Futures Daily News ( Alice Zhao ）On June 22, ZCE released the thermal coal option contract and listed related matters. On June 30, the thermal coal option contract will be listed and traded in ZCE.It is reported that the current thermal coal option contract listing transaction preparation work has been basically ready.
According to the announcement, ZCE Will be listed and traded on The thermal coal option contract on June 30, 2020, at 8:55-9:00 on that day. The first day listing includes thermal coal option contracts whose underlying months are 2009, 2010, 2011 and 2101. From the evening of June 30, thermal coal option contracts will be traded overnight. Thermal coal option contract night trading hours and thermal coal futures contract the same.
According to the thermal coal options contracts, minimal changes in the price of 0.1 yuan/ton, 500 yuan/ton block set is not right to peer price spacing, each the underlying futures contract will correspond to hang out a flat value option contracts, six real options contracts, and six out-of-the-money options contracts, call option and put option two types, its number of options contracts to 104.
In terms of the benchmark listing price, ZCE institute calculates the benchmark price of each option contract according to the option pricing model. The implied volatility parameter is determined based on historical volatility of thermal coal futures and other factors, and the interest rate parameter is the one-year lending market quotation rate (LPR is currently 3.85%). The benchmark listing price will be published in the column of "Transaction Data" on the website of ZCE after settlement on June 29.
In addition, ZCE also clear, thermal coal option trading fee and white sugar, cotton option fee standard is consistent, for 1.5 yuan/hand, free of day trading fee. The charging standard for exercise (performance) is the same as that for option trading, which is 1.5 yuan per hand. After exercise (performance), there is no handling charge for new futures positions.
In terms of the maximum order quantity, the maximum order quantity of each limit order is 100 lots, and the maximum order quantity of each market order is 2 lots. In terms of position limitation, non-futures company members and customers are allowed to hold 30,000 speculative positions in a certain month's option contract based on unilateral calculation. Speculation-plus arbitrage positions are not allowed to exceed twice the speculative position limitation. Market makers are allowed to hold 60,000 positions. In terms of inquiry limitation, members and customers of non-futures companies can make inquiries to market makers. The time interval of inquiry for the same option contract shall not be less than 60 seconds. When the market bid-ask price difference is less than or equal to the optimal bid-ask price difference, no inquiry shall be allowed.
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