On February 9, the SSE 50ETF option was listed on the Shanghai Stock Exchange, which officially opened the era of financial market options in China. How to interpret SSE 50ETF option contract? First of all, SSE 50ETF options, like the options we mentioned earlier, are derivative financial products based on a certain type of underlying assets. The basic asset of SSE 50ETF option is Huaxia SSE 50ETF(5 10050), that is, each 50ETF option contract corresponds to 10000 Huaxia SSE 50ETF. Secondly, SSE 50ETF options are divided into call options and put options. Call option means that the buyer has the right to buy Huaxia SSE 50ETF at the exercise price, and the seller shall bear the responsibility of selling Huaxia SSE 50ETF to the option buyer at the exercise price when the option buyer requests the exercise price. Put option means that the buyer has the right to spend money (royalty) to buy the Huaxia SSE 50ETF at the exercise price, and the seller shall bear the responsibility of buying the Huaxia SSE 50ETF from the option buyer at the exercise price when the option buyer requests the exercise. In order to ensure that the option seller has the ability to perform the contract at any time, the exchange implements a daily mark-to-market system for the option seller, whether it is a call option or a put option. To put it bluntly, the seller of the option should put a sum of money to prove that he has the ability to perform at any time. This money is what we usually call deposit. Remember, the option seller had better leave some money (available funds) in the option account in case the margin is insufficient. Of course, for the buyer of call option or put option, what he buys is the right, which he can exercise or give up. Not required to perform the contract, he naturally does not have to pay a deposit. Thirdly, unlike commodity options or index options, 50ETF options involve contract adjustment during ex-dividend period. That is, when the price changes due to the ex-dividend of 50ETF, the exchange will adjust the contract units and exercise prices of all unexpired contracts on the ex-dividend day, and re-list new contracts after ex-dividend. The basic idea of adjustment is that the value of the 50ETF corresponding to the option contract before and after ex-dividend adjustment should be basically the same, that is, the contract unit before adjustment × the closing price of the 50ETF before adjustment (the closing price of the 50ETF the day before ex-dividend adjustment) = the adjusted contract unit × the adjusted price of the 50 ETF after ex-dividend adjustment. From this, we can calculate the adjusted new contract unit, and then follow the idea that the face value of the option contract is basically the same, that is, the adjusted exercise price × the contract unit before adjustment = the adjusted exercise price × the adjusted contract unit. From this, the adjusted new exercise price can be calculated. Please refer to the option contracts Rules for the specific adjustment formula. Finally, you need to know that the expiration months of options are the current month, the next month and the next two quarters, and ***4 months. The maturity months of the first batch of listed option contracts are 2065438+March, April, June and September of 2005. The last trading day of the option is the fourth Wednesday of the expiration month (postponed in case of legal holidays). Options are traded at the same time as stocks, 9: 15-9: 25 a.m. and 9: 30-1:30 a.m. (9:15-9: 25 is the opening price call auction time) and afternoon1. The exercise time is less than half of the trading time, which is extended to 15: 30. 4. Individual investors (including individual investors, institutional investors and self-operated businesses of option management institutions, the same below) have a right position limit of 20 lots, a total limit of 50 lots, and a single-day limit of 100 lots. 5. A single investor can place at most 10 limit orders and at most 5 market orders. This limited warehouse design reflects the exchange's strict control over the risk of option trading. At the actual transaction level, investors need to pay more attention to various market risks.