Three major commodity options listed simultaneously The futures market will continue to increase supply

Natural rubberoptionCotton and corn options1month28The listing of Japan on the Shanghai Stock Exchange, Zhengzhou Commercial Exchange, and Dalian Commercial Exchange simultaneously opened up China's marketfuturesmarket2019The prelude to the launch of new varieties in.
This means that the development of the commodity options market has entered a fast lane. "Ma Wensheng, Chairman of Xinhu Futures, said in an interview with Shanghai Securities News reporters that as the variety of options becomes more diverse, market liquidity and trading scale become larger, the commodity market will form a multi-level derivative market that includes spot, futures, options, and basis, providing diversified risk management tools for enterprises, Assist enterprises in more precise risk management.
Stable market operation Active investor participation
On the first day of listing of the three new options, the market as a whole operated smoothly, with active investor participation and strong linkage between options and futures prices.
According to data from the previous stock exchange, the first batch of natural rubber options listed for trading were jointly listed8Series,192Contracts, closed5605Hand (unilateral, the same below), transaction amount0.24100 million yuan, holding position3548Hand. Among them,RU1905The trading of series options is relatively active, accounting for% of the total trading volume of options83%。
In terms of cotton options, the first batch of varieties to be listed includes4Series,104Contracts. According to data from Zheng Shangyuan, the total trading volume of cotton options is11104 hand (Unilateral, similarly hereinafter), position holding6251Hand. The most active contract for call options isCF905C15400, with a trading volume of853Hand, transaction volume138.66Ten thousand yuan. The most active month for trading volume is1905Contract, with a total transaction volume of7861Hand, accounting for% of total transaction volume70.8%。
In terms of corn options, a total of5Series132Contracts. According to the statistical data of Dashang,28Daily corn options trading volume3.3710000 hands (unilateral, the same below), transaction volume911.9610000 yuan, holding amount2.40Wanshou. Among them, the transaction ratio of call option and put option is1.28The holding ratio is1.24The proportion of option trading volume to the underlying futures trading volume is21.28%This value is very close to that of mature international markets. On that day, there were nearly400Customers participated in corn option trading, and the proportion of unit customer trading volume, including market makers, is73.28%。
Compared to the first day of listing performance of the first option variety, soybean meal option, corn options are more active. Within less than half a trading day of listing, their trading volume exceeded the full day trading volume of soybean meal options on the first day of listing. The trading volume and holdings of corn options on that day were the same as those of soybean meal options on the first day of listing1.5The market is full of expectations for the development of corn option services related industries.
"From the distribution of the exercise price, investors are more focused on trading on two options with false value. In terms of contract types, investors prefer to trade call option contracts." Zhang Jiacheng, general manager of Yong'an Futures and Options Headquarters, told the Shanghai Securities News that the volume of call option is significantly greater than put option, which is different from the current situation3The trajectory of the price of each commodity is related, that is3The futures prices of all commodities are at a low level and in the process of upward consolidation.
Zhang Jiacheng also said that compared with the difference between the implied volatility of call option and the implied volatility of put option, it can also be found that the volatility of rubber call option is significantly higher than that of put option, cotton is similar, and corn is lower than that of call option. This indicates that the market has high expectations for the future rise of rubber futures, cotton is neutral, and corn is in a state of suppressed rise
2019Will continue to increase market supply in the year
At yesterday's cotton options listing ceremony, Luo Hongsheng, Director of the Futures Supervision Department of the China Securities Regulatory Commission, stated that in the new year, we will continue to increase market supply, improve market quality, accelerate opening up, take advantage of the situation, make progress, and actively guide the healthy development of the futures and derivative markets.
2018In, the Chinese futures market launched acrude oilRepresented by futures7Multiple varieties, achieving full coverage of existing categories.2019In addition to the three major option commodities mentioned above, each exchange also had a long list of new product development.
Jiang Yan, the Chairman of the Shanghai Futures Exchange, previously stated that the exchange is researching and striving to launch futures products such as refined oil, natural gas, and liquefied petroleum gas as soon as possible, focusing on deepening and optimizing its energy and chemical series. In addition, in accordance with the requirements of supply side structural reform, the Shanghai Stock Exchange needs to quickly launch projects with the participation of foreign investors20Number rubber futures to expand the influence of the international energy platform of the previous period.
In the development of non-ferrous commodities, the Shanghai Futures Exchange will also strive to launch futures products such as stainless steel, aluminum oxide, and ferrochrome. At the same time, focusing on the construction of the Shanghai International Financial Center and the Shanghai International Shipping Center, the Shanghai Futures Exchange is also collaborating with the Shanghai Shipping Exchange to study shipping index futures.
Next, we will strive to build Zhengzhou Institute of Commerce into an international textile product pricing center and risk management platform. "Chen Huaping, Chairman of Zhengzhou Institute of Commerce, stated at the cotton options listing ceremony yesterday that Zhengzhou Institute of Commerce will research and launch short fiber futuresPTAMore new varieties and tools such as options will be introduced to further improve the derivatives system and make greater contributions to serving the real economy and major reform measures.
The relevant person in charge of Dashang recently also stated that in the next step, Dashang will accelerate the research and development and listing of options such as iron ore, palm oil, and soybean oil under the overall arrangement of the China Securities Regulatory Commission, and accelerate the construction of a "diversified and open, world-class derivative exchange".
The reporter also learned that Da Shang Shi is promoting chili peppers, live pigs, styrene, gas coal, scrap steel, ocean container shippingLPGDevelopment of futures products. Among them, the pig variety has been2018Obtained project approval from the China Securities Regulatory Commission at the beginning of the year.
(Shanghai Securities News)