With the approval of the China Securities Regulatory Commission, red dates and glass options were officially listed and traded on the Zhengshang Exchange on June 21. On the first day of listing, jujube and glass options ran smoothly.
Industry insiders said that the listing of jujube and glass options will be a new starting point for the development of related industries with futures and spot linkage and the combination of industry and finance. As a more professional and refined risk management tool, options can complement the listed futures, bring richer and more flexible risk management methods and strategies to industrial chain enterprises, and better meet the diversified, personalized and refined risk management needs of relevant industrial chain enterprises.
The first day was a smooth operation
On June 21, jujube and glass options were officially listed for trading. A total of 286 jujube and glass option contracts were listed in the first batch. The subject matter of jujube and glass options is jujube futures and glass futures respectively. The underlying months of the red date options listed on the first day are 2409, 2412 and 2501, and the underlying months of the glass options are 2409, 2410 and 2501.
According to the data, on June 21, a total of 18,257 jujube options and 33,372 glass options were traded. Among them, in terms of jujube options, the call options with an exercise price of 13,200 yuan and the put options with an exercise price of 10,000 yuan in the main contract of jujube futures were the most active, with 8,515 and 2,789 contracts traded respectively; In terms of glass options, the call option with an exercise price of 1,820 yuan and the put option with an exercise price of 1,500 yuan of the main glass futures contract were the most active, with 7,051 and 3,052 contracts traded respectively.
Shenwan Futures analysts said: "The first day of listing of glass options ran smoothly, in line with previous market expectations. ”
Shenwan futures analysts said that on the whole, the trading conditions of jujube and glass options on the first day of listing were good, and the price was relatively stable. The volume of call options on jujube options is stronger than that of put options, the volume of near-month call options on glass options is stronger than that of put options, and the volume of far-month put options is stronger than that of call options.
Enrich your enterprise risk management toolbox
The spot scale of jujube and glass varieties is large, and the market players are abundant. The production and sales of jujube and glass varieties in mainland China have ranked first in the world for many years. Glass is widely used in construction, automotive and other industries. The upstream, midstream and downstream market players of jujube and glass are abundant, and the number of enterprises in related industries exceeds 1,000, and the overall hedging demand is large.
In order to help entities develop steadily, ZCE listed jujube futures and glass futures in 2019 and 2012 respectively. Since its listing, the scale of the jujube and glass futures markets has continued to expand, the participation of industrial customers has continued to deepen, and the role of serving the real economy has gradually emerged. The price of jujube and glass futures has gradually become an important reference for spot trade, and industrial enterprises actively use basis point prices, cooperative hedging and other modes to manage production and operation risks.
The relevant person in charge of Zhengshang said that the listing of jujube options can provide on-site option hedging tools for the jujube "insurance + futures" pilot, reduce the cost of risk hedging, reduce premium expenses on the premise of protecting the income of fruit farmers, improve the overall efficiency of the pilot, and better serve rural revitalization. The listing of glass options will also help further enrich the risk management toolbox of the glass industry, improve the level of risk management in the industry, and better serve the green, low-carbon and high-quality development of the building materials industry.
Wang Zhong, general manager of Xinjiang Alar Jutian Red Fruit Industry Co., Ltd., believes that the listing of jujube options will be a new starting point for the development of the jujube industry. "As a more professional and refined risk management tool, jujube options can complement the listed jujube futures, bring richer and more flexible risk management methods and strategies to industrial chain enterprises, and better meet the diversified, personalized and refined risk management needs of jujube industry chain enterprises." In Wang Zhong's view, the listing of jujube options is an objective need for the long-term sustainable and healthy development of the jujube industry, and it is also the ardent expectation of the majority of industrial chain enterprises. With the empowerment of the jujube futures and options market, there will be a more resilient, dynamic and powerful jujube industry.
Pang Pujun, deputy general manager of Hebei Zhengda Glass Co., Ltd., said that at present, more and more glass companies use futures tools to manage price risks, stabilize production and operation, use futures delivery to broaden sales channels, and enrich raw material procurement sources. In particular, Shahe, Hebei Province, as the benchmark delivery place of glass futures and the main production and sales area of glass spot, has a strong atmosphere of futures and spots, and the futures and spot businesses such as cooperative hedging and basis trading have "blossomed in many places", effectively managing price risks, helping the upstream and downstream of the glass industry chain to produce and operate steadily, and promoting the stable development of the industrial chain and supply chain.
Achieve full coverage of listed active futures options and options
It is reported that Zhengshang has successively launched 16 options such as sugar, cotton, PTA, methanol, soda ash, etc., after the listing of jujube and glass options, Zhengshang has reached 18 option varieties, realizing the full coverage of options of active futures varieties that have been listed, continuously improving the variety tool system, and accelerating the formation of futures and options linkage effect.
As a "price insurance" tool, jujube and glass options can complement the advantages of related futures varieties after listing, which is conducive to forming a more reasonable futures price and better meeting the personalized and diversified risk management needs of entity enterprises. Market analysts believe that at present, there are still many uncertainties faced by many spot markets such as jujube and glass, and the demand for entity enterprises to manage production and operation risks has been further enhanced. The risk management functions of options and futures complement each other, which can better meet the diversified and refined hedging needs of real enterprises, and inject "futures power" into serving the national strategy. At the same time, the option price can efficiently collect the forward prediction of various market information such as spot price trend and price fluctuation level of various trading entities, improve the efficiency of information transmission, and provide reference for macro decision-making.
The relevant person in charge of Zheng Commercial said that in the next step, Zheng Commercial will highlight "strict supervision and strict management" and "strong foundation" under the leadership of the China Securities Regulatory Commission, and do a solid job in front-line supervision and market cultivation to ensure the steady operation of jujube and glass options.
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