"dad."

In the morning, as soon as Nan Yi arrived at Mo Dan Barracks, Nan Ruobong called.

"What time is it over there? You haven't slept all night?"

"Dad, how can I possibly sleep when there is such a big movement in the pound?" Nan Ruoping's coquettish expression showed a hint of exhaustion.

Nan Yi smiled lightly and said, "Tell me, what do you want from me?"

At this time, Nan Ruopeng called, and Nan Yi guessed that she wanted to borrow money.

"Hehe, dad, you must have guessed it."

"You girl, you are a ghost, how much is it?"

Nan Ruoping: "Ten million is never too little, and eighty million is never too much."

Nan Yi thought for a while and said: "I can give you permission to use the Snow Mountain Trust's money, but if you make a profit, the Snow Mountain Trust will share half of it. If you lose, you will bear all of it."

"Dad, your conditions are too harsh, I'm so at a loss." Nan Ruoping said aggrievedly on the other end of the phone.

"To do it or not to do it?"

"I want it, I want it."

"Damn girl, your little cleverness will only be used on me. Send me an email." Nan Yi shook his head and said with a bitter smile.

"immediately."

Click, Nan Ruoping's phone was put down, and Nan Yi heard a busy signal from the phone.

Putting down the phone, Nan Yi opened his laptop and connected to the satellite network. After waiting for two or three minutes, Nan Ruobing's email arrived. He opened it, read it, forwarded it to Ma Shimin, and then a phone call flew over.

After a while, the access to Xueshan Trust’s account was opened to Nan Ruobin, and she could use the funds inside at any time.

Like Zhao Shixian, Nan Ruopeng asked Nan Yi to borrow ammunition in order to hit the treasury bond futures.

There is only one kind of British government bond circulating in the British government bond market - a ten-year government bond with a face value of 100,000 pounds and a coupon rate of 6%. This is a long-term debt with nine delivery years from the first to the ninth year.

There is buying and selling in all.

Bonds are closely related to interest rates. Generally speaking, in order to ensure the income of those who buy government bonds, if interest rates rise, in order to ensure the bond's yield, the price of the bond will fall.

To give a simple example: Assume that the coupon rate of a treasury bond with a face value of 100 yuan is 6%, and it will become 106 yuan when it matures in one year; but during the same period, the bank's deposit interest is 10%, and it will become 106 yuan when it matures in one year.

110 yuan, depositing in the bank is more cost-effective than buying government bonds, so who would buy government bonds?

Usually, in order to stimulate buying enthusiasm, the interest rate return of government bonds must be greater than or equal to savings deposits, but the coupon rate of government bonds is fixed. In order to ensure the yield of government bonds, government bonds with a face value of 100 will be sold at a price of 96 yuan or lower.

That is, Treasury bond prices fall.

If you put this into the futures market, once there is news about raising interest rates, it means that Treasury bond futures are negative.

Zhao Shixian is betting on the UK raising interest rates, and so is Nan Ruopeng.

"10,000 copies."

Zhao Shixian entered a string of English in the chat window. There was no need to specify whether it was buying or selling. The general direction of short selling had already been agreed upon in advance.

Ten thousand contracts have a face value of 1 billion pounds, but the current real price of each contract is 83,124 pounds. With 20 times the leverage, the required margin for each contract is 4,156.2 pounds... It seems that this does not make much sense. Zhao Shixian is through Yi

When operating with a bank, the one that provides capital allocation is Jardine Matheson Bank, which is a relationship between the palm of your hand and the back of your hand.

Recently, the average daily trading volume of the British long-term government bond futures trading market has been around 50,000 units. Zhao Shixian's operation is considered a large-scale operation, but it can still be digested by the market.

Compared with Zhao Shixian, Nan Ruobin's handiwork was smaller. She only sold 2,000 copies, and she operated through Citibank's channels, which provided leverage.

By 1992, on-site outcry trading was on the decline, and electronic matching became popular. However, for market makers, seats in the exchange and traders wearing vests were indispensable.

Providing leverage for capital allocation is not the main business of Jardine Matheson Bank. This service is only one of the supporting services provided to bank customers. It is rare to provide this service to new customers alone. Jardine Matheson Bank’s securities business is mainly to undertake

The role of market makers.

To put it simply, a market maker acts as an intermediary between buyers and sellers. For Zhao Shixian's large orders, Jardine Matheson Bank's traders first matched them on the electronic market, and then contacted other market makers to contact large buyers of treasury bonds.

It took about half an hour for the sale order to be completed, and Jardine Matheson Bank obtained a certain spread.

The service fees for spreads and leverage allocation are money earned by Jardine Matheson Bank. They don’t earn much, but they are more stable. Although PY Securities and Jardine Matheson Bank are brothers, when it is time to add margin, if Zhao Shixian is not able

In addition, Jardine Matheson Bank will also treat ordinary customers the same way and directly force liquidate their positions.

The relationship between the two parties is that on the premise that their own interests are not involved, Jardine Bank will provide PY Securities with some conveniences within its capabilities, and its status is equivalent to that of VIP customers. If PY Securities switches to HSBC for operations, it can also get similar treatment. Through Jardine

The only advantage of the bank's channel operation is confidentiality. Outsiders cannot learn about the operation information of PY Securities through Jardine Matheson Bank.

When the time came to ten past ten, Zhao Shixian glanced at the bond futures market and then at the chat window. No new link appeared. She switched to another chat window and entered "ten thousand copies" again.

When Zhao Shixian finished typing, she looked at the market prices on the other screen again and found that a selling order of 2,000 units had just been completed. She smiled faintly and said to herself: "There are 4,000 units in total. Which wonderful person has the same price as PY?"

thought."

Zhao Shixian entered "Check where the selling order comes from" in a chat window, and soon, the English word "Citibank" popped up in the window.

When the time came to half past ten, Trott, the anxious chief trader of the Bank of England, found Pemberton and asked him to do something. Pemberton called Lamont and asked him to do something. Lamont called

Give it to Major and ask him to raise interest rates, otherwise the pound will be ruined.

This time, Major compromised.

After emergency consultations, at 11:30 noon, the UK announced a 200BP interest rate increase from 10% to 12%.

Such a large increase in interest rates did not bring any upward momentum to the market price of the pound. The straight line was still that straight line. Looking at the straight line, Lamont's heart twitched and his heart felt as cold as water.

After finally regaining consciousness, Lamont immediately went out and rushed to Major's mansion.

What is the next strategy for the UK? This has little to do with Zhao Shixian. When the news of interest rate hikes spread to the bond futures market, the price of national debt immediately plummeted, especially the national debt that was still 10 years away from delivery. The price dropped from 83,124 pounds per share.

If it immediately falls to around 81,400, this price can meet the long-term interest rate of 12% and be considered the true price of the bond.

Although the purpose of raising interest rates rashly when market expectations are very low is to attract the return of capital and thereby alleviate the pressure to sell pounds in the foreign exchange market, interest rates involve too many things, and the first one to bear the brunt is the government bond market.

In addition to the government bond market, the stock market also moved accordingly. Real estate company stocks immediately fell sharply, which in turn affected the performance of the Financial Times Index. The index has been falling, and the decline has exceeded the increase since September.

Since September, the London Financial Times 100 Index has been rising. The depreciation of the pound will enhance the competitiveness of British goods in the world market, which is a huge benefit to British companies.

However, after the news of the interest rate hike came, people who bought houses with mortgage loans suddenly felt a lot of pressure. Many people may give up on continuing to pay for houses because of this. This is definitely bad news for the real estate industry, and the entire market

It also started to fall, dragged down by the real estate sector.

"Sweep the goods and prop up the stock price. The stock market of the British Empire should not be in such a mess." In the trading room of Bolin Holdings Investment, Catherine, who is very talented in acting, ordered the trader.

The UK's economy has been on an upward trend recently. Although the pound is no longer strong, it does not affect the economy's development in a good direction. The index is downward, and the drop in stock prices is only temporary and will rise again soon.

By buying stocks at this time, not only can you wait for the stock to appreciate and earn interest differentials, but you can also express your great patriotism.

"Close the position."

Although Zhao Shixian boldly guessed that Britain might raise interest rates again, she didn't want to wait any longer. Now she has closed her position and her book profit has exceeded 34 million pounds. As a dessert after the big meal, this is enough.

Nan Ruobin from Boston was not very happy. Her dessert was too small, and half of it was divided. What she didn't know was that Nan Yi was already thinking about taking care of her. He had always hoped that Fan Hongdou and Nan Ruobin

His college life could be more pure, study and have fun. In the past few years, he didn't want to see Nan Ruobing still thinking about making money.

After closing the bond futures position, Nan Ruopeng took a shower and went to bed. However, Zhao Shixian switched to the stock index futures market. She planned to search everywhere she could.

Cold Spring Town.

Fan Hongdou got out of his GMC Syclone pickup truck and walked to a kiwi fruit orchard. He looked at the fruit trees and frowned.

When the Akesa Vegetable Company annexed land in Cold Spring Town, it took back this kiwi fruit orchard and was reluctant to remove the trees and plant vegetables instead.

Half a million dollars.

It seems that they will not be sold this year. Fan Hongdou has already received the wind. New Zealand has set the table. A large number of low-priced kiwis have arrived in the United States and will soon be dumped on the market.

After feeling nervous for a while, Fan Hongdou left the orchard and walked towards the vegetable field. Akesa's main business is selling organic vegetables. If the kiwi fruit can't be sold at a high price, it won't hurt your muscles and bones. If you really can't sell it, just use it.

Give it to big customers as a tie-in.

Fan Hongdou was relieved easily, but Rama Pubipong was furious. After receiving the news, he wanted to go to New Zealand and set off some big firecrackers. The kiwi fruit market in the 1980s was not bad, and the Queen Mother Fruit Industry relied on

Profits were huge from reselling kiwi fruits.

We import kiwi fruits from Italy and Chile and then sell them to other European countries, North America, Japan and South Korea. We act as bulk traders, and our business is prosperous.

Although New Zealand has become a troublemaker in the past few years, with price wars starting among fruit farmers. The disorderly competition has not only made the price of New Zealand kiwifruit ridiculously low, but also made it increasingly difficult to guarantee quality. In the market,

The reputation and bargaining power are getting worse and worse. But that is an internal matter within New Zealand. If Queen Mother Fruit Industry does not produce New Zealand kiwifruit, the impact will not be too big.

However, now that this stick is no longer stirring up trouble at home, it has come out to stir things up. With dumping at low prices, the global kiwi fruit price will become a mess. In order to ensure that the purchase price is relatively stable, Queen Mother Fruit Industry has contacted fruit farmers in advance.

Sign the acquisition contract. This year's acquisition was already decided last year. Of course, the acquisition price has also been set.

If the price of kiwi fruit rises sharply this year, the profits of Queen Mother Fruit Industry will rise a lot. If it falls sharply, even the bottom line will be lost.

For the Queen Mother Fruit Industry, the best situation is that the price of kiwi fruit rises steadily and the market remains stable, ensuring the interests of the fruit farmers, their own interests, and the interests of the lower-level dealers. Only in this way can the business be sustainable.

.

Now that prices are about to plummet, not only will the Queen Mother Fruit Industry suffer direct financial losses, but also upstream fruit farmers and downstream dealers are likely to have many sales channels that cannot hold on and collapse after having finally built them.

It will collapse, and the impact will not only be this year, but will probably last for several years.

Pulling out the calculator and clicking on it, Rama Pubipong sweatdropped on his forehead. He picked up the phone and called Eugene Diesel, the president of Shennong Nanliang.
To be continued...