I.Payment of Premium and Margin

In an option trade, the option buyer pays the applicable premium and needs 

not to pay any trading margin, while the option seller receives the premium and 

needs to pay the trading margin. 

When an option buyer establishes a position, it will pay a premium equaling 

the amount needed to establish that position; when an option buyer closes a

position, it will receive a premium equaling the amount needed to close that 

position. 

When an option seller establishes a position, it will receive a premium equaling 

the amount needed to establish that position; when an option seller closes

a position, it will pay a premium equaling the amount needed to close that 

position.

When an option seller establishes a position, the Exchange will collect a trading 

margin from the option seller at the margin rate for the option contract applicable 

at the time of clearing on the previous trading day; when the option seller closes

a position, the Exchange will release the trading margin for the option contract 

closed by the option seller. 

II.Collection of Margin and Fees

At the time of clearing on a trading day, the Exchange will collect trading 

margin from option sellers based on the respective settlement price of the 

option contract and the underlying futures contract on that day, trading fees and 

exercise (fulfillment) fees from option buyers and sellers based on the trading

volume and exercise (fulfilment)volume, and transfer the resulting receivables

and payables on a lump-sum and netting basis as a credit or debit to their 

respective Member’ s clearing deposit.

The Exchange will determine and announce its fee rates and may adjust such 

fee rates to reflect market conditions.

III.Settlement Price

The settlement price of an option contract will be determined by the following 

methods: 

(i)The theoretical price of the option contract as determined by the Exchange 

based on its implied volatility will be treated as its settlement price on any 

trading day other the last trading day;

(ii)The calculation formula for the settlement price of the option contract on the 

last trading day will be as follows: 

Settlement price of a call option = Max (settlement price of the underlying 

futures contract– strike price, minimum price fluctuation);

Settlement price of a put option = Max (strike price – settlement price of the 

underlying futures contract, minimum price fluctuation);

(iii)The Exchange may adjust the settlement price of the option contract if the 

price of the option contract is clearly unreasonable. 

The implied volatility of an option contract refers to the price volatility of the 

underlying futures contract as calculated by using the option pricing model 

based on the market price of the option contract. 

IV.Treatment of Positions and Funds upon Exercise or Abandonment

In the case of exercise or abandonment of an option contract, the Exchange will, 

at the time of clearing, deduct the positions of the option buyer or seller in such 

option contract from their respective total open options, and release the option 

seller’s trading margin for such position. 

Futures positions established by the exercise (or fulfillment) of an option

contract on a given day will not be included in the calculation of the settlement 

price for that day. 

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