Figure: CSI 300 stock index options trading page.
What do the terms C latest price, C bid price, C ask price, strike price, P latest price, P buy price, P ask price and other terms on the CSI 300 stock index option ** table mean? （call、put ）
c Latest Price: Call Option Latest** c Bid Price: Call Option Buy Price
c Ask Price: Call Ask Price p Latest Price: Put Latest **
p Bid: Put Bid Price p Ask: Put Sell Price
Strike Price: Exercise of CSI 300 stock index options**.
When the buyer exercises the option, he is obliged to sell the subject matter according to the execution, but when selling the option, he needs to occupy a certain margin, and the margin is used as a margin for performance.
The formula for calculating one lot of option contracts is: payment and collection of premium = latest *** contract multiplier.
Take the first-hand IO2002-C-3950 as an example: (today's **price).
The latest price is 1240, the multiplier of the CSI 300 stock index options contract is RMB 100 per point.
Buyer** needs to pay a premium for IO1912-C-3950 in the first hand: 1240*100=12,400 yuan.
Sell one lot of IO2002-C-3950 (a call option with a strike price of 3950 expiring in February 2020), and the seller will receive a premium: 124*100=12400 yuan.
In an options transaction, the buyer pays a premium to the seller, and the buyer obtains the rights but not the obligation, so the buyer does not need to pay a margin other than the premium.
For the seller, the buyer has obtained a premium, but only the obligation has no right, so it is necessary to pay a deposit to ensure the performance of the option contract when the buyer exercises the option.
There are two ways to calculate the option seller's margin:
Stock Index Options Opening Margin:
Call option obligation position: opening margin = (pre-contract settlement price contract multiplier) + max (pre-index ** price contract multiplier contract margin adjustment coefficient - call option out-of-the-money, minimum protection coefficient before the underlying index ** price contract multiplier contract margin adjustment factor).
Put option obligation position: opening margin = (pre-contract settlement price contract multiplier) + max (pre-index ** price contract multiplier x contract margin adjustment coefficient - put option out-of-the-money amount, minimum protection coefficient contract exercise** contract multiplier contract margin adjustment factor).
Stock Index Options Maintenance Margin:
Call Option Obligation Position: Trading Margin = (Settlement Price of the Underlying Index x Contract Multiplier) + Max (** Price of the Underlying Index x Contract Multiplier x Contract Margin Adjustment Factor - Call Option Imaginary Value, Minimum Protection Factor x ** Price of the Underlying Index x Contract Multiplier x Contract Margin Adjustment Factor).
Put option obligation position: trading margin = (settlement price of the contract on the day x contract multiplier) + max (the ** price of the underlying index on the day contract multiplier x contract margin adjustment coefficient - put option out-of-the-money, minimum protection coefficient x contract exercise **x contract multiplier contract margin adjustment factor).
The above algorithm looks more complicated, and in the actual trading process, the options platform will directly calculate the margin fee that needs to be paid for everyone, so you don't have to worry. Of course, interested partners can do the math
According to the announcement issued by the CFFEX, the handling fee for trading one lot of CSI 300 stock index options is 15 yuan, and the exercise fee is 2 yuan for one lot.
If investor A** opens a position in a lot of CSI 300 stock index options, and at the same time investor B sells a position in an open position in a lot of CSI 300 stock index options, according to the matching principle of the exchange, A and B can be traded in pairs.
If neither A nor B chooses to close the position, but the position enters the expiration date, and investor A chooses to exercise the option, then the following three types of fees are generated in these actions:
1. A**To open a position in one lot of CSI 300 stock index options, you need to pay a handling fee of 15 yuan;
2. B sells a lot of CSI 300 stock index options, and needs to pay a handling fee of 15 yuan;
3. If you choose to exercise on the maturity date, you need to pay an exercise fee of 2 yuan; Stock index options