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大连商品交易所期权交易管理办法2023MeasuresforManagementofOptionsTradingofDalianCommodityExchange2023制定机关大连商品交易所发文字号大连商品交易所公告〔2023〕2号公布日期:
2023.
01.12施行日期:
2023.
01.12效力位阶地方规范性文件法规类别期货综合规定IssuingAuthority DalianCommodityExchangeDocumentNumberAnnouncementNo.2
[2023]ofDalianCommodityExchangeDateIssued01-12-2023EffectiveDate01-12-2023LevelofAuthority LocalRegulatoryDocumentsAreaofLawGeneralProvisionsonFuturesMeasuresforManagementofOptionsTradingofDalianCommodityExchangeChapterIGeneralProvisionsTheMeasuresforManagementofOptionsTradingofDalianCommodityExchangetheMeasuresareformulatedpursuanttotheRegulationonAdministrationofFuturesTradingandtheTradingRulesofDalianCommodityExchangeinordertostandardizetheoptionstradingprotectthelawfulrightsandinterestsofthepartiestooptionstradingandtheinterestsofthepublicandfacilitatethemarkettoperformitsfunctions.TheoptionstradingmeansthetradingactivitiesthatconductedthroughpublicandcentralizedtradingmethodsorbyothermethodsapprovedbytheChinaSecuritiesRegulatoryCommissionCSRCbyusingtheoptioncontractsasthesubjectoftrading.DalianCommodityExchangetheExchangeshallorganizetheoptionstradingundertheprinciplesofopennessfairnessimpartialityandgoodfaith.thethen-currentdaysettlementpricebyusingthetheoreticalpriceofeachoptioncontractdeterminedinaccordancewiththeimpliedvolatility;2theformulaforcalculatingthesettlementpriceoftheoptioncontractofthelasttradingdayshallbe:Thesettlementpriceofthecalloptions=MaxThesettlementpriceoftheunderlyingfuturescontract-theexercisepriceTheticksizeThesettlementpriceoftheputoptions=MaxTheexerciseprice-thesettlementpriceoftheunderlyingfuturescontractTheticksize3incasetheoptionpriceisapparentlyunreasonabletheExchangemayadjustthesettlementpriceoftheoptioncontract.Theimpliedvolatilityhereinmeansthepricevolatilitywithrespecttotheunderlyingfuturescontractcalculatedbytheoptionstheoreticalpricingmodelonthebasisoftheoptionmarketprice.Article43UponclearingtheExchangeshallreducethecorrespondingopeninterestoftheoptioncontractsheldbythebuyerandthesellerwhoexercisesorabandonstherightsandreleasethetradingmargintotheoptionssellerconcurrently.Thefuturespositionconvertedfromtheexerciseoftheoptionsshallnotbetakenintoaccountinthecalculationofthesettlementpriceofthen-currentdayofthefuturescontract.ChapterVIRiskManagementTheriskmanagementoftheExchangeincludestheimplementationofthemarginmechanismthepricelimitmechanismthepositionlimitmechanismthetradinglimitmechanismthelargepositionreportmechanismtheforcedpositionsliquidationmechanismandtheriskwarningmechanism.Theoptionstradingshallbesubjecttothemarginmechanism.Thetradingmarginshallbecollectedfromtheoptionssellerasperthegreaterofthefollowingstandard:lthesettlementpriceoftheoptioncontractxthetradingunitoftheunderlyingfuturescontract+thetradingmarginoftheunderlyingfuturescontract-1/2xtheout-of-the-moneyamountoftheoptions;2thesettlementpriceoftheoptioncontractxthetradingunitoftheunderlyingfuturescontract+1/2xthetradingmarginoftheunderlyingfuturescontract.WithrespecttothedifferentopeninterestportfoliooftheoptionstradingtheExchangemayprovidedifferentstandardsforcollectionofthetradingmargin.Theoptionstradingshallbesubjecttothepricelimitmechanism.Belowaretheformulasforcalculatingthepricelimit:ltheupperlimitprice=thesettlementpriceoftheimmediatelyprecedingtradingdayoftheoptioncontract+thepricelimitrangeoftheunderlyingfuturescontract;2thelowerlimitprice=MaxThesettlementpriceoftheimmediatelyprecedingtradingdayoftheoptioncontract-thepricelimitrangeoftheunderlyingfuturescontractTheticksizeoftheoptioncontract.Theupperlowerlimitwithone-directionnon-continuousquotationmeanswithrespecttoaparticularoptioncontractthecircumstancethatwithinthefive5minutespriortothecloseofaparticulartradingdaythereareonlypurchasesellordersatthetradinglimitpriceandnosellpurchaseordersatthetradinglimitpriceorallthesellpurchaseordersareinstantlyfilledatthelimitpricewithoutopeningofthetradinglimitprice.Intheeventthatithesettlementpriceoftheimmediatelyprecedingtradingdayofaparticularoptioncontractislessthanorequaltothethen-currentdaypricelimitrangeandiiwithinfive5minutespriortothecloseofthethen-currentdaytherearesolelysellordersatthelowestofferpriceandnopurchaseordersatthelowestbidpriceorallthepurchaseordersareinstantlyfilledatthelowestofferpricetheExchangeshallnot按照跌停板单边无连续报价处理treatsuchcircumstanceasthelowerlimitwithone-directionnon-continuousquotation.TheExchangeshallnotimplementforcedpositionreductionincasethereisthepricelimitofthesamedirectionwithone-directionnon-continuousquotationforthree3consecutivetradingdayswithrespecttoanoptioncontractexceptasotherwiserecognizedbytheExchangeasanabnormalcircumstance.IncasethetradingmarginstandardsandthepricelimitrangeoftheunderlyingfuturescontractareadjustedthestandardsforthetradingmarginandthepricelimitrangeintheOptionContractshallchangecorrespondingly.Theoptionstradingshallbesubjecttothepositionlimitmechanism.ThepositionlimitofoptionsmeansthemaximumquantityofthespeculativepositionoftheoptioncontractinaparticularmonthcalculatedontheunilateralbasisthatcanbeheldbyaNon-FuturesCompanyMemberanOSNBPoraclientasprescribedbytheExchange.Nopositionlimitshallbecarriedoutagainsttheoptioncontractandthefuturescontractonaconsolidatedbasis.Thedivisionoftimeperiodsforoptioncontractpositionlimitshallbethesameasthoseoftheunderlyingfuturescontract.WithrespecttotheoptioncontractofaparticularmonthheldbytheNon-FuturesCompanyMembertheOSNBPandtheclientneitherthesumofthebuyingopeninterestofallcalloptionsandthesellingopeninterestofallputoptionsnorthesumofbuyingopeninterestofallputoptionsandthesellingopeninterestofallcalloptionsmayexceedthepositionlimitoftheoptioncontract.TheExchangewilldetermineandannouncethepositionlimitoftheoptioncontractseparatelyandmaymakeadjustmentsonthebasisofthemarketsituation.ThepositionlimitshallbesubjecttotheapplicablerulesoftheExchangewithrespecttotheNon-FuturesCompanyMembertheOSNBPortheclientwhichconducthedgingarbitragetradingorengagesinthemarketmakerbusiness.TheExchangemayimplementthetradinglimitmechanismfortheoptioncontractsandsuchrequirementshallbesubjecttotheapplicablerulesoftheMeasuresforRisk《大连商品交易所风险管理办法》相ManagementofDalianCommodityExchange关规定执行Theoptionstradingshallbesubjecttothelargepositionreportmechanism.ThecriteriaandthematerialstobesubmittedforlargepositionreportshallbesubjecttotheapplicablerulesoftheMeasuresforRiskManagementofDalianCommodityExchange.IntheeventthatthepositionsofaNon-FuturesCompanyMembersanOSNBPoraclientexceedthepositionlimitforfuturesduetoexerciseofoptionstheExchangeshallconductforcedpositionliquidationmeasuresagainsttheNon-FuturesCompanyMembertheOSNBPortheclientinaccordancewiththeapplicablerules.TheExchangeshallhavetherighttoconductforcedpositionliquidationagainsttheopeninterestheldbyanyMemberOSPorclientwhenanyofthefollowingcircumstancesoccurs:ltheclearingdepositbalanceoftheMemberoranyledgeraccountentrustedtotheMemberforclearingisbelowzeroandnosufficientpaymentisadditionallymadewithintherequiredperiod;2theopeninterestoftheNon-FuturesCompanyMembertheOSNBPandtheclientexceedstheprescribedpositionlimit;3theNon-FuturesCompanyMemberortheclientsuffersthepunishmentoftheforcedpositionliquidationconductedbytheExchangeduetoviolationorirregularity;4anyforcedpositionliquidationconductedpursuanttotheemergencyactionsoftheExchange;or5anyothercircumstanceunderwhichtheforcedpositionliquidationshallbeconducted.Theprinciplesoftheforcedpositionliquidationareas第五十七条强行平仓的执行follows:原则TheMemberortheOSPshallfirstconductliquidationitselfpriortotheforcedpositionliquidationtheMembershallsupervisetheexecutionoftheOSPtheOverseasIntermediaryandtheclientwhoentrusttheMemberwithtradingclearing.UnlessotherwiseprescribedbytheExchangetheliquidationshallbemadebytheMemberwithinthenighttradingsessionifanythefirstsessionandthesecondtradingsession.TheExchangeshallconducttheforcedpositionliquidationstartingfromthethirdsessioniftheMemberfailstofinishtheforcedpositionliquidationwithinthesaidperiod.IncasetheforcedpositionliquidationisrequiredinthattheclearingdepositoftheMemberoranyledgeraccountentrustedtotheMemberforclearingfallsbelowzerothepositionopeningfortradingwithrespecttosuchledgeraccountshallbeprohibiteduntiltheMemberdepositsenoughamounttoreachtheminimumclearingdepositbalance.Withrespecttotheforcedpositionliquidationcircumstanceunderitems34and5ofArticle56abovethetimeforforcedpositionliquidationshallbeseparatelynotifiedbytheExchange.lThedeterminationofthepositionagainstwhichtheforcedpositionliquidationistakenbyaMemberoranOSP:aWithrespecttotheforcedpositionliquidationunderitems1and2ofArticle56abovethepositionoftheforcedpositionliquidationshallbedeterminedbytheMemberortheOSPitselfaslongastheresultoftheforcedpositionliquidationisincompliancewiththerulesoftheExchange.bWithrespecttotheforcedpositionliquidationunderitems34and5ofArticle56abovethepositionoftheforcedpositionliquidationshallbedeterminedbytheExchange.2ThedeterminationofthepositionagainstwhichtheforcedliquidationistakenbytheExchange:aWithrespecttotheforcedpositionliquidationunderitem1ofArticle56abovetheExchangeshallbasedontheclearingdepositbalanceoftheMemberat13:00p.m.calculatethetradingmargintobeadditionallypaidbytheMemberortheledgeraccountentrustedtotheMemberforclearing.TheforcedpositionliquidationshallbeconductedundertheprincipleoftheequallyproportionaltradingmarginsagainstalltheclientsofsuchMemberortheledgeraccountentrustedtotheMemberforclearing.Iftheclearingdepositofsuchaccountisstilllessthanzeroaftertheexecutionoftheabove-mentionedforcedpositionliquidationtheExchangeshallexecutetheforcedpositionliquidationtothepositionscorrespondingtootherledgeraccountsoftheMemberortheledgeraccountentrustedtotheMemberforclearingpursuanttotheprecedingprinciple:Theliquidationproportion=ThetradingmargintobeadditionallypaidbytheMemberortheledgeraccountentrustedtotheMemberforclearing/ThetotalamountofthetradingmarginoftheMemberortheledgeraccountentrustedtotheMemberforclearingx100%;Thetradingmargintobereleasedtotheclientthroughliquidation=ThetotalamountoftheclientstradingmarginxTheproportionoftheliquidation.Withrespecttothepositionoftheforcedpositionliquidationoftheclientthesequenceshallbedeterminedbythegeneralprincipleportfoliopositionsafternon-portfoliopositionswhichincludes:iWhenanon-portfoliopositionisbeingliquidatedtheopencontractsshallbeselectedforforcedpositionliquidationaccordingtotheprincipleofoptionsafterfutures.Whenthefuturespositionsinanon-portfoliopositionarebeingliquidatedtheopencontractsshallbeselectedforforcedpositionliquidationinthesequenceofhedgingafterspeculationandthenfromthelargesttothesmallestinrespectofthetotalpositionsofthecontractsatthetimeofsettlementontheprevioustradingday.Whentheoptionspositionsinanon-portfoliopositionarebeingliquidatedtheopencontractsshallbeselectedforforcedpositionliquidationaccordingtothesequenceofthelongoptionspositionsaftertheshortoptionspositionsthenhedgingafterspeculationandthenfromthelargesttothesmallestinrespectofthetotalpositionsofthecontractsatthetimeofsettlementontheprevioustradingday.iiWhenaportfoliopositionisbeingliquidatedtheopencontractsshallbeselectedforforcedpositionliquidationinthesequenceoftheportfolioprioritiesfromthelowesttothehighest.Incasetheforcedpositionliquidationagainstmorethanone1accountpositionsheldbytheaccountwhichneedstopaymoreamounttosatisfythemarginrequirementshallbefirstlyliquidated.bWithrespecttotheforcedpositionliquidationunderitem2ofArticle56above:IncasethepositionsofaNon-FuturesCompanyMemberanOSNBPandaclientexceedthelimittheforcedpositionliquidationshallbeconductedfirstlyaspertheorderoffromlargetosmallintheoptioncontractsopeninterestattheclearingoftheimmediatelyprecedingtradingdayandthenaspertheorderoffromhightolowintheexercisepriceandthecalloptionsfollowedbytheputoptions.Incasetheclientholdspositionsthroughmorethanone1FuturesCompanyMembertheforcedpositionliquidationshallbeconductedbychoosingaMemberaspertheorderoffromlargetosmallintheopeninterestoftheclientattheMemberupontheendingofthesecondsessionofthetradingtimefollowingtheopeningofthemarket.Ifthepositionsofmorethanone1clientexceedthelimittheforcedpositionliquidationshallbeconductedaspertheorderoffromlargetosmallintheamountofover-limitpositions.cWithrespecttotheforcedpositionliquidationunderitems34and5ofArticle56abovethepositionsoftheforcedpositionliquidationshallbedeterminedbytheExchangeonthebasisofthespecificcircumstancesoftheMemberstheOSPstheOverseasIntermediariesandtheclientsconcerned.IncaseaMemberconcurrentlysatisfiesthecircumstancesunderbothitems1and2ofArticle56abovethepositionoftheforcedpositionliquidationshallbedeterminedbytheExchangefirstlyasperthecircumstanceunderitem2andthenasperthecircumstanceunderitem
1.Withrespecttotheforcedpositionliquidationofanoptioncontracttheorderedbuyingsellingpriceshallbethethen-currentdayupperlimitlowerlimitpriceandthetradepriceshallbeformedthroughmarkettrading.Therulesregardingtheproceduresofnotificationimplementationandconfirmationoftheforcedpositionliquidationoftheoptioncontractsaswellasrulesregardingthehandlingofthecircumstancethattheforcedpositionliquidationcannotbefinishedwithinthethen-currentdayorwillbedelayedduetothepricelimitoranyotherreasonattributabletothemarketshallbethesameasthosesetforthforthefutures.TheabnormalitiesandprocessingproceduresoftheoptionstradingshallbesubjecttotheapplicableprovisionsoftheTradingRulesofDalianCommodityExchangeandtheMeasuresforRiskManagementofDalianCommodityExchange.Thetradingofoptioncontractsshallbesuspendedincasethecorrespondingtradingoftheunderlyingfuturescontractsaresuspended.Thelasttradingdayandtheexpirationdateofoptioncontractsshallbepostponedtothenexttradingdayincaseoptioncontractsaresuspendedforthewholelasttradingday.Theoptionstradingshallbesubjecttotheriskwarningmechanism.TheconditionsandthemethodsforriskwarningshallbeinaccordancewiththeapplicablerulesoftheMeasuresforRiskManagementofDalianCommodityExchange.ChapterVIIInformationManagementArticle63TheoptionstradinginformationmeansmarketquotationsoftheoptionstradingthetradingdatastatisticsandthebulletininformationreleasedbytheExchangeduringtheoptionstradingactivitieswithintheExchangeandotherrelatedinformationdisclosedbyCSRC.Article64ThetitletotheownershipoftheoptionstradinginformationshallbelongtotheExchange.TheoptionstradinginformationshallbeuniformlymanagedandreleasedbytheExchange.TheExchangemayoperateandmanagetheoptionstradinginformationindependentlyorcooperatewithathirdpartyorthroughentrustmentofathirdparty.NooptionstradinginformationshallbereleasedorusedforanycommercialpurposebyanyentityorindividualwithoutthepermissionoftheExchange.Article65TheExchangeshallreleasetheoptionstradingmarketquotationinformationonthereal-timedeferreddailyweeklyandmonthlybasistheoptionstradingstatisticsinformationonthedailymonthlyandannualbasisandothertradinginformationrequiredtobedisclosedbythelawsandregulations.Article66Thereal-timemarketquotationInformationmeansthetradingmarketquotationinformationreleasedsimultaneouslywiththetradingactivitiesduringthetradingtime.Thedeferredmarketquotationinformationmeansthetradingmarketquotationinformationwhichthereleaseofthereal-timequotationinformationisdelayforacertainperiod.Themaincontentsshallconsistofthecontractsymbollastpricepricechangetradingvolumeopeninterestbidpriceofferpricebidquantityofferquantitysettlementpriceopeningpriceclosingpricehighestpricelowestpriceandprevioussettlementprice.Thedailyoptionstradinginformationshallbereleasedaftertheendingofthedailytrading.Itsmaincontentsinclude:ldailyquotation:contractsymbolopeningpricehighestpricelowestpriceclosingpriceprevioussettlementpricesettlementpricepricechangetradingvolumeopeninterestchangeofopeninteresttradingturnoverDeltaimpliedvolatilityandvolumeofexercise;2tradingvolumebuyingandsellingopeninterestsofthetop20FuturesCompanyMembersandtheOSBPsintheactivemonths.TheDeltahereinmeanstheratioofthevariationoftheoptionspricetothevariationofthepriceofitsunderlyingassets.Thevolumeofexercisemeansthequantityoftheoptioncontractsthatareclosedthroughtheexerciseoftheoptions.Theweeklyoptionstradingmarketquotationinformationshallbereleasedaftertheendingofthetradingofthelasttradingdayeveryweek.Suchinformationshallmainlycontain:contractsymbolopeningpriceofthefirsttradingdayoftheweekhighestpricelowestpriceclosingpriceofthelasttradingdayoftheweeksettlementpriceofthelasttradingdayoftheweekpricechangethedifferencebetweentheclosingpriceofthelasttradingdayofthethen-currentweekandthesettlementpriceofthelasttradingdayoftheimmediatelyprecedingweektradingvolumeopeninterestanditschangethedifferencebetweentheopeninterestofthelasttradingdayofthethen-currentweekandtheopeninterestofthelasttradingdayoftheimmediatelyprecedingweektradingturnoverandvolumeofexercise.Themonthlyoptionstradinginformationshallbereleasedaftertheendingofthetradingofthelasttradingdayeverymonth.Suchinformationshallmainlycontaincontractsymbolopeningpriceofthefirsttradingdayofthemonthhighestpricelowestpriceclosingpriceofthelasttradingdayofthemonthpricechangethedifferencebetweentheclosingpriceofthelasttradingdayofthen-currentmonthandthesettlementpriceofthelasttradingdayoftheimmediatelyprecedingmonthopeninterestanditschangethedifferencebetweentheopeninterestofthelasttradingdayofthethen-currentmonthandtheopeninterestofthelasttradingdayoftheimmediatelyprecedingmonthsettlementpriceofthelasttradingdayofthemonthtradingvolumetradingturnoverandvolumeofexercise.Theannualoptionstradingstatisticsinformationshallbereleasedaftertheendingofthetradingofeachannuallylasttradingday.Itsmaincontentsinclude:lthetotaltradingvolumeandturnoveroftheoptionsofallproductsandthetradingvolumeandturnoverofeachproduct;and2thetotalvolumeofexerciseandthevolumeofexerciseofeachproduct.ThereleasedisseminationuseandmanagementofsupervisionoftheoptionstradinginformationshallbeinaccordancewiththeapplicableprovisionsoftheMeasuresforInformationManagementofDalianCommodityExchange.ChapterVIIISupplementaryProvisionsAnyunmentionedmattershereinshallrefertotheapplicableprovisionsoftheotherrulesoftheExchange.Article4TheMeasuresshallapplytoalltheoptionstradingactivitiesconductedwithintheExchange.TheExchangeitsMemberstheOverseasSpecialParticipantstheOSPstheOverseasIntermediariestheOverseasIntermediariesthemarketmakerstheclientsthefuturesmargindepositorybanksdesignatedbytheExchangeandothermarketparticipantsshallcomplywiththeMeasures.ChapterIIOptionContractsArticle5AnoptioncontractmeansastandardizedcontractwhichisuniformlybytheExchangeandprovidesthatthebuyershallhavetherighttobuyorselltheagreedunderlyingassetsataspecifiedpriceandatacertaintimeinthefuture.Article6Themaintermsandconditionsofanoptioncontractshallcontaintheunderlyingassetsofthecontractthetypeofthecontractthetradingunitthepricequoteunittheticksizethepricelimitthecontractmonththetradinghoursthelasttradingdatetheexpirationdatetheexercisepricetheexercisemethodthecontractsymbolandthelistingexchange.Theunderlyingassetsofanoptioncontractmeanstheobjectwhichissubjecttotherightsandobligationsofthebuyingandsellingpartiestotheoptioncontract.TheunderlyingassetsoftheoptioncontractshereinshallbethefuturescontractslistedfortradingattheExchange.Theoptioncontractsshallbedividedintocalloptionsandputoptions.Thecalloptionmeanstheoptioncontractthatthebuyershallhavetherighttobuytheunderlyingfuturescontractataspecifiedpriceandatacertaintimeinthefuturewhilethesellershallperformitscorrespondingobligations.Theputoptionmeanstheoptioncontractthatthebuyershallhavetherighttoselltheunderlyingfuturescontractataspecifiedpriceandatacertaintimeinthefuturewhilethesellershallperformitscorrespondingobligations.ThetradingunitoftheOptionContractsshallbelot.TheoptionstradingshallbeconductedinanintegralmultipleofIncaseofanyinconsistencybetweentheMeasuresandtheotherrulesoftheExchangetheMeasuresshallprevail.AnyviolationoftheMeasuresshallbehandledbytheExchangeinaccordancewiththeapplicableprovisionsoftheMeasuresagainstRuleViolationsofDalianCommodityExchange.TheExchangereservestherighttointerpretthe第七十五条本办法解释权属Measures.于大连商品交易所TheMeasuresshallcomeintoforceonthedateofitspromulgation.HOneLot.Thequantityoftheunderlyingfuturescontractsofeachlotofoptioncontractofdifferentproductsshallbestatedinsuchoptioncontractofsuchproduct.Thepricequoteunitofanoptioncontractshallbethesameasthatoftheunderlyingfuturescontract.Theticksizemeanstheminimumvalueoftherisingorfallingvariationoftheunitpriceofanoptioncontract.Article12Thepricelimitofanoptioncontractshallbethesameasthatoftheunderlyingfuturescontractnamelythesettlementpriceoftheimmediatelyprecedingtradingdayoftheunderlyingfuturescontractmultipliedbythecorrespondingratio.Thecontractmonthmeansthedeliverymonthoftheunderlyingfuturescontractcorrespondingtotheoptionscontract.Thelasttradingdaymeansthelastdayonwhichtheoptioncontractmaybetraded.Theexpirationdatemeansthelastdayonwhichtheoptioncontractbuyermayexerciseitsrights.Theexercisepricemeansthepricewhichisprovidedintheoptioncontractandatwhichthebuyershallhavetherighttobuyorselltheunderlyingfuturescontractatacertaintimeinthefuture.Theexercisepriceintervalmeansthedifferencebetweenthetwo2neighboringexerciseprices.Theexercisepriceshallbetheintegralmultipleoftheexercisepriceinterval.TheExchangemayadjusttheexercisepriceintervalsandthecoveragerangesofexercisepriceonthebasisofthemarketsituation.TheexercisestylescanbeclassifiedintoAmericanstyleEuropeanstyleandotherstylesprovidedbytheExchange.WithrespecttotheAmericanstyleoptionsthebuyermayexerciseitsrightsonanytradingdaypriortoorontheexpirationdateofthecontract;andwithrespecttotheEuropeanstyleoptionsthebuyermayexerciseitsrightssolelyontheexpirationdateofthecontract.ThecontractsymboloftheOptionContractshallconsistofthetickersymboloftheunderlyingfuturescontractthecontractmonththecallputoptionscodeandtheExercisePrice.ChapterIIITradingBusinessTheNon-FuturesCompanyMembertheOverseasSpecialNon-BrokerageParticipanttheOSNBPortheclientshallusethesametradingcodeasforthefuturestradingwhenconductingoptionstrading.IncasethereisnotradingcodetheNon-FuturesCompanyMembertheOSNBPortheclientshallapplyforatradingcodeinaccordancewiththeapplicableruleswithrespecttothefuturestrading.TheMemberortheOSPshallconductoptionstradingonlyafteritspreparatoryworkfortechnicalsystembusinesssystemriskmanagementandstaffinghasbeencompleted.Theoptionstradingimplementstheinvestorsuitabilitymechanism.ThespecificmeasuresformanagementofinvestorsuitabilityshallbeformulatedbytheExchangeseparately.Theoptionstradingmayimplementthemarketmakermechanism.ThespecificmeasuresformanagementofmarketmakersshallbeformulatedbytheExchangeseparately.TheNon-FuturescompanyMembertheOSNBPortheclientmaysubmitaquotationinquirytothemarketmakerandsuchquotationinquiryshallspecifythecontractsymboloftheoptioncontract.TheExchangemayadjustthecontractandtimeofthequotationinquirysubjecttomarketconditions.WhenabnormalitiesoccurduringthequotationinquirysubmittedbyaNon-FuturesCompanyMemberanOSNBPoraclienttheExchangemaytakesuchactionsasphonereminderandreportrequesttheMembertheOSPtheOverseasIntermediaryandtheclientshallcooperateandprovideassistancetosuchactions.TheFuturesCompanyMembertheOverseasSpecialBrokerageParticipanttheOSBPandtheOverseasIntermediaryshallmanagethequotationinquiryfromtheirclientsandrequiretheirclientstosubmitquotationinquiryinreasonablemanners.Thepriceofanoptioncontractmeansthepremiumofeachpricequoteunitoftheoptionscontract.Thepremiummeansthefundspaidbytheoptionsbuyertoobtaintherights.Therulesfortheoptionsopeningpriceclosingpricehighestpricelowestpricelastpricepricechangehighestbidpricelowestofferpricebidquantityofferquantitytradingvolumeopeninterestcallauctionanddealconcludedbymatchingshallbethesameasthoserulesforthefutures.WithrespecttotheoptioncontracttheExchangemayprovidethelimitorderandthestoplimitorder.ThelimitordermaybeattachedwithFillorKillFOKorFillandKillFAK.Theminimumbid/offerquantityofeachtradingorderoftheoptioncontractshallbeone1lotandthemaximumbid/offerquantityofeachtradingorderoftheoptioncontractshallbethesameasthatfortheunderlyingfuturescontract.TheExchangemayadjustandannouncethetypestheminimumbid/offerquantityandthemaximumbid/offerquantityofeachorderoftheoptioncontractsonthebasisofthemarketsituation.Thelistinganddelistingoftheoptioncontractshallbesubjecttothefollowingprinciple:lafterthetransactionofthenewlylistedfuturescontracthas一新上市期货合约成交后相应beenconcludedthecorrespondingoptioncontractsshallbe期权合约于下一交易日上市交易;listedfortradingasoftheimmediatelyfollowingtradingday;2aftertheoptioncontractsarelistedfortradingtheExchangeshalllisttheoptioncontractswithnewexercisepricesonthebasisofthesettlementpriceandthepricelimitofitsunderlyingfuturescontractafterthemarketcloseofeachtradingday.Suchlistingshallcomplywiththerulesregardingtheexercisepriceintervalsoftheoptioncontract.TheExchangewillnotlisttheoptioncontractswithnewexercisepricesafterthemarketcloseofthetradingdayimmediatelyprecedingtheexpirationdate;3thelistingpriceoftheoptioncontractsshallbedeterminedandpublishedbytheExchange;and4theExchangemaydelistalistedoptioncontractwhichhasno四交易所可以对无成交无持仓的transactionsorpositions.上市期权合约摘牌Themethodofclosingoutanoptioncontractshallincludeliquidationexerciseandabandonment.Liquidationmeanstheclose-outofanoptioncontractbybuyingorsellingofanoptioncontractwiththesamequantityunderlyingassetmonthexpirationdatetypeandexercisepriceastheoptioncontractheldbythetraderbutthetradingdirectionisoppositetotheoptioncontractheldbythetrader.Exercisemeanstheclose-outofanoptioncontractbythebuyerexecutingitsrighttobuyorselltheunderlyingfuturescontractattheexercisepriceasprescribed.Abandonmentmeanstheclose-outofanoptioncontractbythebuyerwaivingtoexecuteitsrightuponexpirationofthecontract.TheNon-FuturesCompanyMembertheOSNBPortheclientmayapplyforliquidationofthetwo-wayoptionspositionsunderthesametradingcode.Thehedgingresultshallbedeductedfromtheoptionsopeninterestofthethen-currentdayandcalculatedintothetradingvolume.ThetimeandthewayofsuchapplicationshallbepromulgatedbytheExchangeseparately.ChapterIVExerciseandFulfillmentTheexerciseandfulfillmentbyaclientshallbemadethroughaMemberandshallbehandledattheExchangeinthenameoftheMember.WithintheperiodprescribedbytheExchangetheoptionsbuyermaysubmitapplicationforexercisethespecificmethodsofwhichshallbeseparatelyformulatedbytheExchange.Theoptionssellershallhavetheobligationoffulfillment.Thefulfillmentmeansthatupontheoptionsbuyerproposestoexercisetheoptionssellershallbeobligatedtobuyorsellacertainquantityoftheunderlyingfuturescontractattheexercisepriceprovidedinthecontract.AfterthemarketcloseofthedailytradingtheExchangeshallassigntheexerciseapplicationundertheprincipleofuniformrandomselection.Theoptionsbuyermayapplyforhedgingliquidationofthetwo-wayfuturespositionsfollowingtheexercisingunderthesametradingcodeprovidedthatthehedgingquantityshallnotexceedthefuturesopeninterestobtainedfromtheexercise.Thehedgingresultshallbedeductedfromthefuturesopeninterestofthethen-currentdayandshallbecalculatedintothetradingvolume.Theoptionssellermayapplyforhedgingliquidationofthebilateralfuturespositionsfollowingthefulfillmentunderthesametradingcodeprovidedthatthehedgingquantityshallnotexceedthefuturesopeninterestobtainedfromthefulfillment.Thehedgingresultshallbedeductedfromthefuturesopeninterestofthethen-currentdayandshallbecalculatedintothetradingvolume.ThetimeandspecificmethodsforapplicationwithrespecttotheforegoingbusinessshallbepromulgatedbytheExchangeseparately.A代ertheexerciseandfulfillmentofthecalloptionstheoptionsbuyershallobtainthefutureslongpositionattheexercisepriceandthesellershallobtainthefuturesshortpositionatthesameexerciseprice.Aftertheexerciseandfulf川meritoftheputoptionstheoptionsbuyershallobtainthefuturesshortpositionattheexercisepriceandthesellershallobtainthefutureslongpositionatthesameexerciseprice.PriortotheexpirationdateoftheoptioncontracttheFuturesCompanyMembertheOSBPandtheOverseasIntermediaryshallremindtheclientstohandletheoptionspositionsinpropermanners.Afterthemarketcloseoftheexpirationdatethe第三十五条到期日闭市后,交Exchangeshallprocessasfollows:易所进行如下处理lthepositionsofthecalloptionsofwhichtheexercisepriceislessthanthethen-currentdaysettlementpriceoftheunderlyingfuturescontractshallapplyforexerciseautomatically;and2thepositionsoftheputoptionsofwhichtheexercisepriceisgreaterthanthethen-currentdaysettlementpriceoftheunderlyingfuturescontractshallapplyforexerciseautomatically.Theoptionsbuyermaycanceltheautomaticapplicationforexercise.ThespecifictimeandmethodsforsuchcancellationwillbeseparatelypromulgatedbytheExchange.Whentheoptionsbuyerexercisesitsoptionitsfundbalanceshallmeettherequirementsoffuturestradingmargin.TheMemberofbuyershallnotaccepttheapplicationforexerciseofitsOSPtheOverseasIntermediaryortheclientifitdoesnothavesufficientfund.Incaseitem1oritem2ofArticle35hereinistriggeredbutthecorresponding0sBOverseasIntermediaryorclientoftheMemberofbuyerdoesnothavesufficientfundtheMemberofbuyershallsubmittheapplicationforabandonmentofexercisetotheExchangeonbehalfofit.ChapterVClearingBusinessAMemberwhichconductstheoptionstradingshallusethesamededicatedsettlementaccountandthesamededicatedfundsaccountforthefuturestrading.Intheoptionstradingthebuyershallpaythepremiumandshallnotpaytradingmarginwhilethesellershallreceivethepremiumandpaythetradingmargin.Whentheoptionsbuyerselleropensnewpositionstheoptionsbuyersellershallpayreceivethepremiumonthebasisofthetradepriceofthepositionopening.Whentheoptionsbuyersellerliquidatethepositionstheoptionsbuyersellershallreceivepaythepremiumonthebasisofthetradepriceofthepositionliquidation.WhentheoptionsselleropensthepositiontheExchangeshallcollectthetradingmarginfromtheoptionssellerbasedontheamountoftheoptioncontractmarginattheclearingoftheimmediatelyprecedingtradingday.WhentheoptionssellerliquidatesthepositiontheExchangeshallreleasethetradingmarginoftheoptioncontractliquidatedbytheseller.UponthedailyclearingtheExchangeshallcalculateandcollectthetradingmarginfromtheoptionssellerbasedonthedailysettlementpriceoftheoptionsandfuturescontractandshallcalculateandcollectthetradingcommissionsandexercisefulfillmentcommissionsfromthebuyerandthesellerbasedonthetradingvolumeandthequantityofexercisefulfillment.TheExchangeshalltransferthereceivablesandpayablesinnettingbasisinalumpsumandshallincreaseordecreasetheclearingdepositoftheMemberscorrespondinginternalledgeraccount.ThestandardsforcollectionofthetradingmarginshallbedeterminedbasedonArticle45below.ThestandardsforthecommissionsshallbedeterminedandpromulgatedbytheExchangeandmaybeadjustedbytheExchangeonthebasisofthemarketsituation.Thesettlementpriceoftheoptioncontractsshallbedeterminedaccordingtothefollowingmethods:lexceptforthelasttradingdaytheExchangeshalldetermine一除最后交易日外,交易所根据。