The embryonic form of early options originated from the story of olive squeezing (Thales, an ancient Greek mathematician and philosopher, used options to obtain the right to use olive squeezing at a low price before olive harvesting) and the tulip incident (growers used put options to ensure that tulip bulbs could be sold at a better price, but due to irregular market, speculators over-speculated, leading to market collapse). At first, options trading was mainly conducted over-the-counter, but its development was limited due to the irregular market and imperfect supervision system. The establishment of 1973 CBOE marks the standardization of option trading. After that, CFTC relaxed the restrictions on options trading and gradually introduced commodity options and financial options trading. Since commodity options originated in Europe and America, which is also an active trading area at present, this paper mainly introduces the development of commodity options in the United States and Europe.
The Development Course of commodity options in Europe and America
The United States is the birthplace of the global commodity options, but it has also gone through the process of prohibition and opening for many times before its commodity options is standardized. Commodity options, the United States, first started from 19 in the 1970s, when it was called preferential rights. After the American Civil War, this kind of option trading, called ex-gratia trading, was very active. At first, commodity options was mainly used for agricultural futures options. At that time, there was no special regulatory agency in the option market, and the market was very chaotic. 1874, the Illinois legislature banned the so-called preferential transactions. Commodity options trading is mainly active off-site. However, due to the frequent off-site commodity options frauds, the US financial regulator issued the Regulations on Commodity Exchanges on 1936, prohibiting the trading of agricultural options.
At the end of 1960s, when the trading volume of commodity futures shrank, CBOT began to develop various options markets. In the early 1970s, with the increase of market volatility of world commodities such as sugar, cocoa, silver and plywood, OTC commodity options trading became active again. However, due to widespread fraud in option trading at that time, CFTC suspended all commodity options trading on 1978.
Subsequently, the successful application of Black-Scholes option pricing formula not only laid a theoretical foundation for the option market, but also created conditions for the rapid development of the option market. 1982, President Reagan signed the Futures Trading Regulations, authorizing American exchanges to trade agricultural options and allowing them to submit two active applications for agricultural futures options. CBOT applied for options to list soybeans and corn, and Chicago Mercantile Exchange applied for options to trade pigs and cattle. On June 5438+ 10 of the same year, CFTC approved limited commodity futures options except domestic agricultural products. 1983, CBOT listed and traded coffee and sugar futures options and COMEX listed and traded gold futures options. In order to encourage exchanges to compete, CFTC has liberalized the on-site trading of designated commodities since April 1998, allowing exchanges to list and trade designated commodities.
At present, the commodity options market in the United States is relatively mature and rich in varieties. Commodity options trading of the Exchange covers cereals, soft commodities, livestock, industrial metals, precious metals and crude oil, among which commodity options trading of crude oil, natural gas and other energy sources is the most active, followed by agricultural product options and precious metal options.
In the global options market, although the scale of financial options accounts for most of the shares, the trading volume of commodity options is also increasing. 20 1 1, 654.38+73 million pieces were sold in commodity options, an increase of 15.04% compared with 20 1, in which the United States is the main commodity options market. According to WFE data, from 2005 to 20 1 1 year, the turnover of commodity options in the United States showed a rapid growth trend, with a growth rate of 130%. 20 1 1, the transaction volume of commodity options in the United States reached 156 billion, which was 13.3% higher than that of 20 1, accounting for 90.9% of the total transaction volume in commodity options.
Commodity options also has a long history in Europe. In the tulip incident in the17th century, growers and distributors used options to hedge tulip bulbs, but the market eventually collapsed due to excessive speculation by speculators. In 1970s, commodity options OTC appeared in Europe, but the overall development of European commodity derivatives market was slow. Although commodity options in Europe also covers agricultural products, energy and metals, the most active transactions are energy and industrial metal options, among which the most active commodity options is Brent crude oil futures option of ICE, and the trading volume is increasing rapidly. CFTC data shows that the total position of Brent crude oil options was 80,000 at the beginning of 2065,438+065,438+0, and reached more than 400,000 at the end of the year. By the middle of 2065,438+02, the position will be stable at 654,380+00,000. Secondly, LME's industrial metal options, such as copper and aluminum, were first traded in the OTC market, and 1987 was introduced into the market. Since the average price option of LME was listed in 1997, the trading volume of LME options has increased dramatically.
Judging from the development of the United States and commodity options in Europe, commodity options first developed from the European and American markets, and generally entered the rapid development stage of commodity options in the 1980s. The markets in Europe, America and commodity options were active in over-the-counter trading at first, and then developed into on-market trading; In terms of types, because the United States is the largest energy consumer and producer of agricultural products in the world, it has obvious advantages in agricultural products and energy options, while commodity options, which is more active in Europe, mainly has Brent crude oil options and LME metal options.
Global commodity options market turnover
Since 2005, the global derivatives trading volume has increased year by year, and the global options trading has grown even faster. With the gradual improvement of the global financial market, the scale of options trading has increased year by year, the absolute value of trading volume has exceeded futures trading for five consecutive years, and the total number of options positions has also exceeded the corresponding total number of futures positions since 1999. The FIA's statistics on the global on-market derivatives trading data show that the global options market developed rapidly from 2005 to 20 1 1, and the trading volume rose from 5.939 billion in 2005 to 20 12027 million, with a growth rate of 102.5%. By the end of 20 1 1, the global futures options trading volume reached 24.972 billion, with a year-on-year growth rate of 1 1.4%, of which the futures trading volume was129.45 million, with a year-on-year growth rate of 7.4%; The trading volume of options was 654.38+02.027 billion, a year-on-year increase of 654.38+05.9%. Judging from the year-on-year growth rate of option trading volume, in 2007, the option trading volume reached the highest historical growth rate of 26.3%; In 2008, affected by the global financial crisis, the growth rate of option trading volume dropped sharply; The year-on-year growth rate in 2009 was only1.7%; However, the annual growth rates of 20 10 and 20 1 1 have rebounded rapidly, and are currently maintained at the level of 15% or above. Generally speaking, from 2005 to 20 1 1 year, the annual compound growth rate of global options market turnover remained above 13%.
In terms of global derivatives, 20 1 1 is still dominated by financial futures and options, among which the market size of stock index derivatives and individual stock derivatives is outstanding, accounting for 33.9% and 28.3% of the whole derivatives market respectively, followed by interest rate futures and options and foreign exchange futures and options, while the proportion of commodity futures and options is about 10.3%.
In the global options market, although the market size of financial options accounts for the vast majority, the trading volume of commodity options is also increasing. 20 1 1, the transaction volume of commodity options was 654.38+73 million, which was 5.04% higher than 20 1. Regionally, the United States is the main commodity options market, with the transaction volume of 20 1 1 reaching 654.38+56 million, while the transaction volume of 2011in 2006 accounted for more than 90% of the global commodity options.
In terms of varieties, the commodity options trading volume of 20 1 1 each plate increased compared with 20 10. Energy, agricultural products, precious metals and metals are ranked in the order of transaction volume, with the transaction volume of 78.69 million (45.6%) and 72.38 million (465.438+) respectively. Judging from the increase in trading volume, precious metal options rose the most, with an increase of 33.9%; Followed by agricultural product options, with an increase of 2 1.8%.
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