In China market, stock option is a European option, which refers to the option that the buyer must exercise on the expiration date. When investors buy stock options, the exercise date is stipulated in the option contracts. At present, the expiration date, the last trading day and the exercise date of stock options are the fourth Wednesday of the expiration date. In case of holidays or closed markets, it will be postponed to the next trading day. According to the regulations of Shanghai Stock Exchange, the exercise declaration time of the exercise date of the option contract is 9: 00/5-9: 25 am, 9:30- 1 1:30 am and 13: 00- 15 am. T+ 1 settlement funds and securities; Can sell T+2 days target securities. At the same time, the investor who delivered the insufficient part of the contract subject matter shall settle the closing price of the contract subject matter 1 10% in cash on the same day, and the defaulting investor shall collect interest and liquidated damages on a daily basis.
Exercising or giving up exercising is an important right of the buyer. The exercise date of SSE 50ETF option is the fourth Wednesday of each exercise month (postponed under special circumstances). For the buyer of the option, on the second trading day after the exercise date, he can only dispose of the subject matter of the contract obtained from the exercise right. For the buyer of the put option, the funds obtained from the exercise will not be used until the second trading day after the exercise date. Therefore, investors not only need to pay attention to the target price of the contract on the exercise date, but also need to pay special attention to the target price trend of the contract two trading days after the exercise.
In order to facilitate investors' exercise judgment, the exercise time is from 15:00 to 15:30 except the trading time on the exercise day. In practice, investors will forget the login password, and the bank transfer will not be received, resulting in the inability to exercise their rights. For example, an investor holds 94 valuable options in a row and plans to exercise them, but does not exercise them until the exercise date 15:00. Due to insufficient funds in the account, it is impossible to raise funds in time and exercise all the cash options held. After executing the highest value 16 option, investors still have 78 value contracts that have not been executed. According to the closing price of 50ETF, he lost nearly 6.5438+0.4 million yuan.
10 call option was executed, and 10 put option contract failed because investors had enough funds and did not prepare enough basic securities. In fact, in the process of option exercise, investors and operators put their funds into the exercise of call options, but did not review the exercise of put options on their underlying securities. Therefore, in the case of insufficient funds, they issued instructions to successfully subscribe and exercise put options on the underlying securities. Then, at the end of the exercise date, when China Gold Clearing actually began to exercise, it was found that the underlying securities were insufficient, so it was determined that the exercise of the put option failed.