The first option to be listed for overseas traders! 360 contracts were launched on the first day, and traders did not see any obvious operations of chasing ups and downs

Chen Shaowang, Deputy Secretary of the Dalian Municipal Party Committee and Mayor, and Ran Hua, Secretary of the Party Committee and Chairman of the DCE, jointly opened the market for palm olein options

China's commodity futures market aims to increase the price influence of important commodities and further open up to the outside world. On June 18, palm olein options, the first option open to overseas traders, were successfully listed.

Palm Olein Option is China's first option contract to introduce overseas traders, and it is also the first option to be launched simultaneously with the introduction of overseas traders. From the introduction of foreign traders to participate in palm olein futures in December last year, to the opening of palm olein options, palm olein has taken the lead in realizing futures options, on- and off-exchange, domestic and international coverage on all imported commodities.

Palm olein is the vegetable olein variety with the largest output and the largest international trade volume in the world. At present, China has become the world's second largest importer of palm olein. To enhance the influence of commodity prices, it is of course urgent to accelerate the pace of opening up the futures market. At present, the domestic futures market accounts for less than 10% of the products opened to the outside world, and the proportion of foreign investors participating in China's futures market transactions is not high.

On the first day of listing, palm olein options launched a total of 360 contracts in 10 series. Statistics show that the trading volume of palm olein options on that day was 37,000 lots (one-sided, the same below), with a turnover of 100 million yuan and holdings of 20,000 lots. Among them, the turnover ratio of call options and put options is 1.35, and the holding ratio is 1.20. The series with the largest palm olein options trading and open interest on that day was P2109, and the ratio of trading volume and open interest to palm olein options was 76.8% and 71.7%, respectively.

China’s first international option product is listed, and palm olein varieties are the first to achieve full coverage

On June 18, palm olein options were listed on the DCE. As the world’s largest palm olein futures market, China will join hands with palm olein futures after the listing of palm olein options and the introduction of overseas traders to further improve the level of risk management of palm olein industry chain companies, stabilize corporate profitability, and jointly serve national strategies.

Gao Wen, secretary-general of the China Vegetable Olein Industry Association, said that palm olein is the most widely used vegetable olein in the food industry, and its consumption has surpassed soybean olein to become the world's largest consumption of vegetable olein. At present, China has become the world's second largest importer of palm olein, and the volatility of palm olein spot prices continues to intensify. Spot companies are eagerly looking forward to an early listing and the simultaneous opening of palm olein options and other risk management tools to escort them in the international palm olein trade.

Palm olein options, as China’s first olein options varieties introduced to overseas traders, are an important achievement of industrial risk management needs and the development of China’s futures market; it is also an important measure for the futures market to take root in the industry and serve the entity; it is also the opening of China and the global economy. An important manifestation of win-win cooperation.

Ran Hua, Secretary of the Party Committee and Chairman of the Board of Directors of Dalian Commodity Exchange, said that the deep cultivation and expansion history of the palm olein derivatives system is a step forward for DCE to firmly promote the international first-class derivatives exchange is a miniature based on the futures spot, focusing on the inside and outside of the market, focusing on the domestic and overseas markets.

From the listing of palm olein futures in 2007, to the current 70% of domestic palm olein spot trades that use DCE futures prices as the pricing benchmark, leading domestic and foreign grain and olein companies have extensively used the futures market for risk management; from 2017, pilot palm olein over-the-counter options , The palm olein commodity swap was launched in 2018, to the introduction of palm olein basis trading on over-the-counter platforms this year, and then to the official listing of palm olein on-site options; from the introduction of foreign traders to participate in palm olein futures in December last year, to the opening to the outside world of palm olein options, DCE took the lead in realizing the coverage of futures options, both on- and off-exchange, both domestic and international on palm olein.

Step by step, DCE has initially formed a derivative instrument system combining futures and spot, on- and off-exchange collaboration, and domestic and overseas connectivity on palm olein, which can better serve the palm olein industry’s integration into the domestic big cycle.

37,000 lots were traded on the first day of listing, and the implied volatility of each option contract was within a reasonable range

On the same day, affected by the sharp drop in the CBOT market, domestic oleins and fats fell further, and palm olein futures prices had fallen to a two-month low. Palm olein options launched a total of 10 series of 360 contracts on the first day of listing. Statistics show that palm olein options had a trading volume of 37,000 lots (one-sided, the same below) on that day, with a turnover of 100 million yuan and open interest of 20,000 lots. Among them, the turnover ratio of call options and put options is 1.35, and the holding ratio is 1.20. The series with the largest palm olein options trading and open interest on that day was P2109, and the ratio of trading volume and open interest to palm olein options was 76.8% and 71.7%, respectively.

Judging from the operation of palm olein options on the day, the open price of the call-at-value option contract P2109-C-6700 was 340.5 yuan/ton and the closing price was RMB 355.5/ton, an increase of 4.4% throughout the day; the opening price of the put-at-the-money option contract P2109-P-6700 was 300 yuan/ton and the closing price was 355 yuan/ton, an increase of 18.3% throughout the day.

Feng Shidian, a researcher of Founder's mid-term options, said that palm olein options performed very well on the day. In all-day trading, the implied volatility of each option contract was within a reasonable range. Among them, the implied volatility of the 2109 series of at-the-money options with the largest trading volume is basically at the level of 35% to 40%, which is slightly higher than the historical volatility, and remains basically stable throughout the day. The price sequence of each option series fully meets the monotonicity. In relation to other prices, option contracts are reasonably priced, the volatility surface is relatively smooth, and there is no obvious arbitrage opportunity. In addition, the palm olein options trading volume PCR (put call ratio) on the day was 0.7, and the open interest PCR was 0.8, indicating that although the palm olein futures prices fell on that day, investors did not concentrate on put options trading, indicating that investors did not appear to chase ups and downs significantly.

It is worth noting that palm olein options and DCE listed options apply to the same set of rules, and the contract design ideas are basically the same. Combined with the actual operation of the palm olein futures market, the exchange has made targeted designs in terms of exercise price interval and minimum price change. Different from other option contracts, palm olein options will be introduced to overseas traders after they are listed. With reference to the relevant regulations on specific products, the management of overseas participants will be managed in accordance with the real-name system and transaction code.

At the same time, foreign traders participating in palm olein futures trading should meet the relevant requirements for the suitability of specific varieties of traders. In terms of transactions, overseas traders can participate through domestic futures companies or overseas brokerage agencies entrusting domestic futures companies to participate; the settlement system is still priced in RMB, and U.S. dollars can be used as margin.

Attract foreign companies to actively participate, and a three-dimensional risk control system ensures the smooth operation of the market

At present, palm olein is the world's largest vegetable olein variety with the largest international trade volume. It is also a special variety with the domestic demand side and the supply side relying entirely on imports. According to the latest data released by the General Administration of Customs, China imported 420,000 tons of palm edible olein in May, a year-on-year increase of 49.2%.

The listing of palm olein options has attracted the attention of many overseas industrial companies. For example, China Merchants Foreign Trade (Singapore) Co., Ltd. entrusted Xinhu Futures to participate in the palm olein options transaction through Times Financial Services Co., Ltd. on the same day.

It is reported that China Merchants Foreign Trade (Singapore) Co., Ltd. specializes in the import and export business of bulk trade of agricultural products with Southeast Asia and the European Union as the origin. The focus is on palm olein, sunflower olein, non-genetically modified soybean olein, genetically modified vegetable olein and refined sugar. Commodity transactions mainly face China's export trade. The company once participated in the trading of palm olein futures on the day when foreign traders were introduced. Managing Director Zhang Yang said that the listing of palm olein options can form a synergy with futures, provide companies with more means and strategies for risk management, stabilize daily production and operations, and also help promote the development of the rights-containing trading model in the olein industry.

"After the introduction of foreign traders, can the palm olein options market achieve safe and stable operation?" The relevant person in charge of DCE told the Securities Times reporter that DCE used the risk prevention and control system of other mature futures, as well as options contracts and designed the main Including price limit, position limit, large account report, forced liquidation system, etc., so that the palm olein option risk control framework and overall market supervision regulations are the same as other existing option contracts, and domestic and overseas traders need to comply with the same risk management and market supervision system, In order to effectively prevent and control market risks.

In addition, after the listing of palm olein options, DCE will, on the one hand, adopt systematic risk control measures to ensure the smooth operation of the market; on the other hand, it will strengthen market monitoring, conduct pre-study and pre-judgment of market risks, and earnestly perform transactions, supervision and service responsibilities in important links such as settlement, delivery, and supervision, and effectively play the role of "five bodies in one" coordinated supervision to effectively prevent, control and resolve market risks. At the same time, we will do a good job in investor education and market cultivation, guide various entities to participate rationally, ensure the safe and stable operation of the market, and promote market functions.

At present, the futures market has established a multi-line and three-dimensional risk control system, which can effectively resolve various potential risks in a timely manner, and the market risk prevention and control capabilities have been upgraded to a new level. Therefore, after the listing of palm olein options and the introduction of overseas traders, all the confidence in the transaction will also be able to prevent and control market risks, and ensure the safe and stable operation and function of the market.

中国商品期货市场瞄准提升重要大宗商品的价格影响力，进一步扩大对外开放。6月18日，首个面向境外交易者开放的期权———棕榈油期权成功上市。
榈油期权是我国首个引入境外交易者的期权合约，也是首个期权上市与引入境外交易者同步推出的合约。从去年12月引入境外交易者参与棕榈油期货，到棕榈油期权的对外开放，棕榈油这个品种，率先在全进口商品上实现期货期权、场内场外和国内国际全覆盖。
棕榈油是全球产量最大、国际贸易量最大的植物油品种。目前我国已成为世界第二大棕榈油进口国。提升大宗商品价格影响力，当然亟需加快期货市场对外开放步伐。目前，国内期货市场对外开放品种数量占比不到10%，境外投资者参与中国期货市场交易的占比也不高。
上市首日，棕榈油期权共推出了10个系列的360个合约，统计数据显示，当日棕榈油期权成交量3.7万手（单边，下同），成交额1亿元，持仓量2万手。其中，看涨期权与看跌期权的成交比为1.35，持仓比为1.20。当日棕榈油期权成交、持仓量最大的系列为P2109，成交量、持仓量占棕榈油期权比分别为76.8%和71.7%。
我国首个国际化期权产品挂牌上市，棕榈油品种率先实现全覆盖
6月18日，棕榈油期权在大商所挂牌上市。中国做为全球最大的棕榈油期货市场，棕榈油期权上市并引入境外交易者之后，将与棕榈油期货合力，进一步提高棕榈油产业链企业管理风险的水平，稳定企业盈利能力，共同服务国家战略。
中国植物油行业协会秘书长高雯表示，棕榈油作为食品工业用途最为广泛的植物油，其消费量已经超过豆油成为全球最大的植物油消费品种。目前我国已成为世界第二大棕榈油进口国，棕榈油现货价格波动不断加剧。现货企业热切期盼早日上市并同步开放棕榈油期权等风险管理工具，为企业在棕榈油国际贸易中保驾护航。
棕榈油期权作为我国首个引入境外交易者的油脂油料期权品种，是产业风险管理需求和我国期货市场发展的重要成果；也是期货市场扎根产业、服务实体的重要举措；更是我国与全球经济开放合作共赢的重要体现。
大连商品交易所党委书记、理事长冉华表示，棕榈油衍生品工具体系的深耕拓展史，是大商所立足期现货、围绕场内外、着眼境内外，扎实推进国际一流衍生品交易所的一个缩影。
从2007年上市棕榈油期货，到目前国内70%的棕榈油现货贸易采用大商所期货价格作为定价基准、国内外粮油龙头企业广泛利用期货市场进行风险管理；从2017年试点棕榈油场外期权、2018年推出棕榈油商品互换，到今年在场外平台引入棕榈油基差交易，再到正式挂牌棕榈油场内期权；从去年12月引入境外交易者参与棕榈油期货，到棕榈油期权的对外开放，大商所率先在棕榈油这个全进口商品上实现期货期权、场内场外和国内国际全覆盖。
一步一个脚印，大商所已经在棕榈油这个品种上初步形成了期货现货结合、场内场外协同、境内境外连通的衍生品工具体系，能够更好的服务棕榈油产业融入以国内大循环为主体、国际国内双循环相互促进的新发展格局。
上市首日成交3.7万手， 各期权合约的隐含波动率均处于合理范围
当日，受CBOT市场大跌影响，国内油脂进一步大跌，棕榈油期货价格已经跌至两个月低位。棕榈油期权上市首日共推出了10个系列的360个合约，统计数据显示，当日棕榈油期权成交量3.7万手（单边，下同），成交额1.0亿元，持仓量2.0万手。其中，看涨期权与看跌期权的成交比为1.35，持仓比为1.20。当日棕榈油期权成交、持仓量最大的系列为P2109，成交量、持仓量占棕榈油期权比分别为76.8%和71.7%。
从当日棕榈油期权的运行情况看，看涨平值期权合约P2109-C-6700开盘价340.5元/吨，收盘价355.5元/吨，全天涨幅4.4%；看跌平值期权合约P2109-P-6700开盘价300元/吨，收盘价355元/吨，全天涨幅18.3%。
方正中期期权研究员冯世佃表示，棕榈油期权当日的交易情况表现优异，在全天交易中，各期权合约的隐含波动率均处于合理范围。其中，成交量最大的2109系列平值期权隐含波动率基本处在35%至40%的水平，略高于历史波动率，全天基本保持稳定，并且各期权系列的价格序列完全满足单调性和其他价格关系，期权合约定价合理，波动率曲面较为平滑，无明显套利机会。另外，当日棕榈油期权成交量PCR（看跌看涨比率）为0.7，持仓量PCR为0.8，说明当日棕榈油期货价格虽然下跌，但投资者并未集中在看跌期权交易，表明投资者未出现明显追涨杀跌行为。
值得注意的是，棕榈油期权与大商所已上市期权适用于同一套规则体系，合约设计思路基本一致。结合棕榈油期货市场的实际运行情况，交易所在行权价格间距、最小变动价位等方面做了有针对性的设计。与其他期权合约不同的是，棕榈油期权上市后即引入境外交易者，参照现有特定品种有关规定，在境外参与者管理方面，将按照实名制、交易编码一户一码管理。
同时，境外交易者参与棕榈油期货交易应满足特定品种交易者适当性的相关要求。交易方面，境外交易者可以通过境内期货公司或境外经纪机构转委托境内期货公司方式参与；结算制度上，仍以人民币计价，美元可以作为保证金。
吸引境外企业积极参与，立体风险控制体系确保市场平稳运行
目前，棕榈油是全球产量最大、国际贸易量最大的植物油品种，也是一个需求端在国内，供给端则全部依赖进口的特殊品种。根据海关总署公布的最新数据显示，5月份我国棕榈食用油进口42万吨，同比增49.2%。
棕榈油期权的上市吸引了很多境外产业企业的目光。如中商外贸（新加坡）有限公司在当日便通过时瑞金融服务有限公司委托新湖期货参与了棕榈油期权交易。
据悉，中商外贸（新加坡）有限公司专门从事以东南亚、欧盟等为产地的农产品类大宗贸易的进出口业务，重心在棕榈油、葵油、非转基因豆菜油、转基因菜油和精炼糖等的大宗商品交易，主要面对中国进行出口贸易。该公司曾在棕榈油期货引入境外交易者当日参与交易。董事总经理张扬表示，棕榈油期权上市能够与期货形成合力，为公司提供更多管理风险的手段和策略，稳定日常生产经营，也有助于促进含权贸易模式在油脂行业的发展。
“引入境外交易者后，棕榈油期权市场能否实现安全平稳运行？”大商所相关负责人对证券时报记者表示，大商所借鉴其他成熟期货、期权合约的风险防控制度，设计了主要包括涨跌停板、限仓、大户报告、强行平仓制度等，使棕榈油期权风控框架和市场监管总体规定与其他现有期权合约相同，境内、境外交易者需遵守相同风险管理和市场监察制度，以有效防控市场风险。
此外，棕榈油期权上市后，大商所一方面将通过系统性的风控举措保障市场的平稳运行，另一方面将加强市场监控，对市场风险做好预研预判，切实履行好交易、结算、交割、监察等重要环节的监管和服务职责，并有效发挥“五体一体”协同监管作用，以有效防控和化解市场风险。同时将做好投资者教育与市场培育工作，引导各类主体理性参与，确保市场安全稳定运行，促进市场功能发挥。
目前，期货市场已经建立了多线条、立体性的风险控制体系，能够及时有效地化解各类潜在风险，市场风险防控能力己提升到新的水平。因此，棕榈油期权上市并引入境外交易者后，交易所有信心也有能力防控好市场风险，保障市场安全稳健运行和功能发挥。