Since Everbright's last investment department** After the failure of the arbitrage system caused Everbright shares to rise sharply and caused turmoil in the A-share market, Manager Yang, the original manager of the strategic investment department, was suspended, and Li Haisong, the general manager of the risk management department, assumed the position of general manager of the investment department, but according to the receptionist, not long after that, Li Haisong's was also dismissed.

I followed the reception staff all the way to the door of room 108a, where the sign of the Strategic Investment Department was hung at the door, and Wei Wenlong and I knocked on the door of the office of the Investment Department without hesitation.

The one who came to open the door was a curly-haired woman wearing black silk and a sexy figure, with a cold face and a look in her early thirties, which made my eyes light up slightly, not because of the woman's appearance, but because the proportion of women in quantitative investment is really not high.

"It's not time to close yet, what's the matter?" The woman didn't open the door directly to let us in, but looked at me, Wei Wenlong, and the reception staff who brought us here coldly, with an impatient expression.

The current time is 1:30, and there is still an hour and 30 minutes before the closing time of 3 o'clock, so the operators of the investment department are busy with the operation of the arbitrage system.

"Do what you say on your phone's screen. I didn't talk nonsense either, I took out a senior phone without a SIM card from my jacket pocket, and the phrase "From now on, obey all my orders" was written in the notebook of the senior machine. I pointed the screen of my phone at the female operator who came to open the door so that she could see it, and at the same time I used the soul hook spell on the female operator. The soul hook soon took effect, and the look of precaution on the female operator's face was swept away, and she looked at us calmly and asked:

"Tell me something. ”

"Let's go inside. I said lightly.

The female operator immediately stepped aside and opened the door for me and Wei Wenlong to enter.

"Ruan Shu, who's coming in? Don't you know that it's not time to close now?" A thick and slightly magnetic male voice came from the office, and as soon as I entered it, I saw that at the front of the office full of securities trading systems, there was a short-inch middle-aged man with a solemn appearance, the man's face was serious, and his face was covered with the marks of the Taoist years.

"Who are they?" Tang Zhishun, the general manager of the investment department, looked at me and Wei Wenlong, and finally his eyes fell on the female operator named Ruan Shu on the side.

The female operator named Ruan Shu naturally didn't say anything, and I walked quickly to Tang Zhishun, who was sitting behind the desk, under the gaze of the eighteen operators in the office, and said, "Manager Tang, there is a very important matter that requires your cooperation. ”

As I spoke, I took out the screen of my mobile phone and asked Tang Zhishun to accept my soul hooking technique while looking at the screen of my mobile phone.

"Do what you do on your phone's screen. ”

I stared at Tang Zhishun's eyes and said lightly.

Under the rapid effect of the soul hooking technique, Tang Zhishun's eyes quickly became dilated and sluggish, and then quickly became clear:

"What do you want me to do?"

"Come out with us first, Manager Tang, we have a few questions for you. Seeing that the soul hooking technique had worked, I smiled slightly and said.

Tang Zhishun's gaze fell on my makeup-made face, then nodded, stood up from behind the desk, and followed me and Wei Wenlong out of the office under the gaze of more than a dozen operators in the office. We didn't go too far, but went to the bathroom near the elevator entrance on the first floor, and I asked Wei Wenlong to wait at the door of the bathroom, guarding the door and not letting outsiders enter.

"Manager Tang, I won't take up too much of your time. After taking Tang Zhishun into the bathroom, I stopped near the toilet trough, put my hands in my pockets, looked directly at Tang Zhishun, and said:

"Manager Tang, I know that since Yang Jianbo and Li Haisong resigned from the position of general manager of the investment department, you are responsible for the management of Everbright's strategic investment department. The last Everbright incident that caused a national sensation was mainly due to three aspects: on the one hand, the order generation system for trading was independently developed by Everbright Securities, and no risk control software was installed. On the other hand, the business software purchased from Shanghai Mingchuang Software Technology Co., Ltd. does not have a risk control system, precisely because these two software do not have a risk control system, and the third point is that the operator's error in setting the parameters has caused the abnormal price limit of the stock to be almost liquidated. ”

Tang Zhishun's face changed slightly, and he replied honestly:

This is a rumor in the outside media. You're probably not from our top up, so you don't know a lot of the insider. In fact, the inside story of that incident is very complicated, and there are many factors. The 'high-frequency trading investment system' developed by Shanghai Mingchuang Technology does have design loopholes, but this is not the main problem. Because more than 140 companies across the country are using the same software system, why is it only us that have the problem? A big reason is that our 'customized' trading software at Everbright Securities tunes the risk control module in the trading system, and instead focuses on the strategy level to check the risk control. This strengthens the feasibility of insider operations. ”

"In other words, the removal of the risk control software was intentional?" I asked.

"Yes, although the removal of risk control software may lead to some minor problems, such as the loss of orders in the last incident, it has to be removed for the senior management who do insider trading. If the risk control module is removed, many trading strategies become unviable. Tang Zhishun replied truthfully.

"So, what was the main purpose of that incident, and was it really just a small mistake by an operator?"

"Of course not. Tang Zhi said, "Actually, the original purpose of that incident was mainly to recover the loss of our Everbright Securities buying blue chips in the morning.

"On the morning of that day, because of a mistake in trading, our company used 7.8 billion to buy blue chip stocks, but because the stock price of blue chip stocks fell sharply after that, we lost nearly 7 billion. After Yang Jianbo learned the news at noon, in order to make up for the loss in the morning, he discussed with several decision-makers in the afternoon to let the investment department do a large number of short orders on stock index futures to hedge, and sell stocks by converting ETFs, resulting in a profit of 3.4 billion, and earnings per share increased by 1 yuan out of thin air. At that time, Yang Jianbo thought that he could make up for the deficit in the morning, and by the way, he used an aggressive transaction to add fire to Everbright Group's futures and derivatives trading, so that Everbright's fierce momentum could be further enhanced. As a result, not only did he not get the profits, but he was also driven out of the financial circle along with three other decision-makers, and our Everbright rating fell from AA to C on many exchanges. That's what we don't want to see. ”

"I see, it's really an insider operation. I smiled coldly.

Tang Zhishun continued:

"The biggest reason is naturally that we are at Everbright, but it is not only our reason that caused many stocks to go crazy. Our Everbright large number of buying orders have caused other securities institutions to trade in automated trading software, following the trend of buying, and the strength of our Everbright family alone is not enough to make the market pull like this. This is a typical black swan event. Another reason is that the brokerage's proprietary business has the best trading seats in the exchange, unlike insurance, private equity and other institutions that need to trade over the counter. The settlement method of our brokerage firms is usually to liquidate positions after the close of trading at 3 p.m., which means that the transaction comes first and the funds are cleared later. Therefore, it is possible that the Everbright proprietary account is not fully funded and the transaction can be concluded.

I smiled and said, "It's like taking a credit card with a limit of 10,000 yuan and swiping 100 million, and the order can be saved before the order is issued, but the system does not check whether the order exceeds the fund limit, and the order is closed, right?"

"Yes, so to speak. However, in addition, the Shanghai Stock Exchange and the China Securities Regulatory Commission have not thoroughly inspected the risk control software, and turning a blind eye to the risk control module is also one of the reasons. All in all, there are various reasons for that incident, and we cannot listen to and believe it partially. ”

"How did you cause the short order hedging?

"Yes, just like the outside world, the main thing is to modify the unit of the stock purchase. For example, if you need to buy 30 million shares that can be exchanged for 30 million ETFs, then you only need to enter the amount of 30 million shares in the trading system, and the system will automatically place orders for the relevant underlying stocks, but when the order is actually placed, because the minimum unit of the stock trading system is 'lot', that is, 100 shares, then the number of orders that need to be placed at this moment is 300,000. In that incident, Yang Jianbo directly entered the quantity of 30 million shares into the stock trading system when placing an order, which made the transaction magnified 100 times in an instant. This eventually led to a straight spike in the broader market curve. ”

Tang Zhishun explained to me the real cause of the "Oolong Finger" incident with a blank face, and some of the doubts in my heart were finally clear. As I predicted before, the Everbright Oolong incident was indeed a premeditated and purposeful man-made insider operation incident planned by several decision-makers at the same time, but this insider time was just dressed up as an accident.

"I am very satisfied with your answer, next, I want you to repeat the Everbright Oolong Finger incident, what are the problems?" I looked at Tang Zhishun with a smile and asked.