More than 20 million,147.2-147.438+0995 domestic treasury bond futures trading is in full swing. "327" is the code name of the treasury bond futures contract, which corresponds to the 3-year treasury bond issued in 1992 and due in June/995. The total amount of bonds issued is 24 billion yuan. On February 23rd 1995, Shanghai Wanguo Securities Company illegally traded 327 contracts. In the last eight minutes, * * smashed10.56 million bonds with a face value of 211200 million yuan. In the end, treasury bond futures died because zf was involved in the loss of 654.38+06 billion yuan.

20 10/The "327" bond futures incident on February 23rd, 995 undoubtedly had a great impact on the development of financial markets, so that the stock index futures were officially launched on February 20th, and the new simulated trading of treasury bonds futures was not launched until February 20th. According to the existing data to analyze the incident of 1995, the special background of 1995, and the crazy behavior of China Jingkai in the market, China Jingkai probably participated in insider trading. When the market was not sure whether to increase the discount rate, it had already got inside information, and the Ministry of Finance raised interest rates for sure. If this hypothesis holds, this insider trading case is the most serious, if not the biggest.

According to the regulations of Shanghai Stock Exchange 1995, the positions of individuals cannot exceed 30,000, the positions of institutions cannot exceed 50,000, and only 400,000 are allowed at most. Whether it is IWC, CDB or Liaoning Guofa, it greatly exceeds the positions held by the Shanghai Stock Exchange. But when the incident was finally dealt with, only Guan Jinsheng and Wan Guo were seriously dealt with. However, Zhongjing, who also violated the rules, became the biggest beneficiary of this incident. Some people think that Guan Jinsheng's "The Last Eight Minutes" is bold, but from another perspective, Guan Jinsheng may also be influenced by the opening up of China-Europe Economic Cooperation and the development of Liao Dynasty. Seeing that they are all illegal, almost all countries are pushed to bankruptcy, and all countries can also break the rules and protect all countries from bankruptcy. For Wei, the purpose of canceling the last eight minutes is to protect Wan Guo, because even if Wan Guo made a profit at the speculative price that day, Wan Guo had no real position and could not cope with the subsequent bull offensive. There are many loopholes in the treasury bond futures market of 1995, which enabled these illegal transactions to be carried out on February 23, 1995.