The market base of rapeseed meal option is good.
The relevant person in charge of Zhengshang Institute said that rapeseed meal varieties have a good spot foundation and high maturity, and the futures market operates smoothly and has effective functions, which has all the conditions for option trading.
The variety of rapeseed meal is closely related to people's life and occupies an important position in China's national economy. Rapeseed meal is an important feed protein material. Rapeseed meal is widely used in aquatic feed. Because of its reasonable protein amino acid composition and low price, it is used in poultry feed, pig feed and ruminant feed. Rapeseed oil is one of the important oil crops in China, and it is the largest vegetable oil in China. China's rapeseed meal production and sales have been in the forefront of the world for many years.
Rapeseed meal futures were listed and traded on Zhengzhou Stock Exchange on 20 12. Since its listing, rapeseed meal futures have become a "star" and "fist" variety in the market with healthy and stable operation, maturity and effective functions. In the functional evaluation of Zheng Shang Institute's futures varieties in the first half of 20 19, rapeseed meal futures ranked first among agricultural products.
Zhang Liwei, director of the Information Service Department of the National Cereals and Oils Information Center, pointed out that the oil industry is one of the most mature industries that use the derivatives market for risk management, and it can be described as "skilled" in the use of futures and options, with high demand and good foundation in the options market. After the listing of rapeseed meal options, vegetable enterprises will have more abundant and effective hedging tools, and they will be more calm when dealing with domestic and foreign market risks.
Zhengzhou Commodity Exchange Rapeseed Meal Option Contract
Handling fee 0.8 yuan/hand
The transaction fee for rapeseed meal option is 0.8 yuan/lot, and the daily liquidation transaction fee is exempted. The charging standard for exercise (performance) is the same as that for option trading, and there is no charge for new futures positions after exercise (performance).
List of market makers of rapeseed meal futures and rapeseed meal options
Market makers of rapeseed meal futures: Minmetals Industrial Financial Services (Shenzhen) Co., Ltd., SDIC Zhonggu (Shanghai) Investment Co., Ltd., Zhengdong He Run Capital Management Co., Ltd., CITIC Zhongzheng Capital Management Co., Ltd., Guohai Shi Liang Capital Management Co., Ltd. and CITIC Jiantou Securities Co., Ltd.
Market makers of rapeseed meal options: Western Securities Co., Ltd., Shanghai Xinhu Ruifeng Financial Services Co., Ltd., Minmetals Industrial Financial Services (Shenzhen) Co., Ltd., Zhengdong He Run Capital Management Co., Ltd., Jiangsu Jinying Capital Management Co., Ltd., Zhejiang Yongan Capital Management Co., Ltd., CITIC Jiantou Securities Co., Ltd., Huatai Great Wall Capital Management Co., Ltd., CITIC Securities Co., Ltd., Guohai Shi Liang Capital Management Co., Ltd. and Yinhe Derui Capital Management Co., Ltd.
Related precautions
First, time to market
The rapeseed meal option contract has been listed and traded since Thursday, June 65438+1October 16, 2020, at 8:55-9:00 call auction time.
Second, the listing contract month
The first-day listing contracts include rapeseed meal option contracts with target months of 2005, 2007 and 2009.
Third, the listing benchmark price
Zhengshang Institute calculates the benchmark price of each option contract according to the option pricing model. Among them, the volatility parameter is determined according to the historical volatility of rapeseed meal futures and other factors, and the interest rate parameter is one-year loan market quotation (LPR). The benchmark listing price will be announced in the "Transaction Data" column of Zhengshang Institute website after settlement in 65438+1October and 65438+May.
Fourth, night trading hours.
From the night trading of 65438+ 10 16, the rapeseed meal option contract was traded at night. The night trading time of rapeseed meal option contract is the same as that of rapeseed meal futures contract.
Verb (abbreviation for verb) Maximum order quantity
The maximum order quantity of the limit order is 100 lots, and the maximum order quantity of the market order is 2 lots.
Sixth, position restrictions.
Non-futures company members and customers unilaterally calculate that the speculative position limit of rapeseed meal option contracts held within one month is 20,000 lots, and the sum of speculative and arbitrage positions shall not exceed 2 times of the speculative position limit.
The market maker's position limit is 40,000 lots.
Seven, inquiry restrictions
Non-futures company members and customers can make inquiries from market makers, and the inquiry interval of the same option contract shall not be less than 60 seconds.
When the optimal bid-ask spread of rapeseed meal option contract is less than or equal to the spread in the table below, no inquiry will be made.
Option trading authority is open
(1) This account has trading authority in commodity options.
If your account has passed the option trading authority of Zhengzhou Commodity Exchange, you can directly trade rapeseed meal options after listing.
If you only have the option trading authority of Dalian Commodity Exchange or Shanghai Futures Exchange, you can provide the corresponding supporting documents and sign the information, and you can open all the trading authority of commodity options. (i.e. no capital verification, no testing and no trading experience)
(2) The account has no trading authority in commodity options.
Conditions to be met when starting business for the first time:
① Online test (100, 80 passed)
(2) The trading experience conforms to the simulated trading records of futures and options in the past three years 10 trading days, with 20 or more trading records, or the domestic and foreign futures, options or other derivatives transactions with centralized liquidation experience 10 or more.
③ RMB 654.38+10,000 yuan or equivalent foreign currency after settlement of foreign exchange 5 trading days before opening an account with available funds.
Conditions to be met for the second opening:
If your account has the trading authority for financial futures, crude oil futures, specific varieties of stone/PTA/No.20 glue) or has 50 or more trading experiences in the recent 1 year, or is a professional investor such as a market maker or a special legal person, you can meet the requirements for opening a second account.
Those who meet any of the above requirements can be exempted from capital verification, testing and trading experience by providing corresponding supporting documents and signing materials.
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