I.Risk Control

The Exchange will apply margin requirement, price limit, position limit, trading 

limit, large trader position reporting, forced liquidation, and risk warning rules to 

the management of risks in options trading. 

II.Margin Requirement

The Exchange will apply margin requirement rules to options trading. The 

trading margin rate applicable to an option seller will be the higher of: 

(i)Settlement price of the option contract × contract size of the underlying futures

contract + trading margin for the underlying futures contract – (1/2) × out-of-themoney amount of the option contract; and

(ii)Settlement price of the option contract × contract size of the underlying

futures contract + (1/2) × trading margin for the underlying futures contract. 

Where: 

Out-of-the-money amount of a call option contract = Max (strike price – 

settlement price of the underlying futures contract, 0) × contract size of the

underlying futures contract; or

Out-of-the-money amount of a put option contract = Max (settlement price of 

the underlying futures contract – strike price, 0) × contract size of the underlying

futures contract

The Exchange may prescribe different trading margin rates for different

portfolios of options positions. 

III.Price Limit

The Exchange will apply price limit rules to options trading. The limit prices for 

an option contract will be calculated as follows: 

(i)Upper limit price = the previous settlement price of the option contract +

previous settlement price of the underlying futures contract × upper limit rate for 

the underlying futures contract; and

(ii)Lower limit price = Max (previous settlement price of the option contract – 

previous settlement price of the underlying futures contract × lower limit rate 

for the underlying futures contract, the minimum price fluctuation of the option

contract). 

IV.Limit-Locked Market

A Limit-Locked Market for an option contract refers to the situation where, within 

five minutes prior to the close of a trading day, there are only bid (ask) orders at

the limit price without any ask (bid) orders at such price, or all ask (bid) orders 

are instantly filled at a price other from the limit price, and the last price is the

same as the upper (lower) limit price. 

Where an option contract’s settlement price of the previous trading day is equal 

to or less than the current-day price limit and, within five minutes before the

close of a trading day, there are only ask orders at the lower limit price but no 

bid orders at such price, or if during such time any bid order is instantly filled

without hitting the lower limit price, then the Exchange will not treat the situation 

as a Limit-Locked Market.

If a same-direction Limit-Locked Market occurs for three consecutive trading 

days with respect to an option contract, the Exchange will not implement 

forced position reduction, unless the Exchange believes there is an abnormal 

circumstance.

V.Suspension of Trading

The trading of an option contract will be suspended when trading of the 

underlying futures market is suspended. 

If the trading of an option contract is suspended for a whole day on the last 

trading day, the last trading day and expiration date of the option contract will be 

postponed to the next trading day. 

VI.Adjustment of Margin and Price Limit

The trading margin and price limit for an option contract will be adjusted to the 

extent that those for the underlying futures contract are adjusted. 

VII.Position Limit

The Exchange will apply position limit rules to options trading. Position limit 

for an option contract refers to the maximum size of positions held by a NonFF Member, OSNBP, or Client in the option contract, as prescribed by the 

Exchange. 

If a Client has acquired multiple trading codes from different FF Members,

OSBPs, and Overseas Intermediaries, the combined size of its open positions

under all these trading codes should not exceed the position limit imposed by 

the Exchange with respect to the Client. 

Position limits for option contracts and futures contracts will not apply on an 

aggregated basis. Position limit for an option contract varies across different

periods of trading within its lifecycle. These time periods coincide with those for 

the underlying futures contract. 

The open position of a Non-FF Member, OSNBP, or Client in an option contract 

should not exceed the position limit prescribed by the Exchange. The Exchange 

will determine and announce the general position limit for an option contract and 

may adjust such position limit to reflect market conditions.

If a Non-FF Member, OSNBP, or Client, upon the exercise of an option, holds 

positions in the underlying futures contract exceeding the applicable position 

limit, the Exchange will take actions in accordance with applicable rules. 

Position limits for Non-FF Members, OSNBPs, and Clients engaging in hedging, 

arbitrage trading, and market making will be subject to the applicable rules of 

the Exchange. 

VIII.Calculation of Options Positions

The options positions held by a Non-FF Member, OSNBP, or Client will be 

calculated as follows: 

(i)Longs positions in call options with the same underlying asset + short 

positions in put options with the same underlying asset;

(ii)Long positions in put options with the same underlying asset + short positions 

in call options with the same underlying asset. 

IX.Trading Limit

The Exchange may apply trading limit rules to option contracts in accordance 

with the applicable provisions of the Risk Management Rules of the Shanghai 

International Energy Exchange. 

X.Large Trader Position Reporting

The Exchange will apply large trader position reporting rules to options trading. 

The large trader position reporting threshold and materials to be submitted will 

be subject to the Risk Management Rules of the Shanghai International Energy 

Exchange. 

XI.Forced Liquidation

The Exchange will apply forced liquidation rules to options trading. The 

Exchange will carry out forced liquidation if: 

(i)the clearing deposit balance of a Member on any internal ledger of the 

Exchange, whether for its own Clients or for other entities for whom it clears 

trades, falls below zero, and the Member fails to meet the margin requirement

within the specified time limit;

(ii)the open position held by a Non-FF Member, OSNBP, or Client has exceeded 

the applicable position limit;

(iii)there is a violation of the Exchange’s rules that warrants forced liquidation;

(iv)there is any emergency that warrants forced liquidation; or

(v)there is any other circumstance that necessitates forced liquidation. 

The principles and procedures for forced liquidation in connection with options 

trading will be governed by the Risk Management Rules of the Shanghai 

International Energy Exchange. 

XII.Risk Warning

The Exchange will apply risk warning rules to options trading. Circumstances 

which require risk warnings and the methods of issuance of risk warnings will be 

governed by the Risk Management Rules of the Shanghai International Energy 

Exchange.

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