Reborn Capital Madman

It is difficult for impatient people outside the professional circles to form a concrete concept of Xiangjiang's status as an international financial center. After all, it is Xiangjiang's real estate development that has deformed itself, and it is easier to criticize it.

From the perspective of financial derivatives, in the "old script" decades later, when the great power game has entered an intense stage, the number of structured financial derivatives in the Hong Kong capital market reaches tens of thousands, ranking first in the world.

The average daily trading volume is HK$13.8 billion.

The U.S. government wanted to become China's three major communications operators, so the three major U.S. investment banks withdrew hundreds of financial derivatives operating in Xiangjiang.

In this regard, the Hong Kong Stock Exchange made a very calm statement, to the effect that Hong Kong's status as an international financial center will not be affected. You can cancel it in accordance with the procedures.

The huge and spectacular scale of financial derivatives in Xiangjiang started in the mid-1980s and spread rapidly.

As far as the development of the global capital market is concerned, financial derivatives have also just begun to rise, and Xiangjiang can be considered to be in sync with the world.

To take the most widely known example of financial derivatives, stock index futures, the year before last, that is, in 1982, the Chicago Mercantile Exchange of the United States successfully "developed" this new heavyweight financial weapon.

It is not difficult to understand that everything has its limits, and going too far is not enough; at the same time, everything has two sides.

Financial derivatives designed from the genius brains of capital elites are a double-edged sword. When used properly, they indeed enhance financial vitality; however, they are often more likely to be used badly and suffer backlash.

Therefore, in countries with developed financial industries such as the United States, the United Kingdom, Japan, and Singapore, the supervision of financial derivatives is quite strict, and not all types of financial derivatives will be approved.

As for Xiangjiang, since it has entered a transitional period, there is no need to analyze too much into the subtle thoughts of Gui Lao, as everyone knows it.

When Gao Xian heard that the final "two-into-one" merger of the Hong Kong Stock Exchange had begun to accelerate, and Gui Lao's obstruction further weakened, he was completely sure that Gui Lao's subtle thoughts were just like this, and

I just want to make the most of this situation and strive for control of Xiangjiang Finance.

The great thing about capital is that it directly attacks human greed, luring it with profit and driving it away with profit. Anyone who remains unmoved is an outlier and will be attacked by a group of people.

Gao Xian will definitely not push himself into a point of no return, and there is absolutely no need for that. He just needs to adapt to the circumstances, take the initiative, do top-level design, and minimize side effects, and then he can realize his ambition.

Now, Gao Xian does not want to be too proactive in promoting financial derivatives such as stock index futures, because if he can save energy, he will save energy, and the ghosts will become enthusiastic. In the end, they cannot avoid the platform of Xiangjiang Futures Exchange.

Why not see if you can turn it into a half-assed trading chip.

Therefore, at this time, Gao Xian's attention is focused on real estate mortgage-backed securities, which have been operating in the capital market in the United States for more than ten years. It was only two or three years after the Chicago Mercantile Exchange implemented U.S. stock index futures.

After accumulating more experience, and the researchers in my own circle have almost finished their research, it is time to advance to the implementation stage.

It is necessary to talk about the negative effects first. Take out the mortgage loans of residential real estate and commercial real estate in banks and put them in a "pool" and carefully design them into bonds. If it goes wrong, it will plant a bomb like the subprime mortgage crisis.

.

But having said that, in an environment like Hong Kong, real estate mortgage-backed securities will appear sooner or later, so it is better to take the initiative, do a good job in top-level design, and play as many positive roles as possible.

As for the negative effects, after all, Xiangjiang's size cannot be compared with that of the huge United States, and coupled with strict review of the quality of mortgage loans, it should be completely controllable.

In contrast, the positive effects of real estate mortgage-backed securities are too attractive to Gao Xian, and the development of the second mortgage market in Hong Kong is only the most superficial.

From the perspective of the Hong Kong Exchange Fund Management Bureau, Hong Kong's credit scale can be expanded without the need to specifically issue additional Hong Kong dollars, which is very important for the upcoming boom period in Hong Kong's market.

From a bank's perspective, the increase in available funds ensures stability against banking crises.

From the perspective of the real estate industry, this may not be a means of exerting influence, such as suppressing bubbles.

Returning to the perspective of the Hong Kong Exchange Fund Management Bureau, increasing its connections with banks will also help it gain the right to supervise banks from the Financial Services Department one day!

…

Gao Xian and Yi Huirong took Jiacheng, Jiaming, and Jiayuan to stay in the mainland for more than two weeks. Compared with other visitors from Xiangjiang, this time was quite long and naturally involved a lot of content. I will not list it in detail.

, when I returned to Xiangjiang, it was already mid-October 1984.

After getting off the train, Gao Xian asked Yi Huirong to take her three children home to rest, while he went directly to work, first personally attending the routine auction of the ninety-one-day notes of the Hong Kong Exchange Fund.

This operation is one of the mechanisms designed by Gao Xian after he established the Hong Kong Exchange Fund Authority last year. This kind of ninety-one-day note, with a minimum denomination of HK$500,000, is auctioned once a week for a total of HK$200 million. Only by Hong Kong

Only banking institutions recognized by banking regulations can participate in bidding through discounts.

From the perspective of the functions of the central bank, this kind of operation is a very routine operation. With the supporting settlement system and so on, it can be said that the operation is becoming more and more proficient, laying a solid foundation for the Hong Kong Exchange Fund Management Bureau to further expand the scope of functions in the future.

Foundation.

Seeing Sir Gao's arrival, the representatives of various banks at the scene couldn't help but change from the dullness of routine operations to the excitement of showing off their skills. The bidding for the 200 million Hong Kong dollar bills was completed quickly, just like chopping melons and vegetables.

This phenomenon is not surprising. After all, the credit of the Xiangjiang Exchange Fund is guaranteed there. Players who are not qualified to participate are still envious.

After Gao Xian chatted and greeted representatives from various banks, Li Guobao took a moment to be alone and reported on the feedback he had received after briefing on the real estate mortgage-backed securities matter.

To put it simply, the banking industry welcomes it with both hands, and there is no stern rejection from the Hong Kong government. It can be officially promoted.

After exhorting the precautions, including first ensuring that the Hong Kong Exchange Fund Administration has the exclusive operation of real estate mortgage-backed securities, Gao Xian encouraged: "If you get this matter straightened out, it will definitely be a highlight of your tenure as Vice President.

score."

Li Guobao smiled and nodded. In fact, he was quite motivated. After all, the Li family is now the largest shareholder of Youya Bank.