ETF期权和股指期权产品的发展路径探讨

Development Path of ETF Options and Index Options

ETF期权和股指期权是当前全球衍生品市场中的重要品种,ETF期权主要活跃于美国市场,股指期权份额在各国市场分布较为均衡。跟踪同一指数的多个ETF期权产品可以共存发展,同时,跟踪同一指数的ETF期权和股指期权共存共荣。推出ETF期权短期对股指期权没有显著影响,长期会分流其部分持仓;进一步提升跟踪指数交易量,降低其波动率;提升ETF现货的交易量和规模,降低其波动率。同时推出跟踪同一指数的ETF期权和股指期权不会带来较大的负面影响,同时推出跟踪同一指数的ETF期权和股指期权可以实现功能互补、共存共荣。建议现阶段我国市场更需要贴近现货市场的ETF期权。

Currently ETF options and stock index options are two significant varieties in global financial derivatives markets. While ETF options are mainly animated in U.S. markets, portions of stock index options are relatively balanced across nations. One index can be tracked by different ETF options and stock index options, which are developing side by side. Launching of ETF options may cause various effects regarding different markets： no significant impact on stock index options for short term but a portion of positions will be separated at long range; index and ETF trading volume shall rise while their volatility will decreases. There won＇t be strong negative impacts launching ETF options and stock index options tracking a same index at a same period of time, just the opposite, these derivatives will be highly complementary to each other. As a proposal, efforts should be made urgently to launch ETF options on Chinese markets.