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327 Treasury Bond Event in Treasury Bond Futures
China government bond futures trading started on February 28th, 1992. 327 is the code name of the treasury bond futures contract, which corresponds to the 3-year treasury bond issued by 1992 and due for payment in June 1995. The total amount of bonds issued in this issue is 24 billion yuan, and the payment method is coupon rate 8% plus interest subsidy.

On February 23rd, 1995, Shanghai Wanguo Securities Co., Ltd., the main force of the empty side, smashed out10.56 million bills in the last eight minutes, with a face value of 21/kloc-0.2 billion yuan, while the total amount of all 327 national debt was only 24 billion yuan, which was confirmed as malicious violation. Later, treasury bond futures died because of the "327 Treasury Bond Incident". The Financial Times called it "the darkest day in the history of China securities". After the incident, in order to save the troubled countries and avoid possible financial turmoil, the Shanghai Municipal Government took a series of emergency measures to quell the investor's run. On April 25th, IWC held a board meeting. Xu Qingxiong, the former chairman, and Guan Jinsheng, the president, both resigned, and Guan Jinsheng was also expelled from Wan Guo Securities, which he founded.

On September 15, Wei Ye, the first general manager of SSE, announced his resignation and withdrew from the securities stage. On September 20th, the Ministry of Supervision and the China Securities Regulatory Commission announced the investigation results and handling decisions of the incident.

1in April, 1996, IWC merged with Shen Yin Securities Company, the strongest competitor in Shanghai stock market. On July 17 of the same year, Shen Yin was founded. 1997 1 month, Guan Jinsheng was sentenced to fixed-term imprisonment by Shanghai High Court 17 years. Talking about the ups and downs of that year, many old investors are still worried. However, it is precisely because of the profound lessons of the "March 27" treasury bond futures incident that it has given more enlightenment to future generations. Today's treasury bond futures scheme can no longer be compared with that of that year. Once re-listed, it is unlikely to repeat the risk events of that year.

At present, China's economic and financial situation has undergone fundamental changes, and interest rate marketization has made great progress. The national debt market is large in scale, full in variety, with many participating institutions, the market infrastructure construction has been greatly strengthened, and the supervision system and laws and regulations are quite perfect. It can be said that at present, the development of China's national debt market and futures market has made great progress, and the legal system and risk mechanism of futures market are becoming more and more perfect, which has caused fundamental changes in the market environment similar to the "March 27" national debt incident.