The Average Daily Trading Volume Of PTA Increased By 217.23%

In this year, affected by the epidemic situation, the macro-economic operation and industrial economic operation are facing multiple pressures, the function of China's futures market to serve the real economy has been further highlighted, effectively helping the recovery and development of the real economy.

A few days ago, the reporter learned from the Zhengzhou Commodity Exchange (hereinafter referred to as the "Zheng Shang Suo"), Since the third quarter, especially since October, the scale of options market has grown rapidly, among which PTA option has performed outstanding.

"At present, there are 6 options, such as PTA option and cotton option, which are listed on the stock exchange of Zhengzhou. With the increase of the variety supply in the option market, we have formed a "multi-point flowering" option market pattern through a "package" of systematic and comprehensive option market cultivation activities, effectively serving the development of the real economy. " Zheng business office of the relevant person in charge said.

The size of option position exceeds one million

PTA option performance is outstanding

At present, there are PTA futures, PTA options, staple fiber futures, and a series of "combination tools" of cotton futures, cotton options and cotton yarn futures in China's textile industry chain.

On December 16, 2019, PTA option was listed on the Zhengzhou stock exchange, which is one of the first batch of energy options listed in China.

Option is a kind of contract. The contract gives the holder the right to buy or sell an asset at a fixed price on or before a specific date. It is a basic risk management tool. The characteristics and advantages of options include: avoiding risks and considering benefits; no pressure to pursue insurance; diversified "insurance price" and personalized portfolio strategy.

Industry analysts pointed out that, Options are not the icing on the cake of futures, but keep pace with futures. The call option is equivalent to buying insurance, the premium is called premium, and the protection price is called the exercise price.

According to Zheng Shang, In the third quarter of this year, the average daily trading volume of options of Zhengshang exchange was 164700 (unilateral, the same below), with a month on month increase of 61.04%, and the average daily position was 632800, with a month on month increase of 12.14%. Since October, the size of the options market has been growing rapidly, with positions exceeding one million, a record high.

Among them, PTA option performance is more prominent. In October, the average daily turnover of PTA options (as of October 28) reached 122300 hands and the average daily position reached 330200 hands, increasing by 217.23% and 100.92% respectively compared with the third quarter.

The reporter also learned that in recent years, in order to do a good job in cultivating the option market and improve the professionalism and accuracy of the training content in the option market, Zheng Shang tried to formulate a standardized "instructor's Syllabus" to make clear requirements for the key points and methods of the lecturer's teaching content. Through market practice and feedback, the application of the syllabus further enhances the organization and direction of the teaching content, and provides a set of intuitive and clear "learning list" for option learners. In addition, the CSE also carried out "series theme" option video lecture training on a monthly basis.

In addition, Zheng Shang Institute continued to deepen practical training, carried out "options workshop" into "industrial base" and "option workshop" to send options into enterprises, focusing on industrial enterprises, providing them with empowerment training of option business knowledge and teaching skills, and invited enterprise representatives to give on-site trial lectures, encouraging enterprises not only to "know how to do", but also to "speak".

A director of a polyester enterprise told reporters that the "series" video lectures carried out by Zheng Shang covered a wide range of courses, from basic to advanced, from theory to practice, progressive and comprehensive, which provided an opportunity for enterprises to learn option knowledge systematically and efficiently and improve their trading ability.

"At present, the scale of the whole commodity option market is steadily expanding, and the participation of investors is also increasing orderly. As of October 28, this year, the number of accounts opened by the Zhengshang exchange for commodity options has exceeded 200000, and the cumulative number of participants has exceeded 30000. ”Zheng Shang said the person in charge said.

According to relevant data, In the third quarter of this year, the cumulative trading volume of each option variety exceeded 1 million hands. Judging from the proportion of the cumulative trading volume of each option variety in the total option market of Zhengzhou stock exchange, the scale of options market of Zhengzhou stock exchange has shown a balanced development trend.

Strengthening the "option consciousness" of enterprises

The use of strategies is becoming more flexible and diversified

At present, with the large-scale private chemical fiber enterprises marching into refining and chemical projects and continuously promoting the development of "in-depth integration", the market competition is becoming more and more fierce. Polyester industry chain enterprises need to learn more perfect financial knowledge, master more financial tools, and better escort the operation of enterprises.

Especially in this year's epidemic situation has a serious impact on the operation of the industrial market, facing the high PTA inventory, industrial enterprises are more aware of the important value of effective use of financial instruments.

"In the process of hedging by using futures instruments, enterprises will take up a certain amount of margin, especially when the price fluctuates greatly, it will occupy more margin. However, if the option can be used effectively, the option margin and the futures margin can offset each other, which will reduce the price management cost of spot enterprises to a certain extent. At the same time, PTA option can provide a time dimension and space price range for the participating enterprises to carry out price prediction, so that enterprises can carry out some better operations in the scope of relative insurance according to their actual situation A polyester enterprise related person in charge said.

In terms of how to use financial instruments more effectively, many enterprises have begun to study strategies that are more suitable for the actual situation of enterprises. Some leading enterprises are no longer focusing on the two "single leg strategies" of "hedging by buying rights" and "enhancing profits by hedging with put rights". Instead, they are more diversified in the use of option strategies, and gradually begin to explore the use of reserve, straddle and wide span Or spread strategy to carry out risk management, better meet the personalized needs of the enterprise's own hedging.

Guan Jiangnan, director of options of Ningbo Hengyi Industrial Co., Ltd Said that, with the recent high PTA inventory, the company after the market forecast, while buying put options, sell call options, constitute a leading strategy for short hedging. At the same time, the company also adopts the "double selling" strategy, selling straddle or wide span portfolio. "If the price falls, the put option sold will be exercised, which is equivalent to purchasing the spot at a low price; if the price rises, the call option will be executed, which is equivalent to selling the futures at a high price." Guan Jiangnan said, Through the use of option tools, the hedging method of enterprises is more flexible, and more suitable for the company's business model, so as to achieve the purpose of dynamically adjusting the proportion of spot hedging, and the cost advantage of hedging is more obvious.

"Using options flexibly is like putting a layer of 'protective clothing' on the company's operations," said a person in charge of a PTA trading company. When the price of PTA futures is not ideal, the company will sell the same number of call options with shallow and nominal value to form a margin opening strategy; when the price of PTA futures reaches the expectation, the company will close the position of option in time. Making good use of options can bring a variety of strategic combinations for the company and make up for the single short board of futures strategy. Through the combination of futures and options tools, the company has further improved the hedging effect and effectively promoted the linkage of futures and spot markets. "

However, it should be noted that, How can industrial enterprises make better use of options and make them become the "protective clothing" of enterprise management risks still need to be studied constantly.

"The management and application of commodity options are highly professional. The cultivation of option market is a long-term and continuous work, and also one of the key factors affecting the development of the market. In the next stage, we will continue to enrich and expand the service mode of derivatives, strengthen the supply of new options, and constantly improve the derivatives system. At the same time, we will continue to tap the difficulties and pain points in the process of investors' participation in options with the help of various forces, and carry out the cultivation of option market relying on the "deep ploughing" mode, so as to further deepen the market and promote the high-quality development of the option market. ”Zheng Shangsuo said the above responsible person.