In order to ensure the smooth implementation of the exercise on the expiration date of the option contract, you should fully understand the rules and relevant risks of the exercise of the option before participating in the option transaction, carefully read the relevant provisions on the exercise in the supplementary agreement of the futures brokerage contract, and prudently decide whether to hold the relevant option contract on the expiration date of the option contract and participate in the exercise of the relevant option contract. We hereby give the following tips on matters related to the expiration date of the option contract:

1、 The expiration date of CSI 300 Index Options io2002 contract is the third Friday of the contract expiration month, that is, February 21, 2020;

2、 The option contract of CSI 300 Index Options is European style, and the buyer can only exercise the right on the last trading day of the option contract;

3、 When the CSI 300 stock index option contract is exercised, the exchange will carry out cash delivery according to the settlement price on the last trading day. The settlement price on the last trading day is the arithmetic average price of the last two hours of the underlying index (CSI 300 index) on the last trading day (the calculation result is reserved to two decimal places). The daily price limit of stock index option contract (including the last trading day) is ± 10% of the closing price of the underlying index on the previous trading day;

4、client's position in an option contract under the same trading code is exercised with a net position.

5、CSI 300 Index Options contract do not support the submission of exercise and waiver of exercise through the client. On the last trading day of the stock index option contract, our company will submit the client's exercise fee as the minimum profit amount to the exchange within the time specified by the exchange. When the actual value of the contract due at the settlement of the day is greater than the minimum profit amount, the client's buyer's position will be automatically exercised. No Then the exercise will be waived.

Please do a good job in risk prevention to ensure the smooth transaction.

Notice is hereby given.

Cash delivery and automatic exercise

The stock index option products with cash delivery usually adopt the way of automatic exercise on the maturity date. At maturity, investors do not need to submit an application for exercise, and the qualified option contract exchange will automatically exercise the right. The method of automatic exercise simplifies the operation process of investors, and investors do not need to worry about the loss caused by forgetting to exercise or wrong exercise, which reduces the operational risk at delivery.

For example, an investor buys one lots CSI 300 index option and holds it to maturity. The settlement price on the last trading day of the contract is 0.12 (corresponding to 12 yuan), and the investor's exercise fee is 5 yuan per lot. Assuming that the investor chooses to exercise the right, after deducting the fee, there is still a return of 12 yuan-5 yuan = 7 yuan. The exchange will automatically exercise and deliver cash to such option contracts that still have earnings after deducting the exercise fee.

To sum up, CSI 300 index options are about to meet their first maturity and delivery. CSI 300 index options adopt the way of automatic exercise and cash delivery, which has the characteristics of convenient operation and low delivery risk. On the maturity date, investors do not need to apply for exercise. For the qualified option contracts, the exchange will automatically exercise them and complete the cash delivery by cash netting.

关于提示中国金融期货交易所沪深300股指期权IO2002合约到期日相关事宜的通知

尊敬的投资者：

为确保期权合约到期日行权和履约的顺利进行，您应在参与期权交易前充分了解期权的行权和履约的规则和相关风险，仔细阅读《期货经纪合同》补充协议书中有关行权和履约的相关约定，审慎决定是否在期权合约到期日持有相关期权合约并参与相关期权合约的行权和履约。现就期权合约到期日相关事项提示如下：

一、沪深300股指期权IO2002合约到期日同最后交易日，均为合约到期月份的第三个周五，即2020年2月21日；

二、沪深300股指期权合约的行权方式为欧式，买方只可在期权合约最后交易日当天行使权利；

三、沪深300股指期权合约行权时由交易所按照最后交易日的交割结算价进行现金交割。其中最后交易日的交割结算价为最后交易日标的指数（沪深300指数）最后2小时的算术平均价（计算结果保留至小数点后两位）。股指期权合约每日（含最后交易日）价格涨跌停板幅度为上一交易日标的指数收盘价的±10%；

四、客户在同一交易编码下的某一期权合约持仓，以净持仓参与行权或履约。

五、沪深300股指期权合约暂不支持通过客户端提交行权和放弃行权，股指期权合约最后交易日，我司将在交易所规定的时间内将客户的行权手续费作为最低盈利金额提交至交易所，当日结算时到期合约的实值额大于最低盈利金额时，客户的买方持仓将自动行权，否则将放弃行权。

请您做好风险防范工作，确保交易顺利。

特此通知。

现金交割和自动行权

现金交割的股指期权产品在到期日多采用自动行权的方式。到期时投资者无需提交行权申请，满足条件的期权合约交易所将自动予以行权。自动行权方式简化了投资者的操作流程，投资者无需担心因忘记行权或错误行权而造成损失，降低了交割时的操作风险。

举个例子，某投资者买入1手沪深300股指期权并持有到期，该合约最后交易日的结算价为0.12点（对应12元），该投资者行权手续费为每手5元。假设该投资者选择行权，扣除手续费后仍有12元-5元=7元的收益。对于此类扣除行权手续费后仍有收益的期权合约，交易所将会自动予以行权，并进行现金交割。

综上，沪深300股指期权即将迎来首次到期交割。沪深300股指期权采用自动行权、现金交割的方式，具有操作便捷、交割风险低的特点。在到期日，投资者无需提出行权申请，对于满足条件的期权合约，交易所将自动予以行权，并采用现金轧差的方式完成交割。