Chapter 184: Wrong Order Revealed!
2%, 3%, 5%...
In the blink of an eye, the Shanghai Composite Index rose directly to more than 5%, and all the weighted bank stocks all reached the daily limit, and the intraday volume was magnified by more than 10 times.
Seeing this scene, everyone in the entire trading room was stunned.
Except for Su Yu, no one else had ever seen the Shanghai Composite Index move like this, let alone the entire banking sector. The weighted bank stocks with a market value of more than 100 billion yuan were instantly pushed to the daily limit by tens of billions of funds within ten seconds. At the same time, the core weighted stocks in the securities and insurance sectors also moved in the same direction as these weighted bank stocks.
Of course, it was also at this moment.
The profit figure of Su Yu's position in the CSI 300 Index futures jumped from about 3 million to more than 15 million, with an additional profit of more than 12 million. The CSI 300 Index rose from 2347.15 points to above 2490 points, an increase of more than 6%.
"Oh my god! What's going on?"
After being stunned for a moment, Li Meng stared at the Shanghai Composite Index, which had climbed from 2089.26 points to above 2200 points, and couldn't help but exclaimed: "Is there any major good news to be released at noon? This amount of energy... tens of billions of funds are rushing to buy in the entire "big finance" sector, it's too scary."
"Fuck, even if it's a major good news, the market reaction shouldn't be so big, right?"
"In less than 20 seconds, the index jumped more than 6 points. Oh my god... This is an index. In an instant, it went like a small-cap stock. It's too scary and shocking."
"The entire banking sector has risen by more than 9%, and the securities and insurance sectors have also risen by 8%. It's terrifying, too fucking terrifying."
"I've never seen such a scene. The entire "big finance" sector has gone straight to the daily limit."
"The Shanghai Composite Index will not reach the daily limit today, right? Core rights On the heavy financial stocks, there are orders of more than 1 billion yuan. It's too crazy. There was no such crazy trend at the peak of the bull market in 2007, right? "
"Mr. Su, it should be good, right?"
"Mr. Su, what should we do next?"
"Let's watch first!" Su Yu glanced at everyone in the exclamation of the crowd, and said calmly, "The index's rise is definitely abnormal. Let's see the market information disclosure at noon and the market trend in the afternoon!"
As he said, Su Yu turned his eyes back to the market again...
Staring at the profit figure in the stock index futures position account, which has jumped to more than 17 million, the large-scale short position investors of the CSI 300 Index Futures on the market were instantly hit by the stop loss point. The bulls had killed the shorts in an instant. The liquidity and trading situation on the market became extremely abundant. All the short orders of the CSI 300 Index Futures in hand were directly closed at the market price and the profits were harvested.
Then, after the short orders were closed, more than 51 million funds in the account were left.
He immediately forced the longs to sell, and the shorts were forced to stop losses and liquidate. While the CSI 300 Index was still rising slowly, he turned around and sold short orders above 2510 points of the CSI 300 Index, frantically devouring the main buy long orders and the short positions that were forced to stop losses.
100 lots, 200 lots, 300 lots, 400 lots...
Compared to the time when he established long orders at a low level two days ago, at this moment, thanks to the extremely high liquidity of the market after the extreme fluctuation of the index, his short orders were established very smoothly.
Within 3 minutes, 550 short orders were already in his hands.
And the available funds in the account of more than 51 million yuan were changed to more than 22 million yuan of available funds again.
And in the few minutes of his quick operation, the entire domestic financial sector, large securities investment institutions, hot money, retail investors, private equity institutions, and even various securities market regulatory agencies, have all exploded.
First, it is within the regulatory layer.
Whether it is the Shanghai Stock Exchange's Trading Supervision Department or the Futures Exchange's Supervision Department, all were shocked. There were countless internal phone calls and communications. The internal employees and leaders who were originally preparing to leave work were frightened and sweated in an instant, and hurriedly looked for the source of funds to buy and the reasons for the abnormal market fluctuations.
Secondly, it is the large securities institutions, public funds, and private equity institutions.
All the leaders and traders of the trading departments, looking at this jaw-dropping scene, quickly adjusted their strategies and mobilized all their connections to know the reasons for the abnormal movement as soon as possible and make relevant strategic responses in advance.
Then, the major hot money.
Everyone looked at the 1 million-level orders on the heavyweight bank stocks, and the violent and extreme pull-up. The heart was shocked beyond words. The only feeling was that the funds in their hands were really scum compared to these so-called super-large institutions, and they were not good enough at all.
Finally, the vast retail investors who were the slowest in market news and reaction.
Everyone looked at this soul-stirring scene, and they were extremely surprised and excited, because many people's holdings were concentrated in these heavyweight financial stocks.
"Ah, ah... It's really shocking. All the heavyweight financial stocks all rose to the daily limit in an instant. I have never seen this scene in 5 years of stock trading."
"It's so awesome. I never thought that I could get a daily limit on Huashang Bank."
"The sight of the five major banks, Huashang Bank, Hua Nong Bank, Huaguo Bank, Huajian Bank, and Bank of Communications, all hitting the daily limit, this should be the first time in history, right?"
"Too shocking, too shocking... I must take a screenshot to save it, it's a moment in history!"
"Oh my God, what kind of good news can cause such a reaction in the market?"
"The central bank cuts interest rates and reserve requirements?"
"Rate cuts and reserve requirement ratio cuts don't have such a terrible market effect, right?"
"What about the unexpected rate cuts and reserve requirement ratio cuts? Another '4 trillion', 'big finance' moves across the board, that's the vanguard horn of the bull market!"
"Is the bull market really coming?"
"Whether it's a bull market or not, this level of movement is definitely not simple."
"Strong, invincible, the institutions finally stood up once, this is a real big deal, hot money is really a minion in the face of such a movement."
"Needless to say, there will definitely be good news at noon."
"Yes, yes, institutions are always foresighted . "
"Are there any mid-cap financial stocks that haven't reached their daily limit yet? Can I buy them? According to this situation, I should be able to make some money, right?"
"There are still 2 minutes to the closing. There is no large-scale order cancellation. It should be a real market. Buy... I think I can follow it. After all, the 'big finance' is moving in an all-round way. A huge amount of incremental funds are coming in. It will never be a small market without continuity. I feel that the opportunity to make money in the market has really come."
"Haha... It seems that the bull market is really coming."
"I said that the 'big finance' has bottomed out, right? There is no more room for decline. This... It exploded instantly!"
However, just as the retail investors were extremely excited, excited, and shocked, at this moment, the source of the entire market movement, Guangda Securities Investment Strategy Trading Department... A quantitative trader responsible for managing and tracking the 'Market 180 Index ETF Fund', and a software technician responsible for the maintenance and management of the IT trading system, were completely paralyzed by fear, staring at the market and back-end accounts, looking pale.
Due to system failure.
When the trader executed the buy order and made a one-click purchase, the trading system repeatedly executed this order. Through the ETF channel, within 10 seconds, 46.8 billion orders were placed on the buying board of the underlying stock, and by this time, more than 7 billion had been traded.
Of course, in principle...
Guangda Securities does not have so much money at the moment.
Let alone 46.8 billion liquid funds, even 4.6 billion liquid funds are not available.
However, since the brokerage trading system still implements the T+1 fund settlement rule at this time, under certain special conditions, even if there is not so much money, the transaction can be completed and is actually effective. It just needs to be supplemented in time in the future and delivered to the financial settlement center.
"It's over..."
The quantitative trader wanted to cry but had no tears, and accused the IT technician: "Didn't you say that the program instruction of 'one-click buy' has been debugged and can be used?"
"I... I didn't know it would be like this. It worked yesterday." The IT technician's face was pale.
At this moment, the funds in the back-end account showed that it had increased from -7.2 billion to -7.6 billion, and was still increasing at a rate of 100 million per 20 seconds.
There were so many pending orders for stocks after the system failed.
It was too late to manually cancel the order, and there was only one minute left before the midday closing.
The trader's hands were shaking. He knew that his career was over, and the losses caused to the group in these few minutes might be something he could not pay off in his lifetime.
"Report to the general manager!" The IT technician was shaking in his heart, but he calmed down and said.
Although he was afraid, he thought it was still a technical failure and he should not be responsible for much.
Just when the two were panicking and didn't know what to do, the director of the fund management department of the strategic investment department saw that the entire department had become a negative fund, so he jumped up from his chair in shock, grabbed the phone, and hurriedly called the general manager of the investment strategy department and the deputy general manager of the group.
Then, 5 minutes.
The general manager of the investment strategy department kicked open the door of the trading room, and his whole face turned black like charcoal.
Immediately afterwards, numerous calls from the CSRC and the exchange supervision department began to bombard the senior management of Guangda Securities. The chairman of Guangda Group, who was in a meeting in Yanjing, was also forced to interrupt the meeting and rushed back to the Magic City from Yanjing.
In short, with the so-called trading system failure...
Guangda Securities, and even the entire Guangda Group, fell into chaos after the midday closing.
Of course, in order to minimize the impact of this incident, in order not to cause panic in the market, and the customer groups to run on Guangda Securities and even the entire Guangda Group, at this moment, although rumors are flying everywhere, except for the relevant personnel of the CSRC, the exchange supervision department, and the core executives and traders of Guangda Securities... Others do not know the truth.
The entire market, except for Guangda Securities, which is at the core of the storm.
Including many large institutions, hot money, and retail investors in the market, they still have a very optimistic attitude towards the market, believing that there will definitely be a heavy positive release at noon, and they don’t realize that this is just a farce.
Unfortunately, in the positive expectations of the majority of investors...
At 11:50, there was no positive news in the market.
At 12:10, there was no positive news in the market.
At 12:30, there was still no positive news in the market.
It was also at this time that everyone finally realized that something was wrong, and speculated that this might not be a jump-start by large institutions, but other extreme anomalies in the market.
"It's not good, what's going on? With such a large amount of funds buying before the market closes in the morning, how can there be no news in the market at all?" When the time advanced to 12:40, Xu Xiang, Zexi Investment Company, Shanghai, Shanghai Sensing something unusual about the market, "Zhou Kan, where is Director Qiao? Have you heard anything about the situation?"
Zhou Kan, the leader of the trading team, paused and was about to answer, "I haven't heard anything new yet."
At this time, Director Qiao, who was the company's market information department, had already opened the door and walked into the trading room from the outside. He whispered to Xu Xiang: "Mr. Xu, the news I just heard is that something happened to Guangda Securities."
"Something happened?" Xu Xiang was stunned.
"Well, I heard that there was some kind of system failure. The trader made a mistake and executed tens of billions of buy orders." Director Qiao replied, "At this moment, I heard that the China Securities Regulatory Commission and the Exchange Supervision Department are making inquiries. Although the specific situation is still unknown, something did happen within Guangda Securities, and the CEO of the securities company just rushed back to the headquarters to hold an emergency meeting. "
"Tens of billions...Does Guangda Securities have that much money?"
Xu Xiang knew this securities company quite well and said, "I remember that not long ago, their company's investment banking department was investigated by the regulatory authorities. So soon... something went wrong again?"
"I don't know, but I shouldn't have that much money!" Director Qiao replied.
"Please inquire more carefully," Xu Xiang said, "Find out the specific situation. If it is really Guangda Securities' handiwork before the market closes at noon, then the stock price will definitely move when the market opens at 1 o'clock."
"Okay!" Director Qiao nodded, turned around and walked out.
Xu Xiang turned back, pondered for a while, and then ordered: "Zhou Kan, use our company's fund account to short-sell Guangda Securities' stocks in the Hong Kong stock market, and at the same time... short-sell the CSI 300 Index futures. If Guangda If something goes wrong with the securities, in order to recover their losses, they will definitely choose to hedge by selling short orders on the CSI 300 Index futures, which should be an excellent arbitrage opportunity.”
"Okay!" Zhou Kan responded and executed immediately.
At the same time, many well-informed institutions, private equity funds, and even large hot money investors have heard some rumors and each responded differently.
And at this moment in Yanjing.
Within Anlan Fund, its general manager Zhou Guohua rushed to Shanghai after hearing that the chairman of Guangda Group had temporarily interrupted an important meeting in Beijing. Combined with the temporary suspension announcement announced by Guangda Securities at 12:45, he immediately speculated. When it came to Guangda Securities, something must have happened, and they also made a strategic decision to short the Hong Kong stocks of Guangda Securities.
“Teacher, don’t you short-sell CSI 300 Index futures for arbitrage?”
Xie Wanting asked after Zhou Guohua ordered the fund trading team to short Guangda Securities Hong Kong stocks.
"What's the reason?" Zhou Guohua looked at Xie Wanting with a smile.
"If the teacher's guess is correct and something happened to Guangda Securities, then the sharp rise near midday in the morning will be untenable at all." Xie Wanting said, "If the index cannot stand, then the decline will become untenable. It is inevitable, and the good news expected by the market has not only failed, but more serious bad news has emerged, which makes the current market at this position without support, it is estimated that in the afternoon... the index will instantly reverse and fall. "
"So, at this time..."
"I think using CSI 300 Index futures arbitrage is basically risk-free, and at the same time, it is the most profitable."
"Well!" Zhou Guohua nodded slightly, "Yes, the logic is established, but there should be a lot of people who think like you in the current market. I'm afraid the market opened at 1 o'clock, and the CSI 300 Index has not started to fall yet, and the futures index It will quickly fall back to a low range, and we may not have time to build a position.”
"Moreover, the current market and futures liquidity are not very good."
"Relatively speaking, the liquidity of Guangda Securities' Hong Kong stocks is still higher, making it easier to enter and exit."
"Of course, you can give it a try with your own small funds." Zhou Guohua said with a smile, "Trading is important in practice, so you should verify your own logic."
"Okay!" Xie Wanting responded and started preparing immediately.
Over the years, she has learned a lot of theoretical knowledge, but not much practical practice.
The A-share market is her first stop and her novice training ground.
As the two communicated, the time entered 12:52, and with 8 minutes left, the market would reopen for trading.
At this time, within Yuhang and Yuhang Investment, Lin Antu got the exact information and told Su Yu about the trading error at Guangda Securities Company.
Su Yu smiled and didn't pay much attention. He just tried his best to stare at the trading boards of the two markets that were about to open.
"The incident before midday was really caused by Guangda Securities' trading error?" Five minutes before the market opened, Li Meng still felt a little unbelievable after hearing Su Yu relay Lin Antu's words, "Guangda Securities is good or bad." It is also a large domestic securities firm, and it actually makes such a mistake.”
Su Yu smiled and said: "You can't be wrong. Guangda Securities temporarily suspended trading and basically announced that there is no silver 300 taels here. Of course... they won't admit it now. After all, there are still tens of billions. The order is hanging on the daily limit board. If you don’t withdraw it, the majority of investors in the market will not get the truth.”
In fact, just as Su Yu said...
At this time, Guangda Securities simply cannot afford the cost of disclosing the truth.
Because once the truth is disclosed before the market opens, it will induce the market's retail investors and many institutions to sell together, causing the tens of billions of orders that were posted due to the failure of the trading system to be consumed by the market's selling orders on a large scale, which means that Guangda Securities must spend the same amount of real money to take over these consumed chips.
After all, even if it is a mistake, even if Guangda Securities does not actually have so much money in its trading account.
But when the chips have been bought, even if the T+1 fund transfer model is used, the funds of the same value of the chips must be handed over to the National Financial Settlement Center, otherwise Guangda Securities' credit will be completely bankrupt, and the subsequent... there is only one way to go bankrupt.
And even if Guangda Securities can withdraw all the untraded chips on the market.
Facing the -7.8 billion funds in the account.
Even if they sell all the 4 billion stock positions held by the company in the remaining time today, they will have to make up 3.8 billion in cash and enter the trading account before the opening of the market next Monday to avoid the credit bankruptcy of the entire group and complete the closed loop of the entire transaction.
However, few people know that...
At this moment, all the working capital of the entire Guangda Securities Company, even if it is completely drained, cannot be collected. 3.8 billion.
In other words, as long as Guangda Securities cannot collect 3.8 billion funds before the opening of the next trading day, the entire company will be essentially bankrupt.
Of course, for Guangda Securities, which is already on the verge of bankruptcy.
The only way to recover a little loss and achieve the purpose of stopping loss is to frantically cancel orders in the afternoon, frantically sell all the stock positions that can be sold in their securities accounts, and at the same time sell short the Shanghai and Shenzhen 300 Index futures for hedging and arbitrage.
Moreover, Su Yu knew that the other party would definitely do this.
While he was thinking, 1 o'clock in the afternoon arrived, and the two markets that had been suspended resumed trading.
I saw that the tens of billions and tens of billions of daily buy orders blocked on the weighted banks, securities, insurance and other stocks were withdrawn in a flash, and disappeared within a few seconds.
Then, the selling of many weighted financial stocks that opened the daily limit increased instantly, and the stock price fell straight back.
At the same time, the Hong Kong stock Guangda Securities crashed, and the stock price also plunged straight.
The CSI 300 Index futures, before the CSI 300 Index had time to plunge straight back, had already fallen like lightning, from around 2520 points to 2400 points, opening a gap of nearly 90 points with the actual trend of the CSI 300 Index.
Of course, in this moment.
Su Yu's 550-lot short-selling orders at the high position before noon have already added more than 19 million in profits to him, and his personal account funds have expanded from more than 50 million to around 70 million.