1, trading time:
9: 30- 14: 30 on the opening trading day is the transaction at that time (the trading time is about 5 minutes); The submission after 14:30 is the next day's transaction.
The call option can be exercised on the second day after the successful liquidation, and the longest time is the exercise period of the call option.
2. Exercise cycle and methods:
The exercise period is divided into 2 weeks-12 weeks (currently 1-3 months). The longer the exercise period, the higher the corresponding royalty.
The exercise method is American exercise, that is, you can choose to exercise at any time within the time limit (except the day of opening the position);
If the stock is suspended, the suspension time does not exceed the exercise period, so it is not affected; If the exercise period is exceeded, the transaction shall be made at the opening price on the first day after the resumption of trading.
3. Can't buy stocks
(1) suspended stocks, ST stocks, stocks that have not resumed trading for more than one month, and sub-new shares for three months.
(2) Stocks with opening limit or limit.
(3) When the opening price rises or falls by more than 8%, you can buy it by retreating below 8%.
4. The principle of compulsory liquidation and risk control of securities companies.
(1) Brokers will intervene in the compulsory liquidation mechanism for two small and medium-sized boards (Shanghai and Shenzhen stock markets) with three consecutive daily limit to hedge their own risks.
(2) Discontinuous daily limit in the middle is not accumulated.
Second, the declaration system.
Individual stock option trading unit: Zhang
Minimum price change unit of individual stock option: 0.00 1 yuan/share.
If the underlying asset is stock: the maximum quantity of limit orders is 100. The maximum number of declarations in a single market is 50.
If the underlying asset is ETF, the maximum number of single limit declaration is 100. The maximum number of declarations in a single market is 50.
Third, the purchase restriction system
Individual stock option trading implements a purchase restriction system for individual investors, that is to say, it is stipulated that the scale of funds for individual investors to buy options and open positions shall not exceed a certain proportion of their securities account assets.
The specific standards of the purchase restriction system are as follows:
The scale of funds used by individual investors to buy options cannot exceed the following maximum limit: 10% of the customer's account assets in the securities company, or if the designated transaction has been in the company for less than six months in the previous six months, it shall be calculated according to the actual occurrence date. Hold 20% of the market value of the Shanghai Stock Exchange every day, except for hedging and arbitrage quota accounts that have been applied to and approved by the Exchange. The purchase amount is rounded to100000 yuan.
(1) warehouse restriction system
The trading of individual stock options implements the position limit system, that is, it limits the number of positions held by institutional and individual investors, and stipulates the maximum number of all contract positions that investors can hold in a certain target according to unilateral calculation. Unilateral calculation method: calculate the exercise price of the call or put option of the same contract target and the contract position of each maturity month in the direction of call or put. Specifically, call option holders and put option obligors are bullish, while call option obligors and put option holders are bearish.
(2) Limited opening system
The trading of individual stock options also implements the limited opening system, that is, the limited opening system is implemented for open-ended call options with the same underlying securities and the same maturity month.
For stock options only, on any trading day, the total number of contract targets corresponding to the open contracts of the same underlying securities in the same maturity month exceeds 30% of the tradable share capital of the contract targets. When the open position of the first day-end contract reaches 28%, the exchange will remind the market before the opening of the next trading day. When the above ratio is lower than 28%, the exchange will lift the restrictions from the next trading day.