2月9日，上交所50ETF期权试点将正式启动，做市商业务也将正式启动。A股市场正式进入期权时代。股票期权是继融资融券和股指期货之后，A股市场上第三种重要的金融衍生品。The opening of this “experimental field” will have far-reaching practical significance for enriching A-share investment tools, activating A-share market and increasing the profit channels of securities companies.
Stock option, test water, highly leveraged derivatives
Compared with “two financial” business, stock option has higher direct leverage.Generally speaking, the direct leverage of “two financing” business is generally 1 times, the higher is 3-5 times, while the direct leverage of stock option can reach about 10 times.If the virtual value contract is used again, the leverage can be increased to 20 times or even higher.Such a high leverage ratio, if properly operated, can greatly expand the income space, quickly complete the capital accumulation and appreciation, and once the judgment is wrong, reverse operation, the loss will be inevitable.Michael Wu, a well-known investor, warned that if ordinary investors do not fully understand the operation of common stocks, they are not recommended to further set foot in the stock option business.
Stock option is relatively unfamiliar to most domestic individual investors, so this highly leveraged financial derivative implies greater investment risk for most investors.When the stock option is launched, the management allocates protection means such as circuit breaker mechanism, fluctuation range, etc. at the same time, there are multiple rules such as margin system, position limit system, compulsory position closing system, and exercise system to restrict irrational operation, so as to make investors familiar with and participate in the option products in an orderly and progressive way after enough drills and “trials”, so as to naturally activate the A-share market at the same time, Avoid the uncontrollable investment risk caused by irrational operation.
Investors as the main body of the transaction
However, the real account opening data of individual investors may dispel this uneasiness to a certain extent.According to the data learned by the reporter from all sides, at present, there are only 1-2 accounts opened by some securities companies.The data revealed by the “Shanghai Stock Exchange designer options training” activity further showed that as of Thursday, there were less than 700 individual investors opening accounts nationwide.There is still a huge gap between the data and the 2.3% proportion of individual investors expected by the market.
Obviously, individual investors are far from the investors in the pilot stage of stock options.At present, the relatively strict system and conditions of the exchange is an important factor to limit the number of individual investors’ account opening (Table 1).The exchange requires that there must be an exercise record for the simulated transaction of opening an option firm account.即使满足其他条件，如果投资者无法购买1月28日前到期的1月份实物期权，并在该月的行权日1月28日操作行权（因为期权只能在每月的第四个星期三行权），还需要一个月的时间。
Zhao Yongqiang, deputy general manager of options Business Department of galaxy securities brokerage management headquarters, told this magazine that in the selection of targets, it is not based on the price of options as the basis for judging the choice.The reason is that the low price may not be able to become a “pig” to take off.To grasp this point, investors should stay away from “speculation” and abandon the mentality and operation habit of following the trend and following others.On the choice of volatility, Zhao Yongqiang said that investors should generally choose the option contract near the average value with more active trading when buying open positions.For the varieties with higher volatility, the imaginary value option will attract more investors with its high speculation.When the strategy is applied, the cost of the virtual option is small, the leverage is large, and it is not sensitive to the small market, but the income is large in the big market.
In terms of the exercise of stock options, Zhao Yongqiang also said that although closing positions can be divided into three ways: exercise, early trading and automatic termination of expiration, from the perspective of firm offer operation, as the 50ETF option of Shanghai Stock Exchange is European option and the exercise is real delivery (delivery of ETF shares), if you choose to exercise, it will involve many problems such as advance payment and confirmation of exercise in advance, which will bring more uncertainty to the transaction Therefore, the actual investors generally choose the way of trading ahead of time, and settle it by earning the right gold price difference.
For example, in the “E (exercise date) + 2” exercise system (attached figure), if investors decide to exercise, they need to confirm the exercise on the exercise date, and the real exercise has to wait until e + 2.After two trading days, the stock price of the option subject may have a large fluctuation contrary to the expectation, which requires investors to bear huge fluctuation losses.Therefore, in fact, most investors will choose to take profits before the expiration date of exercise.If the investor opens a position to buy the “call option” and the stock rises sharply as expected, reaching or exceeding his own expectation, but the time has not yet come to the exercise date, the investor can close it by “selling the closing call option”.
Stabilize the market in the long term and help the market rise and fall in the short term