股指期权合约规格设计研究——基于全球股指期权市场对比的视角

Research on Design of Stock Index Option Contract Specifications: Based on Comparison of Global Stock Index Option Markets

为了探索股指期权产品合约规格设计的一般规律,对全球主要市场中股指期权产品业务实践进行了调查、对比分析与总结。分析结果表明,全球主要市场的股指期权以欧式行权与现金交割的方式为主,注重近月合约月份,在行权价格间距、行权价格序列、合约乘数以及报价单位的设计上会综合考虑它们对流动性等因素的影响,合约编码主要采用交易代码、合约到期日、合约类型以及行权价格四个要素依次排列的结构。这些都为未来在境内市场推出股指期权产品,开展股指期权业务提供了重要参考。

In order to explore the general rules of contract specification design of stock index options,this paper conducts a comprehensive survey,comparative analysis and summary of the global stock in-dex options market.The analysis results show that stock index options in the global market are mainly European-style options,mainly in the form of cash delivery,focusing on the near-month contract month.After considering the impact of exercise price interval,exercise price series,contract multiplier and quotation unit on liquidity and other factors,the exchange designed the above four elements.The contract code mainly includes four elements in order,which are transaction code,contract expiration,contract type and exercise price.These provide important references for China to list stock index op-tions in the future and to conduct stock index options businesses.