Zhao Jiangchuan guessed right.

Ye Tan found amphibole investment, the purpose is to hunt a big one.

That is the futures market.

Futures are a financial derivative instrument.

The earliest futures can be traced back to ancient Greece and Rome.

At that time, there were central trading venues, bulk barter transactions, and trading activities with the nature of futures trading in the European market.

The first modern futures exchange was established in Chicago in 1848, which established the standard contract model in 1865.

Futures are completely different from spot.

Spots are real goods that can be traded, such as grain for farmers' homes, ores produced by mining, various finished or semi-finished products are all in stock.

Futures are not commodities. They are standardized tradable contracts based on certain mass products such as cotton, soybeans, oil, etc. and financial assets such as stocks and bonds.

Therefore, the subject matter can be a commodity (eg, gold, crude oil, agricultural products) or a financial instrument.

To put it simply, futures trading is not a spot resource, but a standardized contract, which is evolved from a forward cargo contract.

The initial spot forward transaction was a verbal commitment by both parties to deliver a certain amount of commodities at a certain time. Later, with the expansion of the transaction scope, the verbal commitment was gradually replaced by a sales contract.

This contractual practice is increasingly complex and requires an intermediary guarantee in order to monitor the delivery and payment of the buyer and seller on time.

Thus, the world's first commodity forward contract exchange, the Royal Exchange, opened in London in 1571.

In order to adapt to the continuous development of commodity economy, improve transportation and storage conditions, and provide information for members.

In 1848, 82 merchants initiated the organization of the Chicago Board of Trade (CBOT); in 1851, the Chicago Board of Trade introduced forward contracts; in 1865, the Chicago Corn Exchange introduced a standardized agreement called a "futures contract" to replace The original forward contract.

This standardized contract allows contracts to change hands and gradually improves the margin system.

As a result, a futures market dedicated to buying and selling standardized contracts was formed, and futures became an investment and financial management tool for investors.

Fundamentally, the emergence of the futures market is to realize the function of risk transfer, and its forward trading method can allow more spot traders to enhance the risk of uncertain market.

However, due to its margin system, the futures market has also become a place for high-frequency speculation.

The initial margin is the funds that traders need to pay when opening a new position.

It is determined according to the transaction amount and margin ratio, that is, initial margin = transaction amount * margin adjustment ratio.

The current minimum margin ratio is 5% of the transaction amount, which is generally between 3% and 8% internationally.

For example, five percent margin.

The spot price of soybeans is 2,700 yuan per ton. If you want to buy and sell 50 tons of soybeans, its value is 135,000 yuan.

But if the margin system of futures.

You can only trade at 5% of the 135,000 yuan, which is 6,750 yuan, and you can conduct a transaction worth 135,000 yuan.

With a high degree of leverage, the futures market is highly speculative.

It is also the high degree of speculation that allows the futures market to attract more funds to settle in.

Hedging is required to avoid market risks, and only under high-frequency speculation can the hedged positions be traded.

If there is a backwater, the futures market will be meaningless.

red beans.

A small grain with high protein, low fat and multi-nutrition.

Adzuki beans are grown in very few areas in the world.

Huaguo is the country with the largest planting area and the largest production of red bean in the world.

The annual output is generally 300,000-400,000 tons, and a considerable part is exported to Japan, South Korea and Southeast Asian countries.

Japan is the world's largest consumer of adzuki beans, with an annual consumption of about 100,000-120,000 tons.

And its annual output is only 60,000-90,000 tons.

Most of the adzuki beans imported by Japan come from China, and the import volume plays a decisive role in the price trend of adzuki beans in the international market.

But what is interesting is that most of the red beans imported from Japan are actually sold to China.

Japan imported red beans from China at a very low price, and then changed them to a tall biological name through meticulous processing, and then exported them to China at a price between 100 and 500 times.

In the early 1950s, Japan launched the first red bean futures contract trading in the world.

After nearly half a century of transformation, supplementation and improvement, the adzuki bean futures contract on the Tokyo Grain Exchange has become the most influential adzuki bean futures market variety in the world today.

Since the opening of the capital market in the 1990s, Huaguo is also constantly exploring how to use red bean futures trading to serve production and circulation.

Eight exchanges including Imperial Capital, Magic Capital, Dalian, Changchun and Hainan have launched red bean futures trading.

Among them, the Tianjin Stock Exchange and the Suzhou Stock Exchange were the most active.

In this round of futures market variety adjustment, red bean has been retained and will be listed and traded on the Zhengzhou Commodity Exchange.

In September 1994, it was affected by the Japanese market.

The price of red bean suddenly entered a long downward cycle.

In just one year, the price of red bean has dropped from 5,600 yuan a ton to 2,000 yuan a ton.

affected by the spot market.

The red beans of Suzhou Commodity Exchange and Modu Commodity Exchange suddenly fluctuated sharply.

Tianjin Commodity Resources Exchange, red bean 9511 hit a low price of 1640 yuan / ton.

It was also the unusual fluctuation of Hong Xiaodou that attracted the attention of the boss, Ye Tan.

After a long-term tracking of the red bean market, Ye Tan found that there was a capital alliance in Tokyo that was attacking the bean bean in the Huaguo market.

Grain hurts farmers.

The production of red bean itself is very low, UU reading www.uukanshu. com If the price of red bean is lower than the cost of planting, it can completely destroy this kind of business.

At that time, Japan can expand the planting area of ​​adzuki bean and completely monopolize the global adzuki bean price.

Markets are never determined solely by buyers.

When it becomes a seller's market, the price is not what Japan says.

This is a crop extermination plan.

In addition, Japan United Capital can still make huge profits when it uses the spot in its hands to suppress the market.

That is the futures market.

The emergence of the futures market is based on the spot market.

Spots are affected by futures, and futures are also an expectation of spot prices.

With a high degree of leverage, the Japanese consortium can use the funds in its hands to sell the red bean contract indefinitely.

By shorting red bean to achieve hedging spot to suppress market losses, there will also be a certain profit.

Under the influence of the plummeting red bean price on the largest exchange in Tokyo, the domestic red bean market has also been greatly impacted.

In the three domestic exchanges, the price of red bean has plummeted.

That's why Ye Tan saw the opportunity.

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