April 3, 1997.
As the rising sun painted the sky crimson between the tall buildings, a silver Sonata II came rolling down a sloped road and pulled into an underground parking garage—empty at this early hour.
Choi Ho-geun stepped out from the driver's seat and rolled up his sleeves to check his watch.
Just past 6 a.m.
"Right on time."
It was early—just as the first buses were beginning to run. But to match the opening time of the Sydney foreign exchange market, which had a two-hour time difference from Seoul, this was when he had to be there.
Today was the day. Just as Seok-won had predicted, it was the first time they would jump into the massive betting game that hedge funds, led by the Eldorado Fund, were playing across Southeast Asia.
Choi's face showed a mix of nervousness and excitement.
To be honest, their role was closer to tagging along beside the heavyweight Eldorado Fund, trying to catch a lift. Still, it was Daheung Venture Capital's overseas debut under the fund operations team, so there was no way he could stay calm.
And with over $200 million on the table, his heart pounded even harder.
'He said we'd be using leverage too, so the actual bet will be far larger than the principal.'
Of course, compared to the Eldorado Fund, which moved tens of billions of dollars, their stake was small. But for Choi Ho-geun, this was the largest amount of money he'd ever handled in a trade during his time in Yeouido.
He took a deep breath in, then exhaled sharply, clenching his fist.
"I can do this."
With that self-affirmation, he picked up his briefcase and headed toward the elevator.
The office corridors were quiet. As he walked through and entered the brightly lit fund operations department, he saw his team had already arrived.
Jung Hwan-yeop, in a crisp white shirt and blue silk tie, looked up from his seat holding some documents and bowed slightly as Choi entered.
"Good morning, sir."
The rest of the team followed suit, greeting him with nods and bows.
"Good morning."
"Welcome, sir."
Choi gave a casual wave in return.
"Morning, everyone."
"It's not morning, it's still night."
Came a cheeky reply—Hwan-yeop, as usual, unable to resist teasing.
Choi placed his briefcase on the desk and smiled faintly.
"Manager Jung, you must've missed my nagging after two days off. Want me to feed it to you till you burst?"
"Heh heh heh, wouldn't dream of it."
Even after just two days apart, that mouth was still as punchable as ever.
Choi shook his head with a sigh. Just then, a young woman with a nervous expression approached, holding a neatly bound report with both hands.
"Here's the data on the Malaysian ringgit."
"Ah, thanks."
Choi accepted the printout and looked up at her.
"Your name is Noh Hee-won, right?"
"Yes."
Noh Hee-won, with her bobbed hair and modest makeup, was 19 years old—a fresh high school graduate who had just joined the company straight out of a commercial girls' high school.
She had joined the team to take over back-office duties, filling in for Hong Jae-hee, who had chosen to become a trader after her training program in the U.S.
Before the IMF crisis, hiring high school graduates as full-time employees wasn't uncommon.
Especially in the financial industry—most of the female clerks working at bank or securities firm counters were high school grads from commercial schools. It wasn't unusual to see a high school graduate working their way up to become a branch manager at a bank or brokerage.
Of course, all of that changed after the IMF crisis. But at that time, landing a job wasn't overly difficult, and staying at one company until retirement was considered the norm.
There were no such things as internships or contract work either. Even janitors and security guards were officially employed full-time by the company.
"How's the job so far?"
"Good. Everyone's been teaching me a lot, so I'm learning as best as I can."
Choi Ho-geun smiled warmly at Noh Hee-won, clearly still looking every bit the new recruit.
"If you're ever stuck or don't understand something, don't hesitate to ask your seniors."
But just as he was saying how kind everyone was, he caught sight of Jung Hwan-yeop lounging in his chair, and his expression darkened.
"Actually, forget that—just stick with Miss Hong. She's sharp and no-nonsense. That way, you won't get influenced by the wrong crowd."
At that, Hwan-yeop, who was twirling a Monami ballpoint pen while scanning a report, snapped his head up.
"Was that aimed at me, sir?"
"Amazing how you never listen, but your ears are always perked up."
"Wow, harsh. After all the hangover soup we've shared together?"
Jung Hwan-yeop pretended to act hurt and sulky.
"That's the only reason I haven't tossed you out. Loyalty. Otherwise, I'd have dumped you long ago."
"Boss!"
"Shut it! Just get to work!"
As usual, the pair bickered like clockwork, making Yoo Seok-hyun and Hong Jae-hee chuckle.
But for Noh Hee-won, who wasn't used to this dynamic yet, the banter left her visibly confused.
"Um… Shouldn't someone step in and stop them?"
"Nah, don't worry about it," Hong Jae-hee waved it off with a grin.
"Those two are always like that."
"Exactly. If we don't hear them argue at least once a day, it feels like something's missing."
Yoo Seok-hyun and Hong Jae-hee responded casually, trying to ease the nerves of the rookie.
Just then, the sound of leather shoes echoed across the floor as Seok-won entered the office, accompanied by his secretary, Han Ji-sung.
"Everyone's here early."
As soon as Seok-won appeared, Choi Ho-geun and the rest of the team paused their chatter and stood up to greet him in unison.
"Good morning, sir."
Acknowledging the greeting with a nod, Seok-won turned to Choi Ho-geun and asked:
"Is everything ready for the trading session?"
"Yes. We've set up direct phone lines to Eldorado Fund's headquarters in New York, as well as to their Hong Kong and Tokyo offices. The trading accounts are all ready too."
It would've been ideal to trade directly through Daeheung Investment's accounts, but due to various procedures and legal constraints, they had no choice but to deposit the investment funds into Eldorado Fund's accounts. From there, they would place the orders, and Eldorado would execute them on their behalf.
"If the results are good this time, I'll make sure we can trade directly next time. Do your best."
Hearing that this wasn't just a one-time opportunity, Choi Ho-geun's eyes lit up.
"I'll give it everything I've got."
"I trust that you and your team will perform just as well as you always have."
Encouraged by Seok-won's trust, Choi Ho-geun and the team wore expressions full of determination.
A deep sense of pride at being trusted completely surged in their hearts—along with a resolve to meet expectations no matter what.
"What's the situation with our target, the Malaysian ringgit?"
As Seok-won asked, Jung Hwan-yeop, who had been watching the exchange rates just moments ago, responded promptly.
"At the end of last year, it was trading at 2.5 ringgit per U.S. dollar, but after the Thai currency crisis, it dropped sharply and is currently at 2.8."
Choi Ho-geun naturally joined in, adding more detail.
"According to the data we received from Eldorado Fund, around $1.5 billion of foreign investment has flowed out due to growing instability. Given that the drop hasn't been more severe, it's clear Bank Negara intervened to defend the exchange rate."
Bank Negara Malaysia, often referred to as BNM, was the country's central bank.
"But with mounting anxiety, not only has the currency slipped, the stock index has also plummeted—from 1,200 at the beginning of the year to 1,077 now."
Seok-won, listening with his arms crossed, gave a small nod.
"If the market is this shaky even before any real attack has begun, that just shows how vulnerable it is to external shocks."
"Exactly right."
"Then, as planned, when the Sydney forex market opens and Eldorado Fund starts shorting the ringgit, we'll wait and short the Malaysian composite stock index from Tokyo."
"Understood."
Rather than focusing on the ringgit, which would be the primary target of hedge fund attacks, Daeheung had chosen to short the Malaysian stock index (KLCI), which was expected to crash if the exchange rate buckled.
"We're almost at trading time—sorry for taking up your focus."
Checking the time on his wristwatch, Seok-won offered a brief, apologetic smile.
"I'll get going now. Good luck with the trades."
"Yes, sir!"
"Take care."
Choi Ho-geun and the team stood and bowed respectfully as Seok-won left the office with Han Ji-sung.
After taking a deep breath, Choi Ho-geun clapped his hands loudly.
"Alright! You all heard the boss. This is a critical trade, so no mistakes. Keep your heads sharp and let's show our friends in New York what we're made of. Got it?"
"Yes, sir!"
As soon as Seok-won was out of sight, Jung Hwan-yeop slouched lazily back in his chair, flexing his fingers.
"Let's see what we've really got."
Yoo Seok-hyun pulled his chair in and added with excitement:
"Let's blow Mason's mind."
Meanwhile, Hong Jae-hee, now no longer in a support role but a full-fledged trader, clenched both fists as she looked at the newly installed array of monitors on her desk.
"Yes! I'll do my very best!"
"Wow, look at Miss Hong—burning with passion!"
"I learned a lot during the training in the States."
"Pretty sure we all did," Jung Hwan-yeop replied with a knowing grin.
At the center of it all, Choi Ho-geun sat down, sleeves rolled up, and picked up the receiver to make a call to New York.
The tone rang a few times, and soon someone answered with a cheerful, "Hello."
"Mason, it's me."
[Ah, Mr. Choi! Did you get back to Korea alright?]
"Thanks to you."
Mason laughed heartily and said:
[The game's about to start—ready to jump in?]
There was a teasing edge to his tone, but Choi Ho-geun smiled broadly and replied with confidence.
"Of course."
***
Seok-won, now in the CEO's office, sat at a desk equipped with a computer monitor and Bloomberg terminal, waiting for the opening of the Sydney forex market, the fastest-opening market in Asia.
Knock, knock.
As expected, Na Seong-mi, who had arrived early, opened the door and placed a mug on the desk.
Normally, she would bring tea in an elegant teacup, but knowing it would be a long day ahead, Seok-won had deliberately asked her to prepare a strong coffee in a mug instead.
"Thank you."
"Is there anything else you need?"
"No, it's fine."
Seok-won nodded towards the door as if signaling for her to leave. After a small bow, Na Seong-mi exited. Seok-won took a sip of coffee, set the mug down, and then turned his attention to the Malaysian ringgit chart displayed on the monitor.
[MYR : 2.86]
Just then, his phone rang, and he picked it up from the side of the desk.
Pressing the call button, he heard Landon's voice from New York.
[Boss, we'll begin selling in 10 minutes.]
"Go ahead."
Seok-won replied briefly, leaning back in his chair.
[If there are any changes, I'll contact you again.]
With the Sydney forex market set to open soon and the betting strategy already planned, there was no need for a long conversation.
After hanging up the phone, Seok-won gazed at the monitor, casually waiting for the opening time.
Time passed.
At exactly 7:00, the previously still exchange rate chart finally started to move.
Perhaps due to the press conference the day before, where the Governor of Bank Negara and the Malaysian Finance Minister announced they would counter any attacks from currency speculators with full force, the ringgit exchange rate halted its decline and began to move sideways.
But it was short-lived.
Suddenly, a large volume of sell orders came in, and the exchange rate began to fall.
[MYR : 3.00 (▲ 0.14)]
Seok-won, who had been waiting leisurely, revealed his teeth in a wide grin and muttered to himself.
"Here it comes."
In an instant, the exchange rate broke through the 3 ringgit per dollar mark, plummeting further and faster with each passing moment.