To be honest, Pu Shougeng, who was probably the biggest profiteer in the 13th century, was actually not too treacherous. The late contract worth 2 million yuan only dared to pledge 1 million yuan in cash. Since the money bank at this time could not monitor Pu Shougeng's "securities fund account", such a pledge financing ratio was approximately equivalent to one-to-one financing in later generations. The kind of one-to-three, one-to-four, or even one-to-five allocation, Pu Shougeng can't think of it, and even if he proposes, the shopkeeper in front of him will not agree.

Even if it was a one-to-one financing, several shopkeepers present seemed to be a little hesitant. Although Jiangnan's money industry has long begun to provide financing for late speculation. But it was all "small" financing, just a mortgage of thousands or tens of thousands, but there was no big deal of millions of dollars.

This is an astronomical amount in the Song Dynasty! Moreover, the financial industry in the Song Dynasty was not developed, and the strength of the money village was even inferior to that of the big grain merchants -- after all, the big grain merchants were the public property of various major clans in the south of the Yangtze River, and they were supported by tens of thousands or even hundreds of thousands of acres of land behind them. The land in the south of the Yangtze River is very expensive, and the value of high-quality irrigated land is often as high as tens of per mu. The land owned by a large clan is often worth millions or even tens of millions!

In contrast, the strength and background of the Song Dynasty Qianzhuang are poorer. In the Song Dynasty, most of the backstage bosses of the money village were monasteries and Taoist temples!

That's right, these are the monks! The monks and Taoists of the Song Dynasty were much more powerful than the monks and Taoists of the 21st century in later generations, and they also played the role of bankers.

All the famous temples and Taoist temples are all rich. Needless to say, he owns a large amount of land and has a large amount of incense money in his account, and there are certain tax exemption privileges. Moreover, the credibility of temples and Taoist temples is not comparable to that of ordinary businessmen - century-old names are rare. Millennial temples are common. There are bankrupt businessmen every year, but there are very few temples that have closed down.

In the eyes of the Song people, keeping money in the temple is far more insurable than saving money in the temple! Therefore, the ability of the money bank opened by the merchant to absorb deposits and loans is far inferior to that of the temple. Over time, the merchant money industry was attached to the temple and became the temple's window for lending money to merchants.

If there is an annual meeting of bankers in the Song Dynasty. The participants were certainly not returnee elites in suits and leather shoes, but monk CEOs in robes and bare heads. Therefore, Chen Dexing put the bank he opened under the name of the Tiandao Sect. Also because of the conventions of this era.

However, the monk CEO will not come to Fengle Lou to meet the Pu family brothers, the big monks still chant scriptures and burn incense, and the commercial credit is more complicated, which is not something that the monks can figure out. Therefore, some commercial banks will be co-opted. Let them act as agents to deal with merchants.

But even if it's an experienced money banker. I also don't know much about the financial derivatives of "late appointment", and I am still very hesitant when I make a large amount of money.

Pu Shougeng seemed to have guessed their thoughts a long time ago, and his face was impassive, but he said: "The price of the late appointment has indeed changed a lot. It's better to write on the loan note, as long as the late transaction price falls below 150 yuan, you can immediately sell the late contract in your hands and realize it. Just get back your principal and the interest you deserve, and give me back the excess. How is it? ”

This is known as "Forced Liquidation". It is one of the most common risk control methods in securities financing. However, in the Song Dynasty, it was a financial innovation, at least before Pu Shougeng proposed it, there was no such precedent - money banks or pawnshops, only if the borrower did not redeem the collateral at maturity, the collateral could be realized. The loan is not recovered due to changes in the price of the collateral before the expiration of the repayment period.

Several money bank shopkeepers immediately thought about it in their hearts. A pledge worth 200 yuan is pledged to borrow 100 yuan in cash, and when the price of the late contract falls below 150 yuan, the bank can sell the late contract...... As if there was no risk!

"Okay! That's it! The shopkeepers didn't think long and all nodded in agreement. Since there is no risk, it is a good deal. Compared with Pu Shougeng, the interest given by Pu Shougeng is quite high, and the five-cent interest is five cents a month, and it is sixty percent a year. Equivalent to 60% p.a.! It's almost up to the standard of usury.

Pu Shougeng smiled and said, "But what if the late appointment rises sharply during the mortgage period?" Now there are 300 or 400 on the market......"

One of the shopkeepers wondered, "What if it goes up?" Could it be that Pu Guanren (Pu Shougeng is also an official, an official of Dayuan) wants to borrow more money? ”

"Exactly!" Pu Shougeng said, "Why don't you give a loan amount, how about calculating it according to 50% of the market price of the late appointment?" If the contract rises to 300 yuan, 150 yuan, and 400 yuan, 200 yuan...... Of course, it is not that Pu will definitely borrow, but it is just an amount, and if Pu needs money, he will go to your shop to withdraw it. As for the interest, it is also calculated on a daily basis at the rate of five cents. ”

"So how much does it take for the price to fall below before we can sell?"

"According to the total amount of borrowing, as long as the late contract price of the mortgage falls below one and a half times the total amount of the loan, you can throw it!"

For a 2-to-1 pledge loan, the late contract price falls below one and a half times the mortgage amount to force liquidation. Under such conditions, Qian Zhuang seems to have no risk.

"Yes, so I will make the note...... However, the principal of our bank is limited, and there needs to be a limit on the amount of borrowing. Why don't you double the initial loan amount? ”

"Well, it's a deal!" Pu Shougeng nodded with satisfaction, but there was a trace of disappointment in his heart.

He knows why these banks set a ceiling on the loan amount, not because they are afraid of risks, but because they really don't have enough cash to turnover!

Although the interbank lending of the money bank industry has always been prosperous, Tiandaozhuang suspended the interbank lending after the late speculation began. Without the participation of the issuer of this Tiandaozhuang Feiqian coin, the Tiandaozhuang Feiqian that Jiangnan Qianzhuang can provide is relatively limited - after all, the Tiandaozhuang Feiqian is to be exchanged for gold, silver and copper.

Moreover, Tiandaozhuang stayed outside of the late hype, which also allowed it to avoid a big disaster, and maybe it would profit because of other people's big troubles. After the late contract plummets, Tiandaozhuang may be the richest money bank in the entire Jiangnan, and their reputation for flying money will really rise at that time......

……

"Chief, this is the standard document for late pledge loans."

On the fifth day after Pu Shougeng negotiated a late mortgage with several money shopkeepers, a standard late mortgage note was taken to Qifu Inn by Deng Qiuzhong and handed over to Qu Huajie, the general manager of Tiandaozhuang.

Of course, this note was not signed by Pu Shougeng. It is a late mortgage loan document entered into by Jingu Xing and the Yunlin Gold and Silver Shop opened by Lingyin Temple. However, the conditions displayed above are exactly the same as the notes signed by Pu Shougeng.

All of them are 2 to 1 loan limits, all of them are forced liquidation lines of one and a half times the market price of the pledge late contract, and the interest rate is also five cents (per month) -- Pu Shougeng has inadvertently completed another small financial innovation and formulated the rules of the game for securities pledge loans.

Now all the money banks in Lin'an have lent money to the participants who have been speculating late in accordance with this set of rules.

"Ten late contracts are about to escort 1,500 yuan, this monk of Lingyin Temple is really bold!" Qu Huajie took the note and glanced at it, sneering. In his opinion, this is no different from waste paper!

"It's not just the monk who is bold, who is not like this in the money bank shop in Lin'an now?" Deng Qiuzhong said with a smile, "Now the late appointment is rising every day, and it has already risen above 300 in the blink of an eye, and only 150 is charged, and no one will think that it is risky." ”

"If it falls below one and a half times, the bank can throw it on its own?" Qu Fatzi suddenly asked.

"Yes, one and a half times. If it is calculated at 300 crosses, it can be sold if it falls below 225 passes. ”

"225 Guan ......" Qu Fat Man snorted, "I won't be able to throw it out by then!" Jiangnan's money and village business is over, and even a few temples will be destroyed! Zonglian, do you have any money to save in the zài temple? ”

"No, all the money from Jingu Xing is stored in the account of Zài Tiandao Village."

"That's good." Qu Fatzi raised his eyes and looked at Deng Qiuzhong, "Just listen to this, don't spread it around." ”

Deng Qiuzhong was stunned, "Those rice merchants who joined forces with us don't say anything?" ”

"Don't say it!" Qu Fatzi said, "If they really believe in the way of heaven, they will transfer the money to the way of heaven, if they don't believe it...... Pull down at a loss! ”

Deng Qiuzhong sighed, "I really don't know how many people are going to die this time!" ”

Financial risk is never confined to the exchange! The transfer of credit to the entire financial system is the norm. Without effective regulation, it is often a devastating financial crisis!

But a crisis is a danger, and at the same time an opportunity. If the financial pattern of the Southern Song Dynasty controlled by the temple was not broken, it would be impossible for a new type of bank such as Tiandaozhuang to develop rapidly.

"Only when someone dies can someone get rich, those temples don't fall, how can we replace them in Tiandaozhuang?"

Qu Fatzi's words were very slow, and they were also very imposing, and they had a little bit of the meaning of a reactionary big short outside the country.

He paused, took a note from the desk, handed it to Deng Qiuzhong, and said, "This was sent by Liu Mingjing, and it turned out to be in a wax pill." Take a look. ”

The note was only two fingers wide, and a few words were written on it: the first day of the fifth month, five hundred and fifty times. Obviously, it's the date and time of the late appointment!

"Five hundred and fifty times!" Deng Qiuzhong took a breath in disbelief. Now he has 11,000 late contracts in his hand, and at this price it is 5,650,000 yuan!

It's just a rich country!

"Boss, when are we going to throw it?" Deng Qiuzhong asked in a low voice.

"Today! Start today...... Throw slowly. (To be continued......)