[Explanation] On April 21, Dalian Commodity Exchange (hereinafter referred to as: Dalian Commodity Exchange) issued an announcement to solicit opinions from the market on soybean No. 1, soybean No. 2 and soybean oil options contracts. deadline.
This means that the three varieties of options are just around the corner.
[Explanation] According to the notice, the 3 option contracts follow the design idea of the exercise price interval of the segment.
For soybean oil options, when the strike price is between 5,000 and 10,000 yuan/ton, the strike price interval is 100 yuan/ton, and the interval below and above the interval is 50 yuan/ton and 200 yuan/ton respectively;
For Soybean No. 1 and Soybean No. 2 options, when the strike price is between 2,500 and 5,000 yuan/ton, the strike price interval is 50 yuan/ton, and the interval below and above the interval is 25 yuan/ton and 100 yuan/ton respectively. Ton.
The exercise price covers the price range corresponding to the price limit of the current day, up or down by 1.5 times the settlement price of the underlying futures contract on the previous trading day.
In addition, the soybean series options contract types are both call options and put options; the trading unit is 1 lot of the underlying futures contract; the minimum price change is 0.5 yuan/ton; the price limit range is the same as the price limit range of the underlying futures contract; exercise options The methods are all American, and the buyer can apply for exercise at the trading time of any trading day before the expiration date and before 15:30 on the expiration date.
[Explanation] my country is a big soybean importer and consumer, with a huge market.
According to data from the General Administration of Customs, my country's soybean imports in 2021 will be 96.52 million tons, with an import value of US$53.5 billion.
Affected by the current geopolitical conflicts, the new crown epidemic and international monetary policies, the soybean industry is facing an extremely complex market situation, and the operation of market players faces greater risks. Diversified and refined derivatives are urgently needed to avoid daily business risks.
[Concurrent] Bi Hui, Senior Researcher of Baocheng Futures
On the basis of futures tools, using the unique volatility trading strategy of options can effectively manage the uncertainty risk of the underlying futures market, and will provide relevant industry entities with more refined risk management tools, rich strategies and flexible Hedging method.
[Explanation] The Central Rural Work Conference held at the end of 2021 emphasized "vigorously expanding soybean and oilseed production", and this year's No. 1 Central Document proposed a number of specific measures to increase soybean and oilseed production capacity.
The introduction of more options varieties in the soybean industry chain can form a synergy with futures, enrich the means of managing volatility risks in the industry, and better serve the stable and healthy development of my country's soybean industry.
Wang Yilin and Yang Yi report from Dalian
Responsible editor: [Lu Yan]