The spot of the CSI 300 stock index option contract is the spot price of the CSI 300 index option, because the face value is large, so the face value of 100 yuan per point is specified.
Option sauce collated and released.
CSI 300 stock index options trading 9 highlights
Point 1: The contract multiplier of CSI 300 stock index options is 100 points, and the contract size is about 400,000 yuan.
CFFEX explained that the contract multiplier and the underlying index point are important factors in determining the face value of the contract. A contract multiplier that is too large may lead to a lack of liquidity, while a contract multiplier that is too small may result in institutional investors buying and selling too many contracts and higher transaction costs. Therefore, the contract multiplier should balance the relationship between market liquidity and transaction costs.
Point 2: The minimum tick size of CSI 300 stock index options is 02。
According to CFFEX, the current minimum change price of stock index option premium matches the minimum change price of the same underlying stock index**, which is convenient for investors to understand and operate.
Point 3: The daily change is 10 points.
CFFEX said that drawing on the successful experience of domestic and foreign markets, 10% of the previous trading day** price of the underlying index will be used as the maximum daily fluctuation limit for CSI 300 stock index options.
Point 4: There are 6 contract months for CSI 300 stock index options.
CSI 300 index options are available for 3 front-month contracts and the following 3 quarter-month contracts. The 3rd quarter month contract with the longest contract duration can basically cover the key tenor of 1 year.
Point 5: The expiration date and last trading day of CSI 300 stock index options is the third Friday of the expiration month.
CFFEX believes that the expiration date and last trading day of stock index options are in harmony with the stock index market of the same underlying market, which is convenient for investors to manage risks.
Point 6: The delivery method of CSI 300 stock index options is cash delivery.
In the global market, stock index options based on cash indices are cash-settled. Industry insiders believe that the use of cash delivery is convenient in practice.
Point 7: The exercise method of CSI 300 stock index options is European-style.
According to reports, from a global point of view, almost all stock index options contracts are European-style options, and European-style option buyers can only exercise their options at expiration. This exercise system is relatively simple, and it is easy for investors to set prices and operate.
Point 8: The trading of CSI 300 stock index options** contains a variety of elements.
The contract trading of stock index options includes elements such as variety, contract type, contract month, and exercise**. Among them, io is the variety, which refers to the CSI 300 stock index option, and the contract month adopts the same marking method as the CSI 300 stock index**, C is a call option, P is a put option, and finally an exercise**.
Point 9: The CSI 300 stock index option is set with a minimum profit amount for exercising.
During the exercise process, there may be differences in the exercise fee charged by the member to the customer, so by providing the minimum profit amount for exercising, the customer can set the exercise conditions through the member according to the standard of the exercise fee.
Trading hours – 9:30-11:30, 13:00-15:00:
The introduction of the call auction mechanism for stock index options and the transaction price of the call auction as the settlement price of the day can prevent irrational deviation to a certain extent, ensure that the settlement price better reflects the latest information in the period, and improve the efficiency of various business operations.
Last trading day – the third Friday of the contract month.
Settlement method - cash settlement:
1.realistic, feasible;
2.Easy to operate;
3.Low delivery risk.
ps.Related fees: The handling fee for CSI 300 stock index options contracts is RMB 15 per lot, and the handling fee for exercise is RMB 2 per lot. The Exchange does not charge a filing fee for CSI 300 stock index options contracts. Options