At present, there are seven options markets in China, one is 50ETF, and the other six are commodity options, namely soybean meal option, sugar option, copper option, rubber option, corn option and cotton option. If the gold option is officially launched, it will become the seventh commodity options in China.
It is understood that the earliest gold option trading was the Amsterdam Stock Exchange in the Netherlands, and 198 1 began public trading in April. Options are denominated in dollars, and the 10 ounce gold contract with 99% gold purity can be bought and sold four times a year. Later, the Winnipeg Exchange of Canada introduced gold options trading. Later, Britain, Switzerland and the United States all began to trade options for gold or other precious metals.
Gold option simulation trading contract
First, the account opening process
Customers open accounts through futures companies. If there is a trading code in the exchange simulation test environment, you can directly participate in the simulation trading.
Second, the listing contract
Gold futures and gold options are both simulated transactions. The corresponding months of gold futures contracts listed initially are AU 1909, au19, AU 19 1 1, AU 19 12. The months corresponding to the initial gold option contracts are AU 19 10, au191,AU 19 12, AU2002, AU2004 and au.
Third, trading time.
The simulated trading time is the same as the daily trading time, and night trading is not allowed.
Four. Related parameters
In the process of simulated trading, the relevant parameters of gold futures are consistent with the real quotation. The relevant parameters of the gold option are as follows:
Verb (abbreviation for verb) volume limit
The position limit of gold futures in simulated trading is determined according to the existing regulations of the exchange.
In simulation trading, the positions of gold options and gold futures are limited separately. The positions of non-futures company members, customers and market makers of gold options are absolutely limited, while the positions of futures company members are not limited. Before February of the gold futures contract delivery month, the position limit of gold options for non-futures company members is 18000 lots, with 9000 lots for customers and 27000 lots for market makers; One month before the delivery month of the gold futures contract (the month when the options expire), the position limit of gold options for non-futures company members is 5400 lots, with 2700 lots for customers and 9000 lots for market makers.
Member units should do a good job in customer position management in the process of simulation trading to avoid the backlog of expired gold futures contracts.
Six, the difference between gold options and gold futures
Gold option means that buyers and sellers have the right to buy a certain number of targets at an agreed price in the future, but they have no obligation. If the price trend is favorable to option buyers, they will exercise their rights and make a profit. If the price trend is unfavorable to them, they will give up the right to buy and lose only the cost of purchasing options at that time.
Gold futures refer to futures contracts with the gold price in the international gold market as the transaction target at a certain time in the future. The profit and loss of investors buying and selling gold futures is measured by the difference between the time of entry and exit, which is the physical delivery after the contract expires.
Specifically, the differences between gold options and gold futures are as follows:
Different investment thresholds
1. The object of gold futures trading is gold contracts with various maturities provided by futures exchanges. The quotation is provided in RMB, and the starting point of the transaction is 1 contract, that is,1000g. Generally, the standard of deposit collection for individuals investing in gold futures contracts is 1 1% of the contract value. The latest contract is in June 2008. If individual investors buy and sell gold futures, they need to invest at least 24,000 yuan, and the daily trading is limited to 5%.
2. The object of gold option trading is the spot gold in the international market, and the quotation is provided in US dollars. The starting point of the transaction is 20 ounces of gold, which is 622 grams. Individuals need to pay a certain option fee to invest in gold options, and the term of options provided by banks includes six kinds ranging from one week to six months. For the right of the shortest period, the option fee is generally 10 USD/oz, so investors need to invest 200 USD to invest in gold options, and there is no limit to the rise and fall of "gold options" investment.
Different risks
Because they are two different products, "gold futures" and "gold options" face different investment risks.
1. When investing in gold futures, individual customers will face the risk of being forced to close their positions due to insufficient margin balance. The customer may lose all the funds in the account. Because the price change of domestic gold futures market is influenced by the fluctuation of international market, and the price of gold in new york market often fluctuates greatly at night, it is inevitable that the price trend of gold in domestic futures exchanges will jump, and the risk of investors' holding positions will increase.
2. When trading gold options, as the option buyer, the biggest loss of the customer has been determined at the beginning of the transaction, that is, the option fee paid to the bank. No matter how the gold price changes in the future, the biggest loss of customers has been determined. As long as the market fluctuation is beneficial to the customer within the validity period of the option (including the expiration date), the customer can choose to sell the option and lock in the profit without worrying about large reverse fluctuation.
Seven, the three functions of gold options
For domestic investors, the use of gold options can be briefly summarized as follows:
1. Protect gold positions held when market prices fall (such as paper gold investors) or offset rising costs when market prices rise (such as gold-using enterprises);
2. Speculation or arbitrage as an independent tool;
3, combined with other financial instruments, speculation or arbitrage.
Eight, three personal choices
Class a, parity option
That is, the exercise price of call option and put option is set at $965,438+05, and the option fee is quoted by the bank. For example, the call option for 65,438+0 months is $26, and the put option for 65,438+0 months is also $26. Investors who are optimistic about the trend of gold prices in the next January can consider buying options for such products, and investors who are bearish on the trend of 1 gold can buy and put options. Option premium can be regarded as an investment in future trends. If the judgment is wrong, the option premium will be regarded as the cost of misjudgment. If the judgment is correct, you can get a profit (of course, if the income of the option is not enough, there will still be a loss in general).
Class b, in-price option
(Relative option). That is, the exercise prices of both call options and put options are set slightly lower than the current price, for example, 965,438+00 USD/oz, which makes the current call option an in-price option (that is, the current exercise is valuable), while the put option is an out-of-price warrant, so the offer price of the call option is higher than that of the parity option, for example, 32 USD (more than 26 USD). Put right is lower than parity put right, such as $20 (less than $26).
Class c, out-of-price option
(Relative option). That is, the exercise prices of both call options and put options are set at a slightly higher price than the current price, such as $920/ounce, which makes the current call option an out-of-price warrant (the current exercise income is negative) and the put option an in-price option. Therefore, the purchase price is lower than the purchase price of the parity option, such as $22 (lower than $26); Put options are higher than parity options, such as $30 (over $26).
September 21-September 22, Mr. Huang Xudong, the runner-up of the 10th Real Futures Trading Competition, and Mr. Yu Hong, the champion of the 11th and 12th Real Futures Trading Competition, will share options trading cheats in Hangzhou. Interested investors can click to learn more!
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