Future chat group

On September 4, Monday, the holdings of CSI 300 stock index futures increased by 10,000 lots, and the Nikkei 225 index futures surged by 8,000 lots.

On Tuesday, September 5, the holdings of CSI 300 stock index futures surged by 20,000 lots, and the Nikkei 225 index futures surged by 15,000 lots.

On Wednesday, September 6, the holdings of CSI 300 stock index futures surged by 30,000 lots, and the Nikkei 225 index futures surged by 20,000 lots.

No matter which futures market, the increase in total positions means one thing: the long-short divergence is increasing.

This is something that is easy to understand. The more positions you hold, the more funds you will enter, and the entry of funds is bilateral, which means that everyone has different views on the spot market.

The increases in open interest are all futures contracts expiring in October. There is only a little over a month until the delivery date. Both the long and short sides certainly cannot wait too long.

The most frustrating thing is that almost all financial markets are in a period of mid-range volatility. Even if there are some relatively large fluctuations, they have offset the long and short effects on the two stock markets.

To sum up, the two sides are using funds to hedge.

Hedging of tens of billions of dollars is not uncommon in the financial market. Which party is most beneficial to this situation? The answer is to wait and see the money.

No more, no less, no big, no small, the funds are just hedging. Waiting to see which side the funds join is exerting its own pricing influence on the underlying spot, and price is the factor that determines the outcome.

However, there are risks in entering the market, and you need to be cautious when placing orders. When the price is temporarily unchanged, entering the market in advance can successfully attract funds, but it will leave a lot of room for maneuver.

Wait and see, continue to wait and see, continue to wait and see, whether it is the Thunder, Taihe, or Mizuho, ​​there are funds that are optimistic about them and those that are not optimistic about them. This is a market that can go up and down. As long as there is no large gap in funds, in fact Everyone's odds of winning or losing are somewhere between two options.

The key lies in third-party funds. For any third-party funds, for the sake of risk and return, most wait-and-see funds are not stupid. They just sit back and wait for any party to come to negotiate, and then they can obtain the maximum return with the minimum risk.

"The CSI 300 has 20,000 lots."

"Nikkei 225 is about the same."

During Wednesday's regular meeting, as Xiang Yongze and Leo's words came to light, everyone turned their eyes to Lei Hao.

According to common sense, it is time to find funds to enter the market, both to share risks and to increase the winning rate. Lei Hao used this method in his previous operations.

"When A and B fight, A can ask C for help, and B can ask D. At that time, it will become AC fighting BD, and then ACE and BDF. The more people enter, the more we have to pay. ." Lei Hao explained: "Now we have a tacit understanding with Taihe and Ruisui, right?"

There was silence in the conference room. Everyone understood the truth. In fact, everyone did not want Lei Hao to agree to the conditions of institutions such as Keda and HSBC right now, but they had to make contact first.

Humans are such creatures. Lei Hao has information about the future, but others don’t know about it. In the eyes of people like Leo, Xiang Yongze, and Yu Rong, maybe the conditions of other institutions are not harsh? Maybe others trust Lei Hao's vision and already feel that Lei Hao's vision is enough to crush the actual probability and development trend of things?

There is always hope. If a person has no dreams, what is the difference between him and a salted fish?

"We'll have news later." Fortunately, having been in charge of the Thunder for so long, Lei Hao also knew that even if he knew the outcome of some things, the process still needed to proceed as usual. For example, he had already asked Xia Yibei to communicate with the outsiders without interruption. Institutional Contact.

As the head of the Fixed Income Department, Xia Yibei is the person in Thunder who has the most frequent contact with other institutions. Sometimes, his connections are even more useful than Su Yiwen's. In addition, he is a high-level person who knows the investment plan and communicates well with external institutions. The communication matters naturally fell on my shoulders.

With Thunder's performance, Xia Yibei is able to gain traction with most institutions. Many institutions that hold high-quality bonds will even exchange bonds for some shares of funds managed by Thunder.

There are also situations where you are not welcome, just like this time...

When he walked into the conference room, Xia Yibei's face was heavy and his expression was a little helpless. The people who had been waiting for his arrival couldn't help but feel a little bit in their hearts.

We thought it would be another battle like the foreign exchange market, but everyone noticed that something was wrong with the situation as four foreign-funded institutions entered a wait-and-see mode in the past few days.

Now, the situation has begun to become clear. Domestically, the Thunder are competing with Taihe for funds, and abroad, the Thunder and Mizuho are competing for funds. Both places need help. Of course, their opponents also need it, and everyone has a good foundation for cooperation. The agency is in the negotiation stage.

"They relented, but..." Xia Yibei first said something that everyone expected, but the twist was also expected by everyone.

"Keda asked LEI whether it has a strategic layout in Europe."

"HSBC requested that Hong Kong Thunder and several of their investment companies be merged or cross-shareholding."

"Prudential is interested in LEI's bancassurance business."

"Standard Chartered is willing to cooperate with LEI's Yuhua to develop business in the US market."

“Most importantly, they requested cross-shareholdings between KH International Bank’s holding company and Thunder.”

As the saying goes, if you ask for a high price, you will pay back the money on the spot. These conditions seem to be nothing, and each of them is even giving money and resources to the Thunder and LEI.

The problem is, what Lei Hao lacks now is not these. His intention to cooperate is a bargaining chip. Everyone knows that cooperation with Lei Hao is profitable.

And this involves cross-shareholdings, but everyone here knows very well that Lei Hao is relatively generous in terms of salary, benefits, and even stock dividends, but equity is his inverse scale.

The expulsion of Qingyu is a clear proof. Leihu, who came from a grassroots background, regarded Leihu and LEI as his own property. He could give out dry shares, but not many shares with voting rights were released.

Now the four institutions are ready to let Lei Hao relax. Everyone knows very well that there is a first time for everything. When you give equity to these four institutions, if other things happen in the future, others also want equity, then you give ? Or not?

Besides, the holding company of KH International Bank and the Thunder have cross-shareholdings. This is simply a big joke.

If Hong Kong Island Thunder, LEI, Yuhua and other companies still have a chance to release their equity, Mainland Thunder has absolutely no chance. Except for Lei Hao and Qiu Yuting, only veterans like Luo Ziyang hold sporadic shares. This is still due to the For the sake of their money and efforts in the first place.

What is KH International Bank? It is just an experimental banking institution established by Ketak, HSBC and other institutions, as well as Thunder and Chinese capital, that is, the one headquartered in the Shanghai Free Trade Zone.

This is a financial institution that has had inherent flaws since its establishment. Even though its shareholders are all awesome, everyone just regards it as a platform.

To put it in a layman’s terms, KH International Bank is everyone’s godson, but everyone has biological sons, and there are more than one. So the problem is, if you use this thing to exchange equity with the Thunder, you are thinking too much. .

"Outrageous!"

"dream!"

"These maned dogs!"