(2)& lt； 3.27 incident > The author's comments on Netease, Blizzard and WOW incidents have some truth, but they are a little leaked. The real careerist Netease is not a fuel-efficient lamp. Maybe Netease doesn't pay attention to WOW. With the constant change of WOW, it has gone through the middle and late stages in the minds of players. Maybe Netease borrowed WOW technology to consolidate its R&D team. In 2002, they lost their agency. Why don't they know how to develop independently? They are likely to focus on the future StarCraft II diablo 3, two online games that will definitely attract everyone's attention in the future. Perhaps the rush for success led Netease to sign an unequal agreement. Blizzard wants to carve up online games in China alone, which seems like a powerful piece of fat, earning a lot of money and taking away the materials of Chinese mainland players. However, the China government is no longer an idiot in the middle of reform and opening up. The continuous improvement of the legal system has given Blizzard a blow and made Blizzard complain. EA, one of the global competitors that Blizzard hated in this fierce battle, seems to be the biggest winner. He hid in a dark corner to watch this gorgeous performance, and gradually became clear about the legal bottom line of the National Government. He has a better tactical strategy on how to enter China in the future. I believe that time will clarify everything.
(3)& lt； 3.27 Event > The bond futures trading storm from 1993 mainly refers to the 3.27 storm, when bonds entered the futures market, which was initiated by the Shanghai Stock Exchange. At that time, the stock market was very deserted, most places had not yet opened securities trading, and the trading margin was also very high, generally at least 50 thousand yuan, which was tantamount to astronomical figures for many people at that time. Rich people are still immersed in the commodity market and are absolutely afraid of the risks in the stock market. Therefore, to change the cold state, innovative varieties are the best way to activate the market.
At the end of 1992, the standard futures contract of 12 treasury bonds was grandly launched and listed on 1993. Subsequently, more than a dozen exchanges such as Beijing Commodity Exchange and Wuhan Stock Exchange Center also launched treasury bonds futures. Treasury futures have mushroomed all over the major futures trading centers. At that time, there were two main reasons for the popularity of treasury bonds futures: First, at the beginning of 1994, some brokers took advantage of the fact that the real interest rate was higher than that of treasury bonds, and illegally sold non-physical treasury bonds beyond the plan and used social funds to make profits. When the State Council announced to investigate and deal with this kind of securities firms, in order to make up for this part of the non-physical bonds sold out of the plan, they bought the physical bonds scattered in the society one after another, which made the spot market of national debt in short supply. Second, in order to cooperate with the issuance of new treasury bonds, according to the objective situation of high price level at that time, the Ministry of Finance implemented value-preserving subsidies for 1992 three-year and five-year treasury bonds with relatively low interest rates. For a time, treasury bills were hot.
At that time, the margin for opening treasury bonds futures was only 1 1,000 yuan, and the margin for each hand was only 500 yuan, and Fu Ying could open new positions; Some retail investors, Man Cang, overdrawn and died for a long time, ranging from tens of thousands to hundreds of thousands, and then from hundreds of thousands to millions. This fanaticism is no less than a gamble. If you win the bet, you are the "king". If you lose the bet, that's another matter.
With the uncontrolled expansion of the virtual market of treasury bonds futures, after entering the second half of 1994, the market has gradually become a casino where super main institutions compete with each other for speculation and profiteering. At the beginning of 1995, it was widely rumored in the market that "the Ministry of Finance will raise interest rates on the' 3.27' national debt". Since the beginning of February, the famous Shanghai Wanguo Securities Company and Liaoning Guofa Co., Ltd. have jointly shorted a large number of trading positions of "3.27" near 148 yuan in an attempt to manipulate the market. On February 23, Liao Guofa and several companies he manipulated failed to sell a large sum of money through Wuxi Guotai Futures Brokerage Company. After learning the exact news of "discounted interest" in advance, he took the lead in turning over more money. This behavior, coupled with the help of various long-term long-term institutions, caused the futures price to soar from 148.50 to 15 1.98.
In hindsight, IWC was immediately in a state of being completely locked up, and because of its large position, once the position was closed, the price would soar even more, and its loss would reach several billion yuan, enough to make the whole company disappear. In order to reverse the situation, the main person in charge instigated a malicious overdraft and smashed the market beyond the limit, resulting in 7 million lots (margin of 65.438+04 billion yuan) before the market closed, and the price dropped sharply to 65.438+047.50. Many bulls also changed from "huge floating profits" to "loss positions" in an instant, and the market was in chaos.
The "March 27" incident has since shocked China and foreign countries. That night, the Shanghai Stock Exchange announced that all transactions in the last 8 minutes were invalid on the grounds that a member deliberately violated the rules. Then, the CSRC and the Ministry of Finance issued the Interim Measures for the Administration of Treasury Bond Futures Trading. Subsequently, a series of notices were issued, such as "Emergency Notice on Strengthening Risk Control of Treasury Bond Futures Trading", "Emergency Notice on Implementing Margin Provisions for Treasury Bond Futures Trading" and "Notice on Asking All Treasury Bond Futures Trading Sites to Further Strengthen Risk Management".
However, although these notices are authoritative, they cannot change the risk control mechanism of the Shanghai Stock Exchange in a short time. Moreover, due to the slow progress of countries in investigating violations, individual speculators are lucky, so illegal operations emerge one after another. Finally, in May of 1995, when the "3. 19" national debt closed down due to the increase in loan value and subsidy rate, and "Liao Guofa" and its joint institutions were still illegally suppressed, the management could not bear it. On May 18, the CSRC issued the "Emergency Notice on Suspending the Pilot Trading of Treasury Futures", announcing the suspension of the pilot trading of treasury futures. Since then, financial futures have been ordered to close.