According to the relevant exposure draft, the subject matter of SSE 50 stock index option contract is SSE 50 index, and other main terms are consistent with the listed Shanghai and Shenzhen 300 stock index options and CSI 1000 stock index options products. The contract multiplier is 100 yuan per point, the minimum price fluctuation is 0.2 point, and the maximum daily price fluctuation is limited to 10% of the closing price of the SSE 50 index on the previous trading day.
The insiders believe that SSE 50 stock index option will provide a brand-new risk management tool for large-cap companies in Shanghai stock market, and will also help the regulatory valuation system with China characteristics.
According to the announcement of CICC, in order to make the R&D design of new products more reasonable, meet the needs of market participants and fully listen to market opinions, CICC has formulated the SSE 50 Stock Index Option Contract (Draft for Comment) and the Trading Rules of Stock Index Option Contract of China Financial Futures Exchange (Revised Draft for Comment) in accordance with the People's Republic of China (PRC) Futures and Derivatives Law, the Regulations on the Management of Futures Trading and the relevant provisions of the China Securities Regulatory Commission, which are now open to the public for comments.
According to the exposure draft, the contract target of SSE 50 stock index option is SSE 50 index compiled and published by Shanghai Stock Exchange. SSE 50 Index takes SSE 180 Index as the sample space, and selects 50 most representative securities with large scale and good liquidity in Shanghai as samples, which comprehensively reflects the overall performance of a group of leading enterprises with the most market influence in Shanghai.
Other major clauses of the SSE 50 stock index option contract are consistent with the listed CSI 300 stock index options and CSI 1000 stock index options. The contract multiplier is RMB 100 per point. Contract types include call option and put option. The quotation unit is the index point. The minimum price change is 0.2 point. The maximum daily price fluctuation is limited to 10% of the closing price of the SSE 50 index on the previous trading day. The contract months are the current month, the next two months and the next three quarters. The exercise price covers the price range corresponding to the closing price fluctuation 10% of the previous trading day of the SSE 50 Index. The exercise method is European. Trading time is 9: 30- 1 1: 30, 13: 00- 15: 00. The last trading day is the third Friday of the expiration month of the contract, which will be postponed in case of national legal holidays. The expiration date is the same as the last trading day. The mode of delivery is cash delivery. The call option trading code of SSE 50 stock index option contract is HO contract month -C- exercise price, and the put option trading code is HO contract month -P- exercise price.
Large companies will welcome the sharp weapon of risk management. The SSE 50 Index will cover the leading companies in the Shanghai stock market, and the SSE 50 stock index options with it as the target will also provide a brand-new risk management tool for such companies. Different from the existing linear hedging of SSE 50 stock index futures, stock index options will give a more flexible risk hedging scheme.
165438+1October 2 1 day, when talking about the structure and valuation of listed companies at the annual meeting of the 2022 Financial Street Forum, China Yi Huiman, Chairman of China Securities Regulatory Commission said that it is necessary to explore the establishment of a valuation system with China characteristics to promote the function of market resource allocation.
Yi Huiman said that China's capital market has obvious emerging and transitional characteristics, and the structure of listed companies also shows the trend of adapting to the evolution of economic system and the transformation and upgrading of industrial structure. We always adhere to the principle of "two unshakable" and support all kinds of ownership economies to develop and grow by using the capital market. At present, the market value of state-owned listed companies and listed state-owned financial enterprises accounts for nearly half, which reflects the status of state-owned enterprises as an important pillar of the national economy; Private listed companies account for more than two thirds, and private enterprises account for more than 80% of newly listed companies in recent years; The market value of foreign-controlled listed companies accounts for about 4%. The structure of listed companies with multiple ownership economies coexisting, covering all industries and common development of large, medium and small enterprises is not only a major feature of China's capital market, but also a major advantage. In-depth understanding of China's market system and mechanism, industrial structure and the main body's sustainable development ability reflects the distinctive China elements and development stage characteristics, in-depth study of the applicable scenarios of mature market valuation theory, grasp the valuation logic of different types of listed companies, explore the establishment of a valuation system with China characteristics, and promote the market resource allocation function to play a better role.
The data shows that the latest top 500 heavyweights of SSE are Kweichow Moutai, China Ping An, China Merchants Bank, Longji Green Energy, Industrial Bank, Changjiang Power, CITIC Securities, China Zhong Mian, Hengrui Pharma and Wuxi PharmaTech. Since 165438+ 10, the SSE 50 index has gone out of a round of rising market, with a monthly increase of 1 1.53%.
"The vast majority of the SSE 50 Index are large state-owned enterprises, and their related financial derivatives will play a role in price discovery and reasonable pricing for these listed companies. If you stand a little higher, equity financial derivatives such as SSE 50 stock index options should also be an important part of President Yi Huiman's recent' exploring the establishment of a valuation system with China characteristics'. " Some insiders pointed out.
The financial derivatives market has developed steadily this year. At present, CICC has listed six equity financial derivatives, including CSI 300 stock index futures, CSI 500 stock index futures, CSI 1000 stock index futures, SSE 50 stock index futures, CSI 300 stock index options and CSI 1000 stock index options. In addition, three kinds of interest rate financial derivatives are listed: 2-year treasury bond futures, 5-year treasury bond futures and 10-year treasury bond futures.
This year, the financial derivatives market developed steadily, and the futures market in China showed outstanding performance. According to the latest statistics of China Futures Association, in June, 5438+065438+ 10, the national futures trading market had a turnover of 700 million lots, with a turnover of 52.79 trillion yuan, down by 0.83% and up by 3.95% respectively, up by 55.68% and 58.09% respectively. 1-11.600 million lots totaled 486.93 trillion yuan, down 1 1.74% and 9.23% respectively.
Among them, CICC sold 5438+065438+ 10/8397300 lots in June, with a turnover of 15.99 trillion yuan, accounting for 2.63% and 30.28% of the national market respectively, with an increase of 84.5 1% respectively. 1 1 At the end of the period, the total number of CICC positions was 1302900 lots, a decrease of 10. 15% compared with the end of last month. 1-1/within a month, the cumulative turnover of CICC was 654.38+38 million lots, with a cumulative turnover of 120.7 trillion yuan, up by 23.58% and 1 1.45% respectively.