When love knocks on the door

Today is New Year's Day, and the domestic futures market is closed. The s futures exchange has a rare choice to hold a member meeting on the first day of the new year. The futures exchange has 288 members. Except for Yinxing and Guotong, which did not attend, basically all of them attended .The third seat in the first row of the member seats was empty, and there was only a solitary bronze medal with Luo Weixin written on the table. I remember that on May 5 last year, Luo Weixin entered the S Futures Exchange as the first female general manager of Yinxing , she was 12 years old at the time, known as 'the youngest boss in the global exchange'.

The week before the accident, she happened to be at the Yinxing headquarters. One was for a meeting, and the other was for Mo Xiaolou and the manager of the technical department to leak information that violated professional ethics. She pestered the leader not to pursue legal responsibility for those two!According to the schedule, she was supposed to go back to Jiangnan on that Saturday, but thinking of the weird situation in the national bond futures market that Beitangmo said, she returned to Jiangnan on Wednesday night ahead of schedule.

Unexpectedly, on the next day, that black Thursday, the "512 National Debt Incident" happened. In addition to being caught off guard, she was thrown into jail. pause.

In fact, when Luo Weixin first returned to Jiangnan, Chai Zhuodi repeatedly said that the trial bond futures contract of '512' might cause accidents, but she thought that Chai Zhuodi was an outsider and didn't understand futures, so she laughed it off and didn't care too much.

As soon as the market opened that Thursday morning, the market was indeed up across the board.

It's a pity that when she was analyzing the holdings, Beitangmo came in to find her. Unfortunately, the two of them didn't talk much, and the director Bai of the exchange came over. During this period, Beitangmo, the head of the trading department, reported several times It is said that the trading of treasury bond futures is abnormal, and some people placed 200 million lots at once.Later, it was found out that the Overseas Kelei Company wanted to speculate maliciously through their Silver Star. In the morning when the market closed, Beitang Mo said that someone placed another 200 million lots at once. She felt that something was abnormal at that time, so she asked Beitang to investigate immediately. It turned out that a joint-stock company named Tiankun in Jiangnan was maliciously speculating through Guotong Futures, but what was the situation at that time?Just when she was about to ask more questions, Director Bai said that it was a happy event for her to be selected as a member representative of the s futures exchange to attend a heavyweight financial summit abroad, and she must be invited to lunch, hehe, what a happy event, half a day Dao met Director Wen of the Futures Department of the China Securities Regulatory Commission again. At the dinner table, Director Wen revealed that the China Securities Regulatory Commission had just won the management right of treasury bond futures from the Ministry of Finance, and the management measures for treasury bond futures had been revised and would be released after New Year’s Day.

When she was happy about this, Director Bai and Director Wen both received a call from the China Securities Regulatory Commission. Judging from the sudden change in their faces, she felt that something was wrong. The treasury bond market is all upward breakthroughs. The price of "512" fell sharply, and the trading volume suddenly increased a lot.Her first reaction at that time was - something happened!The second reaction is that the management measures of the China Securities Regulatory Commission were introduced too late!

And that day, she never dreamed that it was a subsidized interest rate. When the Federal Reserve adjusts interest rates, it is always 0%, while the domestic rate is 25 percentage points all of a sudden.Her first reaction was to immediately send a notice to all branches and sales departments under Yinxing. I remember that she immediately opened her mailbox and wrote a few words to send out, to the effect that there was an abnormal situation in the treasury bond futures transaction, and all businesses across the country The Ministry immediately put the risk control post on a first-level alert, closely monitors the situation of major customers and institutions in its own area, and if it finds serious signs of deliberate violations, immediately freezes the authority to open positions, or forcibly closes positions, and can only resume after the exchange investigates and understands normal.

Remember, at that time, the China Securities Regulatory Commission asked the s futures exchange to handle it by itself. At ten o'clock in the evening, she received a formal notice from the exchange that all transactions of 512 varieties after Thursday afternoon were abnormal, and the orders were invalid. The range of settlement price, trading volume and open interest on the day, after this adjustment, the trading volume of treasury bonds on that day was 5400 billion yuan, and the closing price of the 512 varieties on that day was the last transaction price of 151 yuan signed before the violation.

Regardless of the criticism caused by this decision of the S Futures Exchange in the market, the liquidation of the agreement is against the principles of the market economy, but in fact Silver Star and Guotong do not have such a huge position of 700 million contracts. Therefore, this decision can be regarded as protecting them to the maximum extent, and the purpose of the futures exchange is to avoid a financial turmoil in China in a few months.

At present, according to the regulations of the S Futures Exchange, individual positions should not exceed 3 contracts, and institutions should not exceed 5 contracts. Because Silver Star has a good reputation, it is allowed to open more, but only 50 contracts are allowed.In fact, Silver Star opened 200 million mouths that day. The S Futures Exchange did not announce the names of Guotong and Yinxing, but they are still doomed. If they are delivered at the closing price set by the S Futures Exchange, Silver Star will have to pay 60 billion yuan in compensation; , Silver Star earns 42 billion yuan; if the position is closed at 151 yuan, Silver Star loses 30 billion yuan, and as the other party of the "gambling gate", Guotong Futures Co., Ltd. traded 16 contracts in violation of regulations, and broke out in the last 512 minutes 8 million sell orders, with a face value of 1056 billion yuan in national debt, and a loss of the same 2112 billion yuan.

The futures disaster affected a wide range of people, and that day can be called the darkest day in the history of futures in mainland China!That day was also the trough of Luo Weixin's life!As the main person in charge of the "Gambling Gate", when the relevant departments approached her, she resolutely took the responsibility to avoid implicating Lu Qi and Beitang Mo, so she was invited without a doubt Into Jiangnan City Detention Center!

Today is the first day of the new year and the tenth day since she entered the detention center!

After Chai Zhuodi's mediation at all costs, today is also the first day of her new life after being acquitted!

When she walked out of the detention center, financial news was being broadcast on TV. Out of professional habits, she couldn't help but stop when she heard the host broadcast——

On the first day of the new year, the Ministry of Supervision, the China Securities Regulatory Commission and other departments announced the investigation results and handling decisions on the "512 incident" as scheduled, and decided, "This incident is a result of the rapid development of the national bond futures market and the lack of supervision of the exchange. Under the condition of strict and lagging risk control, the treasury bond futures turmoil caused by Yinzhou Futures Company and Guotong Futures Company.” The decision believes that the S Futures Exchange seriously underestimated the risks brought about by excessive speculation in the market, and the trading rules were not perfect. , the risk control lagged behind, and the supervision and management were not strict, which resulted in repeated treasury bond futures turmoil caused by serious illegal transactions within two weeks of the trial issuance, causing extremely bad effects at home and abroad.In order to appear fair and equitable, after ten days of in-depth investigation and evidence collection by multiple departments, the Ministry of Supervision, the China Securities Regulatory Commission and other departments have imposed disciplinary actions such as expulsion from public office, removal of administrative leadership, transfer, and removal of relevant responsible persons in accordance with relevant regulations. Organize punishment, transfer those suspected of violating the criminal law to the judicial authority, and impose financial penalties on futures companies that violate the regulations...