It took nearly 20 hours to get from Heathrow Airport to Capital Airport. Tian Dongliang boarded the British Airways plane in the early morning, and it was evening when he got off the plane. Even though he was in the first class, he was still so weak that he couldn't use his strength.

However, Tian Dongliang was so excited that he had no intention of resting.

"Manager Tian, ​​please come with me." The person waiting at the airport was not the bank's person, but the officer sent by the Public Relations Department of Dahua Industrial, a young man who had just graduated.

Tian Dongliang looked left and right and found no other pick-up person. He couldn't help but ask: "When will my report be submitted?"

"We will go to the Information Bureau now. After reviewing, we will find a way to send your report to you." The young man got into the driver's seat and started driving.

Tian Dongliang's face changed slightly: "Are you still need to review? I told you, Mr. Su, that my articles must be completed independently by me, otherwise I would rather not publish them."

"We will not modify your article, but since it is submitted by us, we must always know what is inside."

Tian Dongliang curled his lips and said, "What if the review is not satisfied?"

"We hope you can modify it. If you can't change it, we can only submit it upwards." The young man in the driver's seat looked at the rearview mirror and said.

If Tian Dongliang had been two days ago, he would definitely be at a loss at this moment, but his time in London was too training. Even an honest husky would turn into a cunning wolf. He also looked at the rearview mirror and smiled for a while, "It is impossible. Even if it cannot be changed, you must not submit it upwards. This is the plan of your chairman. If it weren't for the urgent time, he wouldn't send me back to China overnight. Do you think?"

The young man's smile seemed to be frozen, and after a moment of relief, he said, "Li Bu said, if you are not convinced, just let me inform you. In short, the review still needs to be reviewed. The result is decided by the person above."

After saying that, he became a driver with concentration.

Tian Dongliang stared for a while, but he had no choice but to accept the result. With his position, he was not qualified to deliver reports to the State Council. This is undoubtedly a shortcut in Zhongnan, a golden road with countless experiences. From a vulgar perspective, Tian Dongliang hopes that after his name appears, he can break the rising ceiling in the bank. From a less vulgar perspective, Tian Dongliang also hopes that one day he can really become a pillar and not live a life of chasing the footsteps of lenders every day.

Dahua Information Bureau.

An analyst trained by Dahua itself, a former official-level political worker who had just retired, and a retired media reporter formed a three-person review team. They would give Tian Dongliang a score based on their review scope.

In addition, the Strategy Department also sent two people to be ready to rewrite the report at any time.

It is obviously not as appropriate as Tian Dongliang, but he is not helpless. If Tian Dongliang's report content is indeed not approved and he refuses to modify it, there must be a backup plan.

Only then did Tian Dongliang realize Dahua Industrial's full preparations and quietly let out a sweat, glad that he focused on writing the financial process, not others.

"It's OK." The political cadres finished reading the last one and handed over the review results to Dong Feng.

"The rating is good." Dong Feng looked at Tian Dongliang outside the window in surprise.

The political cadre smiled: "No matter what, it is someone within the system. If you pay a little attention, there will be no major problems. However, I don't understand the financial aspects."

"It's good if there are no political problems." Dong Feng also read a copy of the report just now. At this time, there are retired veteran cadres to check, so he feels much more at ease.

Retired politicians and senior government officials often consult companies, but in China, this trend is not popular. Dahua Industrial does not want to set a precedent or steal the cute tricks of state-owned enterprises. They use common methods used by Japanese consortiums to pay their salaries with overseas companies and then provide serious project analysis. Although many people think it is unnecessary, Sucheng insists on it, and Dahua Industrial insists on it.

After nearly 8 years of indoctrination, Sucheng's will has been instilled in Dahua's industrial industry. Such a long time has been enough to win the War of Resistance Against Japan, so naturally Dahua has built its own system.

"Congratulations, Manager Tian." Dong Feng went out and shook Tian Dongliang's hand, and sent Tian Dongliang, who was sneaking at the political cadres through the glass.

Tian Dongliang didn’t know what he was feeling at the moment, but he was a little weird and excited.

...

At midday.

Su Zhenguo finished his 30-minute nap and sat by the bed to finish drinking the regular amount of water today. He breathed a sigh of relief. Under the protection of the nurse, he prepared to go to the yard for two walks.

When I passed through the side door, I saw his secretary waiting there with a notebook.

"Is there anything?" Su Zhenguo is full of energy. Compared with the senior leaders who are of equal age, his health is good. When he reaches this position, living for a long time and physical health are the biggest trump card. This seems to be the secret of the Su family's prosperity.

The secretary nodded and said softly: "You said Pan Asia Fund's futures trading in London will tell you if there is any new situation."

"Is there a new situation?"

“Crude oil futures in London reached $15, and New York started to rebound, reaching more than $16.”

“What is the change?”

"On the surface, there seems to be no major change, but I asked a few people and had some guesses." The secretary of the Su Office is definitely the top secretary who is selected from the best. He must be more careful about Su Zhenguo's work and prepare more information.

Su Zhenguo slowly walked under the grape rack, sat firmly, and asked, "What's the guess?"

The secretary opened the book and looked at it for certainty, saying, "We guess that Pan Asia Fund or Siouxun himself may have invested in the price difference contract between New York and London."

"Oh?" Su Zhenguo obviously didn't know what this was.

The secretary briefly introduced: "The price difference contract is to bet on the price difference between New York and London. If you guess the direction correctly, a small price difference can also bring a lot of profit."

"Su Cheng guessed it right?"

"We probably are." The secretary whispered: "I asked someone to compare the futures contracts between London and New York, and asked several banks that they should have invested a considerable amount of money and made considerable profits."

Exchanges in London and New York are relatively transparent, and most financial companies have traces of investment. As long as you learn some relevant information, it is not difficult to find clues.

Su Zhenguo pulled down a little vines, chewed them in his mouth, and asked, "Tell me, how much has this kid made? If he doesn't make much money, you won't report it, right?"

"It is estimated that it is at least $2 billion." After the secretary spitted out this number, he stopped talking.

Su Zhenguo bit off the vine: "2 billion US dollars?"

"There should be so many." The secretary did not dare to make a decisive guarantee. In fact, when this number was released, he was much more frightened than Su Zhenguo.

And the real profit was much more than what he told Su Zhenguo.

At this moment, London has already opened, oil prices are still fluctuating, but New York thinks it has gotten rid of OPEC's cage...

The price difference between the two places expanded from 50 cents at the opening of London to 80 cents.

If we accurately estimate the profits of Sioux City, we will increase by at least 600 million to more than 3.5 billion US dollars.

But with such a large number, the secretary of the Su Office would not describe it as "at least" as "they are just a very stable "2 billion US dollars", and he was frightened.

If it weren't for the timeliness of futures, the secretary would have waited for a more accurate result before reporting to Su Zhenguo.

Su Zhenguo also knew the secretary's code of conduct, so he added a little to this number in his mind, and then asked: "How many barrels of crude oil are equivalent to?"

"The oil price in London is currently 15 US dollars per barrel, which is 133.33 million barrels. If it is priced at US$18 in the previous few days, it will be about 111.1 million barrels." The secretary quickly calculated the result.

"It's equivalent to earning the annual output of Shengli Oilfield." Su Zhenguo said with a tsk, "This financial speculation is really amazing."

"Yes, and the cost is very low. The cost of the crude oil exported by Shengli Oilfield accounts for almost half of the cost." China's crude oil quality is generally poor, Daqing's crude oil is slightly better, and Shengli Oilfield's crude oil is much worse. The lighter the oil is produced, the less heavy oil, the more costs are rising, and all kinds of selling prices are falling.

Su Zhenguo stood up and asked, "If Su Cheng had a wrong bet, would he have to pay so much money?"

"If he keeps adding margin, he has to accompany him so much. If he doesn't add it, he will stop losing all the margin. We guess it will be about $200 million."

Su Zhenguo nodded with a "hmm" and said, "I'm so brave..."

After pausing for a while, just as the secretary left quietly, Su Zhenguo said to himself, "Like me."

...

More and more people are paying attention to spread contracts.

As a contract product developed in the 1970s, spread contracts are also considered early financial derivatives. However, financial derivatives before 2000 were not popular. Whether customers or traders, they still prefer real futures.

Yes, compared with financial derivatives, there are more futures. Taking crude oil as an example, if long futures contracts fail, you can choose to deliver. If short futures contracts fail, you can also choose to buy them in the spot market and then transport them to the delivery warehouse. After the China Securities Copper Reserve suffered a huge loss that year, the Chinese government mobilized a large amount of spot copper to reduce losses through delivery.

In contrast, financial derivatives are more like futures for futures, with no delivery at all, and the leverage is generally high. Once you lose, you can easily lose everything. For example, financial derivatives that bet on good and bad weather include various agricultural futures, and perhaps logistics company stocks. Once you bet on the wrong direction, it is almost impossible to reduce losses from other directions.

In the 1990s when investment banks were not rampant, there were very few crude oil futures traders who touched spread contracts, but when they found that Sucheng was making money and making a lot of money, more people followed up.

This makes the situation more chaotic, making money, losing money, not making money...

As the number of participants increased, financial institutions that had previously been out of the matter also began to participate in the period. Lehman Brothers, Societe Generale, Aruba Investment Company and other companies that were not optimistic about Pan Asia Fund were even more aware of the time, and they held up green banknotes to enter.

Even the American Anron, which had already closed the position and accepted the loss, sent traders again and began to test the waters intermittently.
Chapter completed!