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- Pan Asia Fund's funds are invested cumulatively, and its leverage is gradually increased. The maximum amount of funds mobilized by US$17.5 billion is almost US$300 billion.
Of course, it is not that US$17.5 billion can only leverage US$300 billion, but it is a reasonable contraction for safety reasons.
Despite this, this is still a leverage of 17 times, and ordinary crude oil traders will not easily use such a large amount of leverage.
??And the Pan-Asia Fund has almost achieved a return of more than 10% through this US$300 billion, that is, more than US$30 billion.
As for how much money it is, it depends on whether the withdrawal of these funds is smooth.
If there is a tail left, even if only 1% is left, then 3 billion US dollars of funds will be wasted. If the withdrawal does not go smoothly, the tail may cause losses.
Su Cheng looked at the electronic screen of the exchange and his computer screen at the same time, mentally urging him to speed up the closing of positions.
Qi Xiao was even more nervous. Before he came to Dahua Industrial, he had never controlled a US$300 billion project. At this time, a correct operation and a wrong operation would cause at least a few million US dollars of difference. Such a huge difference Needless to say, responsibility and pressure.
¡°14.26.¡± A trader shouted quickly in English.
Su Cheng and Qi Xiao also saw it, and the latter said firmly: "Buy."
The trader repeated "buy" and started operating on the electronic market.
This is also the difference between electronic trading and manual trading. If the vultures in the trading pool dare to buy crude oil now, as the largest short seller, it may cause a big reversal in the crude oil market.
?????????????? There is not so much trouble when placing orders through electronic trading. Although the transaction is also conducted through a dealer with a seat, the dealer undertakes many transactions, which will not make the market think of it.
The oil price quickly returned to the price of 14.32. The operating trader clicked the keyboard a few times and said: "Buy 420 lots."
? 1 lot is 1,000 barrels of crude oil, and 420 lots is 420,000 barrels of crude oil, worth about 6 million US dollars. It cannot be said to be much, but it is a good start.
If calculated based on the average, Pan Asia Fund can earn almost 1.5 US dollars per barrel. If calculated based on the initial 18.22 US dollars, the profit per barrel is as much as 4 US dollars. 420,000 barrels of crude oil, which is an average of 600,000 US dollars. , or up to $1.6 million.
Qi Xiao looked back at Su Cheng and saw that he was satisfied as he touched his chin, so he felt satisfied.
For Pan Asia Fund, this is the first real profit they have obtained. Before that, it could only be said to be paper income at best, and only by paying back the borrowed crude oil could real profits be generated.
If Su Cheng was a retail investor, 420 contracts would be considered a lot. Now he could go out with money, turn left, and celebrate happily.
¡°However, with the huge amount of contracts currently held by Pan Asia Fund, it is still far from closing the position. In other words, there is still a considerable amount of time before the money is put in the pocket.
A few seconds later, the oil price fell below 14.30 again, and Pan Asia Fund once again bought more than 600 lots of crude oil from the electronic trading.
Now, except for the big short seller Pan Asia Fund, other crude oil traders dare not continue to buy long. In fact, there are many small long sellers who secretly close their positions or even switch to short positions, because the situation in front of them is very clear. , continuous bad news can at least guarantee the advantage of the short side within a few hours. It cannot be guaranteed if you make too much, but the profit of about 10 cents, with a leverage of about 10 times, is also very impressive, at least 5 The profits are much better than "scalping" transactions.
Under the operation of the Pan-Asia Fund and the market itself, oil prices fell to around 14.20 for a while, and then rose to around 14.30 for a while. The Pan-Asia Fund also took the opportunity to level off more than 1 billion US dollars of short orders.
After going back and forth for more than half an hour, various financial institutions finally confirmed the new news from OPEC, and some large parties also began to make decisions one after another.
The first person to be cut off was An Ran. The future Fortune 500 company was known for its accounting fraud, but now in 1994, it was best known for its exceptional financial system. To describe it in a simple way, Enron was the first energy company to use mathematical means to manage the company.
Fortunately and unfortunately, Enron, which was too advanced, did not receive adequate supervision. To be more precise, the current U.S. government, or any government in the world, does not have enough strength to supervise Enron. With the government¡¯s shortage of manpower and an average salary of less than 100,000 US dollars, how can it compete with hundreds of people? Comparable to thousands of senior elites with annual salaries of millions. If the government really has more talented elites, companies like Enron can afford annual salaries of tens of millions of dollars. In the end, the government will have either ordinary mediocre people or idealists. The latter To play a role, it is best to understand some politics.??It was obviously so difficult that Enron not only used mathematical methods to manage the company, but also used mathematical methods to create false accounts.
Although the final result was not good, Enron is now the company that pays the most attention to risk control. In the first round of the long-short battle, they were the first to withdraw. In this decisive battle, they also made a judgment and did not Don¡¯t hesitate to give up again.
When as many as 200,000 crude oil futures contracts were sold, Sioux City had some admiration for Enron.
Any company that can not be influenced by emotions and faithfully and firmly obey the established strategy is a great thing in itself. As for whether they will make a profit in the end, we can only say that they will make a profit after all.
Of course, from another point of view, only dead American companies are good American companies.
With the fall of Enron, the bulls in the trading pool were out of control.
?? Deutsche Bank, UBS, Boston Financial and other small and medium-sized businesses have declared collapse. They do not have sufficient funds in the crude oil futures market, and the margin they can invest is basically less than 200 million US dollars, and most of them operate with a leverage of more than 10 times. As a result, when the oil price drops by more than 10, that is, 1.4 US dollars, these financial institutions will definitely liquidate their positions. By then, even if crude oil falls back to 100 US dollars, it will have nothing to do with them.
As for the financial companies behind them, it is impossible to invest too much power in one market. Fierce long-short wars break out every year in various futures markets around the world. Financial institutions set capital quotas in order to prevent risks.
¡°If every time there is a long-short war, they can¡¯t help but put all their strength into it. Not to mention whether they are willing to give up other futures markets, the risks involved alone are enough to destroy these century-old stores.
They are different from spot oil traders like Dahua Industrial. Pan Asia's seven shareholders are all prepared to make a fortune and leave. Aliyev, who is not a shareholder, may never enter the futures market again in his life, but financial institutions are To be immersed in this forever, for them, it is more correct to escape by cutting flesh and blood than to fight to the death. Even if a fight to the death has a winning rate of 70, they may not agree, let alone the current situation.
Some of these small and medium-sized merchants entered the market at around $15, some at $16, and some at $17. Even if you average it out, they are almost on the verge of liquidation. Some companies may have added The margin has been paid once or twice, so once you lose confidence, it will be difficult to maintain the same position of the long side.
Pan Asia Fund, through three brokers, aggressively absorbed crude oil futures contracts, thereby liquidating its long orders.
The so-called short selling is to borrow crude oil from the exchange to sell it out of thin air. Now buying crude oil to close the position is equivalent to paying back the lent crude oil. The price difference between the two is the profit or loss of the short seller.
When BP's $15 billion position was sold out, Qi Xiao was pleasantly surprised to find that his position had been reduced by two-thirds.
??And the profits are even more substantial, as much as 18 billion US dollars.
Although the last two-thirds will definitely not bring as much profit, the thought of what it represents still makes Qi Xiao tremble with excitement.
¡°It¡¯s so exciting, so exciting!¡± Qi Xiao couldn¡¯t help but say it twice.
Su Cheng also saw the small note he handed over, chuckled and put it into the shredder, saying: "Don't forget, Dahua Industrial only has 25 shares."
"That's also" Qi Xiao didn't say it out loud, but still scrawled on the paper: US$4.5 billion.
A quarter of 18 billion is 4.5 billion U.S. dollars. It was a simple calculation, but Qi Xiao still calculated it twice before confirming it and writing it down.
It¡¯s simple arithmetic, but it¡¯s an incredible reality.
Su Cheng thought for a moment, folded the piece of paper and put it in his pocket, and said: "If we win a big victory this time, I will send this piece of paper to the exhibition room of Dahua Industrial for It serves as a historical witness.¡±
Qi Xiao was stunned for a moment, then laughed out loud: "When we win a big victory, I will write another note and write down all the profits. Maybe it will be a three-digit number."
Su Cheng shook his head and said, "It must be a three-digit number."
"Huh?" Qi Xiao was puzzled. Regardless of the remaining two-thirds of the position, the Pan-Asia Fund's position is really too heavy. Many of them are funds released for the purpose of making chips. Now there are small and medium-sized financial institutions that have turned short to support the short side. market, but the Pan-Asia Fund quietly closing its positions will eventually turn the balance. By then, crude oil will run towards US$15, US$16 or even US$17. As far as the average is concerned, there are always some positions that cannot be earned. money, or even a small amount of money lost. Therefore, the remaining two-thirds of the position may not make a profit of US$4.5 billion.
Su Cheng smiled and said: "You have forgotten our CFD contract, let's start closing the position now."
Qi Xiao¡¯s eyes suddenly lit up like a cat.
CFDs are not like buying and selling on a single futures exchange. They have extremely high leverage and great risks, but they are very easy to close.
Qi Xiao immediately picked up the phone and dialed, and at the same time asked his assistant to adjust the price difference between the two places.
The process of closing the position on the London Futures Exchange was so intense that he had no energy to pay attention to the New York market.
After all, the average price difference determined by Dahua Industrial¡¯s independent purchase of CFD contracts is only US$1.1, and with London¡¯s decline, the New York market will not follow suit in any case.
Sure enough, the crude oil futures contract in the New York market still remains above $16.50. The U.S. economy is recovering well, and next is the peak of air-conditioning electricity consumption. In the United States, which mostly uses fuel for power generation, they have always followed their own price rules and will not be as susceptible to the influence of the international market as London. This is also the energy orientation pursued by successive U.S. governments since the oil crisis in the 1970s.
Qi Xiao doesn¡¯t care what Americans care about, but he is completely intoxicated by the price difference of US$2.2.
For Dahua Industrial, with a leverage of 300 to 500 times for US$200 million, every time the price difference expands by 10 cents, there will be a profit of US$300 million to US$600 million. Now the price difference has expanded to more than 120 cents, and the profit is adequate. Well over 4 billion US dollars.
¡°As a result, Dahua Industrial¡¯s total profit must exceed 10 billion US dollars.
Ten billion dollars!
And it¡¯s tens of billions of dollars in cash!
In 1994, China was truly rich in assets that could rival the country.
"Hello!"
When the call was answered, Qi Xiao suppressed the influx of thoughts and first issued the order to close the CFD contract.
¡°Understood, all positions will be closed.¡± There was also an excited voice on the other end of the phone.
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