Zheng Shang Reminds Everyone! PTA Options Contracts And Business Rules And Market Makers List Announced

In December 9th, The Zhengzhou Mercantile Exchange issued the notice on Issuing PTA options contracts. The contract rules and other related institutional arrangements of PTA options are clarified.

　　 The announcement shows that the PTA options trading units are 1 hand PTA futures contracts respectively. The minimum change price is set at 0.5 yuan / ton, and the price limit is consistent with the underlying futures contracts. The last trading day (maturity date) is the third exchange day of the first month of the month of delivery of the underlying futures contract. Each target futures contract corresponds to 1 flat options contracts, 6 real valued option contracts and 6 virtual option contracts, with two types of call options and put options. The right of way is set to the US, and the option buyer may exercise the right on the expiry date and the previous trading day.

The price spacing of PTA option exercise price is set as follows: the exercise price is less than 5000 yuan / ton, the distance between the exercise price is 50 yuan / ton, 5000 yuan / ton < the right price is less than 10000 yuan / ton, the distance between the exercise price is 100 yuan / ton, the exercise price is >10000 yuan / ton, and the distance between the exercise price is 200 yuan / ton.

according to Announcement on matters relating to the listing of PTA options contracts The PTA option contract has been traded since December 16, 2019. The first day's listing includes the PTA option contract of 2003, 2004, 2005, 2007 and 2009 of the target month. As late as December 16th, PTA option contracts launched night trading, and the trading time was the same as that of PTA futures contracts.

　　 In terms of transaction benchmark price, the benchmark price of each option contract is calculated based on the option pricing model. 。 Among them, the volatility parameters are determined according to the historical volatility of PTA and other factors. The interest rate parameter takes one year loan market quotation rate (LPR). The listing benchmark price will be published on the "transaction data" column of Zhengshang website after the settlement in December 13th.

In terms of margin limits, the speculative positions held by non Futures Company members and customers on a one-sided basis are 30000 for PTA contracts, and speculative and arbitrage positions should not exceed 2 times of speculative positions. Market makers hold 60000 positions.

The PTA transaction fee collection standard is 1 yuan / hand, and it is free from the transaction fee of the current warehouse transaction. The standard of fee collection is the same as that of the option transaction fee, and the new futures position will not be collected after the execution.

Besides, December 10th, according to the Zhengzhou commodity exchange market maker management measures. According to the relevant provisions, Zheng Shang also confirmed the PTA option maker.

PTA options market maker, Galaxy Galaxy Capital Management Limited, CITIC Securities Limited by Share Ltd, Zhejiang Zhejiang Industrial Co., Ltd., China Merchants Securities Limited by Share Ltd, Huatai Securities Limited by Share Ltd, Shen Wan Hongyuan Securities Co., Ltd., Huaxi Chuang Yi Chengdu Investment Co., Ltd., Dong Fang run and Capital Management Co., Ltd., Guotai Junan Risk Management Co., Ltd., Jin Rui Qianhai capital management (Shenzhen) Co., Ltd., Huatai the Great Wall Capital Management Co., Ltd., CITIC Zhongxian Capital Management Co., Ltd.