According to reports, the sugar and soybean meal option contracts and related business rules have been reviewed and approved by the board of directors of Zhengshang Institute and Dashang Institute respectively, and reported to the China Securities Regulatory Commission for the record. For the option business, Zheng Shang Institute and Da Shang Institute respectively formulated three new business rules: Management Measures for Option Trading, Management Measures for Option Market Makers and Management Measures for Option Investor Suitability.
In the process of formulating sugar and soybean meal option contracts and related business rules, Zhengshang Institute and Dashang Institute fully listened to the opinions of all parties and experts in the market. 20 16 12 16, Zhengshang Institute and Dashang Institute respectively publicly solicited opinions on the sugar and soybean meal option contracts and related business rules for the whole market. On the 23rd of that month, Zhengshang Institute held a meeting of the Variety, Trading and Supervision Committee of the Board of Directors to listen to members' opinions on the draft white sugar option contract and option business rules. Generally speaking, all parties in the market agree with the sugar option contract and option business rules, and think that the sugar option contract and option business rules are clearly stated, with reasonable terms, in line with the reality of China's market and operability.
In response to the relevant opinions and suggestions put forward by the market and experts, Zhengshang Institute has carefully combed, summarized and studied some terms of the white sugar option contract and option business rules. Among them, the first paragraph of Article 22 of the Measures for the Administration of Option Trading clearly states that "the inquiry contract and inquiry frequency shall be determined and announced by the Exchange, and the Exchange may make adjustments according to market conditions". Paragraph 1 of Article 30 of the Measures for the Administration of Option Trading adds the definition of "performance" to "the obligation that the option seller has to perform", that is, when the option buyer proposes to exercise, the option seller buys or sells a certain amount of subject matter at the exercise price agreed in the contract, or settles the cash difference at the agreed settlement price; The expression of the matching principle is improved in the second paragraph, which is amended as: "If the option buyer applies for exercising, the exchange shall select the seller for position matching in the order of speculation, arbitrage and hedging. Select the same location attribute according to the principle of the longest location time. " Paragraph 2 of Article 49 of the Draft for the Administration of Option Trading is appropriately amended as an independent clause, that is, "When the underlying futures contract is suspended, the corresponding option contract is suspended. If the option contract is suspended all day on the last trading day, the last trading day and expiration date of the option will be postponed to the next trading day. " Article 7 of the Measures for the Administration of Appropriateness of Option Investors changes the balance of available funds for opening option trading authority from hours to "the margin account after daily settlement in the first five trading days shall not be less than RMB 654.38+10,000".
The relevant person in charge of Zhengshang Institute told the reporter of Futures Daily that in accordance with the goal of "ensuring the smooth launch and smooth operation of white sugar options", Zhengshang Institute has formulated complete safeguard measures through careful organization and overall arrangement to ensure the smooth start of white sugar options, and all preparations for the listing and trading of white sugar options contracts have been basically completed.
After sorting out the collected opinions and referring to the Measures for the Administration of the Suitability of Securities and Futures Investors issued by the CSRC, the Dashang Institute revised the relevant business rules in a targeted manner. Compared with the previous draft for comments, the Measures for the Administration of Appropriateness of Option Investors has been revised in four aspects: First, the original "the balance of available funds in the margin account after settlement one trading day before the opening of option trading authority is not less than 654.38+10,000 yuan" is adjusted to "the balance of available funds in the margin account after settlement five trading days before the opening of option trading authority is not less than 654.38+10,000 yuan"; Second, it is clear that investors must go to the business premises of futures companies to handle matters related to the opening of options trading rights; Third, the process of risk disclosure, legal notification, introduction of products and rules, knowledge test, and customer filling in the application form of option trading authority of futures companies has increased the requirements for collecting on-site image data; Fourthly, for special unit customers, the requirements of suitability evaluation have been increased. In addition, in the option trading management measures, the content of "when the underlying futures contract is suspended, the corresponding option contract is suspended" has been added. The revised soybean meal option contract and related implementation rules fully reflect the opinions and demands of the market, creating institutional conditions for ensuring market stability and functioning.
According to the reporter of Futures Daily, the selection of market makers in Dashang has been basically completed, and the list of soybean meal option market makers will be announced to the market in the near future.
According to market participants, compared with futures, option buyers pay royalties in one lump sum and then fail to fulfill their obligations, so they do not need additional funds and will not generate additional losses, and are more easily accepted by industrial customers, especially small and micro enterprises and farmers. Therefore, the listing of commodity options will provide more optional risk management tools for related industries, and at the same time, it will further enrich the level of China's commodity derivatives market and play an important role in serving the real economy.