1. financial futures: only financial futures options, no financial options futures, that is, only financial options transactions with financial futures contracts as the subject matter, and no financial futures transactions with financial options contracts as the subject matter. Generally speaking, the subject matter of financial options is more than financial futures.

2. Financial options: Generally speaking, all financial commodities that can be traded in futures can be traded in options. However, financial products that can be traded as options cannot be traded as futures.

Second, the symmetry is different.

1. financial futures: the rights and obligations of both parties in financial futures trading are symmetrical, that is, for either party, they have both the right to require the other party to perform and their own obligations to the other party.

2. Financial options: There is obvious asymmetry in the rights and obligations of both parties to the financial options transaction. The buyer of the option has only rights but no obligations, and the seller of the option has only obligations but no rights.

Third, the performance guarantee is different.

1. Both parties to financial futures trading need to open a margin account and pay the performance bond as required.

2. In the transaction of financial options, only the option seller, especially the seller of unsecured options, needs to open a margin account and pay the margin according to the regulations to ensure the fulfillment of obligations.

Fourth, the cash flow is different.

1. There is no cash receipt and payment relationship between the two parties in financial futures trading, but after trading, due to the daily settlement system, cash flow will occur between the two parties due to price changes, that is, the balance of the margin account of the profit party will increase, while the balance of the margin account of the loss party will decrease. When the balance of the loss-making margin account is lower than the prescribed maintenance margin, the additional margin must be paid in time according to the regulations.

2. In the financial option transaction, the option buyer must pay a certain option fee to the option seller in order to obtain the rights granted by option contracts; However, after the transaction, there is no cash flow between the two parties except the due performance.

Five, the profit and loss characteristics are different

1. Both parties to the financial futures trading have no right to breach the contract or require early delivery or delayed delivery, but can only hedge through reverse trading at any time before the maturity or make physical delivery at the maturity.

However, before hedging or due delivery, price changes will inevitably make one party profitable and the other party lose money, and the degree of its profit or loss depends on the extent of price changes. Therefore, theoretically speaking, the potential gains and losses of both sides of financial futures trading are infinite.

2. In financial options trading, because of the asymmetry of rights and obligations of options buyers and sellers, their gains and losses in trading are also asymmetric. Theoretically speaking, the potential loss of the option buyer in the transaction is limited, limited to the option fee paid, and the possible profit is unlimited.

Baidu Encyclopedia-Financial Options