The Dahua Industrial Futures Department has already made preparations and will start closing positions at a rapid speed after the order comes.

However, during the closing process, the price difference, which was originally expected to converge, was a trend of further widening, because many traders found that millions of barrels of crude oil that should have been shipped to New York were sent to London. This practice led to an increase in inventory in London delivery warehouses, while Cushing's inventory decreased, further lowering London prices and spawning New York prices.

Taking advantage of this trend, Dahua Industrial almost captured the profits of the spread contracts, with a total amount of up to US$5.2 billion, far exceeding Qi Xiao's expectations.

In fact, it is also a bit beyond Sucheng's expectations.

Seeing this account, Qi Xiao, who was busy, also spent three seconds to stare blankly. Xu Feng, the fourth sister far away in China, immediately called and asked Su Cheng: "There was a lot of money in several accounts of our company... I counted it several times..."

"It's the company's profit. Let me explain it in detail when I go back." Su Cheng interrupted her with a smile.

"So many are?"

"yes."

"How did it do it?" Although the fourth sister Xu Feng is not a professional, she is diligent and studious, and is very suitable for her to work as a supervisor in the Finance Department of Dahua Industrial. Most of the capital flows within the group are under her monitoring.

Xu Feng has not seen a billion-dollar fund, but this is the first time that he has earned billions of dollars in one lump sum.

Su Cheng smiled bitterly, and somehow explained, "It's half of the luck and preparation each, which is a bit beyond my imagination, but there are legitimate procedures. You can also contact several banks in your account to see if there are any fees to be paid and hand them over to them."

Several of Dahua's main banks overseas are very powerful large commercial banks, or local tyrants with tough backgrounds in the local area. They are best at dealing with government relations.

The difference between spread contracts and pure futures contracts is that they have to pay handling fees to the two exchanges. However, the handling fees on futures exchanges have always been very small, because they are essentially clubs for members and are not for profit. Although Dahua Industrial has made billions of dollars, the handling fees that can be paid are similar to those financial institutions that have made millions of dollars.

As for taxation, it is purely non-existent. In 1994, the US government was discussing taxing futures exchanges to alleviate the current financial difficulties, but there was no result. Since Mrs. Thatcher's small government and privatization, it has been difficult for London to add new taxes. Currently, the futures trading taxes are mainly Japan, Finland, France and Hong Kong. Among them, Japan is 20,000 of the closing price, Finland is 5,000 of the closing price, France is 0.05 francs per order, and Hong Kong is 5 Hong Kong dollars for every transaction completed. All four regions are different. But in general, futures tax is still a small tax. No matter what method is used to collect taxes, the total amount is very small and irrelevant.

In contrast, the handling fees for exchanges and banks that provide leveraged funds are more expensive, but they are only millions of dollars.

Therefore, Dahua Industrial made more than US$5.2 billion in profits through the spread contract, and all expenses were removed, the remaining one was more than 5.2 billion.

Dahua Group has been in control of 100 from beginning to end.

Su Cheng felt much more at ease when he took the money into his hand.

Qi Xiao was still excited and his lips were chapped, "Dr. Su, should we buy another contract to bet on a narrower price difference?"

It is full of gambling, but it is also a normal idea. When the price spread widens to $2.2, inversely purchasing contracts with narrowing the price spread will have small risks and high profits.

After all, where can the $2.2 spread be widened? Whether it is the price increase in London's crude oil prices or the price drop in New York, the price difference between the two will be narrowed.

If it returns to the 1 dollar range, it will be so much profit again.

Nowadays, there are probably many financial institutions that do such contracts.

However, when Sucheng was studying oil finance, the crude oil price spread often exceeded $15, and even exceeded $20. The price spread of $2.2 really couldn't make him feel safe, so he refused to say decisively: "It's enough to speculate once, and now we must close our short position as soon as possible. What's the situation with Sumitomo Commercial Bank?"

Qi Xiao was relieved and adjusted his mood in a flash, and replied: "Suzuomo seems to have no action. The possibility of selling long orders quietly cannot be said to be none, but it is not too great. I asked someone to check the long and short transactions just now. If Sumitomo reduces his position, we will find it."

Sumitomo certainly did not move, and Sumitomo Trading Company and his allies were already in a daze.

Just like Pan Asia Fund holding short positions that cannot easily retreat, Sumitomo Trading Company also holds long positions that are heavily in stock and cannot take a trip that is stolen.

What's even more troublesome is that because Matsumoto Dorf has received support from the trading company's headquarters, some affiliated companies attached to Sumitomo Trading Company and allied companies such as Ito Trading Company have bets heavily in the range of $15 to $16.

Of course, this is also the cause of their greed. They always feel that the price of crude oil of $16 and $15 is already low enough. At worst, they can wait for delivery and ship it back to the country... However, in the $300 billion long-short exchange, waiting for delivery is basically impossible.

Pan-Asian funds can earn $1 billion to $2 billion for every 10 cents from an average price of $16 to $17, which is equivalent to liberating $1 billion to $2 billion in margin, thus leveraging $15 billion to $30 billion in funds again.

On the contrary, Sumitomo Trading Company and their allies, every time they see the crude oil price drop by 10 cents, they will lose a guarantee of $1 billion to $2 billion. When this number is lowered to 50 cents, Sumitomo Trading Company will need to continue to add margin.

Otherwise, once the position is over, all long orders will be sold directly by the system. No matter how much they sell, they will not want a single margin, which is equivalent to losing a big loss and losing all the losses.

Therefore, in order to avoid liquidation, Sumitomo Trading Company has to continuously invest more funds to serve as margin.

When crude oil prices fell below $15, there were very few banks willing to give Sumitomo Trading sufficient financial guarantees.

Sumitomo Trading Company itself is a financial trading company. At the beginning, they can get the continuous support of their trading company, even if it is a big loss, it is no exception.

However, when Sumitomo Trading Company's bank funds were exhausted, few banks willing to serve as cash machines for them became, and the amount was difficult to replenish.

This is completely opposite to the Pan Asia Fund.

On the one hand, the seven shareholders of Pan Asia Fund have made full preparations and spent several months to win banks from many countries through various means as financing support. On the other hand, on the other hand, Pan Asia Fund has always been winning.

Their margin is not getting smaller and smaller, but almost exhausted, but more and more.

Therefore, in the later stages of the long-short war on the London International Crude Oil Futures Exchange, it basically became Pan Asia Fund using more than 15 times of leverage, betting on 10 times of leverage, or even five times of leverage, among which the capital gap is self-evident.

This is a US$300 billion long-short bet. Even if it is leverage, some banks must be willing to provide it. Although Sumitomo Commercial Bank has many assets, it does not have such a huge capital pool.

Now, let alone holding long orders to the delivery day, holding huge long orders to spend the night, it can scare the old men on the Sumitomo Board of Directors out of Alzheimer.

Whether it is Sumitomo Trading Company with assets of 300 billion yuan, Ito Trading Company with assets of 100 billion US dollars, or soy sauce companies with assets of 10 billion US dollars, they also have a business with transaction volume of tens of billions, 10 billion, and 10 billion US dollars every year. How can they put all their funds on the London Futures Exchange?

The directors are willing, and tens of thousands of employees from other departments are unwilling; the employees are willing, and the Japanese Finance Department and the Ministry of Taoism are unwilling; if the Japanese are willing, the British will probably laugh out loud, Alzheimer will come, which is a hundreds of billions of dollars out of thin air, and it will not be cashed out until August, September, October and November.

Such a large sum of money may help Britain boost GDP by two points.

In the final analysis, such a huge amount of futures trading can only be short-to-short.

Wait for delivery? Billions of dollars are OK, and hundreds of billions of dollars are OK, but it will not help.

Short squeeze? It is OK in small markets such as agricultural products, but it is basically not feasible in crude oil futures trading that accounts for half of the world.

Dof Matsumoto stayed in the exchange office for a moment, holding a coffee cup in his hand, almost crushing it, and finally not waiting for the rebound.

At 19 o'clock in the evening, the secretary reminded as usual: "The artificial plate has half an hour to close."

Domo Matsumoto's eyebrows stood up and he looked at the big screen habitually: 14:22.

Without looking at the two numbers in the back, the 14 dollars in the front will make him have no strength at all.

"So much money has been invested... Hirano, this guy." Matsumoto gritted his teeth. Since he came to London, the beautiful window period of $15 has ended. He just wanted to play a role, but he had no chance. He invested a lot of money, but he had no effect.

Although he wasn't sure he could seize the wonderful $15 window, this does not mean that he wouldn't blame Hirano Hideto.

Especially before making difficult decisions.

"Minister?" The secretary was worried that Matsumoto had not heard clearly and wasted his time. Half an hour left, the manual trading was about to end. Unlike Pan Asia Fund, which signed three business dealers in advance, Sumitomo Trading Company has always only one business seat, and its efficiency is relatively low.

The decision to hold a heavy position for one night should be made in the next ten minutes.

Dolf Matsumoto couldn't help but pull his hair and asked in a low voice: "Do you think, how much will you lose when closing your position now?"

Close the position means leaving the market, and there is no chance to turn the profit.

If you are in a casino, you will not even look at the trump card and announce that you will not follow it.

The secretary had been following him for a while, and he didn't have to calculate it, and said, "The loss is more than $5 billion."

US$5 billion is one-sixth of the profits of Pan-Asian funds, which seems to be relatively small, but in smaller banks, such as the famous Bahrain Bank, there is so much money that they have gone bankrupt.

Dorf Matsumoto asked even more sensitively: "Is it sure it's more than $5 billion?"

"yes."

"Will it exceed $6 billion?"

"This... cannot be sure."

"Go and make sure." Domo Matsumoto went to the doctor in a hurry.

The secretary was stunned and stood still. How to confirm this? God knows what will happen if the huge number of long orders are closed.

Domo Matsumoto woke up quickly and turned around and said, "Tell Tanabe to let him prepare for closing the position."

Although the previous plan could not be realized, he did not want to become a "famous person".

6 billion US dollars will be listed on the list of huge losses of Japanese financial companies.

The secretary did not fully understand and self-righteously reminded: "Do you want to notify other trading companies?"

Matsumoto Mao suddenly got up and said, "Shut up. Go and notify Tanabe, don't tell anyone."

When you escape, you can't care about your allies.

Where can we measure friendship between companies in billions of dollars?
Chapter completed!