Singapore Exchange.

The size of the original closing of the short position was so small that many traders did not notice it, and most of them waited for the moment when the bears collapsed, ignoring the amount of money that the long side kept trading.

The Japanese stock market is still rising, and the bulls are naturally menacing, with hundreds of thousands of lots being traded every day, and it's easy to overlook the smaller numbers - the constant number of long orders. In this case, the bears gradually closed their huge positions, and with the delivery date not long away, people are looking at the new main contract.

By the time most of the market reacted, the bears had managed to close more than eighty percent of the contracts. When there were still two or three trading days before the delivery of Zuihou, the main bears closed the 40,000 short orders of Zuihou at the price of 36,000 (because it was on the verge of delivery, so the number of the futures index tended to be the normal Nikkei), and successfully got out of the December contract.

However, this price is 2,000 points higher than the average price at which they opened a position. Some commentators have pointed out that the loss of 40,000 lots alone is as high as $300 million.

In fact, the bears lost more than a billion dollars on the December contract, and these are just the ones who operated secretly in Kobe. No one can calculate the losses of the funds that follow them.

On the contrary, due to the addition of new blood, the January futures contract was successfully suppressed a lot, and in this month, Jim's gang did not lose much, only about three or four hundred million dollars.

The January contract will be a new battle.

It's going to be a tougher month than December because of the market's gas

In his previous strategy, his funds were divided into three parts, and the full investment was fully mobilized in three months, and in addition to the complacent bulls, most participants in the market are also bullish on the Japanese stock market, and people are speculating whether the Nikkei will stand above the historical mark of 40,000 points before the arrival of the New Year.

Jim changed tactics.

on the contract, trying to hit the Nikkei in all directions. The ideal is very beautiful, the reality is super skinny, and he suffered losses of varying degrees in three months, and in this month, he was forced to pay more than $1.5 billion in deposits.

He now has less than $2.5 billion at his disposal, and that number is dwindling as the Nikkei index hits record highs.

If this situation continues, before the Nikkei index hits 40,000 points, he will have to put all the reserves on hand into it, and then wait for the exchange to force out the position, and retreat in the next step of the crazy bullish attack.

The worst result is to be able to get out in time and keep hundreds of millions or tens of millions of dollars of capital, and the worst result is to blow up and become nothing.

After all, he is now following the instructions above, investing most of his funds in the January contract, just waiting to deal a fatal blow to the Japanese stock market on Christmas Day on Monday.

He didn't dare to disobey the orders from above!

But watching more than a billion dollars evaporate out of thin air and disappear, he was unwilling in his heart. In this case, he naturally has to do something.

The whole trading team was already in a period of low morale, and everyone was full of ambition and confidence before coming to Japan, fantasizing that the Japanese index would be beaten step by step under their operation. But the cruel reality tells them that this defeated country in World War II not only has an unimaginable strength on the battlefield, but also infinitely magnifies this strength in the stock market.

They have lost confidence and no longer feel that they are likely to complete the task. If it weren't for Jim and Matt's strong bullet pressure, I'm afraid they would have stopped doing it a long time ago.

Watching thousands of dollars disappear every day, even the strong-willed will have a nervous breakdown one day.

These arrogant traders of the past are now like walking corpses, mechanically giving orders in front of their computers every day.

After much discussion with Matt, they unanimously decided to invest $100 million in the long market in February, hoping to hedge their risks by taking advantage of the Japanese stock market, and secondly, they also had selfish intentions to take advantage of the opportunity to make some extra money to reward these exhausted traders.

The reason why we don't invest more is that the number of futures contracts that can be purchased by this number will not exceed the position limit, and at the same time, it is easy to be included in the amount of losses. As for hedging risk, it was purely self-consolation for the two, and compared to their huge position in January, this little money did not hedge much risk at all.

The income of traders is directly linked to the wealth they create, and the top traders can only get 10% of their profits at most. As soon as Jim and Matt's proposal was made, it was accepted by all the traders, who knew that the surplus of the money would be their reward, and the loss could be pushed to the January contract.

Matt, who was originally sent by the European consortium to balance Jim, also became an accomplice. There is no way, in the face of money, to hell with any duties, any secret tasks, and any promises.

The broker was found by Jim, and Matt didn't know Japanese and wasn't as familiar with Japan as Jim. Matt didn't know, but Maxim knew that Jim must have found more than just a broker, he had his own money to take care of, and they had made a private agreement.

There's a term in economics for what they're doing, and it's called moral hazard. Moral hazard has been around for a long time, not only for them, but also for financial practitioners.

After secretly doing something else, everyone breathed a sigh of relief, they could easily face the fact of losing money this time, after all, it was not their funds that were losing, and the money behind them didn't seem to care much.

The reinvigorated team recommitted to the January '90 contract, and re-entered the Japanese market with high spirits.

Coincidentally, Jim entrusted a multi-order of 150 million US dollars in the market, which was quickly taken over by a fund from Hong Kong and formed a counterparty. And this opponent is precisely Zhong Shi.

Back in early December, Zhong Shi felt that the time was ripe to short the Japanese stock market, and he quietly came to Hong Kong again.

On the one hand, the original political turmoil has almost subsided, and on the other hand, it may be that Liao Chengde and Yuedong have greeted him, and the relevant parties have noticed Zhong Shi, which made him easily get out of the customs.

When he arrived in Hong Kong, Zhong Shi did not stay for a moment, and immediately held a four-person group meeting with Liao Chengde, Andrew, and Zhong Yi, and Liao Xiaohua was excluded from this core team. He is currently confined to his home by Liao Chengde, so that he can reflect on himself.

When he proposed to short the Japanese stock market at the meeting, everyone was stunned.

Liao Chengde is old and respectful, and he unconditionally supports every decision Zhong Shi makes, after all, everything he has now is obtained from Zhong Shi, and even his son's life was saved by Zhong Shi.

In the past few years, Zhong Yi has matured very quickly, although he is not yet able to take charge of himself, but he has made some achievements in the study of international economy, and even his supervisor at Hong Kong University thinks that this disciple is excellent, and is considering writing a letter of recommendation to send Zhong Yi to the United States to study for a doctorate. This was the first time he had raised his opinion against Zhong Shi, but he knew the character of this cousin, and basically the things he decided would not be changed.

Unexpectedly, the most fierce reaction was Andrew.

Andrew has always been an agent, and when everyone is looking at him, not many people care about his opinion, and he doesn't think about it.

But this time he was adamantly against it, and gave a reason that was difficult to refute.

"The Japanese market has been rising for more than three years in a row, and most people continue to be bullish on the Japanese market for now. Zhong Sheng, do you know how much the total market capitalization of Japan is now? That's twice as much as the United States! How can you possibly shake up the Japanese market? ”

"I'm sure you've read the information I sent you! You must also know that the two stocks of funds in Singapore have been in a duel several times around the Nikkei index, and you also know that the Japanese market continues to rise, and the short seller has lost billions of dollars, which is more than your current net worth! ”

When Zhong Shi told Andrew to pay attention to the Singapore Nikkei Futures Index, Andrew was keenly aware that Zhong Shi had found another hot spot for investment, and after carefully studying the trend of the futures index for three months, he was very sure that going long would be a great opportunity to make money.

"Although you are my client, you must give me a good reason, or I will refuse to carry out the order!"

For Andrew's insistence, Zhong Shi was quite helpless, more annoyed. He can't just tell him that the Japanese stock market will turn around by the end of this year, so that everyone will think that he is insane, but he can't tell him that it is a conspiracy between the US and Japanese governments, in which case the source of the information will be a problem.

Zhong Shi had already thought of a set of words in his mind that could explain the problem perfectly, but Andrew's attitude made him dispel the idea of explanation.

"Well, let's make a bet. Later I will buy a brokerage company in Hong Kong, if you win, I will let you do the Taipan of this brokerage company, if you lose, I ask you to start from the bottom and sit in the Taipan position within three years! ”

"New agency? Ceo? Deal! ”

Andrew was a little hesitant, in fact, although he said it very extremely, he didn't have much confidence in his heart, after all, Zhong Shi was not only his client, but also one of the largest clients of this brokerage. In case this incident reaches the top level, it will only be him who will suffer. Now that Zhong Shi has given him the steps, he just happened to take advantage of the situation.

The money transferred from the U.S. stock market was quickly invested in the Singapore market. Zhong Shi is very heartbroken, these stocks that bought the "beautiful 50" in eight or seven years, and if they want to buy them at the original price, I am afraid it will no longer be possible.

As fate would have it, as soon as Jim released the payment, he was taken over by Zhongshi, who had entered the market. (Thank you for the book friend for your secret tip!) At the same time, I also hope that more book lovers can support this book! ）