It means that the currency futures contract is the basic asset of the option contract, that is, the option buyer has the right to execute or give up execution on or before the option expiration date, and buy or sell the underlying currency futures at the execution price.

The difference between it and currency futures options is that when currency futures options are executed, the buyer obtains or delivers the futures contract of the underlying currency, not the underlying currency itself. Foreign exchange futures option trading means that the option buyer has the right to buy or sell a certain amount of foreign exchange futures at the agreed exchange rate on or before the expiration date, that is, the buyer's deferred option can enable the option buyer to obtain long positions in foreign exchange futures at the agreed price; Buying deferred options enables option sellers to establish short positions in foreign exchange futures at agreed prices.

The delivery of the foreign exchange futures option after the buyer exercises the futures option is the same as that of the foreign exchange futures; Unlike cash options, foreign exchange futures options can be exercised at any time before the expiration date.

At present, foreign exchange futures options trading is mainly conducted in the index and options market of Chicago Mercantile Exchange, the futures exchange in Sydney and the international financial exchange in Singapore.

2. Interest rate futures options

Interest rate futures option is an option with interest rate futures as the subject matter. As long as the option holder executes the interest rate futures option, it will form an interest rate futures trading contract with the option short seller, which will change from option trading to futures trading.

In the use of funds, interest rate futures options have more advantages than interest rate spot options, because futures options are traded by paying the deposit in advance, and the buyers and sellers are cleared by net settlement when the options are delivered. Therefore, buyers and sellers can sign a large number of interest rate futures option contracts with a small amount of funds to improve the capital income.

Interest rate futures options have been standardized, usually carried out on exchanges, with high liquidity, so the credit risk of trading is very small.

In addition to the above characteristics, interest rate futures options also have some shortcomings: both parties can sign large-value trading contracts with less funds, so they are speculative; Because it is an over-the-counter transaction, the variety of transactions is limited, and it is impossible to independently agree on the terms such as the agreed price and the transaction period. ?

Interest rate futures options trading markets mainly include Chicago Mercantile Exchange, London International Financial Exchange and Singapore International Financial Exchange.

Interest rate futures options can be divided into two categories according to their applications: one is the option of the most frequently traded interest rate futures contract; The other is three special options provided by the interbank market, namely hat option, ground option and collar option. Meanwhile, interest rate futures options can also be divided into short-term interest rate futures options and long-term interest rate futures options. ?

3. Stock index futures options

It refers to an option with a certain stock index futures contract as the subject matter. When the stock index futures option exceeds the contract, both parties to the transaction convert the option part into the corresponding futures part according to the service price, and realize daily settlement according to the current market price before the futures contract expires, and then make cash settlement according to the final settlement price when the futures contract expires, and finally settle the transaction. The first common stock index futures option contract appeared in Chicago Board Options Exchange1March, 983.

The subject matter of this option is the S&P 100 stock index. Subsequently, American Stock Exchange and new york Stock Exchange quickly launched the index option trading. The stock index option is based on the common stock index, and its value depends on the value and change of the stock index as the target.

Stock index futures options must be delivered in cash, and the amount of cash settled is equal to the product of the difference between the present value of the index and the final price and the option multiplier.