Chapter 644 One-third

The funds of the Pan-Asian Fund are accumulated, and its leverage is gradually increasing. The largest amount of funds leveraged by $17.5 billion is almost $300 billion.

Of course, it is not that $17.5 billion can only pry out $300 billion, but a reasonable contraction for security reasons.

Nevertheless, this is also 17 times the leverage, and ordinary crude oil traders will not easily use such a large amount of leverage.

The Pan-Asian Fund has almost achieved more than 10 billion returns, that is, more than 30 billion US dollars, through this 300 billion US dollars.

As for how much it is, it depends on whether the withdrawal of these funds is smooth.

If one tail is left, even if only one percent is left, 3 billion US dollars will be wasted. If the withdrawal is not smooth, it is possible for the tail to cause a loss.

Su Cheng looked at the electronic screen of the exchange while looking at his own computer screen, urging the speed of closing the position faster.

Qi Xiao was even more nervous. Before he went to Dahua Industry, he had manipulated a $300 billion project. At this time, a correct operation and a wrong operation would at least cause a difference of millions of dollars. Such a huge responsibility, not to mention the pressure.

"14.26." A trader shouted out quickly in English.

Su Cheng and Qi Xiao also saw it, and the latter confirmed: "Buy."

The trader repeated "buy" and operated on the electronic disk.

This is also the difference between the electronic disk and the manual disk. If the bald in the trading pool dares to buy crude oil now, as the largest short, it may cause a big reversal of the crude oil market.

If you place an order through an electronic disk, there will not be so much trouble. Although it is also necessary to trade through a business with a seat, there are many transactions contracted by the business, which will not make the market associate.

The oil price quickly recovered to the price of 14.32. The operator clicked the keyboard a few times and said, "I bought 420 lot."

1 lot is 1,000 barrels of crude oil, and 420 lot is 420,000 barrels of crude oil, worth about 6 million US dollars. It's not too much, but it's a good start.

If calculated on average, the Trans-Asian Fund can earn almost $1.5 per barrel, and if calculated at the initial $18.12, the profit per barrel is as much as $4, 420,000 barrels of crude oil, which is an average of 600,000, or up to $1.6 million.

Qi Xiao looked back at Su Cheng and saw that he touched his chin with satisfaction, and he felt satisfied.

For Pan-Asian funds, this is their first real profit. Before that, it can only be said to be book income at best. Only by returning the borrowed crude oil can real profits be generated.

If Sucheng is a retail user, the 420-hand contract is also quite a lot. Now you can go out with the money and turn left and celebrate happily.

However, the huge contract currently held by the Pan-Asian Fund is still far from closing the position, that is to say, there is still a considerable amount of time to put the money in the pocket.

A few seconds later, the oil price fell below 14.30, and the TransAsia Fund once again bought more than 600 hands of crude oil from the electronic market.

Now, except for the Pan-Asia Fund, which is a big short, other crude oil merchants dare not continue to buy more. In fact, there are many small longs that secretly close positions and even turn short, because the situation in front of them is very clear. Continuous bearish news can at least guarantee the short-term advantage in a few hours, and earn too It can be guaranteed, but the profit of about 10 cents is also very considerable under the leverage of about 10 times. At least the profit of 5 is much better than a scalp-like transaction.

Under the operation of the Pan-Asia Fund and the market itself, the oil price fell to around 14.20 for a while, and then rose to around 14.30. The Pan-Asia Fund also took the opportunity to flatten the short order of more than 1 billion US dollars.

After more than half an hour of coming and going, the financial institutions finally confirmed the new news of OPEC, and some large parties began to make decisions one after another.

The first to cut the meat is Enron. This future bankrupt top 500 company is famous for making fake accounts, but now in 1994, it is most famous for its special financial system. In a simple way, Enron is the first energy company to manage the company mathematically.

Fortunately, Enron, which is too advanced, has not been adequately regulated. To be more precise, the current U.S. government, or any government in the world, does not have enough strength to regulate Enron - with the government's shortage of manpower and an average salary of less than $100,000, how can it be comparable to hundreds of senior elites with millions of annual salaries? If the government really has more talented elites, companies like Enron, it is not that they can't pay an annual salary of tens of millions of dollars. In the end, what the government has is either ordinary mediocrity or idealists. If the latter wants to play a role, it is better to know something about politics. Such a requirement is obviously too difficult that Enron not only uses mathematical means to manage the company, but also uses mathematical means to make fake accounts.

Although the final result is not good, Enron is now the company that pays the most attention to risk control. In the first round of multi-air war, they withdrew first, and in this decisive battle, they also made a judgment and did not hesitate to give up again.

When as many as 200,000 crude oil futures contracts were sold, Sucheng had some admiration for Enron.

It is a great thing for any company to be able to faithfully and firmly obey the established strategy without being influenced by emotions. As for whether it will be profitable in the end, it can only be said that they will always make a profit.

Of course, from another point of view, only dead American companies are good American companies.

With the fall of Enron, many parties in the trading pool are out of control.

Deutsche Bank, UBS, Boston Finance and other small and medium-sized businesses have announced their collapse. They are not well-funded in the crude oil futures market, the margin they can invest is basically less than $200 million, and most of them operate with leverage of more than 10 times. In this way, when the oil price falls by more than 10, that is, $1.4, these financial institutions are determined to burst their positions. At that time, even if the crude oil falls back to $100, it has nothing to do with them.

As for the financial companies behind them, it is impossible to invest too much power in one market. In various futures markets around the world, a fierce long-empty war breaks out every year. Financial institutions set the amount of funds in itself to prevent risks.

If there is a long and 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 contained in it alone are enough to destroy these century-old stores.

They are different from spot oil merchants like Dahua Industry. The seven shareholders of Pan-Asia are ready to make a profit. Aliyev, a non-shareholder, may not enter the futures market again in his life, but financial institutions will always be immersed in it. For them, it is more correct to escape than to fight to the death, even if There is a winning rate of 70 in the decisive battle, and they may not necessarily agree, let alone the current situation.

Some of these small and medium-sized multi-businesses enter the market at around $15, some enter the market at $16, and some enter the market at $17. Even on average, they are almost on the verge of bursting. Some companies may have added deposits once or twice. Therefore, once you lose confidence, it is difficult to stick to the position of many parties.

Pan-Asia Fund absorbs crude oil futures contracts through three businesses, thus equalizing its multiple orders.

The so-called short selling is to lend crude oil from the exchange to sell it out of thin air. Now buying crude oil and closing the position is equivalent to returning the loaned crude oil. The difference between the two is the profit or loss of the short seller.

When BP's $15 billion warehouse was cleared, Qi Xiao was surprised to find that his position had been reduced by two-thirds.

And the profit is even more considerable, as much as $18 billion.

Although the last two-thirds will certainly not have a lot of profits, thinking of the meaning it represents still makes Qi Xiao tremble with excitement.

"It's so exciting, so exciting!" Qi Xiao couldn't help saying it twice.

Su Cheng also saw the small note he handed over, put it into the shredder with a smile, and said, "Don't forget, Dahua Industry only has 25 shares."

"That's also..." Qi Xiao didn't say it, but still wrote scribly on the paper: 4.5 billion US dollars.

A quarter of 18 billion is 4.5 billion US dollars, which is a very simple oral calculation, but Qi Xiao still calculated it twice before confirming it.

This is a simple arithmetic, but it is an incredible reality.

Su Cheng thought for a moment, folded the paper and put it in his pocket. He said, "In this wave, if we win a complete victory, I will send this note to the exhibition room of Dahua Industry and let it be a historical witness."

Qi Xiao was stunned for a moment and smiled in an instant: "When we win a complete 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 three digits."

"Ah?" Qi Xiao was puzzled. Don't look at the remaining two-thirds of the position, the Pan-Asian Fund's position is too heavy. Many of them are released for bargaining chips. Now there are small and medium-sized financial institutions to support the short market, but the quietly closed Pan-Asian Fund will eventually make the balance transfer. At that time, crude oil will run back to 15. U.S. dollars, $16 or even $17 are possible. On average, there are always some positions that can't make money, or even lose a small amount. Therefore, the remaining two-thirds of the positions may make a profit of less than $4.5 billion.

Su Cheng smiled and said, "You forgot our price difference contract. Let's close the position now."

Qi Xiao's eyes immediately lit up like a cat.

The spread contract is not like the short selling of a single futures exchange. It has extremely high leverage and great risk, but it is very easy to close the position.

Qi Xiao picked up the phone and dialed it out at the first time, and at the same time asked his assistant to adjust the price difference between the two places.

The process of closing positions on the London Futures Exchange was so tight that he had no energy to focus on the New York market.

After all, the average spread of the price difference contract independently bought by Dahua Industrial Co., Ltd. is only $1.1, and the New York market will not follow up in any case in London's decline.

Sure enough, the crude oil futures contract in the New York market remained above $16.50. The economic recovery of the United States is good, followed by the peak of air conditioning electricity consumption. In the mainland of the United States, which uses more fuel power, they have always followed their own price rules and will not be affected by the international market as easily 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 intoxicated by the price difference of $2.2.

For Dahua Industry, 200 million US dollars is under a leverage of 300 to 500 times. For every 10 cents expansion of the spread, there will be a profit of 300 million to 600 million US dollars. Now the spread has expanded to more than 120 cents, and the profit is more than 4 billion US dollars.

In this way, the total profit of Dahua Industry is bound to exceed 10 billion US dollars.

Billions of dollars!

And it's a multi-billion-dollar cash remittance!

In China in 1994, what is really rich is the assets of a country.

"Hey!"

After the phone was connected, Qi Xiao suppressed the coming idea and first issued the order to close the spread contract.

"Undert it, close all the positions." At the other end of the phone, there was also a voice of excitement.

......RS