大商所计划推出豆粕和玉米系列期权

DCE to Launch Soybean Meal and Corn Series of Options

12月20日，大商所发布公告，对期权交易管理办法以及豆粕期权合约、玉米期权合约进行修改，以豆粕和玉米这两个期权品种为试点，适时推出系列期权合约。

On December 20, 2024, Dalian Commodity Exchange (DCE) announced amendments to the Measures for Management of Options Trading, as well as adjustments to the soybean meal and corn options contracts. DCE plans to introduce series of options contracts at the appropriate time for these two products on a trial basis.

根据公告，此次修改明确了豆粕和玉米系列期权合约于标的期货合约交割月份前五个月第1个交易日上市交易，以标的期货合约交割月份前两个月的第12个交易日为最后交易日，并在合约交易代码引入“MS”作为系列期权的标识。除此之外，系列期权与常规期权适用于相同的规则体系。系列期权合约挂牌交易时间及有关事项大商所将另行通知。

The changes made it clear that soybean meal and corn series of options contracts will commence trading on the first trading day of the fifth month preceding the delivery month of the underlying futures contracts. The last trading day for these options contracts will be the twelfth trading day of the second month preceding the delivery month of the underlying futures contracts. Additionally, the contract trading symbol will include "MS" as an identifier for the series of options. Apart from these changes, series options will adhere to the same rule system as that of regular options. The listing and trading time of the series of options contracts and related matters will be announced separately by DCE.

据悉，系列期权是在现有常规期权合约基础上增挂的新合约，与常规期权都是基于同一标的期货合约。目前，豆粕期权和玉米期权分别有8个和6个到期月份，增挂系列期权合约后，两个品种的到期月份均将补齐到12个月份。作为对常规期权的补充，系列期权挂牌时间更晚、到期时间更早，存续期更短。根据合约规则，豆粕和玉米系列期权合约存续时间为3个半月左右，而对应的常规合约存续时间将近1年。在境外市场，系列期权已经普遍出现在合约月份没有实现12个月份全覆盖的农产品期权品种上。

It is reported that, the series of options are newly added contracts based on existing regular options contracts, sharing the same underlying futures contracts. Currently, there are eight and six expiration months for soybean meal and corn options, respectively. With the introduction of series of options contracts, both products will expand to cover 12 expiration months. As a supplement to regular options, series of options feature later listing dates, earlier expiration dates, and shorter durations. According to the contract rules, the duration of series of options contracts for soybean meal and corn is approximately 3.5 months, compared with nearly one year for regular options contracts. In overseas markets, series of options are already commonly used in agricultural options which don’t cover all 12 months.

市场人士表示，7年以来，大商所期权市场规则体系不断完善，始终保持平稳运行，功能得到有效发挥，为增挂系列期权合约打下了制度基础、积累了实践经验。作为大商所最早上市的两个期权品种，豆粕期权和玉米期权上市以来运行良好，具备较好的流动性和较高的产业参与度。在这两个品种上率先推出系列期权合约，既具备良好的市场基础，也与产业诉求相契合。

Market insiders have stated that over the past seven years, the Dalian Commodity Exchange's (DCE) options market regulatory system has been continuously improved, maintaining stable operations and effectively fulfilling its functions. This has laid a solid institutional foundation and accumulated practical experience for the introduction of series options contracts. As the first two options contracts listed by the DCE, soybean meal and corn options have performed well since their introduction, with good liquidity and a high level of industry participation. The initial launch of series of options contracts for these two varieties not only has a strong market base but also aligns well with the needs of the industry.

“推出系列期权，对更好满足产业企业风险管理需求具有重要意义。”浙商期货农产品首席分析师向博表示，挂牌系列期权合约是对期权市场期限结构的进一步完善，可以方便企业选择与现货贸易时间窗口更匹配的期权合约套期保值，满足产业连续稳定的风险管理需求，同时降低其参与期权套保的资金成本。

"The introduction of series of options is of great significance for better meeting the risk management needs of industrial enterprises," said Xiang Bo, the chief analyst of agricultural products at Zheshang Futures. He stated that listing series of options contracts is a further improvement to the term structure of the options market. This allows companies to choose options contracts that better match the timing of their spot trades for hedging purposes, meeting the continuous and stable risk management needs of the industry while also reducing the capital costs associated with their participation in options hedging.

上海源耀集团蛋白分析师谷富强告诉记者，源耀在豆粕、玉米等农产品的日常经营过程中，经常使用期货和期权工具进行风险管理。但目前部分月份没有相应的期货合约和期权合约，只能借助于透明度较低、交易成本较高的场外期权。“豆粕系列期权的推出，使我们在各个月份均能直接通过场内市场实现套保的目的，尤其在头寸的灵活管理方面，优势会更加突出。我们现货的周转率高，贸易量大，头寸布局通常会涵盖日度周度月度季度等不同周期。对那些偏短期头寸，运用到期时间早、存续时间短的系列期权会是更加合适的选择。”

Gu Fuqiang, a protein analyst at Shanghai Yuanyao Group, told reporters that in the daily operations of agricultural products such as soybean meal and corn, the company frequently uses futures and options tools for risk management. However, there are currently no corresponding futures and options contracts available for some months, forcing the use of over-the-counter (OTC) options, which have lower transparency and higher trading costs. "The launch of the soybean meal series of options allows us to directly achieve hedging through the exchange market in every month, especially highlighting the advantages in the flexible management of positions. We have a high turnover rate in spot trades and a large volume of trade, with position layouts that usually cover various periods such as daily, weekly, monthly, and quarterly. For those short-term positions, using series of options with earlier expiration and a shorter duration will be a more suitable choice," Gu said.

翱兰（上海）商贸有限公司市场合规与风控首席执行官许沙莎表示，翱兰在豆粕和玉米方面有着多年期现结合经营经验，对大商所推出豆粕和玉米系列期权的举措非常支持。以豆粕品种为例，在她看来，系列期权的推出将进一步完善期货市场风险管理工具的多样性，让企业能够从时间维度上更精细地管理价格风险，更有针对性地应对突发事件带来的波动。特别是在日益复杂的市场环境下，未来系列期权合约的上市，无疑将为现货企业丰富完善风险管理“工具箱”、增强经营稳定性提供有力的支持。

Xu Shasha, Chief Executive Officer of Market Compliance and Risk Control at Aolan (Shanghai) Trading Co., Ltd., stated that Aolan has extensive experience in integrating spot and futures trading for soybean meal and corn, and she strongly supports the Dalian Commodity Exchange's initiative to launch series of options for these commodities. Taking soybean meal as an example, she believes that the introduction of series of options will further enhance the diversity of risk management tools in the futures market, enabling companies to manage price risk more precisely in terms of timing and to respond more effectively to fluctuations caused by unexpected events. Especially in the increasingly complex market environment, the listing of future series of options contracts will undoubtedly provide strong support for spot enterprises to enrich and improve their risk management "toolkit" and enhance the stability of their operations.

大商所相关业务负责人表示，豆粕和玉米常规期权上市时间久、市场流动性高，具备挂牌系列期权的品种基础条件，大商所的技术系统可承载系列期权合约挂牌，且具备丰富的期权监管经验。下一步，大商所将做好推出系列期权合约的各项准备工作，面向市场加强系列期权的培训及风险教育，提升市场对期权工具的认知和交易水平，引导客户理性参与交易。

The person in charge of relevant business at the Dalian Commodity Exchange (DCE) stated that soybean meal and corn regular options have been listed for a long time and enjoy high market liquidity, which provides the fundamental conditions for the listing of series of options. The DCE's technical systems are capable of supporting the listing of series of options contracts, and the exchange has extensive experience in regulating options. The next step will involve the DCE making all necessary preparations for the launch of the series of options contracts. The exchange will also intensify training and risk education for series of options in the market, enhance the market's understanding and trading proficiency with options tools, and guide customers to participate in trading rationally.