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According to the laws of the market, the highest bidder wins. It is normal for a contract to be negotiated with many institutions.

No one knows how many contracts the counterparty wants, but it is certain that some people are optimistic about Shibor being further raised. Coupled with the further tight liquidity of funds, the index is likely to be pushed up further, but the pressure for the appreciation of the US dollar has also increased, which is quite Given the relative depreciation of the RMB, whether changes in the exchange rate will lead to a recovery in liquidity in the local currency market is a proposition worth considering.

There are central banks inside and exchange rate fluctuations outside. Various variables are mixed together, resulting in little change in Shibor.

On Wednesday, July 19, Lei Hao got the number: about 5.1%.

The average hedging position is around 5.1%. Of course, the 1-day, 7-day, 14-day and 21-day Shibors are definitely different, but after equalizing it with 14 days, it is 5.1037%, and the agreed amounts are not far apart. 520 billion.

"In total, for every 1% fluctuation, the base number is 520 billion, which is only close to the profit and loss of 200 million." Lei Hao immediately calculated the numbers in his mind.

"LEI has invested a base of 20 billion U.S. dollars in long U.S. dollars. It is estimated that the profit margin of 0.27% can also be 54 million U.S. dollars. Calculated in RMB, it can be about 360 million U.S. dollars."

"The Asia-Pacific foreign exchange mixed trading also has some chips, and tens of millions of dollars are still in the account."

"There are some gains on paper in the stock market, tens of millions of yuan? But there is not enough to withdraw."

"There should also be some gains in the futures market, bond market and other places, plus those from quantitative hedging, it is still less than 100 million, volume is enough!"

Lei Hao quickly calculated the various benefits of Thunder and LEI. At his current stage, investing in a single market could no longer satisfy him.

The amount of funds is too large, so you can't invest in which index is too volatile. You can only say that Shibor is the most volatile, and Lei Hao spent the most time here.

Moreover, data such as Shibor, its fluctuations are affected by other markets and will feed back and affect other markets, such as money funds, bond interest rates, etc. This is also where you can invest.

However, strictly speaking, what Lei Hao does is unilateral. Even if it is explained using a more complex theory, what he does is structural unilateral hedging.

Shibor surged, bond market interest rates rose; the U.S. dollar exchange rate rose, the RMB fell slightly, and other currencies fell slightly; the stock market rose but there was no volume, the futures market fluctuated within a narrow range, precious metal prices adjusted slightly downward, and crude oil prices fluctuated at the mid-level... …One index will affect another index, but each index can be analyzed independently.

This is the financial market.

The U.S. dollar has the largest market share, and Shibor has the largest fluctuations. Therefore, the expected return on the LEI side is not as good as that on the domestic side. More importantly, the operation of Shibor may allow the central bank to test out the financial vane: marketization!

The financial departments of ICBC and China Merchants Bank suddenly burst into cheers as Thunder was about to place chips. According to the agreed price difference of 2 basis points, the working group responsible for collecting chips for Thunder could obtain a net interest income of 0.02%.

In other words, 520 billion times 0.02% divided by 365 times 14, a net income of almost 4 million, in just two days, is enough.

Thunder's trading department is very hardworking. They operate on the same site as their partners. After each contract is signed, they have to sign on behalf of Thunder and then quickly take it back to the headquarters to go through the procedures. The heads of various departments who need to sign and approve it, including Thunder Hao was included, and he was reluctant to sign.

More and more contracts are signed, and no matter how stupid the counterparty is, they know there is a problem.

Sometimes, it is clear that the figure given by one's side is less than 5.2%, and it is obvious that other institutions have given a figure of 5.0%. Why can one's own contract be established? How many contracts are there in the market? There must be something wrong with this.

But if you don’t sign, others will. The contract is negotiated at the same time. The market trend is determined by the research department. It doesn’t matter if there is an expected profit margin or if the opponent’s position is doubtful. If you buy more and spread out, it means that You are under more pressure, why don’t you sign?

sign!

"Mr. Lei, it's 100 billion." At 3 o'clock in the afternoon, Zhao Lichen called to report.

"Mr. Lei, it's 300 billion..." At 4 o'clock, Zhao Lichen came over in person to explain.

"Mr. Lei, it's 500 billion!" At 5 o'clock, sweat broke out on Zhao Lichen's forehead.

Yu Rong, Xiang Yongze and others also began to feel nervous. In a daze, what Lei Lei was doing was revealed: playing banker.

Gambling against regulatory policy information with half of the market, according to the daily transaction volume of more than 100 billion in the interbank lending market, Thunder's agreement amount is sufficient for four or five days. Of course, transactions are more active at the end of the month and the beginning of the month, but there is also There is a two-day capacity contract.

Although it is not a hedging of real money, it is definitely enough to affect the market trend, and fools also know that Thunder has channels to enter the bank's interbank lending market.

How many chips did you take? What do you want to do? You are so blatant, aren't you afraid of the anger of the regulators?

You know, the sons of central banks such as the four major banks can make some "technical errors", which can lead to tens of millions or hundreds of millions of losses every time. Your mother will not spank you, but Thunder is privately owned, so you Dare to try it? It would be weird if the three conferences didn't take turns to educate you.

"Stop it!" Lei Hao stuck the contract amount at an appropriate position, and he also believed that things would develop according to his intention.

The agreement amount of 520 billion and the hedging position of 5.1042% changed slightly in the end. These data just stuck in the throat of the market.

Any more will inevitably lead to serious chain reactions. In this position, others will suffer the most.

Lei Hao is equivalent to handing a knife to the regulators, asking them to wave this knife for the sake of financial marketization and teach many financial officials who still have old-school ideas a lesson.

As time went by, the first one to collect complete information was the China Banking Regulatory Commission, then all three banks and committees knew about it, then the entire mainland financial market knew about it, and finally all foreign-funded institutions also knew about it.

After getting a glimpse of the whole picture and analyzing it carefully, everyone was immediately surprised and expected.

"Well done, China Thunder is stoking regulatory nerves." People from foreign-funded institutions became excited.

“What does this mean, betting that regulators won’t inject liquidity into the market?”

"Use contracts to force the central bank?"

"Mr. Lei is so courageous!"

The profit and loss margin does not seem to be nerve-wracking, but the ultimate goal is vaguely revealed, and the financial circle is suddenly in a state of excitement.

Yes, the money is not much, but the representative’s opinions are very firm. I just bet you not to make a move, and I just want you to have hesitation in making a move. What about marketization? Documents have been issued time and again about marketization and deleveraging, but now it’s time for you to make a choice.

Everything was ready and all he needed was the east wind, and Lei Hao finally ignited a fire in his heart.