Specific exercise process of options (I) exercise statement
When exercising, the option holder entrusts the option management institution to report the exercise date of the option contract;
The exercise date is the contract expiration date (the last trading day), that is, the fourth Wednesday of each contract expiration month (in case of legal holidays, the closing day of Shenzhen Stock Exchange will be postponed to the next trading day).
(2) Check the validity of the general right statement.
Whether the subject matter of the option contract held by the exerciser is sufficient; Whether the subject matter of the contract held by the exerciser of the put option is sufficient.
(3) Transfer of exercise right
China Settlement allocates exercisers (option obligors) according to the effective number of declared investors;
(4) exercising the right of liquidation
According to the exercise transfer, China Settlement calculates the receivable and payable funds and contract objects of both the option holder and the option obligor according to the exercise declaration of the option holder and the transfer of the option obligor.
Is the option fee included in the liquidation fund? Whether royalties are included in the liquidation fund depends on the trading method and settlement method of options. In European option trading, the option fee is usually paid at the time of option trading and is regarded as the cost or income of the option.
On the delivery date, the liquidation fund of the option will include the option fee and the settlement of any profit and loss.
The exercise time of the option is 9:15-11:30. Afternoon 13: 00- 15: 00. Among them, 9: 00 am15-9: 25 am is the opening time in call auction. 9: 30-11:30.13: 00-15: 00 is the continuous bidding time.
On the last trading day of the option, that is, the exercise date, the trading time remains unchanged. The exercise time is 9: 00 a.m.15-1:30 a.m. (where call auction ends at -9: 30 randomly and does not accept the exercise instruction) and 13: 00- 15: 30 p.m.
Issues needing attention when exercising options Generally speaking, the exercise date is the fourth Wednesday of each exercise month. For the call option buyer, the subject matter of the exercise contract can only be sold on the second trading day after the exercise date. For put option buyers, the funds obtained from exercise can only be used on the second trading day after the exercise date. Therefore, investors should not only pay special attention to the price trend of the underlying contract two trading days after the exercise, but also pay attention to the price trend of the underlying contract on the day of the exercise.