2%，3%，5%……

In the blink of an eye, the rise of the Shanghai Composite Index has climbed directly to more than 5%, and all the heavy bank stocks have reached the price limit, and the time-sharing energy has been magnified to more than 10 times.

Seeing this scene, everyone in the entire trading room was stunned.

Except for Su Yu, others have never seen such a trend in the Shanghai Index, let alone the entire banking sector, with a market value of more than 100 billion weighted bank stocks, have been pushed up to the limit by tens of billions of funds in ten seconds, and at the same time, the core weighted stocks in the securities and insurance sectors are also the same as these weighted bank stocks.

Of course, also in this moment.

Su Yu laid out his position in the CSI 300 index futures, and the profit figure jumped from about 3 million to more than 15 million, with a new profit of more than 12 million, and the CSI 300 index rose by more than 6% from 2347.15 points to 2490 points.

"Oh my God! This is...... What's going on? ”

After a moment of silence, Li Meng stared at the Shanghai Index, which had climbed from 2089.26 points to 2200 points, and then couldn't help but exclaim: "Is there any blockbuster benefit, is it going to be released at noon?" This amount of energy can ...... Tens of billions of funds are scrambling to raise funds in the entire 'big finance' sector, which is too scary. ”

"Damn, even if it's a blockbuster, the market reaction shouldn't be so big, right?"

"In less than 20 seconds, the index jumped more than 6 points, oh my God...... This is an index, and in an instant, it looks like a small-cap stock, which is too scary and shocking. ”

"The entire banking sector has risen by more than 9%, and the securities and insurance sectors have risen by 8%, which is terrifying, so terrifying."

"I have never seen such a scene, and the entire 'big finance' sector has gone straight to the limit."

"The Shanghai Composite Index won't rise today, right? On the core weight of financial stocks, there are more than 1 billion sealed orders, it's crazy, the peak of the bull market in 07, there is no such crazy trend, right? ”

"Mr. Su, should it be beneficial?"

"Mr. Su, what should we do next?"

"Let's wait and see!" Su Yu glanced at everyone in the exclamation of everyone, and said calmly, "The index is definitely not normal, look at the market information disclosure at noon, and the market trend in the afternoon!" ”

As he spoke, Su Yu's gaze turned back to the plate again......

Staring at the stock index futures position account, has jumped to more than 17 million profit figures, on the disk of large-scale CSI 300 futures short position investors, was instantly burst stop loss point, the bulls have been killed in an instant, the disk liquidity, trading situation has become extremely abundant at the moment, directly at the market price, closed all the CSI 300 futures short orders in their hands, harvested profits.

Then, after the short order was closed, there were more than 51 million funds in the account.

The CSI 300 index is still slowly rising, and the CSI 300 index is still rising slowly, backhand above the 2510 point of the CSI 300 index, and the short sell orders wantonly, frantically devouring the main buy long orders, and the short closing orders that are forced to stop the loss out.

100 lots, 200 lots, 300 lots, 400 lots......

Compared with his two days ago, when he established a long order at a low level, at this moment, thanks to the extremely high liquidity of the market after the extreme volatility of the index, his short selling order was established extremely smoothly.

In 3 minutes, 550 hands of short selling orders were already in his hands.

And in the account, the available funds of more than 51 million have also changed to more than 22 million available funds again.

In just a few minutes of his rapid operation, the entire domestic financial circles, large securities investment institutions, floating capital, retail investors, private equity institutions, and even various securities market regulators have all exploded.

First of all, there is the internal level of the regulatory layer.

Whether it is the Shanghai Stock Exchange Transaction Supervision Department or the Futures Exchange Supervision Department, all of them were shaken, and countless internal phone calls and communications were exchanged, and the internal employees and leaders who were originally preparing to get off work were frightened into a cold sweat in an instant, and hurriedly found the source of funds to buy and the reasons for the abnormal market fluctuations.

Secondly, it is a large securities institution, public funds, and private equity institutions.

All the leaders and traders of the trading department, looking at this jaw-dropping scene, quickly adjusted their strategies, and at the same time mobilized all their connections, wanting to know the reasons for the change at the first time and take the lead in making relevant strategic responses.

Then, the major power tour capitalists.

Everyone looked at those weighted bank stocks, often 1 million hands of sealed orders, and the furious to the extreme pull up hand, the heart is shocked beyond measure, the only emotion, is the funds in their hands, compared to these so-called super-large institutions, that is really scum, not enough to see.

Finally, the majority of retail investors who are the most lagging behind in the market news and response.

Everyone looked at this shocking scene, and their hearts were unparalleled surprise and excitement, because many people's positions were concentrated on these weighted financial stocks.

"Ahh......h It's really shocking, all the heavy financial stocks are all in an instant, the unified daily limit, 5 years of stock speculation, I have never seen this scene. ”

"It's so awesome, I really didn't expect that I could also eat the price limit board on Huashang Bank."

"The scene of the five major banks of Huashang Bank, Huanong Bank, Huaguo Bank, Huajian Bank, and Bank of Communications brushing the daily limit together, this should be the first time in history, right?"

"It's shocking, it's shocking...... It must be taken a screenshot to preserve, a moment of history! ”

"Oh my God, what kind of good thing can cause such a reaction to the market?"

"Will the central bank cut interest rates and reserve requirements?"

"Interest rate cuts and RRR cuts don't have such a terrifying market effect, right?"

"What about interest rate cuts and RRR cuts that exceed expectations? Another '4 trillion', 'big finance' is a comprehensive change, that is the horn of the bull market! ”

"Is the bull market really coming?"

"Whether the cow is here or not, this level of change is definitely not simple."

"Strong, strong and invincible, the institutions have finally risen up once, this is the real big deal, you capital in the face of such a change, it is really a little minion."

"Needless to say, noon must be favorable."

"Yes, yes, institutions are always prescient."

"There are still mid-cap financial stocks that have no limit, can they be bought? In this case, you should be able to eat a little meat, right? ”

"There are still 2 minutes to close, there is no large-scale cancellation, it should be the real market, buy ...... I think I can chase it, after all, the 'big finance' is in full swing, and the amount of incremental funds coming in will never be a small market without continuity, and I feel that the opportunity to make money in the market is really coming. ”

"Haha...... It seems that the bull market is indeed coming. ”

"I'll just say that 'big finance' has bottomed out, right? There is no way to fall, this is not ...... Instant explosion! ”

However, in the extreme excitement, excitement and shock of retail investors, at this moment, the source of the entire market change, Guangda Securities Investment Strategy Trading Department...... A quantitative trader who is responsible for managing and tracking the 'Market 180 Index ETF Fund', and a software technician who is responsible for the maintenance and management of the IT trading system, are completely paralyzed in fright, staring at the market and back-office accounts, with a blank face.

Due to system failure.

When the trader executed the buy order and made a one-click buy, the trading system repeatedly executed this instruction, and through the ETF channel, within 10 seconds, a 46.8 billion order was hung out on the underlying stock buying disk in one go, and by this time, more than 7 billion had been traded.

In principle, of course......

Inside Guangda Securities, there is not so much money at the moment.

Not to mention the 46.8 billion liquid available funds, even the 4.6 billion liquid available funds are not available.

However, due to the fact that the brokerage trading system is still implementing the T+1 fund settlement rules at this time, under certain special conditions, there is not so much money, and the transaction can also be traded, which is also substantively effective, but it is necessary to make up the funds for the real transaction in time in the follow-up and deliver them to the financial settlement center.

"It's over......"

The quantitative trader wanted to cry without tears and accused the IT technician: "Didn't you say that the program instruction of 'one-click buy' has been debugged and can be used?" ”

"I ...... too I didn't know it would be like this, it would have been able to be used yesterday. The IT technician's face turned pale.

At this moment, the funds in the background account show that they have come from -7.2 billion to -7.6 billion, and they are still increasing at a rate of 100 million in 20 seconds.

Pending orders for so many stocks, after the system fails.

If you want to cancel the order manually, it is simply too late, and it is only a minute before the midday close.

The trader's hands were trembling, he knew that his career was over, and in these few minutes, the losses caused to the group were probably his whole life, and he could not pay them off.

"Report to the general manager!" The IT technician was trembling inside, but he still held his feet and said.

Although he was scared, he thought it was a technical glitch and that he himself should not be too responsible.

And just when the two of them were panicked and didn't know what to do, the director of the fund management department of the strategic investment department saw that the entire department had become negative funds, jumped up from the chair in shock, grabbed the phone, and hurriedly called the general manager of the investment strategy department and the vice president of the group.

Then, 5 minutes for a while.

The general manager of the investment strategy department kicked out the trading room, and his whole face turned black into charcoal.

Immediately afterwards, countless phone calls from the China Securities Regulatory Commission and the supervision department of the exchange began to bombard the senior management of Guangda Securities Company, and the chairman of Guangda Group, who was holding a meeting in Yanjing, was also forced to interrupt the meeting and rushed back to the magic capital from Yanjing.

All in all, with the so-called trading system malfunctioning......

Guangda Securities Company, and even the entire Guangda Group, fell into complete chaos after the close of trading at noon.

Of course, in order to minimize the impact of this incident, in order not to cause panic in the market, and the run on Guangda Securities and even the entire Guangda Group by the customer groups, at this moment, although rumors are flying all over the sky, in addition to the relevant people of the China Securities Regulatory Commission, as well as the supervision department of the exchange, there are also core executives and traders within Guangda Securities...... Others, they don't know the truth.

The entire market, except for Guangda Securities, which is at the heart of the storm.

Including many large institutions, floating capital, and retail investors in the market, they are still quite optimistic about the market, thinking that there must be a blockbuster at noon, and they don't realize that this is just a farce.

Unfortunately, in the positive expectations of the majority of investors......

At 11:50, there was no positive situation in the market.

At 12:10, there was no positive situation in the market.

At 12:30, the market still did not show upside.

It was also at this time that everyone finally realized that something was wrong, and guessed that it might not be the rush of large institutions, but other extreme anomalies in the market.

"It's not good, what's the matter? With such a large amount of money buying before the close of the morning approach, how can there be no wind in the market at all? When the time traveled to 12:40, Modu, Zexi Investment Company, Xu Shen noticed something unusual in the market, "Zhou Kan, what about Director Qiao?" Did you hear anything? ”

Zhou Kan, the leader of the trading team, paused, and was about to answer, 'I haven't heard anything new yet'.

At this time, Director Qiao, who was the director of the company's market information department, had already pushed the door into the trading room from the outside, and whispered to Xu Shen: "Mr. Xu, I just heard the news that Guangda Securities had an accident. ”

"Something's wrong?" Xu was stunned.

"Well, I heard that there was a system failure, and the trader misoperated and executed tens of billions of buy orders." Director Qiao replied, "At this meeting, I heard that the China Securities Regulatory Commission and the Supervision Department of the Exchange are inquiring, although it is not known what the specific situation is, but Guangda Securities has indeed had an accident, and the CEO of its securities company has just hurried back to the headquarters to hold an emergency meeting." ”

"Tens of billions...... Does Guangda Securities have so much money? ”

Xu Shen still knows a lot about this securities company, and said: "I remember that not long ago, the investment banking department of their company was investigated by the regulatory department, so soon...... Something went wrong again? ”

"I don't know, but I don't think I have that much money!" Director Qiao replied.

"You inquire carefully." Xu Shen said, "To figure out the specific situation, if it is really the handiwork of Guangda Securities before the close of trading at noon, then the opening at 1 o'clock, its stock price will definitely move." ”

"Okay!" Director Qiao nodded, turned around and walked out.

Xu Shen turned his head, pondered for a while, and instructed: "Zhou Kan, use our company's fund account to short the shares of Guangda Securities in the Hong Kong stock market, and at the same time ...... Short selling the CSI 300 index futures, if Guangda Securities really has a problem, in order to recover their losses, they will definitely choose to hedge on the CSI 300 index futures index, short selling orders, which should be an excellent arbitrage opportunity. ”

"Good!" Zhou Kan responded and immediately executed.

At the same time, many well-informed institutions, private equity funds, and even large investors have heard some rumors to some extent, and they have made different responses.

And Yanjing at this moment.

Within Anlan Fund, Zhou Guohua, its general manager, heard that the chairman of Guangda Group had temporarily interrupted an important meeting in Beijing and rushed to the magic capital, combined with the temporary suspension announcement announced by Guangda Securities at 12:45, he instantly guessed that Guangda Securities must have had an accident, and also made a strategic decision to short Guangda Securities' Hong Kong stocks.

"Doesn't the teacher short sell the CSI 300 Index futures arbitrage?"

After Zhou Guohua instructed the fund trading team to short the Hong Kong stocks of Guangda Securities, Xie Wanting asked.

"Why?" Zhou Guohua looked at Xie Wanting with a smile.

"If the teacher's guess is correct, Guangda Securities really has an accident, then this wave of sharp rise near noon in the morning will not be tenable at all." Xie Wanting said, "If the index can't stand, the decline will become inevitable, and the market expectation of the good will not only fail, but there will be a more serious negative appearance, which will make the current disk in this position, there is no support, it is estimated that the afternoon ...... The index will reverse and fall in an instant. ”

"So, this time ......"

"I think the use of CSI 300 index futures arbitrage is basically risk-free, and at the same time, it is also the most profitable."

"Hmm!" Zhou Guohua bowed slightly, "Yes, the logic is valid, but in the current market, there should be a lot of people who think like you, I am afraid that the market will open at 1 o'clock, and the CSI 300 index will not begin to fall, and the futures index will quickly fall back to a low range, and we may not have time to open a position." ”

"Moreover, the current market, the liquidity of the futures index, is not very good."

"Relatively speaking, the liquidity of Hong Kong stocks of Guangda Securities is still higher and easier to get in and out."

"Of course, you can give it a try with your own small bankroll." Zhou Guohua smiled and said, "Trading, the most important thing is practice, you should verify your own logic." ”

"Good!" Xie Wanting responded and immediately began to prepare.

Over the years, she has learned a lot of theoretical knowledge, but not much practical operation.

The A-share market is her first stop and her novice training ground.

With the exchange between the two, the time entered 12:52, and there were 8 minutes left for the market to reopen for trading.

And at this time, Yu Hang, within the 'Yuhang Investment' company, Lin Antu got the exact news and told Su Yu about the transaction error of Guangda Securities Company.

Su Yu smiled, didn't care much, a pair of eyes, only trying to stare at the two markets that were about to open.

"The one before noon was really caused by a mistake in Guangda Securities' trading?" 5 minutes before the opening of the market, Li Meng still felt a little unbelievable after hearing Su Yu relay Lin Antu's words, "Guangda Securities is also a large domestic brokerage institution, and there will be such a mistake." ”

Su Yu smiled: "It won't be wrong, Guangda Securities was temporarily suspended, and it was basically announced that there was no silver here for three hundred taels, of course...... They will not admit it now, after all, there are still tens of billions of orders, hanging on the price limit, and if they do not withdraw, the majority of investors in the market will not get the truth. ”

In fact, as Su Yu said......

At this time, Guangda Securities simply could not afford to disclose the truth.

Because once the truth is disclosed before the market, the majority of retail investors in the market and many institutions are induced to sell together, so that the tens of billions of orders it has put out because of the failure of the trading system will be consumed by the market on a large scale, which means that Guangda Securities must spend the same amount of real money to undertake these consumed chips.

After all, even if it is a misoperation, even if it is on the trading account of Guangda Securities, there is actually not so much money.

However, in the case that the chips have been bought, even if the T+1 fund handover model, it is necessary to hand over the funds of the same chip value to the National Financial Settlement Center, otherwise the credit of Guangda Securities will be completely bankrupt, and the follow-up will ...... There is only one way to go out of business.

Moreover, even if Guangda Securities can withdraw all the unfilled chips on the market.

Faced with -7.8 billion funds in the account.

Even if they sell all the 4 billion stock positions held by the company in the rest of the day, they will have to make up 3.8 billion in cash and enter the trading account before the market opens next Monday to avoid the credit bankruptcy of the entire group and complete the closed loop of the entire transaction.

However, what few people know is......

At this moment, the entire Guangda Securities Company, all the working capital, all squeezed out, and it was less than 3.8 billion.

In other words, as long as Guangda Securities gathers less than 3.8 billion funds before the opening of the next trading day, the entire company will be essentially bankrupt.

Of course, for Guangda Securities, which is already on the verge of bankruptcy.

The only thing that can recover a little loss and achieve the goal of stop loss is to frantically cancel orders in the afternoon, frantically sell all the stock positions that can be sold in your securities account, and at the same time sell the CSI 300 index futures index to hedge arbitrage.

Moreover, Su Yu knew that the other party would definitely do it.

While he was pondering, 1 o'clock in the afternoon came, and the two markets, which had been suspended, resumed trading.

I saw that the billions and billions of daily purchase orders blocked on stocks such as banks, securities, and insurance with various weights, and the lightning withdrawal of orders, disappeared within a few seconds.

Immediately afterwards, many weighted financial stocks that opened the price limit increased instantly, and the stock price plummeted.

At the same time, the Hong Kong stock Guangda Securities crashed, and the stock price also plummeted.

The CSI 300 index futures index, before the CSI 300 index had time to dive back in a straight line, had already fallen like lightning, from around 2520 points, straight line collapse to 2400 points, opening a gap of nearly 90 points with the actual trend of the CSI 300 index.

In this moment, of course.

Su Yu's 550-hand list of backhand short selling at a high level before noon has added more than 19 million profits to him, and his personal account funds have swelled from more than 50 million to around 70 million.