199212 In February, the Shanghai Stock Exchange launched treasury bond futures trading to brokers, which was opened to the outside world the following year. Since then, treasury bond futures trading has developed rapidly. Due to the stock market downturn at that time, commodity futures such as steel, coal and sugar were suspended one after another, and a large amount of funds were concentrated in the treasury bond futures market of the Shanghai Stock Exchange, and treasury bond futures trading became extremely hot. "327 national debt" is one of the trading varieties, which refers to the three-year national debt issued by 1992.
In the mid-1990s, China faced double-digit inflation, and bank interest rates kept rising. In order to ensure the smooth issuance of national debt, the state has maintained and subsidized the issued national debt. The subsidy rate for value preservation is announced by the Ministry of Finance on a monthly basis according to the inflation index. Therefore, different expectations of inflation rate and value-added subsidy rate have become the main long-short differences of 327 treasury bonds futures.
IWC, the main air force, was the leader of China's securities industry at that time, with Guan Jinsheng as the "father of China's securities industry". The reason why Wanguo was bearish on 327 Treasury bonds was because Guan Jinsheng thought that inflation had been initially controlled at that time, and the inflation rate could not continue to rise. Coupled with the country's financial emptiness, it is impossible to take out such a large sum of money to subsidize the 327 national debt.
China Economic Development Trust and Investment Company, the competitor of IWC, has a profound official background. It was originally attached to the Ministry of Finance and later managed by the Central Financial Work Committee of the State Council. Contrary to IWC's expectation, CDB believes that the Ministry of Finance may still adopt the discount policy, so it still does more on 327 treasury bonds futures. The later facts coincide with the expectations of economic development!
1February 23, 995 is the day when the long and short sides finally went to war. In this fight, a dramatic scene appeared. Liaoning International Investment and Development Corporation (Liaoguofa), which teamed up with Wanguo Securities to short, also learned the news of 327 national debt discount and began to do more. In this way, the 327 national debt rose by 2 yuan one minute after the opening, and rose by 3.77 yuan ten minutes later. The collapse of the alliance camp made the empty side unexpected, and global securities suffered a catastrophe. According to its position, the loss will reach more than 6 billion yuan.
Guan Jinsheng, the boss of IWC, put all his eggs in one basket to protect his own interests. He overdrawn a lot eight minutes before the close (that is, at 4: 22) and rushed into the market with 7 million lots of huge empty bills worth 65.438+04 billion. The 327 national debt fell from 15 1.98 to 147.50 yuan, which shocked the whole market. According to the closing price of the day, China Economic Development and Liaoguofa will lose all their money, while Wanguo will not only escape from danger, but even earn 4.2 billion yuan from it!
Such is the power of financial derivatives. Either you lose big, can't afford to lose your life, or you win big, you can't imagine! On February 23rd, 1995 was called "the darkest day in the history of Chinese mainland securities". After several months of investigation and evidence collection, it was found that Wanguo illegally operated and held positions without authorization. Only 327 varieties of treasury bonds exceeded the maximum positions of all varieties approved by the exchange, and a large number of empty orders were sold in the treasury bond futures market, causing market confusion. It was finally ruled that all transactions after 4: 22 were invalid.
The 327 incident brought at least three consequences:1February 1995, the financial futures market was closed; 1July 1996, countries were merged by Shen Yin; 1February 1997, Guan Jinsheng was sentenced to fixed-term imprisonment 17 years. Indeed, many things, ancient and modern, Chinese and foreign, are a joke. Today, when China's stock index futures are about to be launched, reviewing this past may bring us too much reflection.