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< 3. An obvious feature is that financial institutions have encountered big problems Range run. Many people believe that the federal deposit insurance system that was implemented in 3 years should completely eliminate the possibility of bank runs, but this view ignores the fact that in the years before the outbreak of this financial crisis, the short-term financing market in the United States emerged. In particular, wholesale financing markets such as the repurchase agreement financing market and the commercial paper financing market have developed extremely rapidly.
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< 3. For individuals, if they have extra cash in their hands, they often deposit it in the bank. However, the deposit insurance system sets a limit. Only 10,000 US dollars per account are covered by the insurance. Deposits exceeding this amount are not insured. As a result, companies or institutional investors with large amounts of excess cash will have little or no insurance coverage if they deposit their money in banks. As a result, many companies, pension funds, money market funds, insurance companies and securities dealers are reluctant to deposit money in banks and are looking for other alternative investment channels. Compared with uninsured bank deposits, both the commercial paper financing market and the repurchase agreement financing market are generally regarded as safer and more convenient options.
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< 3. At the same time, interest in the market is growing at the other end of the wholesale financing market, from banks and other companies looking to raise cash. On the one hand, commercial banks with deposit qualifications have found that wholesale financing is not only lower in cost and more flexible, but also has looser supervision, which can be regarded as a useful supplement to ordinary deposits. On the other hand, those non-bank financial institutions (such as investment banks, securities dealers and structured investment vehicles) that occupy a core position in the shadow banking system but are not qualified to attract deposits are not allowed to obtain insured deposits due to their inability to obtain insured deposits. Do not rely heavily on wholesale financing and use wholesale financing to obtain financing for the securities you hold with longer maturities and less liquidity. By the eve of the crisis, the U.S. financial system relied far more on wholesale funding than on insured deposits. Banks held $1 trillion in insured deposits at the end of the year, while financial institutions received $1 trillion in wholesale financing, including $3 trillion in repurchase agreement financing and $3 trillion in commercial Bill Financing. In addition, banks also hold US$3.0 trillion in uninsured deposits (such as large deposits exceeding US$10,000, etc.).
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< 3. Because many wholesale financings are directly or indirectly guaranteed, both banks and other fundraising companies, as well as regulatory agencies, believe that there is a risk of a run on the wholesale financing market. lower. However, lenders can only feel comfortable if the collateral is generally seen as highly rated and easy to resell. Treasury bills are ideal collateral because they are free from credit risk and can be widely traded in liquid markets. But the wholesale financing market has grown so rapidly that Treasury bills and other high-quality collateral are in short supply. At the same time, global investors, including foreign central banks and sovereign wealth funds, are eager to obtain safe and liquid assets. This has also made high-quality securities more popular, resulting in safety and liquidity. Stronger assets are in short supply.
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< 3. Wall Street financial companies saw profit opportunities in this shortage and hired a large number of so-called financial engineers to convert riskier and less liquid assets into An asset that appears to be of high security. To do this, they package loans and securities with varying credit ratings together and then cut them into components with higher and lower credit ratings. The segment with a higher credit rating may hold a 3 rating. In many cases, credit rating companies negotiate with securities issuers about how the securities should be designed and charge a fee to the issuers. These structured credit products offer new security that appears attractive to global investors seeking high-yielding, highly-rated securities, which include many financial institutions.
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3. Four-hour chart analysis, the daily moving average crosses the daily moving average to support oil prices, the Bollinger Bands turn upward, and slightly broke out of the new high line on Friday. The red column in the attached picture shrinks, and the indicator turns upward. The hourly chart analysis of the formation of a golden cross shows that the Bollinger Bands are shrinking, the green columns are shrinking, the fast and slow lines are forming a golden cross trend, and the indicators are turning upward. On the whole, short-term bulls are dominant on Monday. The upper side should pay attention to the nearby pressure position, but beware of short counterattacks. The lower side should first pay attention to the nearby support situation. In terms of operation, Master Jinzhi recommends selling high and selling low.
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3. Green operation suggestions:
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3. Go short nearby, stop loss 3 points, target
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3., - Go long nearby, stop loss 3 points, target 3,
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