Option refers to the contract that gives the holder the right to buy or sell assets at a fixed price at a certain date or at any time before that date, which originated in the American and European markets in the late18th century.
According to the rights of options, there are two kinds: call options and put options. According to the types of options, it can be divided into European options and American options. According to the exercise time, it is divided into three types: European option, American option and Bermuda option.
Domestic option development
2065438+February 9, 2005, SSE 50ETF option was listed on Shanghai Stock Exchange, which is the first domestic on-site option. This not only announces the arrival of China option era, but also means that China has a full set of mainstream financial derivatives.
On March 3rd, 2007, the soybean meal option was listed on Dalian Commodity Exchange as the first domestic futures option.
20 17, 19, white sugar options are listed and traded in Zhengzhou Commodity Exchange.
On 202 1 June 21day, crude oil options were officially listed and traded in Shanghai International Energy Exchange Center under the Shanghai Futures Exchange.
Settlement type
1, stock settlement method
In stock trading, if investors want to buy a certain number of shares, they must pay all the fees immediately to get the shares. Once the stock price rises after buying the stock, investors must also sell the stock to get the spread profit.
Therefore, the settlement requirement is that the transaction must be paid in cash immediately, and the profit and loss can only be realized if the subject matter is no longer held after the transaction. In the option market, the settlement method of stocks is very similar.
The basic requirement of stock settlement method is that the option fee must be paid in cash immediately. As long as the position is not hedged, the profit and loss cannot be realized. This settlement method is mainly used in the trading of stock options and stock index options, and the settlement procedures of option contracts are basically the same as those of basic assets.
2. Futures settlement method
The settlement method of futures is very similar to the settlement method of futures market, and it also adopts the daily settlement system. The futures market usually adopts this settlement method.
However, due to the high risk of futures settlement, many exchanges only use futures settlement in futures options trading, while stock settlement is still used in stock options and stock index options trading. In this way, the settlement procedures of option transactions can be greatly simplified, because the settlement procedures of options and their underlying assets are the same.