During the period of 1973, the option market changed historically. The Chicago Board of Trade (CBOT) organized an options exchange-CBOE, which is an epoch-making event in the history of options development. The formal establishment of this option exchange marks that the real option trading represented by stock option trading has entered a new stage of all-round development with completely unified, standardized and standardized management. The standardization of contracts enables traders who originally bought (sold) options to hedge before the maturity date, which greatly increases the liquidity of the market; More importantly, CBOE has added a clearing house to ensure the performance of contracts between buyers and sellers. In this way, traders do not have to worry about the seller's credit risk, thus attracting a large number of option brokers and investors.

With the development of the world economy and the world futures market, the United States, Britain, Japan, Canada, France, Singapore, the Netherlands, Germany, Switzerland, Australia, Finland and even China and Hongkong have established options exchanges or exchange options trading markets. Option trading has also expanded from the initial stocks to nearly 100 varieties including commodities (agricultural and sideline products, financial products), financial securities, foreign exchange, gold and silver. It can be said that almost all forms of assets and liabilities have options trading.

In recent years, the world option trading volume has increased rapidly. In 2000, the global options trading volume accounted for 48% of the total futures trading volume. In 200 1 year, the global option trading volume (428160,000, of which stocks exceeded1000 million) accounted for 58% of the total futures trading volume, and the global option trading volume has exceeded the futures trading volume. In 2002, the global trading volume of options reached 3,892.4 million, accounting for 62.6% of the total trading volume of global futures options. In 2003, the global options trading scale reached a new high, reaching 565,438+42.2 million, accounting for 63.4% of the total global futures options trading volume.