There are two kinds of soybean meal option fees: transaction fees and exercise (performance) fees. The transaction fee refers to the fee payable for trading options every day. Exercise (performance) handling fee refers to the fee for the option buyer (seller) to convert the option position into future positions after exercising (performance).

Judging from the actual situation of the international option market, option fees are usually charged according to the trading volume. Because the option delta≤ 1, from the perspective of the cost-benefit ratio of investors, the option transaction fee is generally not higher than the target futures transaction fee. According to the different types of users' identities, the transaction cost of soybean meal options (open bidding) is about 0.6 USD/lot. According to different types of transactions, the Intercontinental Exchange (ICE) charges about $0.75/lot for soybean meal options.

In the design of the option fee system, big businessmen consider that it conforms to international practice and is convenient for exchange management and market understanding in the initial stage of listing. Option fees are charged according to the number of lots, including transaction fees and exercise (performance) fees; Second, from the perspective of strict supervision in the initial stage of listing, the option fee should not be too low, and from the perspective of market cultivation, the option fee should not be too high. According to the international practice and the investor's cost-benefit ratio, the transaction fee standard is 1 yuan/hand (the transaction fee standard of the current day is consistent with that of the non-current day), and the exercise (performance) fee standard is 1 yuan/hand, which is consistent with the transaction fee standard.

In the initial stage of option listing, the primary goal is to run smoothly. In the future, according to the actual market situation and drawing lessons from the experience of international exchange fee management, the fee measures will be further optimized.

Exercise mode of soybean meal option

The exercise method of soybean meal option in Dashang Institute is American. At present, the design of the option system is that customers can apply for exercise every trading day before and after the expiration date of the contract, and the exercise of options requires the application of the buyer's customers or members, otherwise the regulations will not be implemented. At the same time, I use the method of automatic application for exercise of real options when they expire. On the expiration date of the option contract, the Exchange will automatically submit the exercise application for the option position with the actual value greater than zero, unless its buyer, customer or member cancels the automatic exercise application on the expiration date. In the international futures option market, most exchanges automatically exercise real options, and buyers and customers can apply not to exercise them. The following considerations apply to the way in which large traders automatically exercise their rights at maturity:

First, it conforms to international practice and effectively prevents customers and brokerage companies from forgetting. Most options exercised by mainstream international exchanges are automatic. This design is mainly to prevent customers and brokerage companies from forgetting to apply for exercising the real option when the option expires, thus losing the potential option income and avoiding legal disputes that may be caused by the abandonment of the real option.

The second is to reduce the potential legal liability of futures companies. If the option with real value does not automatically exercise when it expires, the responsibility of reminding customers of the expiration of the option and assisting customers to apply for exercise will focus on the futures company, and giving up exercising the real value option may also bring legal disputes.