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The main board of the Korean stock market is KOSPI, which has nearly a thousand companies with a total market value of more than 1.2 trillion US dollars. KOSDAQ is like China's GEM, with more than 1,000 small and medium-sized enterprises and a total market value of more than 100 billion US dollars. The former's annual transaction volume exceeds one trillion US dollars. , the latter is even crazier in proportion, with the total transaction volume exceeding 500 billion.

If you are familiar with China's daily trading volume of 200 to 300 billion yuan, which is more than 40 billion U.S. dollars, and then look at South Korea's average daily volume of 5 billion U.S. dollars, market participants will feel that it is just that.

But the difference between the Korean stock market and the Chinese stock market lies in investor psychology. The Chinese financial market is relatively closed and is a well-known "novice" market. It will rise and fall at the slightest sign of trouble. About 70% of the market participants in the Korean stock market are retail investors. , but like markets such as Hong Kong Island and Singapore, the quality of investors is relatively high.

This involves one thing: security pricing!

The eternal key point of competition in the financial market is pricing power. If you shout out 10 yuan per share for a certain stock, and most participants do not agree, then competition will begin at this price. When your funds completely crush other people's When the price is high, you can set a strong price, but this price is fictitious. Only when the price you shout is in line with market psychology can the pricing be completed.

For example, Lei Ting believes that the Korean stock market is currently at the highest point at 2150 points, and through his participation, the market outlook will rise. In fact, the first step is to accumulate funds at 2150. The selling comes from market participants who believe that the market outlook will fall.

Without the participation of large institutions, the Thunder will need to slowly absorb floating chips, and of course the speed will not be much faster. Lei Hao cannot say that I directly mentioned 2200 points, because future information tells him that this will cause market participants who hold bonds to Being reluctant to sell will further shrink the volume.

Institutions that intend to stand against the Thunder have many ways. First of all, a single institution can actually hedge against the Thunder.

I will first throw the chips to you at 2150, and then suppress the index. If I can get the chips back at a low level, then I will keep the position unchanged, but earn the same amount of cash as the price difference.

However, the amount of funds of the Thunder is too large, and Lei Hao's reputation is too great. After hedging with the Thunder, there are not many institutions with the strength to ensure that the index is suppressed, and the confidence is not enough.

I have 10 billion in chips, and I throw them to the Thunder, and then... I don't have much confidence in suppressing the index, because the chips that can allow me to sell and suppress the market have been reduced by 10 billion.

Besides, Thunder is not alone, and the funds Lei Hao can mobilize are definitely more than 10 billion US dollars, so sorting out cooperative relationships and reducing risk exposure is the right choice.

When Park Hae-wook and others thought things were calm, capital was actually slowly surfacing, and No. 9 was the prelude to the fighting.

"Place an order, place an order, the boss has higher requirements on the speed of opening a position!"

"Don't worry about these price differences, we are Thunder, we can afford higher opening prices!"

"****KOSDAQ! Don't worry about that, we just want the stocks on the main board."

South Korea, Seoul, Leo excitedly gave instructions to his subordinates.

Lei Hao is not involved in the trivial "little things" of building a position now. He points out the direction and makes requirements. It is the responsibility of Leo and others to complete the plan.

Building a position with large funds is also a very complicated matter. There are thousands of stocks in the stock market. In addition, there are also markets such as futures, margin trading, options, foreign exchange, etc. Then you have to communicate with risk control, legal and other departments. , how to bypass certain laws and regulations and how to ensure that their funds are running smoothly requires the efforts of the staff.

For Lei Hao, he employs a thousand people, each with a monthly expenditure of US$5,000. In such a large project, if these people can help him lower the price of opening a position by 0.05%, they will all make a profit.

And Lei Hao is not the only business. The income from the fixed income department, equity investment department, brokerage business and other fields is almost the same as the salary used to pay employees. Lei Hao is equivalent to using the income other than project speculation to support the entire business. The operation of the group.

"Is this just a prelude?" In the office, Park Haixu felt a little shocked when he saw the changes in the curves and data on the computer screen.

In just the trial stage, the number of orders that emerged on the market was enough to shock outsiders like Park Hae-wook.

The average daily trading volume of the Korean stock market is only 5 billion US dollars, which is converted into 5.6 trillion won. Now the long and short sides of the market are like waves in opposite directions, culling together and then disappearing without a trace. Thunder is moving at the speed of billions of won per minute. Build a position.

Converted into U.S. dollars, it actually amounts to hundreds of millions of U.S. dollars per hour, and less than one billion U.S. dollars in a whole day. Adding in areas other than the stock market, the risk exposure is between two and three billion U.S. dollars.

People like Park Hae-wook have personal assets of only about 4 billion US dollars. He also has a lot of experience. He has survived many major financial events as an entrepreneur, but he is still so close to just hedging financial capital.

Capital hedging is the charm of the financial market, and the beauty of the data also contains an aura that makes outsiders feel scared.

Risk exposures of tens to tens of billions of dollars will be exposed in a short period of time, and profits and losses of tens of billions will appear at any moment after the completion of the position.

"Do I want to participate or not?" This question came to Park Haixu's mind.

The same doubts exist in the minds of any market participants. Ordinary people who are unaware can only make judgments based on their own analysis. Institutions that know the inside story also need to weigh the situation.

Pro-China factions in South Korea like Park Hae-wook were initially quite disdainful of Lei Ting's inaction, but when the situation came to an end, they began to feel guilty.

The big crocodiles are biting each other, and the small fish and shrimps are easily injured if they get closer.

Financial institutions that have a cooperative relationship with Thunder are more decisive. Even if they are considering it, there is no need to hesitate about the early chips. These are only a little more than floating chips and are really not enough for everyone. They just need to ensure that they If the position does not exceed a certain proportion of Thunder's position, the safety is more guaranteed.

On the 9th, the Korean securities market exploded. The daily trading volume of the stock market alone exceeded 8 trillion won. Compared with the normal four to five trillion won, it was directly more than dozens of percentage points. This extra three to four trillion The Korean won is the result of the main hedging.

Lei Hao didn't know the positions held by other institutions, but the Thunder's positions were close to 1 billion US dollars, which was a visible change. It was just an increase of 700 million US dollars today, so the speed could not be criticized.

"Brother, this is today's trading report." Li Yingfeng walked in holding a stack of documents, placed it on the desk, and then walked out without daring to say anything.

In fact, everyone feels a pressure now, because this is playing at someone else's home court. In comparison, the Thunder are naturally at a disadvantage. Everyone can see the key point of victory, but what is the probability of victory? Everyone thinks But there is no bottom.

Hedging with large funds is extremely dangerous, especially for large funds like Lei Hao who obviously have bad intentions.