Rebirth: The Financial Giant

Monday, March 16.

This morning, Lu Ming's business car came to the bottom of Hualian Building, got out of the car and went straight to the company's headquarters. Today is his first day as a licensed operator of Tiansheng Pioneer Mixed Fund.

It is worth mentioning that, up to now, the subscription amount of Tiansheng Pioneer Hybrid Fund has exceeded 78.5 million, which is nearly double the size of the current fund.

However, it is still only a floating data, because before 15:00 in the afternoon, Christian Democrats can still be revoked.

For OTC funds, the fund manager cannot buy constituent stocks on the same day for the funds subscribed by investors on the same day, because the invested funds need to pass through the special settlement account before being transferred to the corresponding custodian bank of the fund. .

It is also worth mentioning that up to now, the number of subscriptions for Tiansheng Pioneer Hybrid Fund is still increasing, which is almost twice the size of the existing fund.

Subscription on the day will never affect the net worth of the day, which is the principle of fund operation.

Because today’s net value of the fund comes first, the new funds purchased today will be confirmed according to this net value. The calculation of today’s net value does not include today’s subscription. Simply put, it is the subscription on T day, which does not affect the net value on T day.

However, it can affect the net value of T+1 day, and the larger the subscription amount, the greater the impact.

It can be seen that Tiansheng Pioneer Hybrid Fund's current plate is about 80 million, but the new funds subscribed for today have exceeded 80 million.

Assuming that Tiansheng Pioneer Hybrid is now 100% full, the funds purchased on T day will start to enjoy the benefits on T+1 day, which means that the positions of investors holding shares in it will be reduced by 50%. At this time, for fund managers, It is necessary to buy the constituent stocks with the new subscription funds as soon as possible, and fill up the positions again.

For Lu Ming, no matter how large the subscription scale of Tiansheng Pioneer Mixed Fund is today, he can't buy constituent stocks. Today, he can only operate the 80 million funds that are currently on the plate.

...

It was almost nine o'clock when Lu Ming arrived at the company, so he went straight to the area where the trading room was located.

That is why he, the fund manager, came to the company so late to work. The company currently recruits three professional fund managers, and more fund managers will definitely join in the future. They all arrive at the company around 7:30 in the morning, It is necessary to hold an investment morning meeting to see the domestic and overseas markets, news and other things.

Of course, they have not yet managed fund products because they are still in the design and application stage.

These things don't exist in Lu Ming's place. He trades funds, and he won't engage in them unless the order is above 10 billion, because below the 10 billion level, he is playing the day-to-day speculative operation, and It's all halfway through the day.

...

The trading room is an absolutely forbidden area in the headquarters of Tiansheng Fund Company, and access to the trading room will be strictly restricted.

How to ensure the safe and orderly entry and exit of the capital market with hundreds of millions or even tens of billions of funds? As the core department of a fund company, the trading room is definitely a forbidden area.

There is no doubt that the trading room is one of the most core departments, and no unrelated personnel are allowed to enter.

Tiansheng Fund Company is not very large now, but it is definitely a formalized and standardized public fund company. Everything is strictly implemented in accordance with industry regulations.

In order to strengthen risk management, as a fund manager, there is a set of strict procedures from his order to buy and sell stocks to the execution of his order by traders.

After the order is placed in the trading room, the order is transmitted to the Zhongzhong trader through the computer system, and then the Zhongzhong trader assigns it to the trader for execution.

Each of these links has strict procedural requirements.

In addition to the access control system at the gate of Tiansheng Fund Company, the second place inside the company with access control system is the trading room. Except for the relevant staff of the trading room, the general manager of the company and the deputy general manager in charge, other All personnel are restricted from entering and exiting the trading room, including other middle and senior employees within the company.

At this moment, there are three traders sitting in front of their computers in the Zhongyang Hall of the trading room. There are still many working seats for the traders on the floor, and other seats are vacant. Now three traders are enough.

They were staring at the market conditions on the computer screen. There were still 5 minutes before today's call auction, and the time was now around 9:10.

The three traders are very young, the youngest is only 25 years old, and is still a sister paper.

The trading of public funds has extremely strict supervision. As a fund manager, Lu Ming handed over his mobile phone when he entered the trading room. Because the mobile phone involves public funds and the most abundant source of information in the whole market, he uses the strictest supervision.

Anything involving publicity is subject to the highest level of supervision principles, just as public artists must be banned if they are involved in duplication.

There is also a historical reason for such strict supervision today. That is the super bull market driven by the share reform in 2005 to 2007. At that time, there was indeed a major shareholder of a listed company who drove a fund manager to the suburbs, saying that if he was willing to invest If you vote in favor of the stock reform, everything in the trunk of the car is yours.

Historically, public fund managers used to be very powerful, so they are now facing more and more strict supervision.

Today's public fund managers not only have to hand in their mobile phones during trading hours, but there must be cameras on their desks in the trading room, and some data and information are regularly tracked.

The more extreme supervision is that big data technology has been introduced. In the last life, Lu Ming visited the two major exchanges to visit the real-time monitoring hall. The big data monitoring system is so powerful that all related transactions, reverse transactions, and manipulated pending orders can be used. Real-time alarm monitoring, and even tracking linked accounts across the country.

The reason why it is so powerful is that T+1 and the real-name account system. Supervision can publicly see all the details of all trading accounts in the entire capital market. It can be called the eye of the capital market. Escape.

The most interesting thing is that this supervision system actually has excess performance very early, and it runs historical data when there is nothing to do, and it can even be traced back to various punishment cases around five years ago.

With the rapid development of big data and artificial intelligence technology, the era of going to the countryside to buy dozens of ID cards and opening accounts all over the country is long gone.

Lu Ming's Tiansheng Fund naturally strictly abides by the regulatory requirements. During working hours, staff such as fund managers and traders must not only hand over their mobile phones, but also make landline calls and send and receive MSN messages under the strict supervision of the company's supervisory department.

In addition, the company also has a strict monitoring system for the investment securities of the immediate family members of the fund managers.

...

The time came to 9:15, and today's call auction officially started.

Lu Ming is sitting in his trading office, and in front of him are multiple screens showing the market conditions of the capital market. In such a professional trading room, it does make it easier for him to read orders, and the richness of information obtained per unit time is also high. More.

At the same time, the traders in Zhongyang's trading room are now staring attentively at the disk, and at the same time waiting for Lu Ming to send them trading orders.

As the call auction started, the three traders became more and more focused. If they missed the trading opportunity when executing the fund manager's trading order, they were likely to lose hundreds of thousands of yuan or more in the blink of an eye.

If 80 million misses one point of time-sharing fluctuations, it means a loss of 800,000. If it is 800 million, it is 8 million.

As the time came to 9:22:30, Lu Ming, who was sitting in the trading office, issued the first instruction: Close 30% of all open positions, bid out, place the order at the last minute, and continue to close at the opening. Drop 30%, and close the position with 10% at a time.”

Fortunately, the size of the current fund is small, less than 100 million, and the size of individual stock positions is not much, several million to tens of millions, and it is easy to close the position.

Today's operation is to change positions and exchange shares, and replace all the constituent stocks currently held by Tiansheng Pioneer Mixing, but the minimum position must be maintained at 30%. The current conditions are not enough to trigger the short position standard, so the last 30% of the position should be closed. Going out, you have to rotate to buy new constituent stocks first, so that the total fund position is maintained above 30%.

...

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