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Announcement on the Release of Copper Option Contract of the Shanghai Futures Exchange and Related Implementing Rules [Partially Invalid]
上海期货交易所关于发布《上海期货交易所阴极铜期货期权合约》及相关规则的公告(附:上海期货交易所期权交易管理办法、上海期货交易所期权做市商管理办法、上海期货交易所期权投资者适当性管理办法) [部分失效]
【法宝引证码】

Announcement on the Release of Copper Option Contract of the Shanghai Futures Exchange and Related Implementing Rules

 

上海期货交易所关于发布《上海期货交易所阴极铜期货期权合约》及相关规则的公告

(Announcement No. 36[2018] of Shanghai Futures Exchange) (上海期货交易所公告〔2018〕36号)

Copper Option Contract of the Shanghai Futures Exchange, Options Trading Rules of the Shanghai Futures Exchange, Market Maker Management Rules of the Shanghai Futures Exchange, Options Investor Suitability Management Rules of the Shanghai Futures Exchange and related Implementing Rules, which have been accepted by the Shanghai Futures Exchange Board of Directors and reported to the China Securities Regulatory Commission, is hereby released and effective . 《上海期货交易所阴极铜期货期权合约》、《上海期货交易所期权交易管理办法》、《上海期货交易所期权做市商管理办法》、《上海期货交易所期权投资者适当性管理办法》以及其他配套实施细则修订案经上海期货交易所理事会审议通过,并已报告中国证监会,现予以发布,自发布之日起实施。
Please visit the official website of SHFE for the Chinese version. If there is any discrepancy between the English version and the Chinese version, the Chinese version shall prevail. 英文文本见官方英文网站,仅供参考。如与中文文本不一致,以中文文本为准。
Attachment: 附件:
1. Copper Option Contract of the Shanghai Futures Exchange 1. 《上海期货交易所阴极铜期货期权合约》
2. Options Trading Rules of the Shanghai Futures Exchange 2. 《上海期货交易所期权交易管理办法》
3. Market Maker Management Rules of the Shanghai Futures Exchange 3. 《上海期货交易所期权做市商管理办法》
4. Options Investor Suitability Management Rules of the Shanghai Futures Exchange 4. 《上海期货交易所期权投资者适当性管理办法》
 
5. Amendments to Other Implementing Rules.doc 5. 其他配套实施细则修订案

Shanghai Futures Exchange

 上海期货交易所
September 6, 2018 2018年9月6日
Attachment 1 附件1
Copper Option Contract of the Shanghai Futures Exchange 上海期货交易所阴极铜期货期权合约

Underlying Asset

Copper cathode futures contract (five metric tons (MT))

Contract Type

Call option and put option

Contract Size

One copper futures contract

Price Quotation

Yuan (RMB) /MT

Minimum Price Fluctuation

One Yuan /MT

Daily Price Limit

Same as that for the copper futures contract

Contract Month

Same as that of the listed underlying futures contract

Trading Hours

9:00 a.m. to 11:30 a.m., 1:30 p.m. to 3:00 p.m., and other hours  specified by the Exchange (Beijing Time)

Last Trading Day

Five trading days before the  end of the delivery month of the underlying futures contract. The last  trading day may be adjusted by the Exchange in case of a national holiday.

Expiration Date

Same as the last trading day

Strike Price

The strike price range is between (1) the previous trading day's settlement  price of the copper cathode futures contract – 1.0 × the current day's price  limit × such settlement price and (2) such settlement price + 1.0 × the  current day's price limit × such settlement price. Where the strike price is  less than or equal to 40,000 Yuan/MT, the strike price interval is 500 Yuan/MT;  where the strike price is more than 40,000 Yuan/MT but less than or equal to  80,000 Yuan/MT, the strike price interval is 1,000 Yuan/MT; and where the strike  price is more than 80,000 Yuan/MT, the strike price interval is 2,000 Yuan/MT.

Option Style

European style. Buyers may, before 15:30 on the expiration date,  submit an exercise or abandonment request.

Contract Symbol

Call option: CU-Contract Month -C-Strike Price

Put option: CU-Contract Month-P-Strike Price

Listing Exchange

SHFE

 

合约标的物


阴极铜期货合约(5吨)


合约类型


看涨期权,看跌期权


交易单位


1手阴极铜期货合约


报价单位


元(人民币)/吨


最小变动价位


1 元/吨


涨跌停板幅度


与阴极铜期货合约涨跌停板幅度相同


合约月份


与上市标的期货合约相同


交易时间


上午9:00-11:30下午13:30-15:00及交易所规定的其他时间


最后交易日


标的期货合约交割月前第一月的倒数第五个交易日,交易所可以根据国家法定节假日调整最后交易日


到期日


同最后交易日


行权价格


行权价格覆盖阴极铜期货合约上一交易日结算价上下1倍当日涨跌停板幅度对应的价格范围。行权价格≤40000元/吨,行权价格间距为500元/吨;40000元/吨<行权价格≤80000元/吨,行权价格间距为1000元/吨;行权价格>80000元/吨,行权价格间距为2000元/吨


行权方式


欧式。到期日买方可以在15:30之前提出行权申请、放弃申请


交易代码


看涨期权:CU-合约月份-C-行权价格


看跌期权:CU-合约月份-P-行权价格


上市交易所


上海期货交易所


Attachment 2 附件2
Options Trading Rules of the Shanghai Futures Exchange 上海期货交易所期权交易管理办法
Chapter 1 GENERAL PROVISIONS 

第一章 总则

Article 1  These Rules are formulated in accordance with the Regulations on the Administration of Futures Trading and the General Exchange Rules of the Shanghai Futures Exchange to regulate options trading activities, protect the legitimate rights and interests of options trading participants and the public interests, and facilitate the performance of the options market's functions.   第一条 为规范期权交易行为,保护期权交易当事人的合法权益和社会公众利益,促进市场功能发挥,根据《期货交易管理条例》和《上海期货交易所交易规则》,制定本办法。
Article 2  Options trading refers to the trading of option contracts through an open and centralized marketplace or by such other means as approved by the China Securities Regulatory Commission (CSRC).   第二条 期权交易是指采用公开的集中交易方式或者中国证券监督管理委员会(以下简称中国证监会)批准的其他方式进行的以期权合约为标的的交易活动。
Article 3  The Shanghai Futures Exchange (the “Exchange”) organizes options trading activities in accordance with the principles of transparency, fairness, justice, and good faith.   第三条 上海期货交易所(以下简称交易所)根据公开、公平、公正和诚实信用的原则组织期权交易。
Article 4 These Rules are applicable to options trading activities on the Exchange, and shall be observed by the Exchange and its members, market makers, customers, futures margin depository banks designated by the Exchange, and other market participants.   第四条 本办法适用于交易所内的期权交易活动,交易所、会员、做市商、客户、交易所指定期货保证金存管银行及其他市场参与者应当遵守本办法。
Chapter 2 OPTION CONTRACTS 

第二章 期权合约

Article 5 An option contract is a standardized contract uniformly formulated by the Exchange which gives the buyer the right to buy or sell the agreed underlying asset at a specified price on a specific future date.   第五条 期权合约是指由交易所统一制定的、规定买方有权在将来某一时间以特定价格买入或者卖出约定标的物的标准化合约。
Article 6 The main specifications of an option contract include the underlying asset, contract type, contract size, price quotation, minimum price fluctuation, price limit, contract month, trading hours, last trading day, expiration date, strike price, option style, contract symbol, and listing exchange.   第六条 期权合约的主要条款包括:合约标的物、合约类型、交易单位、报价单位、最小变动价位、涨跌停板幅度、合约月份、交易时间、最后交易日、到期日、行权价格、行权方式、交易代码和上市交易所。
Article 7 The underlying asset of an option contract refers to the asset that the buyer of the option contract has the right to buy (sell) and the seller of the option contract has the obligation to sell (buy).   第七条 期权合约标的物是指期权合约买卖双方权利义务指向的对象。
In these Rules, the underlying asset of an option contract is a futures contract listed and traded on the Exchange. 本办法所称的期权合约标的物为交易所上市交易的期货合约。
Article 8  Option contracts include call options and put options.   第八条 期权合约类型包括看涨期权和看跌期权。
A call option refers to an option contract which entitles the buyer to buy, and obligates the seller to sell, the underlying futures contract at a specified price on a specific future date. 看涨期权是指买方有权在将来某一时间以特定价格买入标的期货合约,而卖方需要履行相应义务的期权合约。
A put option refers to an option contract which entitles the buyer to sell, and obligates the seller to buy, the underlying futures contract at a specified price on a specific future date; 看跌期权是指买方有权在将来某一时间以特定价格卖出标的期货合约,而卖方需要履行相应义务的期权合约。
Article 9  The contract size of an option contracts is lot, and options shall be traded in an integral multiple of one lot.   第九条 期权合约的交易单位为“手”,期权交易应当以“一手”的整数倍进行。
Article 10 An option contract shall have the same price quotation as the underlying futures contract.   第十条 期权合约报价单位与标的期货合约报价单位相同。
Article 11 The minimum price fluctuation of an option contract refers to the minimum allowable price movement of the option contract.   第十一条 最小变动价位是指该期权合约单位价格变动的最小值。
Article 12 An option contract shall have the same price limit as the underlying futures contract.   第十二条 期权合约涨跌停板幅度与标的期货合约涨跌停板幅度相同。
Price limit = the previous trading day's settlement price of the underlying futures contract × the current day's price limit rate for the underlying futures contract 涨跌停板幅度=标的期货合约上一交易日结算价×标的期货合约当日涨跌停板比例。
Article 13 The contract month of an option contract refers to the delivery month of the underlying futures contract.   第十三条 合约月份是指该期权合约对应的标的期货合约的交割月份。
Article 14 The last trading day of an option contract refers to the final trading day on which the option contract may be traded.   第十四条 最后交易日是指期权合约可以进行交易的最后一个交易日。
The last trading day may be adjusted by the Exchange in case of a national holiday. 交易所可以根据国家法定节假日调整最后交易日。
Article 15 The expiration date of an option contract shall fall on the same day as the last trading day, and the buyer of the option contract may exercise the option contract on the expiration date.   第十五条 到期日同最后交易日,期权买方可以在到期日行使权利。
If the last trading day is adjusted, the expiration date shall be adjusted accordingly. 最后交易日调整的,到期日随之调整。
Article 16 The strike price of an option contract refers to the price, specified in the option contract, at which the buyer has the right to buy or sell the underlying futures contract on a specific future date.   第十六条 行权价格是指由期权合约规定的,买方有权在将来某一时间买入或卖出标的期货合约的价格。
The strike price interval refers to the gap between two successive strike prices. 行权价格间距是指相邻两个行权价格之间的差。
A strike price shall be in an integral multiple of the strike price interval. 行权价格是行权价格间距的整数倍。
The Exchange may adjust the strike price interval and the strike price range based on market conditions. 交易所可以根据市场情况对行权价格间距和行权价格可覆盖的范围进行调整。
Article 17 Options are classified by style to American-style options, European-style options, and other style options as prescribed by the Exchange. The buyer of an American-style option may exercise the option on its expiration date or any trading day therebefore; and the buyer of a European-style option may exercise the option only on the expiration date.   第十七条 行权方式分为美式、欧式以及交易所规定的其他方式。美式期权的买方在合约到期日及其之前任一交易日均可行使权利;欧式期权的买方只可在合约到期日当天行使权利。
Article 18 The contract symbol of an option contract consists of the contract symbol of the underlying futures contract, contract month, call (put) option symbol, and strike price.   第十八条 期权合约交易代码由标的期货合约交易代码、合约月份、看涨(跌)期权代码和行权价格组成。
Chapter 3 TRADING 

第三章 交易业务

Article 19 A member may engage in options trading only after it have completed preparation for options trading in terms of technical system, business operation rules, and risk management, and staffing.   第十九条 会员在完成技术系统、业务制度、风险管理和人员配备等相关准备工作后,方可开展期权交易。
Article 20 In options trading, all non-futures firm members (non-FF members) and customers shall the use same trading codes as they use in futures trading. Where they do not have a trading code, they shall apply for a trading code in accordance with applicable rules governing futures trading.   第二十条 非期货公司会员、客户进行期权交易,使用与期货交易相同的交易编码。没有交易编码的,应当按照期货交易的相关规定申请交易编码。
Article 21 The investor suitability rules shall be applied to options trading, and the Exchange will separately prescribe specific rules on investor suitability management.   第二十一条 期权交易实行投资者适当性制度。投资者适当性管理的具体办法,由交易所另行规定。
Article 22 A market maker regime may be introduced for options trading, and the Exchange will separately prescribe specific rules on the management of market makers.   第二十二条 期权交易可以实行做市商制度。做市商管理的具体办法,由交易所另行规定。
Article 23 Each non-FF member and customer may request quotes from market makers. The Exchange will determine and announce contracts for quote requests and frequency of submission of quote requests, and may adjust them to reflect market conditions.   第二十三条 非期货公司会员和客户可以向做市商询价。询价合约、询价频率由交易所确定并公布,交易所可以根据市场情况进行调整。
A futures firm shall manage quote requests from its customers, and require them to submit reasonable quote requests. 期货公司应当对其客户的询价进行管理,要求其合理询价。
Article 24 The price of an option contract refers to the premium of the option contract per quotation unit.   第二十四条 期权合约价格是指期权合约每报价单位的权利金。
A premium refers to the amount of funds that an option buyer pays in exchange of rights under the option. 权利金是指期权买方为获得权利所支付的资金。
Article 25 Rules on options' opening price, closing price, high price, low price, last price, price change, high bid price, low ask price, bid volume, ask volume, trading volume, open interest, call auction, and order matching are the same as those applicable to futures.   第二十五条 期权的开盘价、收盘价、最高价、最低价、最新价、涨跌、最高买价、最低卖价、申买量、申卖量、成交量、持仓量、集合竞价以及成交撮合规定与期货有关规定相同。
Article 26 Trading orders for option contracts include limit orders, cancel orders, and other orders prescribed by the Exchange. A limit order may be attached with the properties of both fill or kill (FOK) and fill and kill (FAK) orders.   第二十六条 期权合约的交易指令包括限价指令、取消指令以及交易所规定的其它指令。限价指令可以附加立即全部成交否则自动撤销(FOK)和立即成交剩余指令自动撤销(FAK)两种指令属性。
The maximum size of each trading order for an option contract shall be identical to that of each trading order for the underlying futures contract. 期权合约交易指令每次最大下单数量与标的期货合约交易指令每次最大下单数量相同。
The Exchange may adjust the types of trading orders for option contracts and the maximum size of each such trading order based on market conditions, and announce such adjustment. 交易所可以根据市场情况对期权合约交易指令的种类和每次最大下单数量进行调整并公布。
Article 27 Option contracts for a specific month shall be listed in accordance with the following principles:   第二十七条 期权合约挂牌遵循以下原则:
(i) If the underlying futures contract is newly listed, the option contracts shall be listed concurrently with the underlying futures contract; (一)标的期货合约新挂牌的,期权合约与标的期货合约同时挂牌;
(ii)( The option contracts to be listed shall include one at-the-money contract and several in-the-money and out-of-the-money contracts; (二)挂牌期权合约包括一个平值、若干个实值和虚值期权合约;
(iii)( The Exchange shall set as the current day's strike price of the at-the-money option a price that is closest to the previous trading day's settlement price of the underlying futures and in an integral multiple of the strike price interval. If there are two prices meeting the above criteria, the higher of them shall be chosen as the strike price of the at-the-money option, and the strike price of each of the several in-the-money options and out-of-the-money options shall move above or below that of the at-the-money option by the strike price interval, and the resulting strike prices shall cover the price range as calculated based on the current day's price limit for the underlying futures contract. After the market close of the trading day immediately prior to the expiration date of the option contracts for the month, no option contract for the month with a new strike price shall be listed; and (三)交易所根据与标的期货合约上一交易日结算价格最接近、且应当满足行权价格间距整数倍的原则确定当日平值期权的行权价格。如果有两个符合上述标准的价格,则选取较大的价格作为平值期权的行权价格,并在平值期权的行权价格两边按照行权价格间距的规定分别生成若干个实值期权和虚值期权的行权价格,且形成的行权价格覆盖标的期货合约当日涨跌停板幅度对应的价格范围。该月份期权合约到期日上一交易日闭市后,不再挂牌该月份新行权价格的期权合约;
(iv) The listing reference price of the option contracts shall be determined and published by the Exchange. (四)期权合约挂牌基准价由交易所确定并公布。
For the purpose of items (ii) and (iii) of the preceding paragraph, an at-the-money option refers to an option contract the strike price of which equals to the previous trading day's settlement price of the underlying futures contract; an in-the-money option refers to a call (put) option the strike price of which is lower (higher) than that of the at-the-money option; and an out-of-the-money option refers to a call (put) option the strike price of which is higher (lower) than that of the at-the-money option. 本条第一款第(二)、(三)项中,平值期权是指行权价格等于标的期货合约上一交易日结算价格的期权合约;实值期权是指行权价格低于(高于)平值期权行权价格的看涨期权(看跌期权);虚值期权是指行权价格高于(低于)平值期权行权价格的看涨期权(看跌期权)。
Article 28 An option contract may be closed out through liquidation, exercise or abandonment.   第二十八条 期权合约了结方式包括平仓、行权和放弃。
Liquidation refers to a method by which the seller or buyer of an option contract closes out such option contract by taking a reverse position in an options contract which has the same size, underlying futures contract, contract month, expiration date, option style, and strike price as such option contract. 平仓是指买入或者卖出与所持期权合约的数量、标的期货合约、月份、到期日、类型和行权价格相同但交易方向相反的期权合约,了结期权合约的方式。
Exercise refers to a method by which the buyer of an option contract closes out such option contract by buying or selling the underlying futures contract at the strike price in accordance with applicable rules. 行权是指期权买方按照规定行使权利,以行权价格买入或者卖出标的期货合约,了结期权合约的方式。
Abandonment refers to a method by which the buyer of an option contract closes out such option contract by refusing to exercise its rights thereunder upon expiry thereof. 放弃是指期权合约到期,买方不行使权利以了结期权合约的方式。
Chapter 4 EXERCISE AND PERFORMANCE 

第四章 行权与履约

Article 29 Customers shall exercise options and perform obligations under options through their futures firm members (FF members), and complete the required procedures with the Exchange in the name of their FF members.   第二十九条 客户的行权与履约应当通过期货公司会员,并以期货公司会员名义在交易所办理。
Article 30 An option buyer may request to exercise or abandon the option within the time limit specified by the Exchange.   第三十条 在交易所规定时间内,期权买方可以提出行权申请或放弃申请。
An option seller shall perform obligations under the option. Upon the exercise of the option by the option buyer, the option seller shall buy or sell a specified quantity of the underlying futures contract at such strike price as prescribed in the option contract. 期权卖方有履约义务,期权买方提出行权时,期权卖方应当按照合约规定的行权价格买入或者卖出一定数量的标的期货合约。
The Exchange may adjust the time limit for submission of requests to exercise or abandon options on their expiration dates. 交易所可以对到期日行权申请和放弃申请的时间进行调整。
Article 31 Upon the expiration of the time limit for submission of exercise requests, the Exchange will match exercise requests which are selected on a random and unbiased basis.   第三十一条 在提交行权申请时间截止后,交易所按照随机均匀抽取原则进行行权配对。
Article 32 Before the expiration of an option contract, an FF member shall remind its customers to properly dispose of their positions in such option contract.   第三十二条 期权合约到期前,期货公司会员应当提醒客户妥善处理期权持仓。
Article 33 Following the exercise of and performance of obligations under a call option, the buyer of the call option will hold a long position in the underlying futures contract at the strike price, and the seller of the call option will hold a short position in the underlying futures contract at the same strike price.   第三十三条 看涨期权行权与履约后,买方按行权价格获得标的期货买持仓,卖方按同一行权价格获得标的期货卖持仓。
Following the exercise of and performance of obligations under a put option, the buyer of the put option will hold a short position in the underlying futures contract at the strike price, and the seller of the put option will hold a long position in the underlying futures contract at the same strike price. 看跌期权行权与履约后,买方按行权价格获得标的期货卖持仓,卖方按同一行权价格获得标的期货买持仓。
Article 34 For positions in an option for which no exercise or abandonment request has been submitted within the specified time limit, the Exchange will, prior to the clearing on the expiration date of the option:   第三十四条 到期日结算前,对未在规定时间内提交行权或放弃申请的期权持仓,交易所进行如下处理:
(i) cause such positions to be exercised automatically in the case of a call option the strike price of which is lower than the settlement price of the underlying futures contract on that day; (一)行权价格小于当日标的期货合约结算价的看涨期权持仓自动行权;
(ii)( cause such positions to be exercised automatically the case of a put option the strike price of which is higher than the settlement price of the underlying futures contract on that day; or (二)行权价格大于当日标的期货合约结算价的看跌期权持仓自动行权;
(iii)( treat such positions as being abandoned automatically in the case of any other option. (三)其他期权持仓视作自动放弃。
Article 35 Each non-FF member and customer may request to have its long and short options positions under one trading code offset against each other. The positions being offset shall be deducted from the options open interest for the current day, and be included into the options trading volume.   第三十五条 非期货公司会员和客户可以申请对其同一交易编码下的双向期权持仓进行对冲平仓。对冲结果从当日期权持仓量中扣除,并计入成交量。
An option buyer may request to have its long and short futures positions obtained upon exercise of options under one trading code offset against each other, or offset its futures positions obtained upon exercise of options under one trading code against its existing positions in the futures market to the extent of the futures positions obtained from the exercise. The positions being offset shall be deducted from the futures open interest for the current day, and be included into the futures trading volume. 期权买方可以申请对其同一交易编码下行权获得的双向期货持仓进行对冲平仓,也可以申请对其同一交易编码下行权获得的期货持仓与期货市场原有持仓进行对冲平仓,对冲数量不超过行权获得的期货持仓量。对冲结果从当日期货持仓量中扣除,并计入成交量。
An option seller may request to have its long and short futures positions obtained upon performance of obligations under one trading code, or offset its futures positions obtained upon performance of obligations under one trading code against its existing positions in the futures market to the extent of the futures positions obtained from the exercise. The positions being offset shall be deducted from the futures open interest for the current day, and be included into the futures trading volume. 期权卖方可以申请对其同一交易编码下履约获得的双向期货持仓进行对冲平仓,也可以申请对其同一交易编码下履约获得的期货持仓与期货市场原有持仓进行对冲平仓,对冲数量不超过履约获得的期货持仓量。对冲结果从当日期货持仓量中扣除,并计入成交量。
For the above-mentioned operations, the time and method of submission of requests will be separately announced by the Exchange. 上述业务的申请时间和具体方式由交易所另行公布。
Article 36 An option buyer who intends to exercise the option shall ensure that the balance of its available funds meets the margin requirements for futures trading.   第三十六条 期权买方行权时,其资金余额应当满足期货交易保证金要求。
Where a customer who is an option buyer has an insufficient amount of funds, its member shall not accept its exercise request. Where the requirements prescribed in items (i) and (ii) of Article 34 hereof are satisfied, but the customer has an insufficient amount of funds, its member shall submit an abandonment request to the Exchange on its behalf. 买方客户资金不足的,会员不得接受其行权申请。符合本办法第三十四条第(一)、(二)项但买方客户资金不足的,会员应该代买方客户向交易所提交放弃申请。
Chapter 5 Clearing 

第五章 结算业务

Article 37 In options trading, members shall use the same clearing accounts and settlement accounts as they use in futures trading.
......
   第三十七条 会员期权交易使用与期货交易相同的专用结算账户和专用资金账户。
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