郑州商品交易所副总经济师王学勤 Wang xue qin Zhengzhou Commodity Exchange Deputy Chief Economist

FIA Asia Derivatives Conference，Beijing，Aug. 11, 2005中国期权市场的希望A New Hope: Options Markets in China 郑州商品交易所副总经济师王学勤 Wang xue qin Zhengzhou Commodity Exchange Deputy Chief Economist

中国期权市场的希望A New Hope: Options Markets in China 一、三部曲和三步骤 A Trilogy-steps and procedures 二、期权规则体系设计基本原则 Devising a framework of regulations 三、需要进一步研究的问题 Issues for further research

一、三部曲和三步骤Steps and procedures (1/3) 期权制度建设 Devising rules and regulations 1、“基础知识式”规则 Rules on fundamental knowledge 2、“基础知识加基本运作式 ”规则 Rules on fundamental knowledge and basic operations 3、“可行性、实用性、操作性”规则制度体系 Rules on feasibility, practicality and operational functionality to form a system that works

一、三部曲和三步骤Steps and procedures (2/3) 期权市场开发 Marketing and Training 1、2001年前后，小型的、零散的（2002中国北京国际期权研讨会）Around 2001: small-scale, sporadic (China International Options Seminar, Beijing 2002) 2、2003年前后，中型的、集中的（国内外期权报告会） Around 2003: medium-scale, coordinated (Domestic and Overseas Options Conventions） 3、2004年以后，大型的、系统的（5地期权培训） After 2004: large-scale, systematic (China Futures Association’s options training workshops held in 5 cities)

一、三部曲和三步骤Steps and procedures (3/3) 期权交易系统建设 Building a Trading System 1、简易的、满足交易所基本要求的； Simple version that fulfils the requirements of a commodity exchange; 2、实用的、满足交易所、期货经纪公司基本要求的； Practical version that fulfils the requirements of a commodity exchange and futures brokerage firms; 3、复杂的、满足交易所、期货经纪公司、投资者等多方要求的。Complex version that satisfies various requirements of the commodity exchanges, futures brokerage firms and investors.

二、期权规则体系设计基本原则Devising a framework(1/4) 1、坚持 “六统一” We’ll firmly stick to 6 important principles, and strike a balance between: ①模式设计坚持国际期权市场惯例与中国实际运作的统一International norms and Chinese practices; ②实施步骤坚持先实施基本运行机制后不断充实完善的统一Implementation of the basic operations first, followed by improvements and upgrades in iterations; ③期权制度建设、合约设计原则坚持简要性与复杂性的统一Contracts and mechanisms should be designed in a simple and precise manner, yet encompassing potential complexities;

二、期权规则体系设计基本原则Devising a framework(2/4) ④管理模式坚持控制风险与增加流动性的统一Management style – to keep risk levels under control, yet promote market liquidity; ⑤流动性评价坚持期货交易量与期权交易量综合评定的统一 Market evaluation – the transaction volume of options and futures should be evaluated together; ⑥成功标准坚持功能发挥与投资效率的统一Targets to achieve – to fulfil prescribed functions of an options market while maximizing investment efficiency.

二、期权规则体系设计基本原则Devising a framework (3/4) 2、实现四个“相对统一” : We’ll advocate the standardization of 4 aspects ①使用相对统一的交易术语 Using a set of standardized trading terms; ②开发相对统一的交易系统 Developing a standardized trading platform (or platforms with standardized interfaces);

二、期权规则体系设计基本原则Devising a framework (4/4) ③实行相对统一的期权模式 Implementing options with standardized properties; ④制订相对统一的执行、自动平仓、结算、限仓、做市商、停板、收费等运行制度。 Devising a system with standardized mechanisms of exercise, automatic close-out, settlement, position limits, market making, daily up / down limits, and transaction fees.

三、需要进一步研究的问题 Issues for Further Research (1/2) 1、期权必要性：有了期货，期权何用？ The necessity of options: We already have futures. Why do we need options? 2、期权上市时机：立刻推出；在市场较为稳定的形势下不易推出？ Timing: Should options be launched as soon as possible? Is a new launch deemed to be difficult while the market is steady?

三、需要进一步研究的问题 Issues for Further Research (2/2) 3、期权上市品种：那些品种最需要期权？那些品种不需要？ Product selection: Which commodities would benefit the most from options? Which commodities do not need options? 4、期权风险管理？ Risk management for options?

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郑州商品交易所副总经济师王学勤 Wang xue qin Zhengzhou Commodity Exchange Deputy Chief Economist