沪深300股指期权合约设计探讨——以韩国等成熟市场为例

The Discussion of the Design of Hushen 300 Index Option Contract——Based on the Example of Mature Marke tLike Korea

股指期权自诞生以来便发展迅速,交易量现已跃居世界衍生品市场首位。选取韩国Kospi200股指期权合约、印度S&P CNX Nifty股指期权合约、欧洲Euro Stoxx 50股指期权合约、美国S&P 500股指期权合约、台湾Taiex股指期权合约为案例研究对象,就其合约条款设计予以介绍及总结,试图探讨出一个成功完整的股指期权合约范式,并将其与中国沪深300股指期权交易合约进行对比,进而论证中国合约的合理性及可完善性。

Index option develop quite fast since its birth whose trading volume has grown to the first place ofworld＇s derivatives market.In this paper, we took the contract of Kospi200Options, S＆P CNX Nifty index options, Euro Stoxx 50 index options, S$P 500 index option and Taiex index options as cases to study, introduce and summarize the characteristic of these contracts, trying to conclude a successful as well as integrated index option contract Paradigm.By comparing this paradigm to the Hushen 300 indexoption contract,we can expound and prove the rationality and perfectibility of our country＇ s contract.