Short Squeeze

少し前のポルシェ社のＶＷ社株式取引の話を



ドイツ人ビジネスマンとしたが、やはり賞賛していた。



ポルシェがインベストメントバンク、銀行などと



ＶＷ株１２％程度を大規模にショートポジションを取っている



ヘッジファンド数社にコンフィデンシャルでＶＷ株のコールオプション



で一定価格（差金決済オプション）での売買契約を結んでいた。



突然のポルシェ社のＶＷ株７４％保有をきいて、


ヘッジファンドは


州政府保有のＶＷ株２０％の売却はないので、



浮動株が6％しかないと悟ると一斉にショートカバーに



動くが、時すでに遅しで、



Short SqueezeによってＶＷ株は瞬間で時価総額世界１位まで



株価暴騰。



カバーが遅れたヘッジファンドは約数千億円の損失を受けて終了。



ＥＵ域内では伝統的な欧州の企業が新興アングロサクソン系



ヘッジファンドをやっつけたと賞賛された。



ドイツにおいては情報開示について多少は議論になったが、



法的には問題がないとの事だった。


ポルシェは自動車販売での売り上げを上回る利益をオプション取引で


上げ、税引前利益が売り上げを超えちゃっている。


っと言った話だが、


こうゆうの大好き。


今まであんまりポルシェに興味がなかったけど。


ポルシェ社は為替オプション取引なども凄まじいようだ。


やっぱ、ドイツ応援しちゃうね。




以下　　ＮＹ　ＴＩＭＥＳ　転載

Short Squeeze



It’s a new fashioned short squeeze, the first one I know of in the age of derivatives.
Over in Germany, Volkswagen shares are being squeezed, and Porsche seems to have created huge profits for itself — at the expense of hedge funds and perhaps an investment bank or two. I do not know if this is legal under German law, but it sure is fun to watch.
It is also nice to be able to write about a stock price going up. I haven’t had occasion to do much of that this year.
VW closed last week at 210 euros a share. Now it is at 918 euros. Over the weekend, Porsche, which already owns 43 percent of VW, said it wanted to go to 75 percent — and had bought cash-settled options for a 32 percent stake. Given that the German state of Lower Saxony has a 20 percent block that it says it will not sell, that does not leave much for the rest of us.
Cash settlement is important for the option. That means that whoever wrote the option only has to come up with cash, not shares. So the option will not give Porsche the stake it wants, but it sure may give it a big profit.
That news appears to have set short-sellers of VW scrambling to buy shares, sending the price soaring. There are even rumors that Porsche is now buying put options — giving it a profit if the share price later falls.
Whoever sold such a sizable call option to Porsche should have known better, I suppose. It is not a very good idea to bet against somebody who can decide the outcome.
Porsche may not have a way to make money on VW cars. But it sure looks like it has a way to make money on VW securities.