In the three years after the establishment of the exchange, Wei made many attempts and reforms. Such as market expansion. By the end of 1992, the number of listed companies had expanded from the initial "old stereotype" to nearly 60. For example, expanding trading seats. The number of members of the exchange has increased from 16 to more than 100, and the number of trading seats has increased from the initial 50 to thousands, reaching 6,000 in 1993. In addition, he also introduced an extremely bold and far-sighted financial instrument innovation: treasury bond futures. The introduction of treasury bond futures and treasury bond repurchase trading tools greatly enlivened the treasury bond market, improved the reputation of Phnom Penh bonds, greatly promoted the solution of the difficult issue of treasury bonds that worried the government at that time, and was also a brave exploration for the deepening development of the capital market. However, it was the "March 27" treasury bond futures incident three years later that made Wei leave the exchange he founded because of "regulatory responsibility".
"327" is the code name of the treasury bond futures contract, which corresponds to the 3-year treasury bond issued in 1992 and due in June/995. The total amount of bonds issued is 24 billion yuan. On February 23rd 1995, Shanghai Wanguo Securities Company illegally traded 327 contracts. In the last eight minutes, it sold10.56 million bonds with a face value of 211200 million yuan, with a loss of1600 million yuan, so the treasury bond futures died. The Financial Times called it "the darkest day in the history of Chinese mainland securities".
Treasury bond futures are good financial futures. National debt is issued by the government, which guarantees the repayment of principal and interest, and has low risk. It is called "Phnom Penh bond", which has the characteristics of low cost, stronger liquidity and higher credibility. Long positions in the secondary market of government bonds are only the difference between the interest rate of government bonds and the market interest rate, and the fluctuation range is very small. This is also the reason why the US Treasury has become a strong supporter of treasury bonds futures. At that time, China's national debt was difficult to issue, relying on administrative apportionment. 1992 After the issuance of the national debt for more than one year, the highest price in the secondary market is only 80 yuan, which is less than the face value. Managers in China visited the United States and found that this treasure was good and easy to control, so they pursued "take-away doctrine". China government bond futures trading first appeared on the Shanghai Stock Exchange on February 28th, 1992. 1993 10 10. On 25th of October, SSE opened treasury bond futures trading to the public, and Beijing Commodity Exchange took the lead in launching treasury bond futures trading on the futures exchange. After 1994 and 10, the People's Bank of China raised the interest rate of savings deposits with a term of more than three years, and resumed the deposit preservation subsidy, and treasury bill rate also raised it. The uncertainty of the value-added subsidy rate provides speculative space for treasury bond futures, and a large number of institutional investors have turned from the stock market to the bond market, so the treasury bond futures market has flourished. From 65438 to 0994, the total turnover of the national treasury bond futures market reached 2.8 trillion yuan, accounting for 74.6% of the total turnover of Shanghai stock market. Before the Spring Festival, from 1994 to 1995, the number of trading places offering treasury bonds futures in China suddenly increased to 14, with a total turnover of 2.8 trillion yuan. This trend continued until 1995, which was in sharp contrast with the downturn of the national stock market.
The situation seems to be good. But the problem lies in the 327 treasury bond futures contract.
The 327 national debt matures in June 1995, and the coupon rate is 9.5% plus the interest rate of the value-added subsidy. For every 100 yuan, the bond should be paid 132 yuan. Compared with the bank deposit interest and inflation rate at that time, the return of "327" was too low. So there are market rumors that the Ministry of Finance may raise the interest rate of "327" and pay it at face value 148 yuan. However, Guan Jinsheng, president of IWC, one of the three largest securities companies in Shanghai, doesn't think so. He believes that the top management is paying close attention to macro-control, and the Ministry of Finance will not take out 654.38+06 billion yuan from the national treasury to subsidize 327 national debt. So Guan led the nations to short.
65438+1February 327, 1995, the price has been hovering between 147.80 yuan and 148.30 yuan. On the 23rd, the rumor of raising interest rate of 327 national debt was confirmed, and the 327 national debt with face value of 100 yuan will be paid at 148.50 yuan. Liao Guofa, who has been shorting 327 varieties with the rest of the world, suddenly defected and became a cow. 327 Treasury bonds rose by 2 yuan 1 minute, and rose by 3.77 yuan after1minute. Every time the national debt rises 1 yuan, all countries will lose more than one billion. According to its position and current price, once the delivery expires, it will cost 6 billion yuan. There is no doubt that not all ethnic groups have this ability. Guan Jinsheng took risks and suddenly attacked at 16: 22 and 13 seconds. He smashed the sell order of10.56 million, pushing the price from 15 1.30 to 147.50 yuan, which made the bulls who opened positions on the same day burst their positions across the board. This move shocked the whole market. If calculated according to the closing price, the institutions that do more on this day, including those that do more flips like Liao Guofa, will be wiped out, and countries will not only get rid of the crisis, but also earn 4.2 billion yuan.
The most surprising thing is Wei, general manager of Shanghai Stock Exchange. He never dreamed of a discount. When the Fed adjusted the interest rate, it was 0.25%, and we suddenly became 5%. In the afternoon, accompanied Geng Liang, director of futures department of CSRC. Geng said that the management measures for treasury bonds futures have been revised and will be introduced soon. Wei was so happy that he suddenly found that the market atmosphere was wrong. The national debt markets all over the country have broken through upwards, the price of "327" has fallen sharply, and the trading volume has increased a lot at once. Something happened!
In the evening 1 1 point, Wei officially placed an order, and all transactions of 327 varieties were abnormally invalid after 23 16: 22 and 13 seconds, which was not included in the settlement price, volume and position of the day. After this adjustment, 540 billion yuan of treasury bonds were sold on the same day, and the closing price of 327 varieties was the last one before the violation.
The Shanghai Stock Exchange did not announce the name of Guan He, but it was doomed. If it is delivered according to the closing price set by the Shanghai Stock Exchange, IWC will lose 6 billion yuan. If we manage our own situation, the country will get 4.2 billion yuan; If the liquidation is carried out according to 15 1.30 yuan, the loss of all countries will be1600 million yuan.
On May 17, in view of the fact that China did not have the basic conditions to carry out treasury bond futures trading at that time, the opening of treasury bond futures for only two years and six months came to an end, and the China Securities Regulatory Commission issued the Emergency Notice on Suspending the Pilot of Treasury bond futures trading. China's first financial futures product died.