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 (讨论）中国在国际金融市场交的学费 |
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(讨论）中国在国际金融市场交的学费 -- sapientaf - (422 Byte) 2006-12-11 周一, 12:23 (1960 reads) |
hghg11
头衔: 海归中尉
声望: 学员
加入时间: 2004/04/07
文章: 83
海归分: 6179
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作者：hghg11 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Pal, I believe almost all big trading desks suffered significant trading loss some way and some time as long as they keep trading. So I just google “UBS trading loss”, below shows up and you can take a look.
Are Chinese or Chinese firms particularly bad on trading, as the index trader u mentioned above asserted. I very doubt it. Think about Baring, LTCM, GS 94 AND 98, Allied Irish, and most recently Amaranth. Live by this trading world, someone will face trading loss, no one excepted. The world is not designed to just blow Chinese only. Ha ha.
This, not like equities, is a zero sum game, No need to say Chinese lacks the experience of derivatives, comparing to banks and funds.
UBS, the Swiss bank, yesterday admitted it lost almost pounds 200m on equity derivative and proprietary equity trading during 1997.
Last November, UBS admitted to losing pounds 90m on equity derivative trading during the first half of 1997. This was "due to changes in UK tax law and an error in a computer model to price options", the bank said.
But recent rumours of far larger derivative losses prompted the bank to admit yesterday that "difficult world-wide market conditions . . . led to further losses of around 150 million Swiss francs (pounds 65m) in the ordinary equity derivatives business during the closing months of the year". In addition, UBS said losses on proprietary trading in Japanese banks' convertible bonds had led to "a negative balance of around 100 million Swiss francs (pounds 40m) for equity proprietary trading". The bank, which was caught out by the sell-off in Japanese bank shares that followed the failure of Yamaichi Securities, failed to specify the magnitude of the losses made on the Japanese convertible bonds themselves. Some sources believe the magnitude of UBS's trading losses may prove to be greater still, saying that certain UBS trading positions still remained open. It is unclear, though, whether further UBS trading losses would ever be disclosed, following the bank's decision, announced in December, to merge with rival SBC. UBS also used yesterday's statement to try and dispel rumours that SBC was keen to renegotiate the terms of the merger. UBS said: "Rumours of a purported renegotiation of the merger agreement between UBS and SBC are totally unfounded. UBS's disappointing overall result in equities trading was known to both banks at the time of the merger negotiations."
作者：hghg11 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 (讨论）中国在国际金融市场交的学费 -- sapientaf - (422 Byte) 2006-12-11 周一, 12:23 (1960 reads) - UBS admits to pounds 200m loss on derivatives and bonds -- hghg11 - (2480 Byte) 2006-12-11 周一, 23:17 (370 reads)
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