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- Hirano Hidetomo had the idea of ????cutting his flesh to escape more than once, but the rising crude oil prices and the fact that the losses had not been replenished prevented him from realizing this idea.
Maybe, oil prices have really started to rebound. If Dahua Industrial makes a profit and leaves the market, crude oil prices may rise to 17 US dollars.
Looking at the oil price around US$15.50, Hirano Hidetomo thought of closing his position several times and objected several times, but he didn't even take any actual action.
He is not purely greedy. Sumitomo Corporation's current floating loss exceeds US$2 billion. If it closes its position, it may have to lose up to US$4 billion to escape completely, which will soon match the "worst loss in history." If he goes back with such a report card, no one in the head office will think that he is "escape" and will probably accuse him of killing the hope of a comeback.
On the other hand, Hideto Hirano didn¡¯t want to make the senior traders hiding on the second floor happy. He ordered the positions to be closed, which was equivalent to taking all the blame on himself and getting rid of these two guys.
Realistic factors and small hopes made it difficult for Hideto Hirano to make a decision. By the afternoon, there was no need for him to make a decision.
Michio Matsumoto and his staff from Sumitomo Trading Company headquarters took over the accounts and funds of the London office.
Hirano Hideto couldn't tell whether he was lucky or disappointed and stepped aside. He was still staying in the exchange, nominally for consultation, but in fact it was to let him explain all the details of the transaction. A newcomer who only joined the trading company last year was standing by. Beside him, he looked guarded and ready to ask questions.
But Hidetoshi Hirano knew that the trading company would decide his disposal based on the final result.
He stared at the newcomer Michio Matsumoto with playful eyes. This guy was a senior who entered the company two years earlier than him, and the two parties had had brief contact. Michio Matsumoto overcame difficulties several times because of his outstanding work, and then became the director of the second sales department. In Japanese trading companies, ministers are cadres at the manager level, which can only be said to be middle-level. However, as a comprehensive trading company with assets of 300 billion U.S. dollars, the head of the second sales department at the headquarters is the core of the core. It is said to be one of the shortcuts to becoming the president.
Of course, if you want to become a president, the first thing you need to do is not make mistakes.
Hidetoshi Hirano thought to himself: In the futures market, you can¡¯t avoid making mistakes if you want to.
Matsumoto Michio had obviously expected this. He was under heavy pressure without a trace of smile in his eyes, and he looked at Hirano Hidetomo with no sympathy at all.
What's better about him than Hideto Hirano is that the trading company's starting point requirement for him is not $18. At the same time, he also has complete authority and will not act beyond his level. However, in the face of such a lot of losses, no one will A relaxing feeling.
"Reducing the loss to US$1 billion is success. However, if the loss cannot be reduced, then do not increase the loss." Michio Matsumoto still remembers the personal instructions of the vice president before leaving. As a super-large comprehensive trading company, we must do things while doing things. It was common sense to pay attention to the crushing of his peers. He didn't want his bright future to become bleak in London.
After roughly listening to the report, Matsumoto Michio straightened his short body, his small eyes widened, and said: "Now, I ask you to make an evacuation plan first, and based on the current situation, figure it out as soon as possible. If the position is closed or part of the funds is withdrawn, the loss will be caused. The choice of timing is very important, and the loss should be as small as possible."
"How small is it?"
"$500 million is the tolerable limit. If you can't do it, you'd better buy some T-shirts and prepare to retire in the tropics." Michio Matsumoto was murderous. Tropical areas are places where commercial power is weak, which means that the future is bleak. Correspondingly, if Matsumoto can't do this well, he might also prepare T-shirts.
Two senior traders, Hase and Hirota, had bitter looks on their faces. It was not too difficult for them to close their positions as long parties, but they had to reduce their losses to US$500 million, which was one-sixth or even one-eighth of the current level. It's really beyond their capabilities.
Hirano Hidetoshi was inexplicably happy. His guilt had been determined and he no longer needed to worry about it. These annoying things were all the responsibility of two senior traders.
Under the shock of Matsumoto Michio, Hase persisted for 30 seconds and said: "Then we can only wait. We have no choice. Hirano is betting heavily on many parties. It is not possible to withdraw just by withdrawing."
He wanted to shift the blame to Hirano Hidetomo, but the latter curled his lips and pretended not to hear.
Matsumoto would not follow his train of thought. He hummed and said, "That's whyI asked you to make a plan. I want you to make an estimate based on your own experience. Do you think the price of crude oil in London will rise?" At what price, the fluctuation of our selling will be small, and the selling must be divided into several steps to successfully close the position. I want to see the detailed plan, do you understand?"
This?The requirements are very simple and are commonly done by traders on exchanges. Many ordinary orders will also have similar operations.
But in the current situation, the tone of this planning document is more like a plan than a letter of declaration. If something goes wrong at that time, Matsumoto only needs to come up with a plan to shift a large part of the blame to the two traders. The estimate is accurate.
And it is obviously extremely difficult to make accurate predictions.
Hase¡¯s face turned green and he hurriedly said: ¡°Since Mr. Matsumoto is here, we should act according to your plan. The price of crude oil is fluctuating too much now¡±
"You are senior traders at the London Crude Oil Exchange, and I have not paid close attention to London's crude oil futures recently. Of course, I need you to estimate the price. Write now. I will see the plan within two hours, otherwise, Just go back to the headquarters and report." Matsumoto's aura was stronger than the men in the room.
Chang Gu thought to himself, let us do everything, what do you do?
He puffed his cheeks twice and gradually lost his courage.
In Japanese trading companies, it is common for subordinates to take the blame for their superiors, or for their superiors to take away the credit, especially for people like them who are not in the same system and have made mistakes. Matsumoto from the headquarters can do whatever he wants. pinch.
By then, even if the report is correct, Matsumoto can treat it as his own suggestion.
"The same thing has been done by Hase and Hirota. It is useless to bring this kind of lawsuit to the headquarters, and it will also make colleagues feel excluded."
It¡¯s all Hideto Hirano¡¯s fault!
Hase began to regret not stopping Hirano from being aggressive before, and both senior traders glared at Hideto Hirano. Although the latter received greater punishment, everyone wanted to bear the punishment.
"In the meantime" Seeing that they were convinced, Michio Matsumoto said seriously: "The trading society will review all your operations in the past two days. I want to suspend all your permissions. Other mid-level traders and traders who are not involved in this matter will Junior traders, please report any trading applications to me"
Michio Matsumoto adopted the strategy of hitting one group and pulling another group in, but what he didn't expect was that his seemingly complete order wasted the last day of Sumitomo Corporation.
The day passed quickly.
Su Cheng¡¯s nervousness did not ease. He got up before 6 o¡¯clock and began to pay attention to oil futures trading around the world. In addition to crude oil futures in London and New York, exchanges such as Tokyo, Dubai, and Singapore also trade other oil products, such as fuel oil, diesel, aviation oil, etc. Naturally, they are not bulkier than crude oil, but they are also futures of their own accord. Contract, the quantity cannot be considered small.
The prices of these oil products should reflect the price of crude oil to a certain extent, but Sioux City mainly wants to ease the mood.
These two days are the last window period before the decisive battle. If oil prices do rebound, it is difficult to say how many financial institutions will flee.
Especially those guys who entered the market before $16, some may have made profits by going long, but if they take profits, they will really make money and leave.
From the perspective of the short side giant Su Cheng, these long parties who ran away only took their own money.
When betting on long and short, it is not a good thing if the opponent has too many chips, but when you want to win, it is not worse if you have fewer chips.
Qi Xiao, on the other hand, stayed with Su Cheng through the dark circles under his eyes for two days without fully understanding the situation.
It wasn¡¯t until the next night that Su Cheng truly relaxed.
"Sumitomo, Industrial, and Enron have not closed their positions?" Su Cheng asked as he waited for the market closing bell to ring.
Qi Xiao did not feel relaxed at all. After checking the information, he said: "Enron seems to have reduced its holdings by 10,000 lots, and other institutions have not changed much."
?? 10,000 lots is 10 million barrels of crude oil, and the selling price is more than 100 million US dollars. In terms of profit and loss, it is also around 20 million US dollars.
Su Cheng rubbed his neck and said with a headache: "An Ran is quite smart."
"yes."
"Pity."
"Yes." Qi Xiao secretly thought: It would be great if they all ran away. We could make a difference of at least 2 US dollars. If they don't run away, who knows what will happen tomorrow.
Su Cheng sighed twice more, confirming that there were no major changes in the market, and then went back to rest.
He slept well this night. He got up at 7 o'clock in the morning and spread out a pile of newspapers to read.
Sure enough, in the corners of several financial pages, I saw news of several companies increasing production. Whether it is companies like Repsol or British Global, they control a large number of oil fields around the world, and are limited by technology costs. and sales pressure, there are always oil fields that areProduction or reduction of production.
Western oil companies have a tradition in this regard. During the development boom launched by oil-producing countries around the 1970s, more than 20 billion barrels of reserves were discovered, and the daily output of tens of millions of barrels was all concealed by oil companies. .
" However, just increasing the company's crude oil production will not have immediate results. The front-page news on the financial page and the news about OPEC's inventory of global crude oil production are the trump cards that can make a big difference.
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