No matter the two directors of the Futures Department of the China Securities Regulatory Commission who had just left in a hurry, or Wei Wenyuan himself, around 4:30 pm on February 23, 1995, no one could realize that a major event that affected the history of the securities marke

While the domestic epidemic situation is slowing down, concerns about the possibility of the new crown epidemic disrupting the global economy continue to intensify as the epidemic spreads rapidly and countries declare a state of emergency one after another. Affected by this, Wall Street has experienced its most turbulent week since 2011. According to foreign media reports, some analysts and professional investors believe that as long as the number of new infections in the new coronavirus continues to increase at a faster pace, this vicious fluctuation may continue. Obviously, the securities market has once again shown its uncontrollable impermanence changes.

Recently, Lu Yi, a Chinese securities market history researcher, launched "The Game of Impermanence: The End of the 327 Treasury Futures Event", revising and recording important cases in the Chinese securities market, the 327 Treasury Futures Event, wrote a revision of the book "Why are we suffering misfortune? 》, In this article, Lu Yi lamented a lot: Five years ago, the first edition of the book "China Gambler: The Bettors of the 327 Incident" was released, and Lu Yi started supplementary revision almost at the same time, but unexpectedly the stock market crash occurred in 2015. Five years later, when the revised version of this book is about to be launched, it coincides with the outbreak of the new crown pneumonia epidemic.

Lu Yi said, "Everyone longs for the feeling of being able to control his own destiny: my destiny is not the same as the 327 incident 25 years ago, SARS 17 years ago, and every disaster, when the unforeseen will of heaven goes against personal desires and brings a catastrophic disaster to themselves, people often feel that they have no strength, feel that they are angry, worried, panic, and confused, but can't do anything." And whenever this emotion spreads, various conspiracy theories will be born, allowing us to find an outlet for venting our depression, and also find reasonable excuses for our impulsive behavior, and find liberation without facing or reflecting on our words and deeds.

Five years ago, Lu Yi wrote in the postscript of the first edition of the book:

All the parties involved who are in power in the securities market think they can control their own destiny, but everyone actually doesn’t know what is in the end to control their own destiny? ...When I kept seeing dramatic plots that were difficult for even professional screenwriters to design in historical materials, they happened naturally in reality; when I discovered that the impermanent fate arrangement and the interpretation of fortunes happened one after another in reality; when I saw from the trajectory of the development of the securities market, a market-oriented stock market eventually fell into the old nest of the system with a very planned economic color; when I saw that the hundreds of years of evolution of Wall Street was finally praised as a "great game", while the turning point caused by the 327 event in China's securities market development history ended up with a "immortal game"... I understand that restoring the history of the 327 event should present the historical reality in the context that no one has ever faced!

Five years later, today 25 years after the 327 Treasury Futures Incident, Lu Yi has been constantly peeling off his cocoons, striving to roughly and clearly restore the scene of that year. As Wu Jinglian, a researcher at the Development Research Center of the State Council, said, the turbulent Chinese securities market is an important window to observe changes in Chinese society over the past 40 years. In this regard, the 327 Treasury bond futures incident in 1995 is an important case worthy of in-depth research. With the keen observation and strong sense of responsibility of a historical researcher, Lu Yi completely restored this thrilling historical event with meticulous research and vivid description, allowing readers to see the big from the small and see the various "unwritten rules" of the Chinese securities market and even the entire society.

The following content is excerpted from the introduction of the book "The Game of Impermanence: The End and End of 327 Treasury Futures Events" written by Lu Yi, "Black 8 Minutes", which has been authorized by the publisher to publish.

"The Game of Impermanence: The End and End of the 327 Treasury Futures Event", Lu Yizhu, Shanghai Sanlian Bookstore February 2020 edition.

black 8 minutes

A major event that affected the history of the securities market, happened inconspicuously...

Huangpu River and Suzhou River north bank, from the Bund north, crossing the east side of the first intersection of Waibaidu Bridge, there is an old hotel built in 1846 (the 26th year of Daoguang in the Qing Dynasty), originally named Licha Hotel.This is China's first Xishang Hotel. In this building, which is now known as Pujiang Hotel, it is full of the atmosphere of a ten-mile foreign market in the 1930s. In 1990, mainland China re-created the securities market, and the Shanghai Stock Exchange was located here.

Old photo of Shanghai Stock Exchange.

As soon as you enter the lobby of the hotel, you can see through the huge floor-to-ceiling glass partition that was originally a famous dance hall in Shanghai, now a securities trading hall full of red vests, computer trading desks, and huge electronic market display screens hanging high.

turns left when entering the door and go up to the second floor along the stairs full of the decorative atmosphere of the old era. It is the office area of ​​the Shanghai Stock Exchange. In the small space at the entrance of the stairs, there is a front desk where the secretary sits. Three rooms facing south with their right faces south are the offices of Shanghai Stock Exchange General Manager Wei Wenyuan, Deputy General Manager Liu Bo, and Wu Yalun. On the left is a small conference room with no windows on all sides for the bosses to hold meetings and receive meetings.

time is February 23, 1995, at 4:10 pm.

Secretary Xiao Liu from the front desk saw the door of the small conference room open. Wei Wenyuan accompanied Geng Liang, director of the Futures Department of the China Securities Regulatory Commission, and Yao Gang, deputy director, and walked out with a smile.

Wei Wenyuan said: "We shortened the stock trading time by half an hour from the end of 1993. Now from 3:30 to 4:30, there is a time for trading treasury bonds and treasury bond futures. All member companies can engage in spot trading of treasury bonds during this period, and member companies with qualifications for treasury bond futures can also engage in treasury bond futures entrusted and proprietary business of treasury bond futures. We call it a special treasury bond trading session."

He turned to Geng Liang: "Since the State Council has decided that treasury bond futures will be supervised by the China Securities Regulatory Commission, why don't I take you down and have a look and feel the atmosphere on the spot?"

Seeing the two leaders' intriguing expressions, Wei Wenyuan turned around and took them all the way to the trading hall on the first floor. On the stairs, Wei Wenyuan said to Geng Liang: "In the past two days, due to some rumors, the market has been a little turbulent, and the trading volume of some treasury bond futures contracts has increased significantly. In response to some violations of some securities companies, we also held a special meeting of 30 member units this morning, passed six targeted regulatory measures, and prepared to be reported tomorrow."

watched the leader go down the stairs, and General Manager Secretary Xiao Liu recorded the details of the last reception of Mr. Wei today in his work record log. At around 4:18, the phone rings on the table. She answered the phone and said in her unique glutinous and coquettish tone: "Shanghai Stock Exchange, who are you?" A hurried Shanghai dialect came from the phone: "I am Tang Renrong, is Mr. Wei? "Alright?" Although she heard that the phone was Tang Renrong, a director of the Shanghai Stock Exchange and general manager of Haitong Securities Company, Xiao Liu still said slowly: "Mr. Wei, please don't be happy (not here). Mr. Tang, what's the matter? Mr. Wei accompanied the leaders of the China Securities Regulatory Commission to visit the trading hall. Or after a break, I told Inon to call him to find Yi, okay?" Tang Renrong's tone on the phone was even more urgent: "Nong immediately found Mr. Wei and told Yi to stop trading quickly. Don't ask why!"

Wei Wenyuan entered the trading hall, and a wave of heat came to his face. The keyboard sounds like rain and the sighs made by traders on the market from time to time with the market fluctuations made people who walked into the hall feel a sense of excitement that was beating with the pulse of the market.

former Shanghai Stock Exchange trading hall.

. For Wei Wenyuan, it may not be surprising that he saw a lot. He still calmly introduced the situation to the leaders of the China Securities Regulatory Commission: "In 1994, the treasury bond futures market developed rapidly, with an annual transaction amount of 1905.4 billion yuan, and a transaction contract of 72.6 million. At the end of December, the balance of holdings contract was 2.37 million. In January 1995, the daily transaction volume of treasury bond futures increased again, with an average daily transaction amount of 75.5 billion yuan, a daily transaction contract of 2.6 million yuan, and a balance of 2.89 million yuan at the end of January. During this period after the Spring Festival, the market atmosphere became more lively..."

Suddenly, Wei Wenyuan felt something was wrong, and his intuition told him that the atmosphere in the hall was very strange.He turned to look at the trading seats passing by and found that the price curve on the computer display fell sharply and the trading volume increased greatly. The whole audience exclaimed a depressing amazement. He thought to himself: What's going on? The trading volume I just saw is quite stable, why has it suddenly become so large? Is there something wrong with the computer?

Wei Wenyuan’s first reaction was that someone made a mistake in the output order? Or is there something wrong with the system? Because it is not possible to have such a situation normally. He turned to Wang Qiang, deputy director of the market (inspection), and asked him to check the reason immediately through the computer host.

Wei Wenyuan and Geng Liang and others walked a few steps away. Wang Qiang hurried over and said in Wei Wenyuan's ear: "It was found out that several seats of Wanguo Securities used huge orders to dive the price of the 327 contract."

Wei Wenyuan's mind "buzzed" in his mind, and various situation analysis and responses may be running rapidly in his mind...

He hurried to Geng Liang and Yao Gang, "I'm sorry, I have a market emergency to deal with, and it seems that I can't continue to accompany you." The two leaders immediately expressed their understanding politely and said, "We have an appointment to have dinner together in the evening. It's time for so long that we should leave. You are busy first, stay, don't send it..."

sent away the leaders of the China Securities Regulatory Commission, and Wei Wenyuan hurriedly asked about the situation. In this blink of an eye, it was already past 4:30, and the treasury bond trading special session on February 23 had closed. All the traders in the entire trading hall did not leave immediately, and they all sat speechlessly, everyone was confused, surprised, and confused... On the

market display, starting from 4:22:13, the price of the 327 contract fell sharply from 151.30 yuan to 147.50 yuan, pulling out a straight diving line. Whether on the market or off the market, whether in Shanghai or Beijing, all those involved in the Shanghai Stock Exchange's treasury bond trading special were stunned in the face of this strange cliff-jumping trend, and fell into a strange silence and solemn atmosphere as if the doomsday was coming...

When Wei Wenyuan learned that these orders were sold from three seats of Wanguo Securities, he immediately called Wanguo Securities' president Guan Jinsheng - they had an emergency appointment at noon that day. Wei Wenyuan asked him if he knew about this? Guan Jinsheng replied, he knew. When Wei Wenyuan heard this, he affirmed his judgment. This was done by man and intentionally. So, he did not say much to Guan Jinsheng on the phone, but simply asked him to go to the stock exchange to explain the situation immediately.

2-23, 1995 contract trend chart and K-line chart.

Then, in the trading hall, Wei Wenyuan pulled a piece of double-hole printing paper from an EPSON1600K printer placed on the trading table, and wrote a few lines on the back of it: "There is an abnormality in the 327 trading product. After preliminary verification, there is a serious and deliberate violation. How to deal with it, please pay attention to the exchange announcement. Then hand it over to the subordinates and ask the special satellite information system that is spread throughout the country to announce it to the market immediately.

Whether it is the two directors of the Futures Department of the China Securities Regulatory Commission who just left in a hurry or Wei Wenyuan himself, around 4:30 pm on February 23, 1995, no one could realize that a major event that affected the history of the securities market happened inconspicuously...

Author丨Lu Yi

Excerpt丨He Anan

Editing丨Xu Yuedong

Proofreading丨Li Xiangling

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