Among them, the newly added GEM ETF option linked to the GEM index in Shenzhen is the first derivative of the GEM and the first risk management tool for innovative growth stocks, which has achieved a breakthrough in Shenzhen's single market zero ETF option.
At the same time, the CSI 500ETF option of Shanghai and Shenzhen Stock Exchanges is linked to the CSI 500 Index. The contract subject of Shenzhen Stock Exchange is Harvest CSI 500ETF, and the contract subject of Shanghai Stock Exchange is Southern CSI 500ETF. The index is well-known and has obvious characteristics of small and medium market value, which is beneficial to existing varieties.
ETF option is a mature risk management tool in the capital market and plays an important role in the long-term stable development of the capital market. At the same time, the "innovation" of ETF options also provides investors with more tools for diversified risk management and diversified investment strategies.
So, what are the conditions for participating in the new option? How is the trading system arranged? What is the significance of ETF option expansion?
Personal participation: it is necessary to meet the conditions of "five necessities"
Options are highly professional, which objectively requires participants to have high professional level, strong economic strength and strong risk tolerance.
According to the relevant provisions of the pilot stock options in Shanghai and Shenzhen Stock Exchanges, individual investors can participate in options trading, but they should meet the conditions of "five necessities":
The first is "having assets". The average daily assets of the investor's securities account and fund account in the 20 trading days before the application for opening an account are not less than 500,000 yuan (excluding the funds and securities that investors integrate through margin financing and securities lending);
The second is "experience". Investors should open an account in a securities company for more than 6 months, and have the qualification to participate in margin trading or financial futures trading experience; Or have opened an account with a futures company for more than 6 months and have experience in financial futures trading;
The third is "knowledge". Investors should have basic knowledge of options and pass relevant tests recognized by the exchange;
The fourth is "experience in simulated trading". Investors should have experience in simulated trading of options recognized by the exchange;
The fifth is "risk tolerance". Investors should have corresponding risk tolerance;
"None" means that there is no serious bad credit record and options trading is prohibited or restricted by laws, administrative regulations, departmental rules, normative documents and exchange business rules.
Individual investors who have opened derivative contract accounts in Shanghai and meet the above requirements are deemed to meet the requirements of individual investors of Shenzhen Stock Exchange.
Not only is there a threshold for opening an account, but the trading authority of individual investors is also "graded". Only when you have reached the required qualified score in the corresponding knowledge test and have the corresponding experience in option simulation trading can you apply for the corresponding level of trading authority.
Individual investors with primary trading authority can open positions with a corresponding amount of reserve funds when holding the subject matter of the option contract, or buy and open a corresponding amount of put options when holding the subject matter of the option contract, or liquidate or exercise the held contract;
Individual investors with secondary trading authority can conduct transactions corresponding to primary trading authority, and carry out buying and opening positions;
Individual investors with the third-level trading authority can conduct transactions corresponding to the second-level trading authority, and sell and open positions with margin.
Of course, investors who have opened derivatives contract accounts in the Shanghai Stock Exchange can apply for the same level of trading authority as the Shanghai Stock Exchange in the Shenzhen Stock Exchange.
Participation of ordinary institutions: the net assets are not less than 6,543,800 yuan.
Ordinary institutional investors also need to meet certain conditions to participate in option trading.
For example, the average daily assets of the securities account and the fund account in the 20 trading days before the application for opening an account are not less than 6,543,800 yuan (excluding the funds and securities that investors integrate through margin financing and securities lending); The net assets shall not be less than RMB 6,543,800+,and so on.
Ordinary institutional investors who have opened derivative contract accounts in Shanghai are deemed to meet the requirements of Shenzhen Stock Exchange.
If professional institutional investors such as banks, insurance companies, trusts, fund companies and option management institutions participate in option trading, comprehensive evaluation is not required.
Transaction: it can be even on the day of opening the position.
On the whole, the institutional arrangements of GEM ETF options and CSI 500ETF options are basically the same as those of Shanghai and Shenzhen 300ETF options that have been listed and traded.
There are six trading types of options: open buying, open buying, closed buying, closed buying, open buying and closed buying. The order declaration types of options are generally divided into limit orders and market orders, and call auction can only use limit orders.
The trading time of options is the same as that of spot, from 9: 15 to 9:25, 9:30 to1:30, 13:00 to 15:00 every trading day, and the time for constructing and releasing the portfolio strategy margin is extended to/.
Option trading supports intra-day cycle trading, that is, the position can be closed on the same day. During the trading period, two-way positions can be held, and the long and short positions of the same contract will take net positions after automatic hedging at the end of the day.
Option trading adopts a mixed trading system combining market maker's quotation and trader's order. Market makers provide liquidity services for option contracts, continuously provide bilateral quotations according to the requirements of obligation performance, and act as counterparties of traders to facilitate the conclusion of transactions.
2 16 new contract is listed and traded.
With the listing of three new varieties of ETF options, the variety of ETF options in Shanghai and Shenzhen Stock Exchanges has expanded to six. Previously, the Shenzhen Stock Exchange has successfully launched the CSI 300ETF option, and the Shanghai Stock Exchange has launched the SSE 50ETF and the CSI 300ETF.
The contract targets of the newly-added GEM ETF option and CSI 500ETF option are GEM ETF( 1599 15) and Harvest CSI 500ETF( 159922) respectively.
The contract target of CSI 500ETF option in Shanghai Stock Exchange is Southern CSI 500ETF(5 10500).
The main terms of the contract are basically consistent with the listed CSI 300ETF options.
Contract types include call option and put option. The contract unit is 10000 copies of the underlying ETF. The minimum quotation change unit is set to 0.000 1 RMB. The minimum transaction unit is 1. The expiration months of the contract are the current month, next month and the next two quarters. For contracts with the same expiration month, the exercise price sequence includes 1 flat value, 4 real value and 4 imaginary value.
The maturity months of the first listed option contracts are 2022 10 month, 202210 month, 2022 12 month, and March 2023, each month contains 9 contracts, including two types of call options and put options, so today * *.
The exercise method is European, that is, the exercise method on the due date is adopted. The expiration date of this contract is the fourth Wednesday of the expiration month. In case of legal holidays and closed days, it will be postponed to the next trading day. The delivery method is physical delivery, and cash settlement is adopted in special circumstances.
What is the significance of ETF option expansion?
Analysts pointed out that the "innovation" of ETF options further enriched the risk management tools of the capital market, improved the stability mechanism of the spot market, enhanced the market vitality and resilience, promoted the development of ETF market, guided long-term funds to enter the market, and promoted the stable and healthy development of the capital market.
Specifically, first, it is conducive to the development of diversified products to meet the needs of risk management and wealth management. Rich ETF option products are conducive to developing more products with enhanced returns and risk neutrality, meeting the income expectations and risk preferences of different investors, and effectively meeting the needs of diversified risk management and wealth management.
The second is to provide insurance for the spot and enhance market flexibility. ETF option has a unique insurance function and is a refined risk management tool. Investors buy put options for hedging transactions, which not only protects the spot position, reduces the selling pressure in the spot market, but also retains the possibility of gaining the rising income of the spot, which is beneficial for investors to hold the spot for a long time, establish a long-term investment concept, enhance the toughness of the spot market and promote the long-term healthy development of the capital market.
The third is to attract long-term funds to enter the market and help enterprises develop better. The introduction of ETF options will help to increase the allocation of funds corresponding to ETF products, promote the development of ETF market, contribute to related innovation and growth, attract stable medium and long-term investment groups for small and medium-sized listed companies, and obtain better growth and development opportunities.
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