Members, Overseas Special Participants (OSPs), and Overseas Intermediaries
should be fully prepared in terms of IT systems, options-related rules, risk
management, and staff before engaging in options trading.
I.Trading Code
Non-FF Members, Overseas Special Non-Brokerage Participants (OSNBPs),
and Clients should use the same trading codes in options trading as they use in
futures trading. If any Member, OSNBP, or Client does not have a trading code,
it should apply for one pursuant to the applicable futures trading rules of the
Exchange.
II.Request for Quote
A market maker regime may be introduced for options trading. Non-FF
Members, OSNBPs, and Clients may request for quote (“RFQ”) from market
makers. The Exchange will determine and announce contracts for and
frequency of RFQs, and may adjust them based on market conditions.
FF Members, OSBPs, and Overseas Intermediaries should manage RFQs from
the Clients and require them to submit reasonable RFQs.
III.Premium
The price of an option contract refers to the premium of the option contract per
quotation unit.
A premium refers to the amount that an option buyer pays in exchange of rights
under the option.
IV.Trading Order
Trading orders for option contracts include limit orders and other orders
prescribed by the Exchange. A limit order may be attached with the properties of
both fill or kill (FOK) and fill and kill (FAK) orders.
The Exchange may adjust and announce the types of trading orders for option
contracts according to market conditions.
V.Maximum Size of Each Trading Order
The maximum size of each trading order for a crude oil option contract is 100
lots.
The Exchange may specify, adjust, and announce the maximum size of each
trading order according to market conditions.
VI.Listing of Option Contracts
Option contracts will be listed in accordance with the following rules:
(i)The listing date of an option contract for a new month should be set out in the
contract;
(ii)The option contract to be listed should consist of one at-the-money contract
and several in-the-money contracts and out-of-the-money contracts;
(iii)Following the listing of an option contract for trading, the Exchange will, in
accordance with the rules of the option contract, list option contracts for the
same month but at new strike prices based on the price limit and previous
settlement price of the underlying futures contract, until market close on the
trading day before the expiration date.
(iv)The Exchange will determine and announce the listing benchmark price of
an option contract.
An at-the-money option refers to an option contract the strike price of which is
equal or close to the previous settlement price of the underlying futures contract
and, where the average value of two adjacent strike prices is equal to such
settlement price, the higher strike price will be the strike price of the at-themoney option; an in-the-money option refers to a call (put) option the strike price
of which is lower (higher) than that of the at-the-money option; and an out-ofthe-money option refers to a call (put) option the strike price of which is higher
(lower) than that of the at-the-money option.
VII.Close-out of Option Contracts
An option contract can be closed out by liquidation, exercise, or abandonment.
Liquidation refers to a method by which the seller or buyer of an option contract
closes out such option contract by taking a reverse position in an option contract
which has the same size, underlying futures contract, contract month, expiration
date, option style, and strike price as such option contract.
Exercise refers to a method by which the buyer of an option contract closes out
such option contract by buying or selling the underlying futures contract at the
strike price in accordance with applicable rules.
Abandonment refers to a method by which the buyer of an option contract
closes out such option contract by refusing to exercise its rights thereunder
upon expiration thereof.
声明：本资料仅用于投资者教育，不构成任何投资建议。我们力求本资料信息准确可靠，但对这些信息的准确性、完整性或及时性不作保证，亦不对因使用该等信息而引发的损失承担任何责任，投资者不应以该等信息取代其独立判断或仅根据该等信息做出决策。基金有风险，投资须谨慎。
