The birth of SSE 50 index options first promoted the development of derivatives and the rapid progress of the capital market, which is certain, which is conducive to the long-term stability and value discovery of the stock market, adding new hedging tools and more conducive to the introduction of more innovative products. As for the impact on the rise and fall of a stock in a certain sector, we can only look at their own specific performance. Even for constituent stocks, the specific trend depends on their own situation, the overall market situation, the economic situation, and the future development and current situation of the industry in which the company is located. It is not that whoever is the target will rise and fall.
Stock option contract is a standardized contract formulated by Shanghai Stock Exchange, which stipulates that the buyer has the right to buy or sell the agreed stock at a specific price at a specific time in the future or a transactional open index fund (ETF) that tracks the stock index.
SSE 50ETF option is a standardized contract of SSE 50 Trading Open Index Securities Investment Fund ("50ETF") which tracks the stock index.
Basic terms of SSE 50ETF option contract
Subject matter of contract
SSE 50 Trading Open Index Securities Investment Fund ("50ETF")
Contract type
Call option and put option
Contract unit
10000 copies
Contract expiration month
The current month, the next month and the next two quarters.
exercise price
5 (1 equivalent contract, 2 imaginary contracts and 2 real contracts)
Executive price distance
3 yuan and below is 0.05 yuan, 3 yuan to 5 yuan (inclusive) is 0. 1 yuan, 5 yuan to 10 yuan (inclusive) is 0.25 yuan, 10 yuan to 20 yuan (inclusive) is 0.5 yuan, and 20 yuan to 50 yuan (inclusive) is 1.
Exercise mode
Exercise on Maturity Date (Europe)
Mode of delivery
Physical delivery (unless otherwise stipulated in the commercial rules)
Due date
The fourth Wednesday of the expiration month (postponed in case of legal holidays)
Exercise date
On the same day as the expiration date of the contract, the submission time of exercise instruction is 9: 15-9:25, 9: 30-1:30, 13:00- 15:30.
delivery date
The exercise date is one trading day.
trading hour
9: 15-9: 25 am, 9: 30 am-1:30 am (9: 15-9:25 am is the opening bidding time).
13: 00-15: 00pm (14: 57-15: 00 is the closing call auction time).
Entrustment type
General price limit entrustment, market surplus to price limit entrustment, market surplus cancellation entrustment, full real-time price limit entrustment, full real-time market price entrustment and other entrustment types stipulated by business rules.
Trading type
Buy-in, buy-in, sell-out, sell-out, cover-up, cover-up and other transaction types specified in business rules.
Minimum quotation unit
0.000 1 yuan
Declaring unit
1 sheet or its integral multiple
Price limit
The maximum increase of call option = = max {{the former closing price of the contract target× 0.5%, min [(2× the former closing price of the contract target-exercise price), the former closing price of the contract target] × 10%}
Maximum decline of call option = closing price before contract target × 10%
Maximum increase of put option = = max {{exercise price ×0.5%, min [(2× exercise price-price before closing of contract target), price before closing of contract target] × 10%}
Maximum decline of put option = pre-closing price of contract target × 10%
Circuit breaker mechanism
During the continuous bidding period, when the intraday trading price of the option contract rises or falls by 50% or more compared with the latest reference price, and the absolute value of the rising or falling range reaches or exceeds 5 minimum quotation units, the option contract enters the 3-minute call auction trading stage.
Initial margin
minimum standard
Margin for opening call option obligation warehouse = [pre-contract settlement price +Max( 12%× pre-closing price of contract target-imaginary value of call option, 7%× pre-closing price of contract target) ]× contract unit.
Margin for opening put option obligation warehouse = min[ pre-contract settlement price +Max( 12%× pre-closing price of contract object-imaginary value of put option, 7%× exercise price ]× contract unit.
Maintain profits
minimum standard
Call option obligation warehouse maintenance margin = [contract settlement price +Max( 12%× closing price of contract target-imaginary value of call option, 7%× closing price of contract target) ]× contract unit.
Put option obligation warehouse maintenance margin = min[ contract settlement price +Max( 12%× joint target closing price-put option imaginary value, 7%× exercise price), exercise price ]× contract unit.
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