中國股市上漲造就ETF選擇權交易量大增

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https://www.reuters.com/article/us-china-markets-options/china-investors-catch-option-fever-prompting-regulator-warnings-idUSKCN1QW18G

Growing interest in China’s equity option market came after a contract soared as much as 19,267 percent in a single session last month.

Data from the Shanghai Stock Exchange shows that the number of open contract positions in the ChinaAMC 50 ETF exceeded 3 million for the first time on record this week as investors hope to take advantage of the equity bull run to land huge profits.

An option gives investors the right to buy or sell the underlying asset at a set price on a specific date. The ChinaAMC 50 ETF tracks the SSE 50 index, dubbed China’s “nifty fifty index”, which has risen more than 20 percent this year.

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Zhang Yi, an options analyst at Everbright Futures Co Ltd, said that a buoyant stock market has driven investor hopes of making a quick fortune.

“Some investors are jumping into the options market, without understanding the basics of this instrument, such as what the time value of an option is.”

The speculation has prompted a warning from the Shanghai Stock Exchange.

In a statement on March 8, the exchange noted large volumes, open positions, and price fluctuations on option contracts, and warned investors of the risk that the time value of the option would rapidly diminish ahead of its expiry.

The price of the 3 yuan call option expiring March 27 plunged more than 22 percent on Friday to 0.0052 yuan.

Despite the recent frenzy, Zhang said the words of caution from regulators and stringent risk-management rules in place mean that that there is little risk of a dangerous option bubble.

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對。以華廈上證50ETF選擇權的未平倉3百萬口來說，不算高，但絕對比台灣目前的未平倉50萬口多了五、六倍。期待CSI300真正的指數選擇權出來，才對我們比較有意義。不過，如果你是台灣人，成立一個私募基金或在中國成立一家公司，應該也可以交易上證50選擇權才對。

他們交易選擇權要經過三關考試，過了三關才可以裸賣，台灣應該也這樣幹，哈哈，考試是最好的KYC。