期货，为什么总是拉爆债市、股市、油价？ 资本世界的多空大战有多凶残...

Market Events & Key Players - The "327 Incident" in China's financial market involved a significant battle over a 327 treasury bond futures contract, leading to market turmoil and a temporary halt of treasury bond futures trading for 18 years [1] - 万国证券 (Wanguo Securities), as a major player in the "327 Incident", faced substantial losses due to misjudging保值贴补 (value-guaranteed subsidies) and aggressively shorting the 327 treasury bond futures [1] - 青山控股 (Tsingshan Holding Group), a global stainless steel and nickel producer, encountered difficulties in 2022 due to its large short positions in nickel futures amid the Russia-Ukraine war and related sanctions [2] - 伦敦金属交易所 (LME) intervened in the nickel market crisis by halting trading and nullifying certain transactions, a move that sparked controversy and lawsuits from hedge funds like Elliott, AQR, and Jane Street [3] Financial & Trading Aspects - 万国证券's short positions in the 327 treasury bond futures reached 140万口 (140 million contracts), exposing the company to significant losses as the futures price increased [1] - In the "327 Incident", 万国证券's actions in the final 8 minutes of trading involved selling an estimated 2,000万口 (20 million contracts), with over 1,000万口 (10 million contracts) transacted, equivalent to a face value of 2,000亿元 (200 billion yuan) [2] - The 伦敦金属交易所's (LME) decision to nullify 9,000 futures transactions on March 8 resulted in 万国证券 turning a profit into a 14亿元 (14 billion yuan) loss [2] - 青山控股 faced potential losses of up to 100亿美元 (100 billion USD) due to the surge in nickel prices, prompting a search for financial assistance to cover margin calls [3] 期货逼仓 (Futures Squeezes) & Market Dynamics - 期货逼仓 (Futures squeezes) can occur when the quantity of futures contracts exceeds the available physical supply, potentially leading to extreme price volatility and losses for short-sellers [2] - The negative oil price event in 2020 was driven by a combination of factors, including a collapse in demand due to the COVID-19 pandemic, storage limitations, and the behavior of retail investors in "纸原油 (paper oil)" products [4] - 中国银行's (Bank of China) "原油宝 (Crude Oil Treasure)" product, designed for retail investors, suffered significant losses during the negative oil price event, with some investors experiencing negative settlement prices [4]