1. The symmetries of rights and obligations are different. Stock options are a typical incentive model with asymmetric rights and obligations, which are determined by the essential attributes of options as financial instruments;

2. The symmetries of rewards and punishments are different. Because the symmetry of rights and obligations is different, the symmetry of incentives and punishments is also different. Stock options are not punitive;

3. Waiting period, lock-up period and other provisions. After the stock option is granted, there is a waiting period (more than one year) before entering the exercise period;

4. The difference between the exercise price and the grant price. The exercise price of stock options is the price determined when a listed company grants stock options to incentive objects and the incentive objects purchase the shares of the listed company.

An option is the right to buy or sell a certain amount of a specific asset at a specific price at a specific time in the future.

Option trading is a kind of rights trading. In futures options trading, the option buyer, after paying a fee (premium), obtains the right granted by the option contract to buy or sell a certain amount from the option seller at a predetermined price (execution price) within the time specified in the contract. Quantity futures contract rights.

After the option seller receives the premium paid by the option buyer, as long as the option buyer requests to exercise his rights at the time specified in the contract, the option seller must unconditionally perform the obligations stipulated in the option contract. In futures trading, buyers and sellers have equal rights and obligations. Different from this, the rights and obligations of buyers and sellers in options trading are not equal. After the buyer pays the premium, he has the right but not the obligation to execute or not to execute; the seller receives the premium, no matter how unfavorable the market conditions are, once the buyer proposes execution, he has the obligation but not the right to perform the options stipulated in the option contract.

An option is also a contract. The terms in the contract have been standardized. Take wheat futures options as an example. For option buyers, the right to call one wheat futures usually represents the right to buy one wheat futures contract in the future. An option on a wheat futures usually represents the right to sell a wheat futures contract in the future; the seller of the option has the obligation to sell a certain number of wheat futures contracts to the option buyer at a certain time in the future at the execution price according to the terms of the option contract. The buyer of the option has the obligation to purchase a certain amount of wheat futures contract from the option seller at a certain time in the future based on the terms of the option contract.

The price of an option is called the premium. Premium refers to the fee paid by the option buyer to the option seller to obtain the rights conferred by the option contract. For option buyers, no matter where the price of wheat futures moves in the future, the maximum loss they may face is just the premium. This feature of options gives traders the ability to control investment risks. The option seller receives the option premium from the buyer in return for taking on market risk.