Hongye Futures
Last issue〔2025〕No. 158
All relevant units:
The China Securities Regulatory Commission has agreed to the Shanghai Futures Exchange (hereinafter referred to as the Shanghai Futures Exchange) to register cast aluminum alloy futures and options. According to the relevant rules of the previous periodical office, the relevant matters are notified as follows:
1. Listing time
Cast aluminum alloy options2025Year6moon10Sunday (Tuesday) evening21:00Starting on the listing and trading on the same day20:55-21:00Call auction,21:00opening.
2. Trading time
Monday to Friday,9:00-10:15,10:30-11:30and13:30-15:00. Continuous trading hours are Monday to Friday21:00-The next day01:00. Trading is not conducted during continuous trading hours on the first working day before the statutory holiday (excluding Saturdays and Sundays).
3. Month of listing contract
Cast aluminum alloy options listed on the first dayAD2511,AD2512Corresponding option contract.
In a cast aluminum alloy option contract, the threshold for the underlying futures position involved in the contract month is10000Hand (one side).
4. Listing benchmark price
It was announced by the previous trading day before listing.
The calculation formula is a binary tree option pricing model, where the risk-free interest rate is taken as the central bank's one-year deposit interest rate, and the volatility is used to the spot price of cast aluminum alloy90The daily historical volatility is determined based on.
5. Maximum order quantity per time
100hand.
VI. Exercise and fulfillment of the contract
The cast aluminum alloy options are American options. The time and channels for customers to handle exercise, waive exercise and other businesses are shown in the following table:
7. Position limit management
Option contracts and futures contracts are limited separately.
The sum of the buy position and sell position of all call options in a month held by non-futures company members and customers, the sum of the buy position of put option and the sell position of call option shall not exceed the position limit shown in the following table, respectively. Accounts with actual control relationships are managed according to the same account.
8. Hedging trading position management
Cast aluminum alloy options and cast aluminum alloy futures share approved hedging trading positions.
9. Related fees
The transaction fee is10Yuan/If you close the position, you will temporarily exempt the transaction fee.From the date of listing to2025Year12moon31At the end of the day, the hedging transaction fee will be halved, except for high-frequency traders recognized by the exchange.
The exercise (performance) fee is10Yuan/The first hedging fee for the option before exercising (performance) is10Yuan/After exercising (performance), futures will be temporarily exempted from handling fees for self-held futures; market maker options will be temporarily exempt from handling fees.
Cast aluminum alloyOptions charge declaration fees for customer information, as shown in the following table.
10. Contract inquiry
Non-futures company members and customers can inquire from market makers on all listed option contracts. The inquiry request should specify the contract code, and the inquiry interval for the same option contract should not be lower than60Second. When the optimal bid and offer price difference of a certain option contract is less than or equal to the price difference shown in the following table, no inquiry shall be allowed.
11. Option trading permissions are activated
Members of futures companies shall strictly follow the relevant provisions of the “Shanghai Futures Exchange Trader Suitability Management Measures” and implement trader suitability management requirements. Non-futures company members apply to us for option trading permissions based on the appropriateness standards of general unit customers.
All relevant units are requested to make preparations for the listing of cast aluminum alloy options, strengthen risk management, and ensure the smooth operation of the market.
Hereby notify.
Shanghai Futures Exchange
2025Year5moon26day
(Reprinted from: Hongye Futures)