"Holy shit! How far in the world is it going to fall!!"
A mega-brokerage in London, in futures and options. Alex Hodges, the senior broker, held his head in both hands and let out a scream.
Today again the price of oil is collapsing worldwide.
OPEC has settled on an increase in output.
Russia and Ukraine have agreed to meet in Switzerland for a ceasefire.
The price of oil that had been shooting up through the ceiling has been smashed to pieces in the space of a month.
Alex Hodges, who had sold the oil short options, was one step short of losing his mind.
The buyer has only to lose his premium; the seller has to carry an unlimited liability.
"The loss as it stands……."
With the oil price fighting it out around ninety dollars, the loss runs into the billions.
And that was after passing about half of it on to Wall Street.
Over this affair the people above him are grinding their teeth.
Pressure has come down that he is to take responsibility and liquidate the options without fail. The title of senior broker is finished already.
Go on like this and the career itself comes apart in mid-air.
An enormous battlefield fought over with capital.
The rule of this trade is that the man who loses a battle on this scale disappears quietly into the dark.
"Please……. Liquidate the options, will you! You damned boutique bastards!"
The vicious men who had tempted his side into selling the options.
However many times he made contact, they did not answer.
"Uuurgh……."
Alex Hodges, his head down in despair.
Back into his mind came the day he had jeered his fill at the man who bought the premium on the put options.
The buyer he had mocked, saying he would lose his billion dollars and drown himself in the sea.
He regretted the moment when he had made a bet of it and run his mouth.
"I'm…… a mad bastard…… khhh……."
Regret that comes late is late however fast it comes.
The options board, which remembers only the man…