Legal subjectivity:

Option is one of the important risk management tools in the financial market and an inseparable part of the financial market. 1. What are the conditions for opening an account for individual stock options? (1) The market value of the securities and the available balance of the fund account (excluding the securities and funds integrated through margin trading) entrusted by the option operating institution when applying for opening an account, with a total of not less than RMB 5,; (two) the designated trading in a securities company for more than 6 months and have the qualification to participate in margin trading or financial futures trading experience; Or have opened an account with a futures company for more than 6 months and have financial futures trading experience; (3) Having basic knowledge of options and passing relevant tests recognized by this Exchange; (4) Having experience in simulated trading of options recognized by this Exchange; (5) Having corresponding risk tolerance; (6) There is no serious bad credit record and the laws, regulations, rules and the business rules of this Exchange prohibit or restrict the option trading; (7) Other conditions stipulated by this Exchange. Bring business license, organization code certificate, other identification materials, power of attorney, option test certificate (that is, the test results on the website of Shanghai Stock Exchange) and proof of net assets (the latest annual balance sheet with official seal or the monthly balance sheet no more than 3 months from the application date). Second, what is the individual stock option in the contract? Option is a contract reached by both parties on the future trading rights. As far as individual stock option is concerned, the buyer (the obligee) of the option obtains a right by paying a certain fee (royalty) to the seller (the obligor), that is, the right to buy or sell an agreed number of specific stocks or ETFs from the option seller at an agreed time and price. Individual stock option contract refers to a standardized contract formulated by the exchange, which stipulates that the contract buyer has the right to buy or sell the agreed underlying securities at a specific price at a certain time in the future. The buyer has this right at the cost of paying a certain amount of option fee (also called royalty), but does not undertake the obligation to buy or sell. After receiving a certain amount of option fees, the seller must unconditionally obey the buyer's choice and fulfill the promise at the time of transaction within a certain period of time. Individual stock options can be divided into two categories: bullish and bearish. As long as you buy an option, whether it is bullish or bearish, you only have the right but no obligation, that is, you can buy it at the agreed price or sell it at the agreed price when it expires, but this is the buyer's free choice, but the seller of the option must unconditionally fulfill the terms regardless of whether it is bullish or bearish. Therefore, the risk of the option buyer is limited (the maximum loss is the royalty), but the theoretical profit is infinite; At the same time, the option seller (whether a call option or a put option) has only obligations but no rights. Theoretically, the risk is infinite and the income is limited (the maximum income is the royalty). Generally speaking, individual stock options are not suitable for all individual investors, but more suitable for institutions to hedge risks or arbitrage. The terms of individual stock option contract include the following main contents: the name (code) of the contract object, option type, contract unit, expiration month, exercise price, exercise price interval, last trading day, exercise date, exercise delivery method, delivery date and other contract types are call options or put options. (1) CallOption A call option buyer has the right to buy a specified number of underlying securities (stocks or ETFs) from the option seller at the agreed price (exercise price) within a specified period (such as expiration date) according to the contract content; When the seller of the call option is exercised, he is obliged to sell a specified number of underlying securities at the exercise price. (2) PutOption The put option buyer has the right to sell a specified number of underlying securities (stocks or ETFs) to the option seller at the agreed price (exercise price) within a specified period (such as expiration date) according to the contents of the contract; When the put option seller is exercised, he is obliged to buy a specified number of underlying securities at the exercise price. Third, the trading time of individual stock options is 9: 15-11: 3 am and 13: -15: pm. Among them, 9: 15-9: 25 am is the opening call auction time, and the last three minutes end randomly. 9: 3-11: 3 and 13:-15: are continuous bidding time. On the last trading day of the option, that is, the exercise date, the trading time remains unchanged. The exercise time is from 9: 15 am to 11: 3 am (in which call auction ends at random -9:3 am does not accept the exercise instruction) and from 13: am to 15: 3 pm. The above is the whole content of this article, hoping to help everyone and answer your questions. They are online 24 hours a day and can answer your legal questions at any time. Legal objectivity:

Measures for the Administration of the Filing of OTC Securities Business Article 3 Securities companies, securities investment fund companies, futures companies, securities investment consulting institutions and private equity fund managers who engage in OTC securities business as stipulated in Article 2 of these Measures, and institutions that should be filed with the Association as stipulated by the securities regulatory authorities or self-regulatory organizations (hereinafter referred to as filing institutions) shall file their OTC securities business in accordance with these Measures. Where a newly-established wholly-owned subsidiary of the filing institution engages in OTC securities business as stipulated in Article 2 of these Measures, it shall submit relevant information as a change, and the responsible subject of information submission shall be transferred accordingly. Article 5 of the Measures for the Administration of the Filing of OTC Securities Business shall meet the following requirements: (1) The corporate governance system is sound, the decision-making and authorization system is clear, and the relevant internal management system is complete; (2) Having the capital strength, professionals and technical systems suitable for the relevant OTC securities business; (3) It has a risk control mechanism that can effectively prevent behaviors such as interest transfer, unfair trade and market manipulation; (4) Having perfect investor education and measures to protect investors' rights and interests; (5) Other requirements of the Association.