1, the target is "50ETF Fund", which is not an index, combined with the "physical delivery" mechanism, that is, the corresponding number of "50ETF Fund" shares are obtained after the exercise;
2. The minimum transaction unit is Zhang,1=10000; For example, the price of each option in the following figure is 0.0026 yuan,1= 0.0026 *10000 = 26 yuan.
3. Expiration Month There will be four months of contract display every quarter and every month, similar to the expiration month of futures;
4. The expected date of delivery is not a fixed day, but the "fourth Wednesday" of each month;
5. The trading time is basically the same as the stock trading time, and the exercise time on the last trading day is extended by 30 minutes to15: 30;
6. The exercise price is 9 (65,438+0 flat value, 4 imaginary value and 4 real value). Simply put, at least 1 flat value, 4 imaginary values and 4 real values should be maintained every day. If it is not enough, the contract will be added the next day, so when the subject matter fluctuates greatly, the contract will be added the next day; As well as contracts with dividends after the end of the year, it is not recommended to participate in contracts with A after dividends.
7. There are six trading orders, corresponding to three trading types; Buyers, sellers and prepared houses.
8. The price limit can be simply understood as basically no price limit.
9. Fuse mechanism. Although there is no price limit, the intraday price increase or decrease exceeds 50% of the previous reference price, which triggers the fuse and suspends trading for 3 minutes;
Example: 2065438+February 9, 2008, the 50ETF sold the February 2750 contract at an opening price of 0.0239 yuan, the first fuse was 0.036 1 yuan, the second fuse was 0.0762 yuan, the third fuse was 0. 1239 yuan, and the fourth fuse was 0.072/yuan.
10, the deposit is nonlinear. Compared with the fixed proportion margin of futures (such as the stock index is 15%), the margin of options has three characteristics:
1. The margin consists of a certain proportion of the target (7~ 12%) plus the option premium;
2. The proportion of payment in different contracts is not fixed (less imaginary value, more real value);
3. The margin paid by the same contract changes with the change of the target price (compared with futures, the margin of options changes much more).