The hundred flavors of life in the foreign exchange circle
- 2023/2/26 7:13:14
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Traders old-timers --- Wang Lili, deputy governor of ICBC To truly excel, they cannot limit their th forextradingtimeking to the big screen of Reuters or Bloomberg terminals, but also pay attention to the latest news on foreign websites, pay attention to the d forextradingmarketclosure of international financial institutions, pay attention to what the U.S. Congress is discussing, what bills may be introduced in the next few months, forex trading session times so on --- Wang Lili, former When Wang Lili walked into the foreign cashback forex trading room of Milan Bank, one of the four largest banks in the UK, in 1979 in the City of London, more than 800 traders looked back at her in unison. At that time, even in the developed economies of the West, financial derivatives had only recently taken off, and female traders were rare. Although she is no longer directly engaged in trading, but the keen thinking characteristic of outstanding traders still overflows Wang Lili said: I would often go to the trading room, observe the traders in the computer step by step operation, to find and point out the possible problems. I will also often remind traders, to really excel, they can not limit their thinking to the Reuters or Bloomberg terminal screen, but also pay attention to the latest news on foreign websites, pay attention to the disclosure of international financial institutions, pay attention to what the U.S. Congress is discussing, what bills may be introduced in the next few months, and so on the Financial Times market edition is a must to read to have foresight and foresight Wang Lili recommended international bankers must read the Financial Times daily - this is 30 years I must read almost every day female traders at the time is a gender minority, being a member of the minority, itself is a proud thing a sound like a joke, but quite true to describe the state of survival of traders in the City of London is that traders have a shorter life expectancy than the average person, the divorce rate is higher than the average person. Because traders use their brains too much, easy to get excited, and, the global financial markets 24 hours a day trading, traders work and rest time with the circle of outsiders also time difference, communication with the family is naturally greatly affected by the foreign exchange traders have their own small circle every day at lunch, they will gather in a few bars in the Financial City, both to steal a half day of leisure, so that the nerves have been tense relaxation, but also to exchange information At that time, the foreign affairs discipline of Chinese institutions was still quite rigid, and Chinese staff were not allowed to get involved in bars and such places, but Wang Lili still sneaked in the bar, Wang Lili huddled with male traders on the benches, mingling, exchanging topics such as how the recent trend of the dollar and so on. The Bank of China has a lot of risk, but not to communicate with peers, exchange information, there is no way to carry out business, so such risks have to be taken - if you really want to make some achievements, not to do a day monk hit a day bell 1979, the Bank of China since the founding of the country for the first time since the examination from the nationwide selection of outstanding young employees to study abroad has always been competitive Wang Lili also signed up for the selection, a total of five examinations After coming to the City of London, she studied for 16 years as a trader for the then four major banks in the UK - LloydsBank, National Westminster (now incorporated into the Royal Bank of Scotland Group), Barclays and Banco Milano, because she was well versed in business and proficient in English. In addition to foreign exchange and derivatives trading, Lili Wang also had the opportunity to accompany the head office leaders on their trips around the world, so that she was often mistaken for the leaders translator or secretary to value the passion and learning ability, which should be in line with Lili Wangs own personality. Fixed interest rates converted into floating rates, the interest rate down to LIBOR (London Interbank Market Overnight Offered Rate) below, and actually still have money to earn? If I borrowed the money and lent it out in the money market at LIBOR, I could make money immediately. All of this was unheard of in the Chinese financial industry at the time. The subtleties of it, you cant help but be interested in it, not to go into it, not to learn hard to talk about it, Wang Lilis eyes bloom with excitement, and then she did not forget to add a sentence: In fact, I think I am still quite good at innovation, unlike the so-called women in the financial world will be more steady or something said, and then a bright smile. The most profitable, the largest market capitalization of the Industrial and Commercial Bank of China Vice President, one of the business is still their own line of business - the Global Financial Markets Department, the department has more than 100 people, but its business involves nearly half of the assets of the Industrial and Commercial Bank, and domestic banks, regardless of size, traders from the head of the bank level leadership, probably only one of me, Wang Lili words not without pride bank traders - the foreign exchange circle Special forces strict selection criteria there is a special group of bank employees - foreign exchange traders, is receiving more and more attention to the selection of foreign exchange traders is very strict foreign exchange traders are generally international finance, international trade or mathematics department bachelors degree or above, not a graduate immediately on the job, must be in other positions in the bank such as private financial services, foreign exchange funds management or non-bank financial investment It is understood that in the Bank of China, the selection of foreign exchange traders is very strict, after the selection test, but also sent to the Bank of China Hong Kong branch or London branch for a period of 1 to 3 months of intensive training, do close to the market simulation training, learning operational skills and methods, listening to the worlds leading bankers, foreign exchange traders to teach related courses and so on after the study, some traders have to stay overseas Internship for a period of time excellent English as a foreign exchange trader, must have a very good level of English because foreign exchange traders must pay close attention to the international market changes every second, it is best to read foreign economic news reports directly because the Chinese report has a time lag, can not be the first to grasp the latest information, and some of the international financial market pivotal figures of the original words translated into Chinese in the meaning of the deviation The opening hours of the major international exchange markets in Guangzhou is the evening to early morning, in front of the foreign exchange trading computer screen for several nights or even a week, for people in this line of work is a common thing, no young and strong body really can not stand so, the age of foreign exchange traders in the bank basically between 24 to field 30 years old, and very few women have the courage and knowledge of the real heroes in foreign banks, foreign exchange traders are Not classified as banker that is, the banker, but classified as a specialist that is, experts or professionals to be competent in this duty, first of all, must be professionally responsive, courageous, strong mental capacity is a foreign exchange trader must have the quality of especially when encountering large fluctuations in the international currency market, must make a short time to buy, sell or not to do the judgment, and the decision is correct or not, the impact To the foreign exchange funds may be tens of millions or even hundreds of millions, therefore, foreign exchange traders pressed the computer keyboard hands to be both decisive and agile, the pressure is very high ordinary people rarely meet the so-called close call scenario, in the foreign exchange trader there is a daily routine, therefore, to eat this bowl of rice must be decisive, fearless trader humor thing a senior foreign exchange trader mentioned the first time in his career as a trader unforgettable: the first time on the trading desk to do the first foreign exchange transaction. The first time on the trading desk to do the first foreign exchange trading, nervous hands are some shivering, the first opening is quite smooth, who want to close the position but the direction of the operation is reversed, and then operated again and reversed, the results had to look at the leader with a red face and the leader for the purpose of loving the newcomer, the mistake was recorded in his name in the late 80s and early 90s, the dollar was devalued trend, the international currency market market Up and down, so that many traders died a lot of cells at the time, there is a trader, probably a polygamous personality, often because of their own successful operations and excitement, or for their mistakes in judgment and regret, he is often in a hyperactive state of emotion, so that a lady in his next office can not stand to be hospitalized! The traders in-depth footage is: in the currency market when the market is nervous, holding a cigarette in the hand is not smoking but blowing; often lit a cigarette after not remembering to light another, sometimes burning several cigarettes on the table at the same time It is said that in several antique trading table, there are still these smoke traces traders secret is strict discipline 6 years ago and their own into the bank of the group of spirited young people One by one left, and now only he is left with a lot of people are because the mentality did not grasp the good and left a bank senior foreign exchange trader He said the most critical is whether to strictly adhere to discipline a qualified trader in each purchase and sale operations before, has considered the acceptable loss, once close to the target, will find a way to stop loss, the premise is that this loss will not affect his next An operation in our line of business is certainly not a little Lee Fei Dao, a hundred hits He said but discipline is dead, people are alive once to a certain stop-loss point, different people may have different ideas: someone bullish, someone bearish, so the most difficult is to comply with the discipline which requires traders to be good mentality He said, a good mentality is the critical moment must be decisive, the shot when the shot personality sticky people absolutely not suitable Engaged in foreign exchange trading after 6 years of experience, He from the assistant trader to senior trader, in charge of the capital authority also rose from 10 million U.S. dollars to 50 million U.S. dollars bank promotions are generally based on the standard work experience, about 3 years to rise once; trader position is divided into four levels: assistant trader, intermediate trader, senior trader and chief trader; each level corresponds to the different capital authority, the minimum 10 million U.S. dollars, the high can operate 50 million U.S. dollars or even higher the most powerful traders belong to the state traders, they play a lot of money, the size of the international fund giants represented by Soros, compared to more than ever in recent years, traders from the bank executives more and more, the most famous of which is the former CCB Governor Wang Xuebing peer language: Wang Xuebing in the world can also be ranked However, if banks do not have proper internal checks and balances and strict risk control mechanisms, it is also easy to go to the other extreme, Wang Xuebing, Liu Jinbao is a lesson learned for this phenomenon, as a peer of He believes that foreign exchange trading is in an extremely market-oriented environment Conducted, in this market for a long time immersed in the people, the market-oriented concept is very strong, and now the financial reform is very in tune with the deepening of the bank reform, the heart of the foreign exchange trader team and how many bankers can come out, it is not yet easy to predict, but it is certain that the foreign exchange trader will play an increasingly important role Goldman Sachs trader Wall Street, next to the 26th floor of 85 Broad Street, here is Goldman Sachs New York Trading floor, the roof is metal and wood ceiling ceiling, underfoot is a thick mens club navy blue carpet, 450 Goldman Sachs traders in a bloodbath a number of elite salaries reached seven figures 5:14 a.m., Goldman Sachs traders woke up on time by WINS and CNBC-TV news broadcast business news is all about Asia The Financial Times said today is a day about numbers: salaries, unemployment, GDP, heavyweight At 6:45 a.m., traders take the elevator to the trading room, where their desks are crammed together, more so than the desks of secretaries in old-fashioned typewriting rooms, and there is an oppressive but exciting hum in the room, as if it were a studio. One of the screens was switched on and off to display a comprehensive report and analysis called Market Tables, which was an ever-changing combination of colorful tables, graphs, lists and co-movement news displayed as if it were a British rail timetable, redesigned by an MTV producer with a PhD in quantum physics: each entry and description was constantly flashing, undulating and fluctuating when there were real-time updates, and the colors of the different areas on the screen changed in shape within seconds to The traders other screen shows Goldman Sachs internal applications, trade analysis, email and Internet browsing, and a digital phone with 100 lines on each desk, with lights flashing when other traders or customers connect to the traders. At 6:47 a.m., Goldman Sachs London traders pass the trade to New York, and then from New York to Tokyo, where the worldwide trading continues around the clock. 60 is the sellers quote is $1.6350 to buy, $1.6360 to sell the abbreviation trader does not need to say that the $1.63 in the quote this part of the millions of profits or losses on the number of less than a penny traders listen to a call with one ear, detect the subtleties from the market tables, concentrate on the news window on the screen when there is any news about the pound, the programmed Reuters reported that the Bank of England was buying the pound, while another news provider, KNIGHT-RIDDER, reported that European information, the exchange rate of the Financial Times responded to the Bank of Englands behavior. These daily tasks take up an hour of the traders time each day. 7:26 a.m. A client, a multinational oil giant, ordered 100 million pounds to cover the amount of salaries in the United Kingdom if the trader could buy the pound at a lower price. buy pounds, to sell to customers at a higher but reasonable price, which will be profitable a few desks away from another trader then shouted: I have a seller, anyone want to buy a hundred? This one hundred, referring to a hundred balls a ball is a million interbank market, these large financial institutions, the trader is the basic trading unit of the ball he means 100 million (100 million) dollars of pounds currency trader staring at the screen on the market table in two parts - part of the display of who is buying and who is selling pounds around the world, and the other part of the flashing constantly updated real-time price trader starts buying: I buy 40 (million pounds, equivalent to 40 million) at 50 ($1.6350/￡) The price on the screen stays the same I buy 20 at 50 I buy 40 at 50 He has now bought $100 million worth of currency in five seconds In an office at the back of the trading floor, an alarm (a computer facility used to manage unexpected events) - attracts high In an office at the back of the trading floor, an alarm (a computer facility for managing unexpected events) - caught the attention of Goldman Sachs risky currency manager, whose risk analysis report window flashed on its market table monitor - and he saw that the trader had bought $100 million worth of pounds before 8:00 p.m. What if the price of the pound fell? Goldman Sachs would not make an acceptable profit when it sold the pound to the oil company, the user. The line typed by the risk manager appeared on the screens of all the pound traders: Man please watch your positions. If the price of the pound falls below 50, or if the trader buys more, an alarm will go off and the risk manager will intervene. 8:01 a.m.: The trader clicks Profit and Loss (P&L) in the short free time between trades to check his personal performance, which is directly linked to his bonus. 9:30 a.m.: Across the room. 9:30 a.m.: Across the room, a hubbub erupts on the stock trading desk as rumors of a takeover send arbitrageurs into a frenzy The traders age enables him to recall a few years ago when arbitrageurs stood in front of a pile of unconnected data on the screen, panting and calculating - overbought, over sold, volatility, commenting on the new market tables running model analysis and analytics for them, automatically pointing out arbitrage opportunities at 10:00 a.m. 00: The green light on the screen comes on Its a little trick for the trader: he sets the news filter to flash green as soon as the word Fed is shouted in the scrolling news Now the news window of the market table appears with comments from the Fed chairman, followed by analysts opinions and trading recommendations 10:01 a.m.: The Fed chairman speaks and with it market turmoil Now the trader calms the market volatility Market table Flashing pound quotes - 55 buy He sells a portion of the pound he bought at 50 and sees his performance score on the monitor go up immediately 4:00 p.m.: Time to pass the text to the Tokyo office, then Tokyo to London, then back to 85 Broad Street in New York In the trading kingdom of Goldman Sachs, the sun never sets Although exhausted, it is very rewarding Trader in the market Form set if the pound quotes break 60 will automatically call then he put down the weapon in his hands this day for retail investors in foreign exchange funds --- Lin Qingdi more and more Wall Street people to encourage retail investors to invest in foreign exchange money management companies also follow the trend, launched a series of new funds that allow retail investors to invest in foreign exchange In addition, some of the good dealers from retail investors began to follow the trend, in Hong Kong and other financial In addition, some good traders who started out as retail investors have started to follow the trend by registering asset management companies in Hong Kong and other financial free ports and started to offer foreign exchange fund products to retail investors In addition to the careful choice of trading platforms, they even have a fondness for the names of the funds Forex trader Qingdi Lin and his trading partners are preparing to build a foreign exchange fund for the middle class stage In the past, financial advisors would often advise retail investors to hold stocks, bonds, real estate, etc., and generally would not advise them to buy foreign currency assets but Now it is different some middle class in Hong Kong and China hold a lot of foreign exchange in their hands these foreign exchange is mostly used for foreign trade business, childrens study and travel Lin Qingdi said in recent years, the Asian countries economy and stock market but soared a large number of new rich born and began to spend a lot of new technology birth of Asia has a number of young Internet giants dynamic entrepreneurs for the growing Asian The middle class in Asia is getting rich by offering a full range of services, from designer clothes and cheap airline tickets to cell phone networks, such as the 22-meter luxury yacht bought by Chinese Internet giant Charles Zhang, and the private jet and helicopter of Japanese restaurateur and hotel operator Kunisuke Sadakata, as well as Indias newest tycoon, food mogul Vinit Kumar, whose collection of high-priced art has nowhere to hang Mastercards Yueh-Soul Wang says the world is witnessing the emergence of a whole new group of wealthy entrepreneurs many of whom are young In China, for example, about 22 percent of the rich are under 30, while 64 percent are under 47 In 2008, mainland China added 28 new members to its billionaire club A Forbes survey released in November 2008 estimated that the 400 richest mainland Chinese had a combined net worth of $288 billion in 2007, a 148 percent increase over the same period the previous year, from Goldman Sachs Group Inc. After leaving Goldman Sachs (Goldman Sachs Group Inc.), trader Shafiq Karmali plans to open a fund of hedge funds focused on Asian stocks called CypressLaneCapitalLLC, which will be headquartered in Hong Kong HedgeFundResearchInc. data show that clients have become disillusioned with these once-rampant hedge funds. Funds have become disappointed, withdrawing $103 billion from the hedge fund industry in the first three months of 09 In 08, the hedge fund industry suffered a black bear jump - industry losses hit a record high and assets shrank to $1.33 trillion Raising money is also much less than before, the same amount of sweat, harvesting less than half the fruit of earlier 2009, new funds in 09 from investors pockets can raise an average of $7, SharathSury, the CEO of a hedge fund, made no secret of the halo effect of Goldman Sachs, which he left long after the days of raising $1 billion overnight, although experienced traders have a better chance of being picked up by their clients, the retail currency speculator who is happy to be there --- Fertig When most Americans While most Americans were still asleep, Fertig sat at his computer in his California room, betting on the Australian dollar with gold, silver and crude oil all down and Asian stock markets trading weak. He left his 14-year career in the real estate industry, full-time foreign exchange margin trading Fertig is a happy American, because in this financial powerhouse, foreign exchange margin is in line with U.S. law, the U.S. domestic foreign exchange brokers are subject to the U.S. Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) regulation, is becoming a mainstream financial products authority media CNBC also put foreign exchange Margin as a financial dark horse propaganda, as for the Chicago Mercantile Exchange and the huge Citigroup, directly launched for Fairtag such retail investors foreign exchange margin platform opposite the Earths Eastern counterparts, in addition to Japan, Singapore and a few other developed countries, but also in the fight for the junior turn - from the embarrassing state of not being able to be a big white, for their own publicly recognized name Fairtag said he turned the initial 50 From the Chicago Mercantile Exchange (ChicagoMercantileExchange) to institutions such as CitigroupInc. and DeutscheBankAG recently launched foreign exchange products and online forex trading platforms for small accounts, whereas in the past it was more for Institutional foreign exchange transactions, although central banks and multinational corporations account for nearly $4 trillion of the majority of daily global foreign exchange transactions, individual investors now conduct foreign exchange transactions close to $120 billion, according to the Boston-based financial services research and advisory firm AiteGroup, this level of about 20% growth from a year ago, compared to three years ago is almost double the foreign exchange media people - -Foreign exchange media watchers regard Li Qianlis New Forex website (pseudonym used at interviewers request) as the most important online media outlet in northern China and expect Li to launch a new publication with other New Forex staff and a new partner. Almost all senior editors have expressed admiration for Li Qianlis decision-making ability. Franklin Stanley, a media analyst, said this places tough demands on Chinas foreign exchange media - both in terms of the quality of content and the need to be the best in terms of revenue, as several foreign exchange media outlets have fallen in recent years. The source said Li Qianlis next step will be to secure venture capital from the U.S. and U.K. and further her expansion plans but Li Qianli has some concerns about talent development in the forex media, an industry that is nurturing and the so-called authoritative media lacking even basic knowledge on retail forex trading - such as the interbank market, regulators, forex brokers and online forex they even put I look forward to the emergence of truly professional financial journalists Several reporters and editors said they were prepared to follow Li Qianli, fully believing that her managerial input would not distract her from her foreign exchange expertise One reporter said it did not matter to us which division of the new foreign exchange we worked in, we just followed her. In the eyes of those who hope for a breakthrough in Chinese forex media and focus on investor education, Li Qianli, the representative of New Forex, has always been a symbol of hope. Talent to integrate, with the strengths of the team of each expertise to overcome a media industry challenges this strategy allows the new foreign exchange in the case of revenue protection, and constantly attack new media high points Li Qianli said in a media interview, we know where the direction is, and strive to attack flexibly, not to retreat hedge funds and the governments battle - Jones and the three Hong Kong government on July 2, 1997, according to Rodney Jones (RodneyJones) and other colleagues of the scouting report and battle plan, financial predator George Soross quantum fund led and its equally fierce other hedge funds launched a fierce attack on the Thai baht, Jones is one of the Soros fund executives, before the Asian financial crisis he centered on Hong Kong, China, and deep into the Southeast Asian countries Based on his first-hand information and data, Soros began to notice yet another target that fascinated him Jones then also provided detailed battle plans for Soros Quantum Fund to hit Asian currencies He was one of the leading traders in the Asian war camp Jones was stationed in Hong Kong, but spent most of his time visiting the surrounding Southeast Asian countries and That year we flew around the region, we met directly with developers, but also with banks and even local journalists He found that the entire property market bubble has been a lot, some developers have difficulty in paying interest, but banks still help developers to find a lot of dollar loans Jones spent a long time carefully studied, determined that the bubble situation is difficult to So 6 months in advance to prepare, and gradually build up a short-selling position in June, hedge funds again launched a fatal impact on the Thai baht, the Bank of Thailand was forced to announce the abandonment of the fixed exchange rate system on the day the baht fell 20%, followed by the Bank of Thailand Governor Luncha Malachai announced his resignation on August 5, the Bank of Thailand decided to close 42 financial institutions, so the Thai baht into a collapse during this period, the During this period, hedge funds also launched an attack on the Philippine peso, Malaysian ringgit and Indonesian rupiah, and finally the Southeast Asian currencies, including the Singapore dollar, lost ground one by one. In January and June 1998, hedge funds took advantage of the plunge of the Indonesian rupiah and the Japanese yen to sell the Hong Kong dollar, but under the resistance of the Hong Kong SAR government, the three attacks did not destroy the Hong Kong dollar. However, in August 1998, the situation changed, the foreign exchange market speculation on the Hong Kong dollar atmosphere accumulated, a variety of rumors, market confidence is precarious to August 5, in the U.S. stock market plunge, the yen exchange rate fell heavily with the hedge funds launched the fourth impact on the Hong Kong dollar August 10 to 13, 1998 four days, the hedge funds continue to impact the Hong Kong dollar in the foreign exchange market, and at the same time, a large short selling futures index, dumping stocks, taking advantage of the market panic from the capital market profiteering August 14, this a In the offensive and defensive war has been on the defensive of the HKSAR Government finally chose to counter-attack Donald Tsang, Yam Chi-kong and Leung Ting-bong is the organization of the counter-attack war of the Hong Kong Governments three juggernauts 14 half an hour before the market opened, then Chairman of the Hong Kong Securities and Futures Commission Leung Ting-bong received a solemn notice from the then Financial Secretary Donald Tsang: in order to defend the linked exchange rate, to combat international speculators, the Hong Kong Government decided to intervene in the stock and futures markets after the Hong Kong Government convened the Hong Kong Exchange Fund Advisory The Committee held an emergency meeting and reached a consensus on the use of the Exchange Fund to intervene in the stock market that morning, Hong Kong stocks continued to be depressed; but by midday, the market rumors that the Government Exchange Fund will enter the market; in the afternoon, the HKMA President Joseph Yam personally sat in command, the Hong Kong Government intervened in the stock and futures markets, officially launched a counterattack on the battle of the Hong Kong Government on the 14th to strike the timing can be described as appropriate, because the next three days are the weekend and The market closure arrangements for the Victory Day of the war again when the market opened, the U.S. stock market has rebounded sharply, the yen exchange rate gradually stabilized under the possible intervention of the Japanese government, Asian stock markets also began to rebound as a result Subsequently, under the stimulation of many positive factors in the periphery, the Hong Kong stock market launched a strong rebound, the Hong Kong dollar exchange rate to restore stability According to the Hong Kong Monetary Authority data show that in the two weeks from August 14 to 28, the government absorbed stocks of about 120 billion Hong Kong dollars, equivalent to 7% of the market value of the entire market at the time, all of these stocks were later handed over to the HKSAR governments surplus fund management of the HKSAR government in the face of the dual impact of the money market and capital markets, resolutely to meet the challenge of hedge funds This caused an uproar at the time, and some even accused the HKSAR government abandoned the principles of the SARs free economy then Hong Kong Financial Secretary Donald Tsang Yam-kuen The night before the decision was made, he revealed, he was in tears because of the pressure, but heroes are always sympathetic to each other, and when asked about the lessons learned from this battle in Hong Kong, we wondered at one point whether the HKSAR governments intervention would be effective because the timing and tactical choices were crucial. The unemployed - Chi Fuquan Unemployment has brought many frustrations and disappointments to Chi Fuquan As a single-handed, one-man household, he has seen his restaurant business go down the drain, closed his restaurant on the west side of Wangfujing in Beijing, and has been at home for several months, picking up his 8-year-old daughter from school every day and accompanying her to her taekwondo classes on Saturdays and Sundays He is considering becoming a foreign exchange The options client China Merchants Bank is one of the best banks in China. In 1982, after the retirement system for Chinese cadres was established, the 65-year-old Yuan Geng, the patriarch of Shenzhens reform, was still working on the front line and founded two famous companies, China Merchants Bank and Ping An Insurance, when you walk into the Wangfujing branch of China Merchants Bank, you will feel that it is different from other banks Chi Fuquan put down his cell phone and refused to be sold financial products by Minsheng Bank. A customer service call after saying for example, this Minsheng Bank customer service cant control the disappointing tone of the failed sales pitch forex options is the only remaining foreign exchange leverage products after mainland China stopped foreign exchange margin business in June 08, the China Banking Regulatory Commission completely stopped the spot foreign exchange margin business of several Chinese banks on the grounds that traders mostly incurred losses and the banks could not control the risk of this aspect of the business his His wife has some concerns about him doing foreign exchange, but is happy to see her husband and children develop a closer relationship Chi Fuquans wife is a classmate of his who studied in the UK and now works for a medium-sized company in Beijings central business district. Im 36 years old, and losing my job may bring a new turnaround. Now, the couple always has the uncomfortable feeling that this once accomplished man must now face the pain and possible shame of unemployment. Although in China, the impact of unemployment on peoples lives can be huge, the mainland has not yet established an adequate social security system, a serious illness can put a family in trouble foreign exchange hedge company president --- Xie Dongfeng Xie Dongfeng just opened his own foreign exchange hedge company in Beijing, he relied on English training and CFA training and made his first bucket of money he decided that China will have a huge He decided that there would be a huge demand for foreign exchange hedging in China and decided to open his own foreign exchange hedging consulting firm. Its easy to apply for positions all over the Internet, but more than 300 people didnt take the first step, which shortened the screening process. In 35 minutes, instead of interviewing candidates one by one, Xie and his business cadre asked 15 candidates to arrive and ask them a few difficult hedging questions directly to see if they were suitable for the position of foreign exchange hedging consultant. This approach is different but efficient because you can exclude those who are not very keen - such as the more than 200 who put in their resumes but did not show up at the end of the night, the company selected three candidates and then asked them to come back for individual interviews three days later Xie Dongfeng said, "We are now more rigorous because if the recruit and the job are not suitable, we will waste a lot of time and effort to know that training new people will The time consumed by the supervisor is considerable, and these new people because they do not like some of the heavy pressure of the work, and choose to leave this means that the supervisors efforts have less results now, Xie Dongfeng in the recruitment of a job site in China before resorting to personality tests developed, and strictly eliminate those candidates with impure motives foreign exchange hedge position knowledge structure involves a part of the foreign exchange transactions, some people want to do transactions secretly also mixed in The idea of doing private work has been around for a long time, and Xie Dongfeng doesnt hide his disappointment that when you give them a major responsibility, these so-called traders will mostly choose to run away and trade at a level that is not good enough. Now he no longer takes chances, but asks all applicants to complete a 15-minute questionnaire; the questionnaire is meant to predict interpersonal style, future status and motivational factors, etc. Xie Dongfeng says, "We believe in career testing to avoid recruiting the wrong people, which is more important than resumes or anything else. You will see their true side when they are carefully screened and once they start working, the carefully selected people will be very different Black Platform Manager - Ye Rong In the early 1990s, China saw the rise of the first foreign exchange margin traders Guangdong teenager Ye Rong started working as a waiter for a Hong Kong broker in Guangzhou Unlike other distracted wage earners, Ye Rong seemed very drilled and often Gao Yan, who learned to trade with Ye Rong, said Ye Rong would enthusiastically tell you about trading and was very generous. In 1997, he once ran with Gao Yans brother for a whole day in Guangzhou and quickly saved a simple computer at Gao Yans home. Friendship but did not expect that Ye Rong went into another mode of future life ------ he used a flashy lifestyle to attract people to him, and with it the constant accusations of fraud against him, from recruitment to the final case of fraud on the black platform from the teenage years of the struggle to the prison time in prison, Ye Rongs route of life is a sigh of relief: once an enthusiastic teenager, was cheated of foreign exchange transactions, Once girlfriend who valued a car and house, and investors who cried out to be duped When being investigated by the police, Ye Rong insisted that he was innocent and that he was acting according to the law in his company business, but when his technical partner, a computer professional, appeared, Ye Rongs face was gloomy Although the police were taking evidence, people still said that he was an enthusiast, gentle and reasonable, and very professional but he was unfortunate that he would not have the opportunity to defend himself, because The partner who developed the trading platform knew exactly how the black platform operated The partners IT R&D skills were also not used in the right way Ye Rong was smart enough to study the contract for a long time and even designed some ambiguous terms specifically to avoid the notoriety of the black platform His former client Xu Jingming said that people who are too smart to last in the financial world will always look for the easiest way out and ignore the binding nature of regulation Xu Jingming put Ye Rong compared with an executive in the futures industry that executive graduated from the law department of Peking University and served as a legal adviser to Chinas financial regulators in May 1998, Ye Rong lived with his girlfriend their married life was not peaceful at all the two had a dispute and labor police big drive his girlfriend because Ye Rong no house no car and alienated him, and from time to time to break up to remind her a mutual friend of theirs said that the girlfriend to Ye Rong The Pearl River Delta is Chinas international trade hub, giving birth to many tycoons, while many financial scams have occurred here Guangzhou Tianhe thousand glass and concrete office buildings are filled with a variety of new companies not to be missed, legal and illegal are Ye Rong in such an environment to survive Ye Rong a colleague said he was considered charming, although his English stuttered, but extremely fast typing, copywriting Very beautiful, explaining the market is also very convincing, and, again difficult times will be wearing a pricey suit he used to live in the basement for a few months, but to the basement of the collar residence still said he had sales brilliance as well as a very temperamental wife because of the choice of the black platform company, he invested the funds were black-hearted businessmen rolled such a result did not let him quit the financial scam that did not see the light of day, but began to Research financial circles of the black platform fraud --- that is, not connected to the interbank market, not subject to regulatory bodies, self-pulling self-singing underground foreign exchange platform whether in the United States, the United Kingdom, Japan or Singapore, such black platforms are among the financial fraud By virtue of his excellent marketing skills, he quickly accumulated a number of customers customers mostly lack of practical skills, natural losses in foreign exchange operations, the loss of money into the Ye Rongs pockets but resigned customers continue to inject money in order to repay the feast stopped a customer in the U.S. regulators Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) on the official website, did not find the name of the institution he claimed suspicious customers immediately invited friends in the United States to investigate Ye Rongs company, but found that Ye Rong claimed that the U.S. foreign exchange company is purely imaginary He began to question Ye Rongs credit, and pointed out that his company may be cheating investors loss of customers united to launch a denunciation of Ye Rong Ye Rongs dream of concealment officially shattered if Ye Rong was not cheated by the black platform in the foreign exchange circle, the fortunate contact with a girlfriend of the same sweetness and suffering, not to come to the economic burden of the big city to seek gold, once sunny he might be in a second-tier city in a foreign trade company as outstanding manager? The next line out of her QQ is always online, the weekend is instead the busiest time her face looks very tired sister to see her in Shanghai, she had to suspend a lot of work at hand, in the eyes of the family, has never wanted her to participate in the marketing class work to the familys official statement is engaged in planning many Chinese network speculators to enter this market are due to the training of foreign exchange brokers --- although they do not know the real The real foreign exchange brokers and the black platform is a huge difference real foreign exchange brokers, in the country where the company must accept the constraints of the local regulatory bodies such as the British CMC company must accept the Financial Services Authority (FSA) under the British Treasury regulation similarly, the Bank of China UK branch also accept the FSA regulation as for the mainstream financial media on the United States CNBC FXCM Group, its FXCM The U.S. company is subject to government regulation by the U.S. Commodity Futures Trading Commission (CFTC) and industry regulation by the National Futures Association (NFA) FXCM and GFT and other compliant foreign exchange brokers are also star companies of interest to the Wall Street Journal and Reuters As for the U.S. Carlson Group, which is listed on the Nasdaq market in the U.S. Black platforms are street rats in any country The most important feature of black platforms is that they do not connect their customers to the interbank market. The biggest feature of the black platform is not to connect the customer to the interbank market, but to transfer the customer funds into a private account, so that customers are exposed to intense foreign exchange risk, the loss of funds invested in these losses, the customer naturally will not claim the money stored in the private account becomes the owner of the black platform in order to get more black money, these owners do not hesitate to put their hands on the black platform, so that customers lose a lot of money black platform must make the customers overall funds Chinese folk forum, there is a kind of betting folk say, refers to the black platform of this you lose I win, the common struggle for a cake model black platform owners are most afraid of trading experts black platform without supervision, like playing dice without a referee, he offered a remote dice can make you lose all At present, more and more foreign exchange brokers choose the ECN model, they are more than welcome to trade experts Because the experts will continue to survive in the market, they continue to trade, will provide permanent income for the ECN model of brokers while the earlier market makers (MarketMaker) is dying in this market maker model, they are the retail counterparty (Counterparty) market makers and retail investors are also competing for a piece of cake, but what are doing in the regulatory agencies The market maker and the retail investor are also competing for a piece of the cake, but what they do is under the control of the regulator, so they cant deceive the retail investor by using their own evil intentions. The referee will first check the authenticity of the dice, remote control dice? Throw it in the trash! The cheat must be cleaned out of the dice check finished, retail investors and market makers sitting at the table to play according to the rules, who has the ability to who makes money, market makers lost, the bankruptcy will go bankrupt, retail investors lost, do not deny, complaints everywhere to find the media, lost the proper poise itself is a high-risk trading, first read the risk disclosure statement, and then make a decision is not too late in the United States, gambling is legal, the university even opened for gambling Masters degree but in the United States, playing blindfolded cheats is also illegal black platform is the worlds desperate cheats later I learned that they are industry cheats, earlier just think they suits and beautiful training materials, I do not think they are bad people, and I can indeed work very, very hard but now see, this idea is naive she said two years ago, she gave up her education in her hometown She said that two years ago, she gave up her education job in her hometown and came to Shanghai to work for this foreign exchange company as an employee.