I.Methods of Exercise and Fulfilment

The exercise and fulfillment of option contracts by Clients should be made at

INE via the client software. The Exchange also provides the Member Service 

System and the Overseas Intermediary Service System as backup channels for 

submitting exercise and other requests on behalf of Clients. The former system 

is available to FF Members and OSBPs; the latter is available to Overseas

Intermediaries. 

II.Time of Exercise and Fulfillment

An option buyer may submit an exercise or abandonment request within the 

time limit as specified by the Exchange.

An option seller is obligated to fulfill the option. Upon the exercise of the option

by the option buyer, the option seller should buy or sell a specified quantity of

the underlying futures contract at such strike price as prescribed in the option 

contract. 

The Exchange may adjust the time limit for submitting exercise and 

abandonment requests on the expiration dates of option contracts. 

III.Assignment 

Upon the expiration of the time limit for submission of exercise requests, the

Exchange will assign exercise requests on a random and unbiased basis. 

IV.Establishment of Futures Positions upon Exercise and Fulfillment

Upon exercise and fulfillment of a call option, the option buyer will hold a long

position in the underlying futures at the strike price, and the option seller will 

hold a short position in the underlying futures at the same strike price. 

Upon exercise and fulfillment of a put option, the option buyer will hold a short

position in the underlying futures at the strike price, and the option seller will 

hold a long position in the underlying futures at the same strike price. 

V.Automatic Exercise 

For an option contract for which no exercise or abandonment request has been 

submitted within the specified time limit, the Exchange will, prior to the time of

clearing on the expiration date thereof: 

(i)cause such option contract to be automatically exercised in the case of a 

call option the strike price of which is lower than the settlement price of the 

underlying futures contract on that day;

(ii)cause such option contract to be automatically exercised in the case of a 

put option the strike price of which is higher than the settlement price of the 

underlying futures contract on that day; or

(iii)treat such option contract as being automatically abandoned in the case of 

any other option. 

VI.Netting

A Non-FF Member, OSNBP, and Client may request for the netting of its long 

and short positions in the same option contract held under the same trading 

code. The positions thusly offset are deducted from the current day’s open

interest for that option contract, and added to the contract’s trading volume. 

An option buyer may request for the netting of its long and short futures 

positions obtained upon the exercise of options under the same trading code, or 

the netting of such futures positions against its existing futures positions to the 

extent of the former. The positions thusly offset are deducted from the current

day’s open interest for that futures contract and added to the contract’s trading 

volume.

An option seller may request for the netting of its long and short futures 

positions obtained upon the fulfillment of options under the same trading code,

or the netting of such futures positions against its existing futures positions 

to the extent of the former. The positions thusly offset are deducted from the

current day’s open interest for that futures contract and added to the contract’s 

trading volume.

The time limit and method of submission of the above requests will be 

separately announced by the Exchange. 

VII.Requirements on Funds Needed for Exercise

When submitting an exercise request, an option buyer should have sufficient

amount of available funds to meet the margin requirements for the resulting 

futures positions. 

FF Members, OSBPs, and Overseas Intermediaries should not accept the 

exercise request of an option buyer who has insufficient funds. On the expiration

date, if the option contract is as described in the foregoing V(i) or V(ii), but the 

option buyer has insufficient funds, its carrying FF Member, OSBP, or Overseas

Intermediary should submit an abandonment request to the Exchange on its 

behalf. 

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