought of him as Japanese, but he was a real Chinese, surnamed Jiang Mingmin, and one of the most profitable traders in Da Mo's derivatives department.

"Continue to reduce positions, target long, and pay attention to slowly transfer funds to the December contract." Sargent thought about it for a long time, but still didn't have a clue, so he could only say so. (Ask for clicks, ask for recommendations, ask for favorites)

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