After more than four years, the pilot work of expanding stock index options was officially launched, and the Shanghai and Shenzhen 300 ETF options and the Shanghai and Shenzhen 300 stock index options were approved for listing.

After the announcement of the option expansion pilot work, private equity institutions have also entered the state of preparation. Recently, private placements have expressed their recent roadshows outside the market, preparing to issue options-based products. There are also private placements, the company's recent quantitative team is developing an absolute return strategy using the CSI300 Index option hedging. According to the data of the fund industry association, this year's option strategy private equity product launch has also seen a blowout phenomenon, which has increased by 57% compared with last year.

Option product offerings increased by 57% compared to last year

After more than four years, ETF options added new varieties, Shanghai Stock Exchange 300 ETF options listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange, and CSI 300 stock index options listed by CFFEX.

In this regard, private equity sources said that the expansion of options will increase liquidity and pricing efficiency, promote the expansion of the derivatives market, and help attract more funds to the market.

The "Daily Economic News" reporter noted that the fund industry association data show that as of November 18 this year, private equity fund managers filed a total of 55 private equity fund products containing character "options", and in 2018 In total, there are only 35 in the year. This year, the number of products has increased by 57% compared with last year. There are still many private placements that have issued a number of options products. For example, Shenzhen Zhurong Tribe Investment Co., Ltd. filed a Zhurong option hedge arbitrage private equity investment fund on November 12, and on November 4, Shenzhen Zhurong tribe investment has filed a Zhurong option index to enhance private equity investment funds.

On November 8, Shanghai Kuanzhi Investment filed the Kuanzhi Option Bao No.2 Private Equity Investment Fund, and Shenzhen Century Yuanheng Asset Management Co., Ltd. filed the Yuanheng Index Options Hedging Compound No.1 Private Equity Investment Fund, Tibet Lianhai Asset Management Co., Ltd. filed the Lianhai Quantitative Option No.2 private equity investment fund. On November 4th, Shanghai Aifang Asset Management Co., Ltd. filed the Aifang Option No. 1 private equity investment fund. On October 29, Ningbo Chuanli Investment Management Co., Ltd. filed the Sichuan-Yunnan Option Quantitative Private Equity Investment Fund.

Hou Yanjun, general manager of Thick Stone Tiancheng, told the reporter of "Daily Economic News" that this time, three options were added because the capacity of the CSI300 itself is much larger than that of the SSE 50. I believe that it will not take long for the market capacity of financial options to be at least 10 times larger than the original. This is only a conservative estimate of the strategic capacity. In terms of strategy type, the launch of new varieties will also greatly enrich the strategy type, strategy depth and strategy breadth. For the backup strategy, the hedging strategy, the arbitrage strategy, the speculative strategy, the enhanced strategy, and the direction strategy are all greatly improved.

Shenzhen Opusson Investment Cheng Shuxin believes that the listing of stock index options has further improved the market's risk hedging needs. After the expansion of the CSI 300 ETF option, the market complementation effect is more obvious.

“We used to only arbitrage on 50 ETFs and 50 options. Now we can add 300 ETFs for multiple arbitrage. Of course, the strategy will be more complicated than before, but the stability and yield curve will be smoother and more volatile than before.” Cheng Shuxin said.

After the expansion of the option pilot, private placement will enter the preparations

According to the reporter's understanding, the quantitative option strategy shows a completely different risk-return characteristics from the quantitative stock strategy and the management futures strategy, and has obvious low risk. The more the market falls, the greater the return will be due to the unique leverage of the option. If you look at the wrong market direction, it is at most a fixed premium for the loss option. The option strategy can enrich the stock long-term strategy and gradually attract the attention of private fund managers. Many private placements have obvious layout actions in the options market, and even the options are built as product lines.

The researcher of this quantitative private placement told the reporter of “Daily Economic News”, “After the regulatory announcement of the expansion of stock index options, our company has also entered the state of preparation, and the company wants to enrich it on the strategy line, compared to the SSE50 ETF. The Shanghai and Shenzhen 300 ETFs cover more sectors, and its index constituents basically cover the major industries of China's securities market, which can more comprehensively reflect the overall performance of the Shanghai and Shenzhen A-share market. These days, the company's quantitative team is doing the research for absolute return strategy of CSI300 index option hedging."

In addition, private equity sources also told reporters that "in fact, after the regulatory release of the pilot program to expand stock index options, our company recently organized a number of roadshows in order to issue option products. Because options are different from short-selling futures and stocks, the biggest advantage of buying put options is that the risks are limited and the returns are unlimited. ”

Thick Stone Tiancheng, Hou Yanjun, told reporters, "We started the research and development strategy a year and a half ago, and recently began to file new fund products. The main significance of this expansion is not the diversity of strategies, but the great encouragement of the former people who have worked in the niche options market, greatly enhancing the interest of investors who have not yet entered the market, and greatly opening the era of options. Let the arbitrageur have space, the hedger has the target, the enhancer has the means, the knowledgeable person can be realized, and a benign cycle is opened.”

应对期权扩容私募忙备战 期权产品发行数已较去年增长57%

时隔四年多，扩大股票股指期权试点工作正式启动，沪深300ETF期权、沪深300股指期权获准上市。

在期权扩容试点工作消息公布后，私募机构也进入备战状态，近期有私募表示近期在外面路演，准备发行期权类的产品。也有私募表示，近期公司量化团队在研发利用沪深300指数期权对冲的绝对收益策略。而从基金业协会的数据来看，今年的期权策略私募产品发行也出现了井喷的现象，截至目前较去年增长了57%。

期权产品发行较去年增长57%

时隔四年多，ETF期权再添新品种，上交所、深交所上市沪深300ETF期权、中金所上市沪深300股指期权。

对此，有私募人士表示，期权扩容将使得流动性和定价效率提升，促进衍生品市场规模扩大，也有利于吸引更多资金入市。

而《每日经济新闻》记者注意到，基金业协会的数据显示，今年以来截至11月18日，私募基金管理人备案含有“期权”二字的私募基金产品合计55只，而在2018年全年合计只有35只，今年截至目前已较去年产品数量增幅为57%，其中还有不少私募发行了多只期权私募产品。如深圳祝融部落投资有限公司在11月12日备案了祝融期权对冲套利私募证券投资基金，而在11月4日，深圳祝融部落投资已备案了祝融期权指数增强私募证券投资基金。

在11月8日，上海宽智投资备案了宽智期权宝2号私募证券投资基金，深圳市世纪元亨资产管理有限公司备案了元亨指数期权对冲复利一号私募证券投资基金，西藏联海资产管理有限公司备案了联海量化期权2号私募证券投资基金。11月4日，上海艾方资产管理有限公司备案了艾方期权1号私募证券投资基金。10月29日，宁波川砺投资管理有限公司备案了川砺期权量化一号私募证券投资基金。

厚石天成总经理侯延军告诉《每日经济新闻》记者，这次增加了三个期权品种，是因为沪深300的容量本身就比上证50大很多，相信用不了多久金融期权的市场容量最少要比原来扩大10倍。这还只是在策略容量上的保守估计，在策略类型上，新品种的推出也会极大丰富策略类型、策略深度和策略广度。对于备兑策略，对冲策略，套利策略，投机策略，增强策略，方向策略都是非常大的提升。

深圳澳普森投资成书新认为，股指期权的上市，进一步完善了市场的风险对冲需求。在扩容沪深300ETF期权后，市场互补效应更加明显。

“我们以前只是在50ETF和50期权上做套利，现在可以加入300ETF来进行多重套利，当然策略会比之前更加复杂，但稳定性以及收益曲线会相比之前更加平滑且有波动。”成书新表示。

扩大期权试点后私募进入备战

据记者了解，量化期权策略展现出同量化股票策略、管理期货策略完全不同的风险收益特征，具有较明显的低风险性。市场跌得越多，回报会因为期权独特的杠杆变大效果而越大。如果看错市场方向了，最多也就是损失期权的固定权利金。期权策略可以丰富股票多头策略而逐渐受到私募基金经理的重视，不少私募在期权市场上的布局动作明显，甚至将期权作为产品线进行打造。

对此某量化私募的研究员告诉《每日经济新闻》记者，“在监管层发布扩大股指期权试点消息之后，我们公司也进入了备战状态，公司在策略线上也想丰富起来，相较上证50ETF，沪深300ETF覆盖了更多的板块，其指数成分股基本覆盖了我国证券市场主要行业，可以更综合地反映沪深A股市场的整体表现，这几天公司的量化团队在研发利用沪深300指数期权对冲的绝对收益策略。”

另外有私募人士也告诉记者，“实际上在监管层发布扩大股指期权试点消息之后，我们公司为了发行期权产品，近期组织了多场路演活动。因为期权不同于做空期货、股票，买入看跌期权最大的优势在于风险有限，收益无限。”

厚石天成侯延军告诉记者，“我们在一年半之前就开始研发策略进行布局，近期也开始备案发行新的基金产品。这次扩容的主要意义不在于策略多样，而是极大振奋了之前在小众期权市场上耕耘者的信心，极大提升了还未入场投资人的兴趣，极大预期了期权大时代的开启，让套利者有空间，对冲者有标的，增强者有手段，有知识者可变现，一个良性的循环开启了。”