Shanghai and Shenzhen stock exchanges release new rules to see new rules for stock options trading
On December 23 (next Monday), domestic stock index options will be listed.
On the evening of December 19, the Shanghai Stock Exchange announced a revision of the stock options business rules, and the Shenzhen Stock Exchange issued a notice on the listing of Castrol CSI 300 ETF option contracts. The day before yesterday, the CICC cleared nine major issues of the CSI 300 stock index options trading.
(Picture from hero)
The industry pointed out that the three options derived from the Shanghai and Shenzhen 300 Index were listed at the same time. Modifying the trading rules before listing will greatly help market functions, attract foreign investment and increase market liquidity. The launch of the CSI 300 stock index options will bring significant benefits to domestic quantitative hedge fund products, which will help attract more funds to participate in the investment and trading of the A-share market in the quantitative investment field.
Brokerage and futures-related people predict that from the perspective of comprehensive floor options and futures transactions and positions, it is expected that the size of floor derivatives trading in 2020 and 2021 will reach 164.11 trillion yuan and 237.01 trillion yuan, respectively.
Shanghai Stock Exchange Revises Stock Options Business Rules The Shanghai Stock Exchange disclosed on December 19 that it revises its stock options business rules, adjusting the stock option trading fuse standard to include the intraday contract price rising, falling, or exceeding 50% from the recent reference price, and the absolute value of price changes Or exceed the contract's minimum quotation unit by 10 times; the maximum number of single declarations for adjusting stock option trading limit declarations is 50.
The new regulations came into effect on December 23, the day when the CSI 300 ETF options were listed on the Shanghai Stock Exchange.
1. Stock option trading fuse standard expands the latest regulations of the Shanghai Stock Exchange: "The decision to adjust the stock option trading fuse standard is that the intraday contract price has risen, fallen or exceeded 50% from the recent reference price, and the absolute value of the price rise or fall has reached or exceeded the contract. The smallest quote unit is 10 times. "
2. The maximum number of unilateral declarations has been increased from 10 to 50. The latest requirement of the Shanghai Stock Exchange is: "The maximum number of single declarations for adjusting stock option trading limit declarations is 50."
3. ETF options position limit SSE latest regulations: "Investors (including individual investors, institutional investors, and option operators' self-operated businesses, the same below) have a limit of 5,000 positions and a total position limit of 10,000 for a single contract. 1. The limit for buying and opening a single day is 10,000. "
"The individual investor's purchase amount must not exceed the higher of 10% of the balance of its own assets and 20% of the market value of Shanghai and Shenzhen securities held by the securities account in the past 6 months."
4. Huatai Borui Shanghai and Shenzhen 300 ETF options during the pilot period of the standard transaction handling fee is 1.3 yuan each; temporarily waived the corresponding transaction handling fee for open positions (including covered open positions); temporarily waived related to options business Transaction unit traffic fee.
On the same day, the Shenzhen Stock Exchange issued a notification of the listing of Castrol CSI 300 ETF option contracts, the Shenzhen Stock Exchange issued a notification of the listing transaction of Castrol CSI 300 ETF option contracts, and announced the list of 12 Shanghai and Shenzhen 300 ETF option market makers.
The Shenzhen Stock Exchange issued the "Notice on the listing and trading of Castrol CSI 300 ETF option contract varieties", which stated that on December 23, the listing and trading of Castrol CSI 300 ETF option contract varieties.
The "Notice" shows that the contract target of the Castrol CSI 300 ETF option is "Castell CSI 300 Trading Open Index Securities Investment Fund", and the underlying stock code is "159919". Since December 23, 2019, the Shenzhen Stock Exchange has listed the corresponding Castrol CSI 300 ETF option contract according to different contract types, expiration months and exercise prices. The first months of listed option contracts expire in January, February, March and June 2020.
In addition, at the initial stage of the listing of Harvest Shanghai CSI 300 ETF options, the Shenzhen Stock Exchange has an A-share securities account as a unit. The holding limit for individual investors and institutional investors (including the self-operated business of option management institutions) is temporarily set as follows: The total position limit for investors is 200; customers who have been evaluated by the option operating agency have a strong risk tolerance, have opened an account for 10 trading days, have reached 100 contract volume, and have three-level trading authority. The total position limit is 2,000. .
The Shenzhen Stock Exchange announced on December 19 that since December 23, 2019, Oriental Securities , Everbright Securities , Guangfa Securities , Guotai Junan , Guoxin Securities , Haitong Securities , Huatai Securities , Western Securities , China Merchants Securities , Zhongtai Securities , CITIC Twelve companies including CITIC Securities and Shenzhen Stock Exchange have become the main market makers for the Shanghai and Shenzhen 300 ETF options; two companies including Changjiang Securities and Shenwan Hongyuan have become the general market makers for the Shanghai and Shenzhen 300 ETF options on the Shenzhen Stock Exchange. Among the main market makers, in addition to Western Securities , the other 11 securities firms are also the main market makers of the Shanghai and Shenzhen 300 ETF options of the Shanghai Stock Exchange.
The CICC clears the nine major issues of the Shanghai and Shenzhen 300 stock index options trading. On December 18, the CICC released the Shanghai and Shenzhen 300 stock index options contracts related to the listing and trading of transactions. The adjustment factor is 10% and the minimum guarantee factor is 0.5.
I. Listing and trading time The CSI 300 stock index option contract will be listed and traded from Monday, December 23, 2019.
Second, the contract month of the listing transaction and the benchmark price of the CSI 300 stock index options listed in the first batch of contract months are February 2020 (IO2002), March 2020 (IO2003), April 2020 (IO2004), June 2020 (IO2006), September 2020 (IO2009), and December 2020 (IO2012).
The benchmark price of each contract is determined by the exchange in conjunction with factors such as the CSI 300 stock index option market maker's quote and other factors, and will be announced one trading day before the contract is listed for trading.
Third, the maximum number of orders each time limit orders CSI 300 stock index option contract limit order each time the maximum order quantity is 20 hands.
4. Trading Margin The margin adjustment coefficient of the CSI 300 stock index option contract is 10%, and the minimum protection coefficient is 0.5.
V. Position Limits The unilateral position limit of the CSI 300 stock index option contract for the same client in a month is 5,000 lots (positions calculated by combining different positions).
6. Relevant fees The standard for the CSI 300 stock index option contract is 15 yuan per lot, and the standard for the exercise (performance) is 2 yuan per lot. The Exchange does not currently charge a reporting fee for the CSI 300 Stock Index Options Contract.
VII. Market makers The CSI 300 stock index options market maker can apply for a two-way option position and automatically hedge the position through the member from 9: 30-15: 00 on the trading day. The automatic hedging and closing position does not charge a handling fee for the time being. After continuous effective. Market makers can also apply to cancel automatic hedging and closing positions at the above times. The market maker's unilateral position limit for CSI 300 stock index option contracts for all months is 60,000 lots. The market maker's unilateral position limit for the CSI 300 stock index futures contract for all months is 20,000 lots. The Exchange will strengthen the construction and refined management of the market maker echelon.
8. Inquiry restrictions The client's inquiry interval for the same option contract must not be less than 60 seconds.
When the spread between the optimal bid and offer prices for an option contract is less than or equal to the spread below, no inquiry is allowed.
IX. Transaction Limits The CSI 300 stock index options have implemented a transaction limit system in the early stages of listing. From the first day of listing of the CSI 300 stock index options to the third Friday of March 2020 (March 20, 2020), the maximum number of customers to open positions within this day is 50 lots, and a single month to open positions within the option contract day The maximum number of transactions is 20 lots, and the maximum number of open positions within the day of deep value contracts is 10 lots. From the 4th Monday of March 2020 (March 23, 2020) to the 3rd Friday of June (June 19, 2020), the maximum number of customers to open positions within this day is 100 lots. The maximum number of open positions in a single month option contract day is 50 lots, and the maximum number of open positions in a deep virtual contract day is 20 lots.
Securities firms and futures companies will benefit from the report issued by GF Futures on December 19:
First, it is expected that the trading volume of the CSI 300 stock index futures will gradually increase after the listing of the CSI 300 stock index options, thereby expanding the size of the entire futures market and at the same time having a positive impact on increasing the operating income of futures companies.
Second, enhance the strategic diversity and risk management capabilities of the asset management department of futures companies. The buyers and sellers of options are not equal in terms of rights and obligations, so their returns are asymmetric, which results in options being more flexible in application and portfolio construction. In addition, the futures and options markets can promote mutual development. Through arbitrage between the futures and options markets, liquidity can be provided in the two markets. Moreover, the two can be risk hedging tools for each other. Investors holding futures positions often use options to manage risk. Due to the above characteristics, the listing of the Shanghai and Shenzhen 300 stock index options will enrich the strategic diversity of the asset management department of futures companies and enhance their risk management capabilities in stock and stock index futures products.
The agency pointed out that, as a whole, the size of the CSI 300 Index Tracking Fund is much larger than that of the Shanghai Stock Exchange 50. Therefore, from the perspective of risk management, the market has greater demand for the derivatives of the CSI 300 Index. SSE 50 ETF options are already one of the world's most important options. It is expected that the CSI 300 stock index options will be more active in the future than SSE 50 ETF options.
Huatai Securities previously issued a statement that the Shenzhen Stock Exchange officially issued rules related to the stock options business, to build a complete set of content, sound system, and clear-layer stock option system for the Shenzhen Stock Exchange, which also matched the Shanghai Stock Exchange. Laying the foundation. Derivatives have higher requirements for the comprehensive strength of securities companies, or they may form a differentiated pattern. High-quality securities companies are expected to seize the opportunity. (Wan.De.Information.News)