【摘要】：作為現(xiàn)代金融市場(chǎng)中的一種重要的金融工具，期權(quán)近年來在全球范圍內(nèi)得到了快速的發(fā)展。目前，全球發(fā)達(dá)期貨市場(chǎng)已上市的期貨品種大部分都有配套的期權(quán)交易，期貨、期權(quán)二者相輔相成已成為國(guó)際衍生品市場(chǎng)的共識(shí)。但是，我國(guó)期貨市場(chǎng)尚未推出期權(quán)交易。 近年來，我國(guó)期貨市場(chǎng)取得了快速發(fā)展，品種結(jié)構(gòu)日趨完善，投資者更加成熟，為開展商品期權(quán)交易提供了良好的基礎(chǔ)。推出商品期權(quán)，，可以不斷完善我國(guó)期貨市場(chǎng)市場(chǎng)結(jié)構(gòu)，更好地發(fā)揮期貨市場(chǎng)優(yōu)化資源配置的作用，從而更好地服務(wù)于中國(guó)實(shí)體經(jīng)濟(jì)的發(fā)展。 鄭商所于1995年開始了對(duì)期權(quán)的研究工作，并成立期權(quán)推進(jìn)組進(jìn)行商品期權(quán)研究，為期權(quán)上市進(jìn)行準(zhǔn)備。期間，基于國(guó)際慣例，并結(jié)合中國(guó)期貨市場(chǎng)實(shí)際，在有效控制期權(quán)市場(chǎng)風(fēng)險(xiǎn)的條件下，鄭商所簡(jiǎn)化期權(quán)規(guī)則，通過合理制度安排提高市場(chǎng)流動(dòng)性。整體而言，期權(quán)規(guī)則已趨于完備和成熟，具備實(shí)用性和可操作性。同時(shí)，交易所端系統(tǒng)趨于健全，期權(quán)市場(chǎng)培育和投資者教育也正在有序開展。此外，鄭商所正研究在期權(quán)交易中引入做市商制度，以提高期權(quán)市場(chǎng)流動(dòng)性。 在上市期貨品種中，遵循市場(chǎng)規(guī)模大、流動(dòng)性好和波動(dòng)性合理的原則，鄭商所選擇期貨市場(chǎng)功能發(fā)揮較好的白糖期貨作為上市商品期權(quán)的試點(diǎn)品種。于2013年9月至11月，鄭商所面向全市場(chǎng)舉辦白糖期權(quán)仿真交易競(jìng)賽。仿真交易期間，白糖仿真交易交投活躍，價(jià)格運(yùn)行平穩(wěn)。交易所端各個(gè)模塊之間銜接順暢，會(huì)員端系統(tǒng)可以與交易所端系統(tǒng)實(shí)現(xiàn)順利穩(wěn)定的連通，期權(quán)交易、結(jié)算及行情系統(tǒng)，能夠體現(xiàn)期權(quán)交易的特點(diǎn)。通過此次白糖期權(quán)仿真交易的開展，鄭商所期權(quán)規(guī)則的適用性和期權(quán)系統(tǒng)得到了進(jìn)一步檢驗(yàn)，交易者對(duì)期權(quán)產(chǎn)品基礎(chǔ)知識(shí)和風(fēng)險(xiǎn)有了較為全面的認(rèn)知，達(dá)到了此次仿真交易開展的目的。 整體而言，鄭商所推出期權(quán)上市交易的各方面準(zhǔn)備工作扎實(shí)，推出商品期權(quán)交易的條件已經(jīng)成熟，可以適時(shí)選擇白糖期權(quán)作為試點(diǎn)進(jìn)行上市交易。在未來一段時(shí)間內(nèi)，鄭商所將繼續(xù)投入資源和人力，早日實(shí)現(xiàn)期權(quán)規(guī)則定稿，推動(dòng)交易所端系統(tǒng)和會(huì)員端系統(tǒng)順利上線，為商品期權(quán)上市做好準(zhǔn)備工作。
[Abstract]:As an important financial tool in modern financial market, option has been developed rapidly in the world in recent years. At present, most of the futures that have been listed in the developed futures market in the world have a complete set of options, and the futures and options complement each other, which has become the consensus of the international derivatives market. However, China's futures market has not yet launched option trading. In recent years, China's futures market has made rapid development, the variety structure is becoming more and more perfect, investors are more mature, which provides a good basis for commodity option trading. The introduction of commodity options can constantly improve the structure of China's futures market, better play the role of optimizing the allocation of resources in the futures market, and thus better serve the development of China's real economy. Zheng Shangyang Institute began its research on options in 1995, and set up the options Promotion Group to carry out commodity option research to prepare for the option listing. Under the condition of effectively controlling the risk of option market, Zheng Shang simplified the option rules and improved the market liquidity through reasonable system arrangement, based on the international practice and the reality of Chinese futures market. As a whole, option rules have become more and more mature, practical and operable. At the same time, the end of the exchange system tends to be sound, option market cultivation and investor education are also being carried out in an orderly manner. In addition, Zheng Merchants Institute is studying the introduction of market makers in options trading to improve the liquidity of options markets. According to the principle of large market size, good liquidity and reasonable volatility, Zheng Shang selected the white sugar futures which have better function in the futures market as the pilot varieties of listed commodity options. From September to November 2013, Zheng Shangyang held a White Sugar option Simulation Competition for the whole market. During the simulation trade, sugar simulation trading is active and the price is running smoothly. The connection between the various modules of the exchange end is smooth, the member terminal system can realize the smooth and stable connection with the exchange end system, the option trading, settlement and quotation system, can reflect the characteristics of option trading. Through the development of the white sugar option simulation transaction, the applicability of the options rules and the options system of Zheng Shang Institute have been further tested, and traders have a more comprehensive understanding of the basic knowledge and risks of options products. To achieve the purpose of the simulation transaction. As a whole, the preparation of all aspects of the listed options listed by Zheng Shang is solid, and the conditions for the trading of commodity options are ripe, so we can select the white sugar option as a pilot to trade on the market at the right time. In the future, Zheng will continue to invest resources and manpower to finalize the option rules at an early date, promote the smooth launch of exchange-end and member-side systems, and prepare for the listing of commodity options.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.39

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