The first increase of underlying stock options in A-share market in five years

 The first increase of underlying stock options in A-share market in five years

According to the reporter of Securities Daily from Shanghai and Shenzhen Stock Exchange, Shanghai stock exchange plans to list and trade the Shanghai and Shenzhen 300etf option contract in December 2019 (the target is Huatai Bairui Shanghai and Shenzhen 300etf, code: 510300); and it plans to launch the stock option portfolio strategy business in the near future to optimize the exercise mechanism. At present, the Shanghai Stock Exchange 50ETF option has become a powerful tool for investors to manage the fluctuation of the spot market in the past five years. At the same time, it has a positive impact on the liquidity and scale of the underlying securities 50ETF.

After more than four years of accumulation, Shenzhen Stock Exchange has been able to carry out options trading conditions since it launched the full business exercise of stock options in January 2015. At present, SZSE has completed the drafting of stock option business rules and the development of technical system. The business, technology and market are ready, and the main rules are consulted by the market. Next, Shenzhen Stock Exchange will also organize the whole network test, complete the approval and release of rules, carry out investor education activities, strengthen media communication, do a good job in market maker recruitment, and ensure the smooth launch of Shanghai and Shenzhen 300etf options (the target is Jiashi Shanghai and Shenzhen 300etf, code 159919).

Dong zhongyun, director of AVIC Securities Research Institute and specially appointed senior research institute of national finance and development laboratory, told Securities Daily, the stock index options have been expanded from Shanghai Stock Exchange 50 to Shanghai and Shenzhen Stock Exchange 300, and the stock coverage has been significantly expanded. Both the Shanghai and Shenzhen stock exchanges and CICC have launched trading contracts, which means that the influence of the options tools will be expanded from small-scale pilot to the whole A-share market. , of great significance.

Domestic and foreign experience and related theoretical studies have shown that stock options have a positive impact on balancing the supply and demand of the spot market and maintaining market stability. Increasing the subject of stock options is the internal demand of the development of Chinas capital market, which is of great significance for the long-term sustainable and healthy development of the stock market and the option market, mainly reflected in the following four aspects: first, enriching the risk management tools of investors, helping to enhance the confidence of long-term capital holding such as insurance institutions, and attracting long-term capital into the market; second, helping to activate the market The third is to promote the development of derivatives market and enrich the multi-level capital market system. The fourth is to ensure the further opening up to achieve good results of the important supporting measures, which helps to improve the level of internationalization of Chinas capital market.

It is also understood that the newly added CSI 300 ETF option contract selects the largest ETF product tracking CSI 300 index as the target. The CSI 300 index is the core broad-based index of Chinas A-share market. The stock market value of the index component is about 30 trillion yuan, accounting for about 60% of the total A-share market value. The asset size of the tracking CSI 300 index is more than 150 billion yuan, with strong market representation, wide coverage and great influence. At present, there are 10 ETF products tracking the CSI 300 index in Shanghai and Shenzhen stock markets, with a total turnover of 418.6 billion yuan in the first three quarters of 2019. Among them, Huatai Bairui Hushen 300etf listed on Shanghai Stock Exchange has the largest scale, with a total scale of 34.5 billion yuan. In the first three quarters of 2019, it accounted for 61% of the turnover of similar products; Jiashi Hushen 300etf has the largest scale in Shenzhen Stock Exchange, with a total scale of 22.6 billion yuan, with a 12% of the turnover of similar products in the same period.

Source: responsible editor of Securities Daily: Yang qian_nf4425