PTA Option Is Officially Listed In Zhengshang, And The Risk Of Polyester Management Has Double Insurance.

In December 16th, the Central Plains city of Zhengzhou had humid air. It had just had a rain, and the drought lasted for a long time. It was a long rain. Just as winter rains moisten the arid fields in Central Plains, the effective development of all kinds of financial instruments will also moisten the development of the real industry.

On the morning of December 16th, PTA, methanol options listing ceremony It was held on the Zhengzhou Mercantile Exchange (hereinafter referred to as "Zheng Shang"). Cheng Shen, deputy director of futures supervision department of China Securities Regulatory Commission The relevant approval was read at the listing ceremony. At 9 o'clock, with the sound of a gong, the PTA option contract was officially traded in Zhengshang. The PTA option, together with the methanol option listed at the same time, has become China's first listed option option.

Insiders believe that The listing of PTA options helps to promote the high quality development of China's energy and chemical industry. At the same time, the listing of PTA options marks an important step forward in the development and transformation of Zheng Shang, and further consolidates the dominant position of the trading center of textile products, which is the most abundant and the most complete tool.

Option + futures portfolio tool

Better protect the industry

Xiong Jun, director general of Zheng Shang, is listed at the ceremony. "As a" price insurance "tool, PTA options can be complementary to the relevant futures varieties after being listed, which is conducive to the formation of more reasonable futures prices, promoting the improvement of the market structure of Zhengshang, improving market service capabilities, and better meeting the risk management needs of personalized and diversified entities.

PTA is a chemical product based on petroleum and an important product linking oil and chemical fiber industry. The downstream of PTA is connected to polyester industry, upstream is PX, and the upper part of PX connects with crude oil. China's PTA spot market strength is strong, which has become a strong support for PTA options. At present, China's PTA industry has a global competitive advantage, and is at the leading level in terms of technology, equipment, product quality and overall scale. China is the largest producer and consumer of PTA in the world. It is also the world's largest producer and consumer of polyester products. In 2018, the effective capacity of China's PTA reached 45 million 790 thousand tons, the output was 40 million 800 thousand tons, and the self-sufficiency rate reached 99.8%.

In the futures market, since its listing in 2006, the maturity of PTA futures has improved continuously, and its functions have been effective and gradually grown into the "Star" and "fist" varieties of the futures market. This is another strong support for the listing of PTA options.

At present, 90% of PTA production enterprises, trading enterprises and 80% polyester enterprises in China are using PTA futures to avoid risks. Especially in recent years, the capacity of PTA futures market to serve the real industry has been continuously enhanced. In the domestic futures variety function evaluation, PTA futures stabilized in the top 5, is the best chemical product with the best function. In the first half of 2019, PTA futures ranked first among industrial products in Zhengshang futures. PTA futures is also a unique futures variety in China. In November 30, 2018, PTA futures successfully introduced overseas traders, and its international representation of futures prices increased further.

PTA options are not listed on the futures market, but are in keeping with PTA futures. In December 16th, the first day listing of PTA options was the PTA option contract of 2003, 2004, 2005, 2007 and 2009 months. From the first day of the PTA option, it is running well and active. PTA options on the first day of listing transactions TA2003, TA2004, TA2005, TA2007, TA2009 total of 5 contract months 65 bullish, 65 bearish 130 options contracts.

From the transaction situation, the total volume of PTA options on the first day is 19229 hands (unilateral, the same below), and the positions are 10424 hands. Among them, the most active call contract is TA005C5100, the turnover is 1691 hands, the position is 747 hands, the turnover is 913 thousand and 100 yuan, the put up option most active contract is TA903P4600, the turnover is 907 hands, the position is 722 hands, the transaction volume is 55 thousand and 500 yuan. Among them, the most active month was 2005 contracts, with a total transaction volume of 11157 hands, accounting for 58% of the total volume. PTA option industry is the first single capital management (Shenzhen) Company Limited. As late as December 16th, PTA option contracts launched night trading, and the trading time was the same as that of PTA futures contracts.

The listing of PTA options means that PTA has entered the era of option 3, which should be a landmark event for PTA industry. A person in charge of Zheng Shang said.

In this regard, Jeky, vice president of China Petroleum and Chemical Industry Federation "In the course of China's steady progress towards energy and chemical power, "PTA" as a representative of the futures can be operated smoothly and orderly. As a unique futures variety in China, it has played a significant role in stabilizing enterprise production and guarding against market risks. It has improved the efficiency of the market operation, stabilized the expected revenue of enterprises, promoted the industrial chain to be bigger and stronger and extended vertically, and enhanced the international competitive advantage and influence of PTA industry in China.

Jeky further said: "the current and future period is an important period for the petrochemical industry to achieve high quality development. The world economic instability is increasing. In the face of the unstable market situation, developing PTA option trading can set up a comprehensive and multi-level hedging system for enterprises, which is conducive to enhancing the risk resisting ability and developing toughness of the industry, and helping the high quality development of the energy and chemical industry. On the basis of establishing and improving the relevant internal control system, the vast number of industrial enterprises should recognize, master and apply new options, and actively explore new ways and modes of risk management. The petro Federation will also work with Zhengzheng to do a good job in market cultivation so as to promote the effective operation of PTA options and the effective implementation of its functions.

In the first 10 months of this year, the consumption of chemical products in China has maintained a certain growth, but the year-on-year growth rate of revenue is lower than that of the year-on-year increase in consumption. This situation is mainly affected by the fall in product prices. In this regard, Director of information and marketing department of the Federation of petroleum and chemical industries of China Points out that Price is a very important barometer for the operation of petrochemical industry. In many cases, the petrochemical industry is "relying on the sky". As long as the price of crude oil changes, the petrochemical industry will be affected. If the industrial enterprises can make good use of futures and option tools, it will be beneficial to the smooth operation of the industry. In the process of transformation from extensive to meticulous, China's petrochemical industry needs the help of financial instruments.

"China's petrochemical industry is still a traditional industry. When PTA has entered the era of the 3 option, the petrochemical industry may remain in the 1.5 era, so the industry should actively learn all kinds of knowledge and speed up the pace to cope with fierce competition." Zhu said.

Aromatics industry chain related enterprises

Eager to learn actively

After the listing ceremony, Zheng business convened. PTA futures option serves the real economy forum 。 The participating industrial enterprises launched an exchange discussion on how PTA futures options can better promote the development of the industry and how to conduct enterprise risk management.

PTA upstream connects PX, PetroChina currently has 2 million 700 thousand tons of PX capacity. A person in charge of chemical products Department of the company said that the fluctuation of PTA price will have certain influence on PX operation. The company began to participate in PTA futures in 2011, and hedged its raw material PX, and achieved certain results. " After the listing of PTA options, entities have more value preservation tools. Next, the company will continue to uphold the purpose of hedging, use futures and options tools to control business risks and achieve its own high quality development. Now, one of my important tasks every day is to stare at PTA futures prices from morning till night. We also hope that Zheng can launch PX futures as soon as possible so that we can better manage risks. The person in charge said.

Yisheng petrochemical It is a leading enterprise in China's PTA industry. At present, its PTA capacity is 13 million 500 thousand tons. At the same time, there are still new projects with an annual output of 6 million tons. It is estimated that Yisheng Petrochemical's PTA capacity will be close to 20 million tons after the new project is completed and put into operation. Xu Jien, deputy general manager of Yisheng petrochemical PTA sales center Points out that PTA is a typical cyclical breed. In the course of these years, enterprises gradually realize that PTA is an industrial product, but also a product with financial attributes. Yisheng Petrochemical's participation in PTA futures market is mainly hedging, as far as possible to make the yield curve smooth, as far as possible, so that the operating profit will not fluctuate significantly.

Turning to the value of PTA options after listing, Xu pointed out that the use of futures tools in the process of hedging will occupy a certain margin, especially when the price fluctuates significantly, it will occupy more security. But after the PTA option is listed, if option margin can be offset with the futures margin, it will have a positive positive effect on reducing the price management cost of spot production enterprises. At the same time, enterprises use futures tools to predict a relatively accurate price trend and space. After the PTA option is listed, the participating companies are going to anticipate a trend direction. That is to say, the option gives us the time dimension and the price range between each other, so that all participating enterprises can carry out some better operations within the scope of relative insurance in combination with their actual conditions. In addition, in Xu Jien's view, trade with rights is also a developing direction in the future. With the profit decreasing trend of bulk commodities, both production enterprises and trade enterprises need more complex trading means to achieve greater benefits and profits.

Hengli petrochemical The current PTA capacity is 6 million 600 thousand tons, and new projects are being built in Changxing Island, Dalian. Wen Hao, deputy general manager of Hengli Petrochemical Company In the past few years, the market has been churning out and educating everyone to learn how to use hedging tools to manage the risk of fluctuation. PTA and polyester enterprises have gained new knowledge and new growth through exploring and fighting in the futures market on the basis of their respective spot businesses. The effective development of PTA futures has brought more and more unexpected benefits to us. And through effective participation in the futures market, China's PTA industry and polyester industry have also greatly improved their competitiveness in the global market.

"Of course, in the process of using futures tools, enterprises will bring good side and bad side, but this is not the tool itself, but the enterprise is not using this tool well. Options are also a good tool. Our company's understanding of it is not very deep. Next, we should take a more open stance and actively participate in various training of Zhengshang, and at the same time, we will also find various kinds of data to learn, thereby increasing the further recognition and understanding of options. In fact, in the second half of this year, our relevant personnel have participated in a dozen training programs about options, and we have also tried out a few OTC options. We are looking for ways to match the PTA options. Next, we will continue to try. " Wen Hao said.

Xiamen Xiangyu Group Co., Ltd. PTA has been actively involved in the futures market for more than ten years. Huang Yanfang, deputy general manager of chemical products Department of the company Express, The listing of PTA options provides a good tool for everyone. The company has been actively preparing for the launch of PTA options in the near future, and will take part in PTA field options as a key task in the future. 。 According to introduction, in early December, Xiamen Xiangyu called together the heads of relevant business outlets and held closed door training for several days. The company invited teachers from Xiamen University to explain courses on options. Around December 20th, the company also needs to conduct specialized examinations. People who fail to pass the examination will not be able to participate in the options market.

"We have always firmly believed that there are no bad industries, only bad enterprises, and no bad tools, only those who can not use tools. Futures or options are all "safety rope" for the production and operation of enterprises. In the past, simple spot traders made more money when prices were rising, and later, with futures, everyone could make money when prices went up, and the emergence of options could add a safety line to everyone. Huang Yanfang said.

Yuanda Energy Chemical Co., Ltd. At present, there are about 50 thousand tons of PTA trade volume per month. Xu Zhaoyang, deputy general manager of the company, recalls that when he first entered the industry, the sales of PTA in the industry were more or more on the phone. At that time, the trading enterprises did not dare to enlarge the spot trade volume in the PTA spot market, because the market fluctuated greatly, the shipments were difficult, and the protection of financial instruments was lacking. With better protection of PTA futures tools, the PTA spot trading volume of the company has risen sharply.

In Xu Zhaoyang's view, Zheng Shang is currently developing financial instruments along the upstream and downstream of the PTA industry chain. For traders, it provides more tools for risk hedging around the industrial chain. It also enables trade enterprises to better grasp the direction of the future processing profit of related products in the industry chain, and at the same time, it means that the overall industry format will enter a new chapter.

Strengthening textile derivatives by Zheng Shang

Advantage of trading center

With the deepening of the reform of China's financial sector, the options market in China is ushering in new opportunities for development from the recent number of options listed on the list.

At present, there are 4 commodity futures options listed in Zhengshang, which are the most commodity futures options in China. Among them, cotton options were listed on Zhengshang in January 28, 2019. Since the launch of the cotton option, the market has been running steadily, the scale has been expanding, investors have entered the market orderly, the price is reasonable and effective, the effect of the service entity economy is beginning to show, and the market presents a good development trend. As of November 30th, the total turnover of Zhengshang's stock was 9 million 583 thousand hands (unilateral, the same below), and the average daily position was 209 thousand hands, representing an increase of 124.5% and 79.7% respectively compared with the same period last year. After the successful listing of PTA options, Zheng has two options for textile varieties.

From the perspective of financial products in the whole textile industry chain, after the PTA option was officially launched, Zheng has owned a series of combination tools such as cotton futures, cotton options, cotton yarn futures, PTA futures and PTA options.

Reporters also learned that, at present, Zheng Shang is accelerating PX, polyester staple fiber and other new futures varieties listed. In the future, if the varieties of polyester bottles and polyester staple futures are successfully launched, the broader financial instruments of the textile industry chain will play a stronger "plate effect". The best position of the textile products trading center, which is the most abundant and the most complete tool of textile products, will be further consolidated and strengthened.
There is no limit to how the financial industry can better serve the real economy and promote the high quality development of the real industry. Xiong Jun said, next, Zheng business should do better in the three aspects. First, we will continue to do a good job in marketing and nurturing work according to the needs of entities and the market operation, constantly optimize the rules of related varieties, continue to improve the market maker mechanism, and actively guide enterprises in the relevant industrial chain at home and abroad to make use of the futures options market, giving full play to the function of futures options market, and better promoting the transformation and upgrading of the real economy.

Two, we should put the prevention and control of market risks in a more important position, strengthen monitoring and monitoring of market operation, improve risk assessment mechanism and risk disposal plan, promptly resolve risks and promote stable operation of the market. We must adhere to laws and regulations, strictly crack down on all kinds of illegal activities and maintain fair and just market.

Three, we should accelerate the innovation of product business, promote the ETF listing of the first energy chemical industry, promote more qualified futures varieties to introduce overseas traders, and constantly improve the product tool system.

Reporters learned that ETF, founded in December 13th, was set up in December 13th. The scale is 485 million yuan, and the total number of effective subscribers is 4680. It is the largest and most widely traded commodity futures market. 。 At the same time, in terms of the structure of the holders, the proportion of the institutions holding ETF and the proportion of individuals holding each other is nearly half. As one of the first commodity futures ETF in the whole market, and the first product linked to the commodity index, Jianxin can transform ETF into the A index of Yisheng Zhengshang's energy chemical index to get the benefits from index development.

"We will continue to open wider to the outside world and strive to make new and greater contributions to serving the real economy, serving the national strategy and accelerating the construction of a modern economic system." Xiong Jun said.