Minsheng Bank trader illegally misappropriated customer funds and was suspected of market manipulation

Minsheng Bank gold T+D price limit incident replay:

August 31, 21:11 Minsheng Bank's gold T+D abnormally rose to the limit, and a large number of Minsheng Bank customers' short orders were liquidated. Investors explained in detail the incident.

It has been nearly a year since Minsheng Bank’s AUT+D was launched. At 21:11 on August 31, 2010, there was an abnormal transaction in the price. Converted based on gold’s domestic RMB quotation and international U.S. dollar quotation, the price was 1,246 US dollars. The RMB was around 273 yuan, but around 21:11, investors saw through the Minsheng Bank trading system that the price was once at 289 yuan, 18 yuan higher than the normal price, and the price limit was 7%, which means that this price was the price limit. Judging from the transaction details, thousands of lots were traded. Mr. Li, an investor with the online name lizbonn, recalled what he saw while observing the market analysis software that night:

1. Someone in Minsheng Bank's T+D system placed dozens of long orders at 289 (the reason is unknown)

2. There were very few sell orders, just a few lots, and then he took all the sell orders

3. The price is sealed at 289.32 (similar to the stock price limit)

4. At this time, Minsheng Bank's margin was insufficient and it was about to explode, but no one was selling, so no transaction was completed.

5. The traders on the floor of Minsheng Bank are indeed professional, placing hundreds of sell orders in an instant

6. According to the margin ratio, the transaction should be liquidated.

7. All orders with sufficient margin ratio to be liquidated were matched

8. The price returns to 273 and returns to normal

9. Investors who had not yet come to their senses found that all their short orders had been forcibly closed by Minsheng Bank.

Mr. Li declares: The phenomenon in 1.2.3.5.8 was witnessed by his own eyes. If you did not see it at the time, please do not speak nonsense. In the third article, when the price was sealed at 289.32, there were only 24 buy orders at the first price of 289.32, and the sell order positions were all "-", so there was no rush to place sell orders.

A person in the gold industry, Mr. Yu Ping explained the reason:

The long orders reported by Minsheng Bank traders around 21:10 were of the nature of "buy and close positions". The reason: Minsheng Bank agent Among the customers, a position reached the forced liquidation level, and the trader wanted to quote it to complete the transaction. However, because the trader did not understand the T+D business rules professionally at that time, he thought that placing a limit buy order at the upper limit price would be done immediately. The market price was around 273 yuan, but there was a loophole in Minsheng Bank's system. The conflict between the matching transaction and the price limit order was equivalent to Minsheng Bank traders misappropriating the customer's funds and positions, and placing a purchase price of 289 yuan on behalf of the customer without the customer's authorization. Although there were only a few dozen orders, the professional traders on the floor discovered that after there was a buy order at the upper limit price of 289 yuan, they directly sold and opened a position. At 21:11, the trader of Minsheng Bank placed the buy and close position and the unknown trader’s After the sell opening transaction was completed, the market quotation of 289 yuan appeared on the Shanghai Gold Exchange market software. At this time, the short position that had not reached the forced liquidation level also reached the liquidation level, which triggered the continued liquidation system of China Minsheng Bank. After the liquidation order was issued, many normal positions were liquidated after a chain reaction.

The traders of Minsheng Bank should bear full responsibility for this incident and are objectively suspected of illegally misappropriating customer funds to manipulate the market. At the same time, the Shanghai Gold Exchange is obliged to disclose which account the position opened at 289 yuan belongs to, and to trace its true background. If it is related to Minsheng Bank, it has committed the crime of market manipulation and disrupting financial order. If it is normal to open a position by selling at 289 yuan, there is no responsibility. Then Minsheng Bank's customers' losses will be borne by Minsheng Bank. In fact, Minsheng Bank did not suffer any losses. It should just return the money robbed to investors.

Managers of Minsheng Bank, we know that you are also reading the news online and watching the public opinion trends of our investors. But we tell you, procrastination is not the answer. If you settle the bill according to the normal transaction as soon as possible, nothing will happen. We just want to get back the money that was deducted for no reason. Note that now we use the word "deduct". In a few days, you will If you don't pay back the money, we will go to court to sue you Minsheng Bank for stealing money. You can completely dismiss this matter as an organizational failure! Show some sincerity. Solve it quickly. Do you think that if we wait for three to five years, we will forget about it and you will continue to do business? No, everyone on earth knows now. Pay back the money and settle the bill. This is the only way to solve the problem!

Those involved in the liquidation of T+D of Minsheng Bank, I suggest you: go to the local Securities Regulatory Bureau (Minsheng Bank manipulates the market), the Banking Regulatory Bureau (Minsheng Bank illegally misappropriates customer funds), the provincial and municipal offices of the People's Bank of China The branches (Minsheng Bank disrupted financial order), the Public Security Bureau (Minsheng Bank transferred customer funds without the permission of the public security organs), local newspapers, magazines, TV stations and media all reported the information and actively cooperated with reporters in interviews, whether on the phone or in person. During the process, when talking to any relevant units or individuals, please be sure to record and retain evidence. For example, if people from the Securities Regulatory Bureau ignore you, you can record the process and report their inaction online.

After the victims see this article, please repost it more. The victims will unite and transform from a pile of sand into a fist!