Conditions for opening an account for individual investors' stock options:
1, a citizen of China who has reached the age of 18 but is under the age of 70 and has full capacity for civil conduct;
2. He has been trading in a securities company for more than 6 months, and has obtained the qualification to participate in margin trading or has experience in financial futures trading; Or have opened an account with a futures company for more than 6 months and have experience in financial futures trading;
3. When applying for account opening, the market value of the securities entrusted by the option management institution and the available balance of the fund account (excluding the securities and funds integrated through margin financing and securities lending) shall be no less than RMB 500,000 in total;
4. Have the basic knowledge of options and pass the relevant tests recognized by this Exchange;
5. Experience in simulated trading of options recognized by this Exchange;
6. Have the corresponding risk tolerance;
7. There is no serious bad credit record, and options trading is prohibited or restricted by laws, regulations, rules and the business rules of this Exchange;
8. When individual investors participate in option trading, the option management institution shall organize a comprehensive evaluation of the appropriateness of option investors.
Conditions for opening an account for institutional investors' stock options
1. No serious bad credit record, and options trading is prohibited or restricted by laws, regulations, rules and the business rules of this Exchange;
2. Relevant business personnel have basic knowledge of options and have passed relevant tests recognized by this Exchange;
Relevant business personnel have the experience of option simulation trading recognized by this Exchange;
3. The ordinary account of the investor must be a standard account, and the transaction settlement funds have been included in the three-party depository;
4. The average daily market value of the securities held by the investor in the company 20 trading days before the application for opening an account and the available balance of the fund account (excluding the securities and funds integrated through margin financing and securities lending), totaling not less than RMB 6,543,800+0,000;
5. The net assets at the end of last quarter shall not be less than RMB 654.38+0 million.
Characteristics of stock options
1, profit and loss structure
Compared with investment tools such as stocks and futures, the nonlinear profit and loss structure of options is different.
It is the nonlinear profit and loss structure of options that makes options have obvious advantages in risk management and portfolio investment. Through different options, option combinations and other investment tools, investors can build portfolios with different risk-return conditions.
2. Option trading risk
In option trading, the rights and obligations of buyers and sellers are different, which makes them face different risk situations. For option traders, both buyers and sellers are faced with the risk of adverse changes in royalties. This is the same as futures, that is, within the scope of commission, buy low and sell high, and you can make a profit by closing your position. On the other hand, it is a loss. Unlike futures, its risk is controlled within the scope of commission. The risk of option short position is the same as that of future positions. Because the premium received by the option seller can provide corresponding guarantee, it can offset some losses of the option seller when the price changes adversely.