The protagonist of the "327" national debt futures event is the three-year national debt issued by 1992. The total amount of bonds issued in this issue is 24 billion, which will be paid in June, 1995, with an interest rate of 9.5% and a premium rate. However, it is uncertain whether the Ministry of Finance will implement the premium rate. After 65438+1February 1995, its price has been hovering between 147.80 yuan and 148.30 yuan. However, with the speculation and disagreement on whether the Ministry of Finance implements the value-preserving subsidy, the futures price of "327" government bonds has changed greatly. The main air force represented by IWC believes that inflation has peaked since June 1995 and will not discount interest, so it will resolutely short. On the other hand, we will resolutely do more and constantly push up the price. According to the price increase factor, the price of the "327" variety in the surrounding market is generally higher than that in Shanghai, and we will know the decision-making trend of the Ministry of Finance in advance.

On February 23rd, 1995, Liaoning Guofa (Group) Co., Ltd., which has been jointly shorting the "327" variety, was the first to learn the news of the "327" discount, and immediately changed from short selling to long selling, making the "327" variety rise by 2 yuan in one minute and 3.77 yuan in ten minutes. Universal Securities, the main short seller, was immediately in trouble. According to its position and price at that time, once the futures contract expires and fulfills the delivery obligation, its loss is as high as more than 6 billion yuan. In order to protect their own interests, after the main short seller of the "327" contract failed to close at the price of 148.50, in the last eight minutes before the end of the transaction, the main short seller overdrawn the transaction and suppressed the price to 147.50 yuan with a huge empty order worth 140 billion yuan, making "327"

The abnormal situation in the "327" national debt transaction shocked the securities market. On the night of the incident, the Shanghai Stock Exchange convened an emergency consultation with all parties concerned, finally weighed the pros and cons, confirmed the malicious violation of the main force of the empty side, declared all the futures trading of the "327" variety invalid in the last 8 minutes, and agreed to close the position among the members.