38 Making Big Moves


    Cashing the check took longer than Michael anticipated, mainly due to the substantial amount involved. The bank needed to verify the transaction with Bridget and her associates, ensuring everything was legitimate. After about two hours of paperwork and phone calls, the process waspleted. Michael, now significantly wealthier, immediately headed to a reputable suit store, understanding the importance of a professional appearance as Bridget had advised.


    Upon entering the upscale boutique, he was greeted by a sharply dressed sales associate who quickly assessed him with a professional eye. "Good afternoon, sir. How can we assist you today?"


    "I need a suit," Michael stated, feeling slightly out of his depth in the refined ambiance of the store.


    "Certainly, sir. Any particr style or asion?" the associate inquired, leading Michael deeper into the store, where rows of high-quality suits were disyed.


    "It''s for business," Michael replied, hoping that would suffice as an exnation.


    The associate nodded, then began asking more detailed questions that Michael wasn''t prepared for.


    "Do you have a preference for fabric? Wool, cotton, linen? And what about the fit? Are you looking for something ssic, modern, or slim fit?"


    Michael hesitated, realizing hisck of knowledge about suits was more evident than he had thought. "I''m not sure. It''s actually my first time buying a suit for myself."


    Understanding Michael''s situation, the associate smiled reassuringly. "No problem at all, sir. Let''s start with the basics. For business, I rmend a versatile wool suit—it''s appropriate for most asions and seasons. As for the fit, given your build, a modern fit might suit you best. It''s slightly tapered for a more contemporary look without being too snug."


    The associate then guided Michael through the process of selecting a suit, exining the importance of shoulder fit, the difference between single and double-breasted jackets, and the significance ofpel styles. Michael listened intently, absorbing the information but feeling increasingly out of ce amidst the technical jargon and the myriad options.


    After trying on a few suits and with the associate''s patient guidance, Michael began to appreciate the nuances of a well-fitted suit. The final choice was a navy blue, modern-fit wool suit thatplemented his frame and feltfortable to move in.


    As the associate took Michael''s measurements for final alterations, Michael waited patiently, and once done, he wore the suit. "Thank you for your help," Michael said, genuinely grateful for the associate''s patience and expertise.


    "It''s my pleasure, sir. You''re looking sharp in this," the associate assured him with a confident nod. "Now…it''s going to be 88,500 pesos. Would that be credit card or cash?" "Card," Michael answered, giving him his card. The transaction was processed promptly, and momentster, it waspleted. "Thank you for shopping in a Tino suit. We hope to see you again." After leaving the suit store, Michael felt a newfound confidence in his professional appearance, thanks in part to his newly acquired navy blue, modern-fit wool suit. With the transactionplete, he booked a Grab service to take him to his next destination: JPMorgan Chase & Co. located in Bonifacio Global City. This was the beginning of a series of strategic moves to set his ambitious n into motion.


    Arriving at the towering JPMorgan Chase & Co. building, Michael couldn''t help but pause for a moment to take in the imposing structure. It was a magnificent and beautiful building.


    Inside, Michael approached the reception desk, where he was greeted by a professional-looking receptionist. "Good afternoon, how may I assist you today?" she inquired with a polite smile.


    "Good afternoon. I''m here to discuss the possibility of purchasing Credit Default Swaps. Could you direct me to someone who handles these transactions?" Michael requested, trying to sound as confident as possible. @@novelbin@@


    "Of course, sir. You''ll want to speak with our Risk Management Department. I''ll need to check for the avability of the department head or one of the senior managers. May I have your name, please?"


    "Michael Reyes."


    The receptionist made a quick call, speaking briefly before hanging up. "Mr. Reyes, I''ve arranged for you to meet with Mr. Franz D Cruz, the Senior Risk Manager. He''ll be able to assist you with your inquiry about Credit Default Swaps. Please follow me; I''ll take you to his office."


    Michael was escorted through the sleek, modern corridors of the JPMorgan Chase & Co. building, eventually arriving at an office that bore the name ''Franz D Cruz - Senior Risk Manager'' on the door. The receptionist knocked lightly before opening the door.


    "Mr. D Cruz, this is Mr. Michael Reyes. He''s here to discuss Credit Default Swaps," she introduced.


    Franz stood up from his desk, extending a hand towards Michael. "Mr. Reyes, a pleasure to meet you. Please, have a seat. I understand you''re interested in purchasing Credit Default Swaps. What exactly are you looking to achieve, and how can we assist you?"


    Michael took a seat, briefly exining his intent without revealing too much of his strategy. "I''m looking to hedge against potential downturns in the cryptocurrency market. I believe Credit Default Swaps could provide the protection I''m seeking."


    Franz listened attentively, nodding. "I see. You''re aware, of course, that Credit Default Swaps areplex financial instruments, typically used to hedge against the default of a loan or bond issuer. Applying them to cryptocurrency investments is quite unorthodox, but not entirely out of the question." "Good," Michael pulled out a document from his backpack and set it down on Franz''s table. "I want to buy swaps on cryptocurrency that will pay off if the price drops significantly."


    "Hmm…okay," Franz said, ncing at the document.


    "There are my prospectuses on eight cryptocurrencies I''m particrly concerned about. Each has been showing signs of potential vtility that could lead to significant downturns. I''ve detailed their market behaviors, trading volumes, and external factors that could influence their stability," Michael exined, pointing to the charts and data he hadpiled.


    Franz took the document, skimming through the pages. "This is quite aprehensive analysis. You''ve certainly done your homework on these. However, structuring a Credit Default Swap for cryptocurrency is unprecedented for us. It will require a unique approach, especially in defining the ''credit event'' for these swaps. Do you mind if I send some team over here?" "No problem," Michael said and Franz promptly called someone on his phone. Five minutester, one man and a woman entered Franz''s office.


    "CDS on cryptocurrency huh? This is new." said thedy in his mid-forties. "So shorting the crypto market, this is the first time I encountered one," said the man, seemingly the same age as the woman. "Let''s get down to business. How much do you want us to sell in credit default swaps?" Michael took a deep breath before revealing the amount. "One hundred million dors." Upon hearing that, the three officials in the JPMorgan widened their eyes in shock.


    "One hundred million dors," Franz repeated."You must be out of your mind." "No, I''m serious. I didn''t go all the way here to y with you," Michael said, his tone serious. "You are aware that if you want us to sell 100 million dors on CDS, you are going to pay a huge sum in monthly premiums?" thedy interjected. "And that monthly premiums increase when the price of the cryptocurrency you want to short rises."


    "So like…pay-as-we-go structure?" Michael asked, seeking rification on the payment arrangement for the premiums.


    "Exactly," Franz exined, leaning forward to make sure the concept was clearly understood. "A pay-as-we-go structure means you''ll be paying premiums on a monthly basis, depending on the current market value of the cryptocurrencies you''re shorting. If the market value goes up, your premiums increase as the risk is perceived to be higher. Conversely, if the market stabilizes or drops, your premiums could decrease."


    Michael nodded, absorbing the information. "I see. So, based on current market values, what would be my estimated monthly premiums for this 100 million dor coverage?"


    The man quickly did some calctions on hisptop. "Given the vtility and current upward trend in the cryptocurrency market, your initial monthly premium would be around 2 million dors. This amount could vary significantly depending on market movements."


    "Two million dors a month huh?" Michael repeated. "Okay, we can do that."


    Franz raised his eyebrows in acknowledgment of Michael''s resolve. "It''s a bold move, Mr. Reyes. We''ll need to do some further analysis on our end and consult with our underwriting team to finalize the details. But if you''re prepared to move forward with this, we can start drafting the necessary documentation."


    "Let''s proceed," Michael confirmed, his confidence unwavering. Franz nodded, signaling to his colleagues to begin the process. "We''ll get everything in motion. Expect a follow-up meeting soon to go over the final terms and sign the agreements."


    "No problem, thank you for your time," Michael said as he rose to his feet. One bank down.