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Announcement of Zhengzhou Commodity Exchange on the Amendments to the Relevant Rules on the Introduction of Overseas Traders in Rapeseed Oil, Rapeseed Meal and Peanut Kernel Futures and Options | | 郑州商品交易所关于发布菜籽油、菜籽粕、花生期货和期权引入境外交易者业务规则修订案的公告 |
| (No. 6 [2023] of Zhengzhou Commodity Exchange) | | （郑州商品交易所公告〔2023〕6号） |
| Zhengzhou Commodity Exchange has recently amended the Measures for the Administration of Option Trading of Zhengzhou Commodity Exchange, Detailed Business Rules for Rapeseed Oil Futures of Zhengzhou Commodity Exchange, Detailed Business Rules for Rapeseed Meal Futures of Zhengzhou Commodity Exchange, and Detailed Business Rules for Peanut Kernel Futures of Zhengzhou Commodity Exchange for the introduction of overseas traders in the rapeseed oil, rapeseed meal, and peanut kernel futures and options.The amendments have been adopted at the 28th meeting of the 7th Board of Governors of Zhengzhou Commodity Exchange and filed with the China Securities Regulatory Commission. The amendments are now hereby published and shall be effective from January 12, 2023. | | 为配合菜籽油、菜籽粕、花生期货和期权引入境外交易者业务，郑州商品交易所（以下简称郑商所）对《郑州商品交易所期权交易管理办法》《郑州商品交易所菜籽油期货业务细则》《郑州商品交易所菜籽粕期货业务细则》《郑州商品交易所花生仁期货业务细则》进行了修订。相关草案及修订案已经郑商所第七届理事会第二十八次会议审议通过，并报告中国证监会，现予发布，自2023年1月12日起施行。 |
| The Announcement is hereby issued. | | 特此公告。 |
| Attachments: | | 附件： |
| 1.Amended Measures for the Administration of Option Trading of Zhengzhou Commodity Exchange (Clean Version) | | 1.《郑州商品交易所期权交易管理办法》修订净稿 |
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| 2.AmendedDetailed Business Rules for Peanut Kernel Futures of Zhengzhou Commodity Exchange(Clean Version) | | 2.《郑州商品交易所菜籽油期货业务细则》修订净稿 |
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| 3.AmendedDetailed Business Rules for Rapeseed Meal Futures of Zhengzhou Commodity Exchange(Clean Version) | | 3.《郑州商品交易所菜籽粕期货业务细则》修订净稿 |
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| 4.AmendedDetailed Business Rules for Rapeseed Oil Futures of Zhengzhou Commodity Exchange(Clean Version) | | 4.《郑州商品交易所花生仁期货业务细则》修订净稿 |
Zhengzhou Commodity Exchange | | 郑州商品交易所 |
January 9, 2023 | | 2023年1月9日 |
| Attachment 1: | | 附件1 |
| Measures for the Administration of Option Trading of Zhengzhou Commodity Exchange | | 郑州商品交易所期权交易管理办法 |
| （Adopted at the 28th meeting of the 7th Board of Governors of Zhengzhou Commodity Exchange on December 22, 2022 and shall come into force from January 12, 2023） | | （2022年12月22日郑州商品交易所第七届理事会第二十八次会议审议通过，自2023年1月12日施行。） |
| Chapter 1 General Provisions | | 第一章 总 则 |
| Article 1 These Measures are formulated based on actual market conditions and in accordance with the Regulation on the Administration of Futures Trading and Bylaws of Zhengzhou Commodity Exchange for the purposes of regulating option trading behaviors, protecting lawful rights and interests of option market participants and public interests, and improving the functions of option market. | | 第一条 为规范期权交易行为，保护期权交易当事人的合法权益和社会公众利益，促进市场功能发挥，根据《期货交易管理条例》和《郑州商品交易所交易规则》，结合市场实际，制定本办法。 |
| Article 2 Option trading shall refer to the trading activity of buying and selling certain option contracts by open and centralized trading means or other means approved by the China Securities Regulatory Commission (hereinafter “the CSRC”). | | 第二条 期权交易，是指采用公开的集中交易方式或者中国证券监督管理委员会（以下简称中国证监会）批准的其他方式进行的以期权合约为标的的交易活动。 |
| Article 3 Zhengzhou Commodity Exchange (hereinafter “the Exchange”) shall organize option trading on the principles of openness, fairness, impartiality and trustworthiness. | | 第三条 郑州商品交易所（以下简称交易所）根据公开、公平、公正和诚实信用的原则组织期权交易。 |
| Article 4 These Measures shall be applicable to on-exchange option trading activities. The Exchange, members, market makers, overseas brokers, clients, futures margin depository banks designated by the Exchange and other market participants shall comply with these Measures. | | 第四条 本办法适用于交易所内的期权交易活动，交易所、会员、做市商、境外经纪机构、客户、交易所指定的期货保证金存管银行及其他市场参与者应当遵守本办法。 |
| Chapter 2 Option Contract | | 第二章 期权合约 |
| Article 5 An option contract shall refer to a standardized contract designed by the Exchange that gives the buyer the rights to buy or sell an agreed underlying asset at a certain price at some point in the future. | | 第五条 期权合约，是指交易所统一制定的、规定买方有权在将来某一时间以特定价格买入或者卖出约定标的物的标准化合约。 |
| Article 6 The option contract specifications shall include but not limited to the underlying asset, contract type, trading unit, price quotation, minimum price fluctuation, price limit, contract months, trading hours, last trading day, expiration day, strike price, exercise style, product code and listed exchange. | | 第六条 期权合约的主要条款包括：合约标的物、合约类型、交易单位、报价单位、最小变动价位、涨跌停板幅度、合约月份、交易时间、最后交易日、到期日、行权价格、行权方式、交易代码以及上市交易所。 |
| Article 7 The underlying asset of an option contract shall be the object to which the rights and obligations of the buyer and seller are attached. | | 第七条 期权合约标的物为期权合约买卖双方权利义务指向的对象。 |
| An option contract whose underlying asset is a futures contract shall be called an option on futures. | | 以期货合约为标的物的期权称为期货期权。 |
| Article 8 Option contract can be classified into call option and put option. | | 第八条 期权合约类型包括看涨期权和看跌期权。 |
| A call option gives the buyer the rights to buy the agreed underlying asset at a certain price at some point in the future. The seller of a call option shall fulfill the corresponding obligations. | | 看涨期权是指买方有权在将来某一时间以特定价格买入约定标的物，而卖方需要履行相应义务的期权合约。 |
| A put option gives the buyer the rights to sell the agreed underlying asset at a certain price at some point in the future. The seller of a put option shall fulfill the corresponding obligations. | | 看跌期权是指买方有权在将来某一时间以特定价格卖出约定标的物，而卖方需要履行相应义务的期权合约。 |
| Article 9 The trading unit of an option contract is “lot”. Option trading shall be conducted in the multiples of a lot. The number of underlying assets covered by per lot is specified in the option contract specifications. | | 第九条 期权合约的交易单位为“手”，期权交易以“一手”的整数倍进行，不同品种每手合约标的物数量在该品种的期权合约中载明。 |
| Article 10 The price quotation of an option contract shall be identical to that of its underlying asset. | | 第十条 期权合约报价单位与其标的物的报价单位相同。 |
| Article 11 Minimum price fluctuation shall refer to the minimum increment or decrement of price movement that is allowable for an option contract. | | 第十一条 最小变动价位是指期权合约单位价格涨跌变动的最小值。 |
| Article 12 The price limit of an option on futures shall be the same as that (the settlement price of the previous trading day multiplies corresponding proportion) of the underlying futures contract. | | 第十二条 期货期权合约涨跌停板幅度与标的期货合约涨跌停板幅度（标的期货合约上一交易日结算价乘以相应比例）相同。 |
| Article 13 The contract months of an option on futures shall refer to the delivery months of the corresponding underlying futures contract. | | 第十三条 期货期权的合约月份是指该期权合约对应的标的期货合约的交割月份。 |
| The Exchange may adjust the contract months of a listed option contract according to market conditions. | | 交易所可以根据市场情况调整挂牌期权合约的合约月份。 |
| Article 14 Last trading day shall refer to the last day on which the option contract can be traded. | | 第十四条 最后交易日是指期权合约可以进行交易的最后一个交易日。 |
| Article 15 Expiration day shall refer to the last day on which the buyer of an option contract could exercise the option. | | 第十五条 到期日是指期权合约买方能够行使权利的最后一个交易日。 |
| Article 16 Strike price shall be the price specified in an option contract at which the buyer is entitled to buy or sell the underlying asset at some point in the future. | | 第十六条 行权价格是指由期权合约规定的，买方有权在将来某一时间买入或卖出合约标的物的价格。 |
| Strike price interval shall be the price difference between two adjacent strike prices. | | 行权价格间距是指相邻两个行权价格之间的差。 |
| Strike price shall be the integral multiple of strike price interval. | | 行权价格是行权价格间距的整数倍。 |
| The Exchange may adjust the number and interval of strike prices of an option contract based on market conditions. | | 交易所可以根据市场情况对期权合约行权价格的数量和间距进行调整。 |
| Article 17 Exercise styles shall include American style, European style and other styles specified by the Exchange. The buyer of an American option can exercise the option on the expiration day or any trading day before the expiration day. The buyer of a European option can only exercise the option on the expiration day. | | 第十七条 行权方式分为美式、欧式以及交易所规定的其他方式。美式期权的买方在合约到期日及其之前任一交易日均可行使权利；欧式期权的买方只能在合约到期日当天行使权利。 |
| Article 18 The product code of an option contract shall consist of the product code of the underlying asset, contract month, call option code (C) or put option code (P), and strike price, etc. | | 第十八条 期权合约交易代码由标的物交易代码、合约月份、看涨（跌）期权代码和行权价格等组成。 |
| Chapter 3 Option Trading | | 第三章 交易业务 |
| Article 19 Non-futures brokerage members (hereinafter “non-FB member”) and clients shall use the same trading codes as the futures trading in option trading. One without a trading code shall apply to the Exchange according to relevant provisions on futures trading. | | 第十九条 非期货公司会员、客户进行期权交易，使用与期货交易相同的交易编码。没有交易编码的，应当按期货交易的相关规定申请。 |
| Article 20 Investor suitability requirements shall be applicable to option trading. The specific measures of investor suitability management shall be separately prescribed by the Exchange. | | 第二十条 期权交易实行投资者适当性制度。投资者适当性管理的具体办法，由交易所另行规定。 |
| Article 21 Market making system shall be applicable to option trading. The specific measures for the management of market makers shall be separately prescribed by the Exchange. | | 第二十一条 期权交易实行做市商制度。做市商管理的具体办法，由交易所另行规定。 |
| Article 22 Non-FB members and clients may send requests-for-quotations (RFQ) to market makers. The contracts to which RFQs apply and the frequency of sending RFQs shall be determined and announced by the Exchange. The Exchange may make adjustments according to market conditions. | | 第二十二条 非期货公司会员和客户可以向做市商询价。询价合约、询价频率由交易所确定并公布，交易所可以根据市场情况进行调整。 |
| The Exchange shall manage RFQs in the market. Where there are abnormalities in RFQs, the Exchange may notify relevant members, overseas brokers, and clients by phone and require them to make reports, and the members, overseas brokers, and clients shall assist and cooperate with the Exchange. The futures brokers and overseas brokers shall manage the RFQs of their clients and require them to send RFQs reasonably. | | 交易所对市场的询价进行管理，当市场询价出现异常时，交易所可以采取电话提示、要求报告情况等措施，会员、境外经纪机构和客户应当予以协助和配合。期货公司和境外经纪机构应当对客户的询价进行管理，要求其合理询价。 |
| Article 23 The price of an option contract shall refer to the premium per price quotation of the option contract. | | 第二十三条 期权合约价格是指期权合约每报价单位的权利金。 |
| Option premium shall be the price the buyer pays to obtain the corresponding rights. | | 权利金是指期权买方为获得权利所支付的资金。 |
| Article 24 The relevant provisions on the opening price, closing price, highest price, lowest price, latest price, price change, highest buying price, lowest selling price, buying volume, selling volume, trading volume, open interest, auction, and matching principle of futures trading shall be also applicable to option trading. | | 第二十四条 期权的开盘价、收盘价、最高价、最低价、最新价、涨跌、最高买价、最低卖价、申买量、申卖量、成交量、持仓量、集合竞价以及成交撮合适用期货交易有关规定。 |
| Article 25 The minimum and maximum order size of the limit order, market order and spread order in option trading shall be the same as that of the futures trading. The Exchange may make adjustments according to market conditions. | | 第二十五条 期权交易限价指令、市价指令和套利指令的每次最小下单量、每次最大下单量与期货有关规定相同，交易所可以根据市场情况进行调整。 |
| Order attributes shall be attached to an option spread order. Order attributes include fill and kill, and fill or kill, etc. | | 期权套利指令须附加指令属性。指令属性包括立即成交剩余指令自动撤销、立即全部成交否则自动撤销等。 |
| Article 26 The strategies of option spread order shall include： | | 第二十六条 期权套利指令包括： |
| Ⅰ. long straddle, which shall refer to buying a call and a put at the same time with the same underlying asset, expiration day, quantity and strike price; | | （一）买入跨式套利，是指同时买入相同数量的同一标的物、同到期日、同行权价格的看涨期权和看跌期权； |
| Ⅱ. short straddle, which shall refer to selling a call and a put at the same time with the same underlying asset, quantity, expiration day and strike price; | | （二）卖出跨式套利，是指同时卖出相同数量的同一标的物、同到期日、同行权价格的看涨期权和看跌期权； |
| Ⅲ. long strangle, which shall refer to buying a call and a put at the same time with the same underlying asset, quantity and expiration day, but with a higher strike price for the call and lower for the put; | | （三）买入宽跨式套利，是指同时买入相同数量的同一标的物、同到期日、较高行权价格看涨期权和较低行权价格看跌期权； |
| Ⅳ. short strangle, which shall refer to selling a call and a put at the same time with the same underlying asset, quantity and expiration day, but with a higher strike price for the call and lower for the put. | | （四）卖出宽跨式套利，是指同时卖出相同数量的同一标的物、同到期日、较高行权价格看涨期权和较低行权价格看跌期权。 |
| During the auction period, the Exchange shall not accept spread orders when there is a limit-locked market for an option contract. | | 集合竞价期间，交易所不接受套利指令。 |
| Article 27 The listing of an option contract shall comply with the following principles: | | 第二十七条 期权合约挂牌遵循以下原则： |
| Ⅰ. the listing time of a new month option on futures shall be the next trading day after the listing day of the underlying futures; | | （一）新月份期权合约的挂牌时间在合约中载明； |
| Ⅱ. the newly listed option contract shall include an at-the-money option contract and several in-the-money and out-of-the-money option contracts; | | （二）新挂牌期权合约包括一个平值、若干个实值和虚值期权合约； |
| Ⅲ. after an option contract is listed for trading, the Exchange shall list the option contracts with new exercise prices on the basis of the settlement price and the price limit of the underlying futures contract after the market close of each trading day. Such listing shall comply with the rules of the option contract. The Exchange will not list the option contracts with new exercise prices after the market close of the trading day immediately preceding the expiration date; | | （三）期权合约上市交易后，交易所在每个交易日闭市后，根据其标的期货合约的结算价格和涨跌停板幅度，按照期权合约的规定，挂牌新行权价格的期权合约，到期日前一交易日闭市后不再挂牌新行权价格的期权合约； |
| Ⅳ. the theoretical price of a newly-listed option contract shall be determined and published by the Exchange. | | （四）期权合约挂牌基准价由交易所确定并公布。 |
| The term “at-the-money option” in item Ⅱ of paragraph 1 of this Article shall refer to the option whose strike price is the same as (or close to) the settlement price of its underlying asset on previous trading day. When the mean of the two adjacent strike prices is equal to the settlement price of the underlying asset, the higher price shall be taken as the at-the-money option's strike price. In-the-money option shall refer to the call (put) option whose strike price is lower (higher) than that of the at-the-money option. Out-of-the-money option shall refer to the call (put) option whose strike price is higher (lower) than that of the at-the-money option. | | 本条第一款第（二）项中，平值期权是指行权价格等于（或者接近于）标的物上一交易日结算价格的期权合约。当两个相邻行权价格均值等于标的物结算价格时，取价格较高的作为平值期权行权价格；实值期权是指行权价格低于（高于）平值期权行权价格的看涨期权（看跌期权）；虚值期权是指行权价格高于（低于）平值期权行权价格的看涨期权（看跌期权）。 |
| Article 28 An option contract can be settled in three ways: liquidating, exercising and waiving the exercise. | | 第二十八条 期权合约了结方式包括平仓、行权和放弃。 |
| Liquidating shall refer to the way in which a client closes out the long (short) positions of an option contract by selling (buying) the same option contract with the same quantity. The option contracts with the same underlying assets, types, contract months, expiration days and strike prices are the same option contracts. | | 平仓是指客户买入或卖出与其所持期权合约数量相同、方向相反的相同期权合约以了结期权持仓的方式。相同期权是指标的物、类型、月份、到期日和行权价格相同的期权合约。 |
| Exercising shall refer to the way in which a buyer closes out the positions of an option contract by exercising the rights of buying or selling the underlying asset at the strike price according to rules, or by clearing the cash difference at the set settlement price. | | 行权是指买方按照规定行使权利，以行权价格买入或者卖出标的物，或者按照规定的结算价格进行现金差价结算以了结期权持仓的方式。 |
| Waiving the exercise shall refer to the way in which a buyer closes out the positions of an option contract by not exercising the option when the option contract expires. | | 放弃是指期权合约到期，买方不行使权利以了结期权持仓的方式。 |
| Article 29 A non-FB member and client may apply to have their long and short speculative positions in the same options contract under the same trading code offset against each other. The positions being offset shall be deducted from the option open interest of the current day and be included into the option trading volume. The time and method of application shall be separately announced by the Exchange. | | 第二十九条 非期货公司会员和客户可以申请对其同一交易编码下的双向期权投机持仓进行对冲平仓。对冲结果从当日期权持仓量中扣除，并计入成交量。申请时间和具体方式由交易所另行公布。 |
| Chapter 4 Exercise and Assignment | | 第四章 行权与履约 |
| Article 30 A client's option shall be exercised and assigned on the Exchange with the help of a member or the member entrusted by an overseas broker and in the name of the member. | | 第三十条 客户的行权与履约应当通过会员，或通过境外经纪机构委托会员，并以会员名义在交易所办理。 |
| Article 31 An option buyer shall have the rights to submit the applications for exercising and waiving the exercise within the specified time period prescribed by the Exchange. | | 第三十一条 在交易所规定时间内，期权买方有权提出行权或放弃申请。 |
| An option seller has the obligation to assign an option contract. Assignment shall refer to that the option seller shall, where the buyer chooses to exercise, buy or sell a certain number of underlying assets at the strike price prescribed in the option contract, or clear the cash difference at the settlement price prescribed in the option contract. | | 期权卖方有履约义务。履约是指当期权买方提出行权时，期权卖方按合约规定的行权价格买入或卖出一定数量的标的物，或者按照规定的结算价格进行现金差价结算。 |
| Where an option buyer submits the application for exercising the option, the sellers' speculative positions shall be matched in priority, and then the arbitrage positions and hedge positions. Among the positions with the same attribute, the positions having been held for longer time shall be matched in priority. | | 期权买方提出行权申请的，交易所按照投机、套利、套保的顺序选择卖方持仓配对。同一持仓属性，按持仓时间最长原则选择。 |
| The Exchange may adjust the time of application for exercising and waiving the exercise on the expiration day. | | 交易所可以对到期日行权申请和放弃申请的时间进行调整。 |
| Article 32 A non-FB member and client may apply to have its long and short futures positions obtained upon the exercise of option contracts under the same trading code offset against each other, or offset the futures positions obtained upon the exercise of option contracts under one trading code against existing futures positions. The positions being offset shall not exceed the larger one between the speculative buying positions and speculative selling positions obtained from the exercise. The positions being offset shall be deducted from the futures open interest of the current day and be calculated into the futures trading volume. The time and method of application shall be separately announced by the Exchange. | | 第三十二条 非期货公司会员和客户可以申请对其同一交易编码下行权及履约后的双向期货投机持仓进行对冲平仓，对冲数量不超过行权及履约获得的期货买投机持仓量与卖投机持仓量中较大者。对冲结果从当日期货持仓量中扣除，并计入成交量。申请时间和具体方式由交易所另行公布。 |
| Article 33 After a call option on futures is exercised and assigned, the buyer will obtain long positions in the underlying futures at the strike price, and the seller will correspondingly obtain short positions in the underlying futures at the same strike price. After a put option on futures is exercised and assigned, the buyer will obtain short positions in the underlying futures at the strike price, and the seller will correspondingly obtain long positions in the underlying futures at the same strike price. | | 第三十三条 期货期权的看涨期权行权与履约后，买方按行权价格获得标的期货买持仓，卖方按同一行权价格获得标的期货卖持仓；期货期权的看跌期权行权与履约后，买方按行权价格获得标的期货卖持仓，卖方按同一行权价格获得标的期货买持仓。 |
| Article 34 Prior to the expiration day of option contracts, members and overseas brokers shall remind the clients to properly manage the option positions. | | 第三十四条 期权合约到期前，会员、境外经纪机构应当提醒客户妥善处理期权持仓。 |
| Article 35 Where the application for exercising an option or waiving the exercise is not submitted to the Exchange within the specified time, the Exchange shall handle the option positions in the following ways: | | 第三十五条 到期日结算时，对未在规定时间内提交行权或放弃申请的期权持仓，交易所进行如下处理： |
| Ⅰ. where the strike price of a call option is lower than the settlement price of the underlying asset on current day, the positions shall be exercised automatically; | | （一）行权价格小于当日标的物结算价的看涨期权持仓自动行权； |
| Ⅱ. where the strike price of a put option is higher than the settlement price of the underlying asset on that day, the positions shall be exercised automatically; | | （二）行权价格大于当日标的物结算价的看跌期权持仓自动行权； |
| Ⅲ. the exercise of other option positions will be waived automatically. | | （三）其他期权持仓自动放弃。 |
| Article 36 Where the buyer exercises an option on futures, the balance of the buyer's margin funds shall satisfy the futures margin requirements. | | 第三十六条 期货期权的买方行权时，其资金余额应当满足期货交易保证金要求。 |
| The member or the overseas broker shall not accept the application for exercising an option where the buyer does not have sufficient funds. Where the buyer' positions of satisfy the requirements under items Ⅰ and Ⅱ of Article 35 but the buyer has insufficient funds, the member or the overseas broker shall submit the application for waiving the exercise on behalf of the buyer to the Exchange. | | 买方客户资金不足的，会员、境外经纪机构不得接受其行权申请。符合本办法第三十五条第（一）、（二）项条件但资金不足的，会员应代买方客户，或境外经纪机构应代买方客户通过会员向交易所提交放弃申请。 |
| Chapter 5 Clearing Business | | 第五章 结算业务 |
| Article 37 The special clearing account and special fund account used in option trading shall be the same as those in futures trading. | | 第三十七条 会员期权交易使用与期货交易相同的专用结算账户和专用资金账户。 |
| Article 38 A buyer shall pay the premium but is not obligated to pay the trading margin in option trading. A seller shall receive the premium and pay the trading margin in option trading. | | 第三十八条 期权交易的买方支付权利金，不交纳交易保证金；期权交易的卖方收取权利金，交纳交易保证金。 |
| Article 39 A buyer shall pay the premium according to the filled price when establishing the positions in an option. A buyer shall receive premium according to the filled price when liquidating the option positions. | | 第三十九条 期权买方开仓时，按照成交价支付权利金；期权买方平仓时，按照成交价收取权利金。 |
| A seller shall receive premium according to the filled price when establishing positions in an option. The seller shall pay the premium according to the filled price when liquidating the option positions. | | 期权卖方开仓时，按照成交价收取权利金；期权卖方平仓时，按照成交价支付权利金。 |
| The Exchange may adjust the balance of a member's clearing reserve fund according to the amount of premium being collected and paid. | | 交易所根据权利金收付情况调整会员结算准备金余额。 |
| Article 40 When a seller opens new positions in an option contract, the Exchange shall collect trading margin from the seller according to the option contract's margin rate at the time of clearing on the preceding trading day; when the seller closes positions in an option contract, the Exchange shall release corresponding trading margin. | | 第四十条 期权卖方开仓时，交易所按照上一交易日结算时该期权合约保证金标准收取期权卖方交易保证金；期权卖方平仓时，交易所释放期权卖方所平期权合约的交易保证金。 |
| Article 41 During daily clearing, the Exchange shall calculate and collect the seller's trading margin based on the settlement price of the current day, calculate and collect the transaction fees and exercise (assignment) fees from both the buyer and the seller based on the trading volume and the quantity of exercised (assigned) contracts, transfer the receivables or payables and correspondingly credit or deduct members' clearing reserve funds. | | 第四十一条 每日结算时，交易所按当日结算价计收期权卖方的交易保证金，根据成交量和行权量（履约量）计收买卖双方交易手续费和行权（履约）手续费，并对应收应付的款项同时划转，相应增加或减少会员的结算准备金。 |
| The standard of transaction fees and exercise fees shall be determined by the Exchange. The Exchange may adjust the standard of fees according to market situations. | | 手续费标准由交易所确定，交易所可以根据市场情况对手续费标准进行调整。 |
| Article 42 During daily clearing, the eligible option and futures positions will be automatically confirmed as covered option spread positions by the Exchange. Covered option spread shall be classified into covered call spread and covered put spread. | | 第四十二条 每日结算时，交易所将符合条件的期权和期货持仓自动确认为备兑期权套利持仓，包括备兑看涨期权套利和备兑看跌期权套利。 |
| Covered call spread shall refer to a strategy in which a trader shorts the call and longs the underlying futures contract with the same quantity at the same time. Covered put spread shall refer to a strategy in which a trader shorts the put and shorts the underlying futures contract with the same quantity at the same time. | | 备兑看涨期权套利是指持有看涨期权卖持仓，同时持有相同数量的标的期货买持仓；备兑看跌期权套利是指持有看跌期权卖持仓，同时持有相同数量的标的期货卖持仓。 |
| Article 43 The determination of the settlement price of an option contract shall be: | | 第四十三条 期权合约结算价的确定方法为： |
| Ⅰ. the settlement price of an option contract on the current day except for the last trading day shall be its theoretical price determined based on the implied volatility; | | （一）除最后交易日外，交易所根据隐含波动率确定各期权合约的理论价，作为当日结算价； |
| Ⅱ. the settlement price of an option contract on the last trading day shall be calculated as follows: | | （二）最后交易日，期权合约结算价计算公式为： |
| the settlement price of a call option =Max (the settlement price of the underlying asset－strike price, 0); | | 看涨期权结算价＝Max（标的物结算价-行权价格，0）； |
| the settlement price of a put option =Max (strike price－the settlement price of the underlying asset, 0); | | 看跌期权结算价＝Max（行权价格-标的物结算价，0）； |
| Ⅲ. when the settlement price of an option contract is obviously unreasonable, the Exchange may make adjustments accordingly. | | （三）期权价格明显不合理时，交易所可以调整期权合约结算价。 |
| The term “implied volatility” mentioned in item I of paragraph 1 of this Article shall refer to the price volatility of the underlying asset which is calculated based on the market price of the option by using option pricing model. | | 本条第一款第（一）项所称隐含波动率是指根据期权市场价格，利用期权定价模型计算的标的物价格波动率。 |
| Article 44 As for the buyer and seller who exercise an option or waive the exercise, the Exchange will decrease their option positions correspondingly and release the seller's trading margin at the same time. | | 第四十四条 对于行权或放弃的买卖双方，交易所于结算时减少各自相应的期权合约持仓，同时释放期权卖方交易保证金。 |
| The futures positions converted from the exercise of an option contract shall not be included in the calculation of the futures settlement price on current day. | | 由期权行权转化的期货持仓不参与当日期货结算价计算。 |
| Chapter 6 Risk Management | | 第六章 风险管理 |
| Article 45 The risk management measures of option trading shall include margin requirements, price limit, position limit, trading limit, large position reporting, forced liquidation and risk warning. | | 第四十五条 期权交易风险管理实行保证金制度、涨跌停板制度、限仓制度、交易限额制度、大户报告制度、强行平仓制度和风险警示制度。 |
| Article 46 Margin requirements shall be applicable to the Exchange's option trading. Trading margin collected from a seller of an option on futures will be calculated based on the greater of: | | 第四十六条 期权交易实行保证金制度。期货期权卖方交易保证金的收取标准为下列两者中较大者： |
| Ⅰ. the settlement price of the option contract × the trading unit of the underlying futures contract＋the trading margin of the underlying futures contract－half of the out-of-the-money amount of the option contract; | | （一）期权合约结算价×标的期货合约交易单位＋标的期货合约交易保证金－期权合约虚值额的一半； |
| Ⅱ. the settlement price of the option contract × the trading unit of the underlying futures contract＋half of the trading margin of the underlying futures contract; | | （二）期权合约结算价×标的期货合约交易单位＋标的期货合约交易保证金的一半。 |
| Hereinto, | | 其中： |
| Out-of-the-money amount of the call option= Max (the strike price－the settlement price of the underlying futures contract, 0)×the trading unit of the underlying futures contract; | | 看涨期权合约虚值额＝Max（行权价格－标的期货合约结算价，0）×标的期货合约交易单位； |
| Out-of-the-money amount of the put option= Max (the settlement price of the underlying futures contract–the strike price, 0)×the trading unit of the underlying futures contract. | | 看跌期权合约虚值额＝Max（标的期货合约结算价－行权价格，0）×标的期货合约交易单位。 |
| Article 47 The trading margin arising from selling an option straddle or an option strangle shall be the sum of the greater of the trading margin arising from selling call option and selling put option, and the premium of the other positions. | | 第四十七条 卖出跨式或宽跨式套利，交易保证金收取标准为卖出看涨期权与卖出看跌期权交易保证金较大者加上另一部位权利金。 |
| Article 48 The trading margin of covered option spread shall be the sum of the premium and the trading margin of the underlying asset. | | 第四十八条 备兑期权套利交易保证金的收取标准为权利金与标的期货交易保证金之和。 |
| Article 49 Price limit shall be applicable to the Exchange's option trading. The calculation formulas of limit prices of an option on futures are as follows: | | 第四十九条 期权交易实行涨跌停板制度。期货期权的涨跌停板价格计算公式如下： |
| Ⅰ. limit up price = the settlement price of the option contract on previous trading day + the settlement price of the underlying futures contract on previous trading day× the percentage of the limit up of the underlying futures contract. | | （一）涨停板价格 ＝ 期权合约上一交易日结算价＋标的期货合约上一交易日结算价×标的期货合约涨停板的比例； |
| Ⅱ. limit down price = MAX (the settlement price of the option contract on previous trading day –the settlement price of the underlying futures contract on previous trading day× the percentage of the limit down of the underlying futures contract, the minimum price fluctuation of the option contract) | | （二）跌停板价格 ＝ Max（期权合约上一交易日结算价－标的期货合约上一交易日结算价×标的期货合约跌停板的比例，期权合约最小变动价位）。 |
| Article 50 The market will be a limit-locked market where any of the following circumstances occurs within five (5) minutes before market close of an option contract: a. there are only buy (sell) orders and no sell (buy) orders existing at limit price; b. all the sell (buy) orders are instantly filled and the last price is the same with the limit price. | | 第五十条 当某期权合约在某一交易日收盘前5分钟内出现只有涨（跌）停板价位的买入（卖出）申报、没有涨（跌）停板价位的卖出（买入）申报，或者有卖出（买入）申报立即成交、但未打开涨（跌）停板价位的情况，称为涨（跌）停板单方无报价（以下简称单边市）。 |
| Where the settlement price of an option contract on previous trading day is less than or equal to the price limit on that day, and there are only sell orders but no buy orders existing at the lowest quoted price during the five (5) minutes before the market close of the current day, or all the buy orders are instantly filled and the last price is the same as the limit price, then the Exchange shall not treat this circumstance as the limit-locked market. | | 如果某期权合约上一交易日结算价小于等于当日涨跌停板幅度，且当日收盘前5分钟内出现只有最低报价的卖出申报、没有最低报价的买入申报，或者一有买入申报就成交、但未打开最低报价的情况，交易所不将其按照单边市处理。 |
| Article 51 Where a limit-locked market with the same direction occurs to an option contract for three (3) consecutive trading days, the Exchange will not conduct forced position reduction. | | 第五十一条 当期权合约连续三个交易日出现同方向单边市时，交易所不实行强制减仓措施。 |
| Article 52 Where the trading of the underlying futures contract is suspended, the corresponding option contract trading shall also be suspended. Where the trading of an option contract is suspended all day long on the last trading day, then the last trading day and the expiration day of the option contract shall be postponed to the next trading day correspondingly. | | 第五十二条 标的期货合约暂停交易时，相应期权合约暂停交易。最后交易日期权合约全天暂停交易的，期权最后交易日、到期日顺延至下一交易日。 |
| Article 53 When there are adjustments to the trading margin rate and price limit of the underlying futures contract, the trading margin rate and price limit of the option contract shall be changed correspondingly as well. | | 第五十三条 当标的期货合约调整交易保证金标准和涨跌停板幅度时，期权合约交易保证金标准和涨跌停板幅度随之相应变化。 |
| Article 54 Position limit shall be applicable to the Exchange's option trading. The option position limit shall refer to the maximum quantity of one-sided speculative positions held by non-FB members and clients in one contract month. | | 第五十四条 期权交易实行限仓制度。期权限仓是指交易所规定非期货公司会员或客户可以持有的、按单边计算的某月份期权合约投机持仓的最大数量。 |
| Article 55 One-sided positions of an option contract shall be the sum of long call option positions and short put option positions, or the sum of long put option positions and short call option positions. | | 第五十五条 期权单边持仓数量按买入看涨期权与卖出看跌期权持仓量之和、买入看跌期权与卖出看涨期权持仓量之和分别计算。 |
| The quantity of speculative positions held by non-FB members and clients shall not exceed the position limit prescribed by the Exchange. The position limit of an option contract shall be determined and published by the Exchange. The Exchange may make adjustments according to market conditions. | | 非期货公司会员、客户的投机持仓数量不得超过交易所规定的限仓标准。期权合约的限仓标准由交易所确定并公布，交易所可以根据市场情况进行调整。 |
| The position limit of non-FB members and clients engaging in the business of hedging, arbitrage and market making shall be implemented in accordance with the relevant provisions of the Exchange. | | 非期货公司会员和客户进行套期保值、套利交易以及从事做市商业务，其持仓限额按照交易所有关规定执行。 |
| Article 56 The Exchange may implement option trading limit in accordance with the Measures for the Administration of Risk Control of Zhengzhou Commodity Exchange. | | 第五十六条 交易所可以对期权合约实行交易限额制度，具体按照《郑州商品交易所期货交易风险控制管理办法》相关规定执行。 |
| Article 57 Where the futures positions held by non-FB members and clients exceed the futures position limit due to option exercise, the Exchange shall implement forced position liquidation in accordance with relevant regulations. | | 第五十七条 非期货公司会员、客户因期权行权超出期货限仓标准的，交易所按照有关规定实行强行平仓措施。 |
| Article 58 Large position reporting shall be applicable to the Exchange's option trading. The requirements of large position reporting and required documents are prescribed in the Measures for the Administration of Risk Control of Zhengzhou Commodity Exchange. | | 第五十八条 期权交易实行大户报告制度。大户报告的条件、应提供材料等，适用《郑州商品交易所期货交易风险控制管理办法》有关规定。 |
| Article 59 Forced position liquidation shall be applicable to the Exchange's option trading. The Exchange shall, in any of the following situations, conduct forced liquidation based on the principles of maximum liquidity and the maximum amount of released capital: | | 第五十九条 期权交易实行强行平仓制度。出现以下情形的，交易所按照流动性和释放资金量最大原则进行强行平仓： |
| Ⅰ. the balance of a member's clearing reserve fund is less than zero and the member fails to make up within the specified time and does not provide a liquidation list; | | （一）会员结算准备金余额小于零并未能在规定时间补足，且没有提供平仓名单的； |
| Ⅱ. the positions held by non-FB members or clients exceed the position limit. | | （二）非期货公司会员或客户持仓量超出其限仓规定的。 |
| Other circumstances, principles and procedures of forced liquidation are prescribed in the Measures for the Administration of Risk Control of Zhengzhou Commodity Exchange. | | 其他强行平仓的情形、原则和程序等，适用《郑州商品交易所期货交易风险控制管理办法》有关规定。 |
| Article 60 Risk warning shall be applicable to the Exchange's option trading. The circumstances and methods of risk warning are prescribed in the Measures for the Administration of Risk Control of Zhengzhou Commodity Exchange. | | 第六十条 期权交易实行风险警示制度。风险警示的情形、方式等，适用《郑州商品交易所期货交易风险控制管理办法》有关规定。 |
| Chapter 7 Information Management | | 第七章 信息管理 |
| Article 61 Option trading information shall refer to the option trading quotes, statistical materials of trading data produced in option trading on the Exchange, various announcements published by the Exchange and other relevant information disclosed by the CSRC. | | 第六十一条 期权交易信息是指在交易所期权交易活动中所产生的期权交易行情、交易数据统计资料、交易所发布的各种公告信息以及中国证监会指定披露的其他相关信息。 |
| Article 62 The ownership of option trading information shall belong to the Exchange. The option trading information shall be managed and published by the Exchange. The Exchange may manage the option trading information independently and may collaborate with a third party, or entrust a third party to manage the option trading information. No organization or individual may publish such information and use it for commercial purposes without the Exchange's consent. | | 第六十二条 期权交易信息所有权属于交易所。期权交易信息由交易所统一管理和发布，交易所可以独立、与第三方合作或委托第三方对期权交易信息进行经营管理。未经交易所许可，任何单位和个人不得擅自发布，不得将之用于商业用途。 |
| Article 63 The Exchange shall release real-time, delayed, daily, weekly and monthly option trading quotes, daily, monthly and yearly statistical information and other trading information required to be disclosed in accordance with laws and regulations. | | 第六十三条 交易所发布即时、延时、每日、每周、每月期权交易行情信息，每日、每月、每年期权交易统计信息，以及法律法规要求披露的其他交易信息。 |
| Article 64 Real-time quotes shall refer to the trading quotes released synchronously with trading activities during trading hours. The delayed quotes shall refer to the real-time trading quotes that is postponed to be released for a certain time. The real-time and delayed quotes shall include: product code, latest price, price variation, trading volume, open interest, change in open interest, buying price, selling price, buying volume, selling volume, settlement price, opening price, closing price, highest price, lowest price and previous settlement price. | | 第六十四条 即时行情信息是指在交易时间内，与交易活动同步发布的交易行情信息；延时行情信息是指即时行情信息延迟一定时间后发布的交易行情信息。主要内容有：交易代码、最新价、涨跌、成交量、持仓量、持仓量变化、申买价、申卖价、申买量、申卖量、结算价、开盘价、收盘价、最高价、最低价和前结算价等。 |
| Article 65 Daily option trading information shall be released by the Exchange after the end of each trading day. Such information shall include: | | 第六十五条 每日期权交易信息在每个交易日结束后发布，主要内容有： |
| Ⅰ. daily quotes: product code, opening price, highest price, lowest price, closing price, previous settlement price, settlement price, price variation, trading volume, turnover, open interest, change in open interest, Delta, implied volatility and exercise volume; | | （一）每日行情：交易代码、开盘价、最高价、最低价、收盘价、前结算价、结算价、涨跌、成交量、成交额、持仓量、持仓量变化、德尔塔（Delta）、隐含波动率和行权量； |
| Ⅱ. the trading volumes and open interests of the top 20 members in the nearby month contract and the most active month contract; | | （二）最近月份及活跃月份前20名会员的成交量、买卖持仓量。 |
| The “Delta” as mentioned in item Ⅰ of paragraph 1 of this Article shall refer to the ratio of the price change of the underlying asset to the price change of the option contract. The exercise volume shall refer to the quantity of the option contracts that are closed by option exercise. | | 本条第一款第（一）项所称德尔塔（Delta）是指期权价格的变动相对于其标的物价格变动的比率；行权量是指期权合约以行权为了结方式的数量。 |
| Article 66 Weekly option trading information shall be released after the end of the last trading day of a week. Such information shall include: product code, weekly opening price, highest price, lowest price, weekly closing price, price variation (difference between this week-end closing price and last week-end settlement price), week-end settlement price, trading volume, turnover, open interest, change in open interest (difference between this week-end open interest and last week-end open interest) and exercise volume. | | 第六十六条 每周期权交易信息在每周的最后一个交易日结束后发布，主要内容有：交易代码、周开盘价、最高价、最低价、周收盘价、涨跌（本周末收盘价与上周末结算价之差）、周末结算价、成交量、成交额、持仓量、持仓量变化（本周末持仓量与上周末持仓量之差）和行权量。 |
| Article 67 Monthly option trading information shall be released after the end of the last trading day of a month. Such information shall include: product code, monthly opening price, highest price, lowest price, month-end closing price, price variation (difference between this month-end closing price and last month-end settlement price), month-end settlement price, trading volume, turnover, open interest, change in open interest (difference between this month-end open interest and last month-end open interest) and exercise volume. | | 第六十七条 每月期权交易信息在每月最后一个交易日结束后发布，主要内容有：交易代码、月开盘价、最高价、最低价、月末收盘价、涨跌（本月末收盘价与上月末结算价之差）、月末结算价、成交量、成交额、持仓量、持仓量变化（本月末持仓量与上月末持仓量之差）和行权量。 |
| Article 68 Yearly option trading information shall be released after the end of the last trading day of a year. Such information shall include: | | 第六十八条 每年期权交易信息在每年最后一个交易日结束后发布，主要内容有： |
| Ⅰ. the total trading volume and turnover of all option products, and the trading volume and turnover by product; | | （一）所有品种期权总成交量和总成交额、分品种成交量和成交额； |
| Ⅱ. the total exercise volume of all products and the exercise volume by product. | | （二）总行权量和分品种行权量。 |
| Article 69 The Exchange shall be held harmless where the normal trading of members or clients is affected due to the failure of information providers or public media in disclosing the Exchange's trading quotes. | | 第六十九条 因信息经营机构或公众媒体转发即时交易行情信息发生故障，影响会员或客户正常交易的，交易所不承担责任。 |
| Article 70 No units or individuals shall release any false or misleading information. | | 第七十条 任何单位或者个人不得发布虚假或带有误导性质的信息。 |
| Chapter 8 Supplementary Provisions | | 第八章 附则 |
| Article 71 Matters not clearly stipulated in these Measures shall be dealt with in accordance with the Exchange's other business rules. | | 第七十一条 本办法未明确规定的，按照交易所其他业务规则有关规定执行。 |
| Article 72 Where there is any inconsistency between the Exchange's other business rules and these Measures, these Measures shall prevail in terms of option-related business. | | 第七十二条 交易所其他业务规则规定与本办法不一致的，在期权相关业务中，适用本办法。 |
| Article 73 The Exchange shall handle any violation of these Measures in accordance with the Measures for Penalties for Violations of Zhengzhou Commodity Exchange. | | 第七十三条 违反本办法规定的，按照《郑州商品交易所违规处理办法》有关规定处理。 |
| Article 74 The Exchange shall reserve the right to interpret these Measures. | | 第七十四条 本办法解释权属于郑州商品交易所。 |
| Article 75 These Measures shall enter into force from January 12, 2023. | | 第七十五条 本办法自2023年1月12日起施行。 |
| Attachment 2: | | 附件2 |
| Detailed Business Rules for Rapeseed Oil Futures of Zhengzhou Commodity Exchange | | 郑州商品交易所菜籽油期货业务细则 |
| （Adopted at the 28th meeting of the 7th Board of Governors of Zhengzhou Commodity Exchange on December 22, 2022 and shall come into force from January 12, 2023） | | （2022年12月22日郑州商品交易所第七届理事会第二十八次会议审议通过，自2023年1月12日施行。） |
| Chapter 1 General Provisions | | 第一章 总 则 |
| Article 1 These Detailed Rules are formulated in accordance with the Trading Rules of Zhengzhou Commodity Exchange (hereinafter “the Exchange”) and the Rapeseed Oil Futures Contract Specifications for the purpose of regulating the business related to rapeseed oil futures. | | 第一条 为了规范郑州商品交易所（以下简称交易所）菜籽油（以下简称菜油）期货相关业务，根据《郑州商品交易所交易规则》及菜油期货合约，制定本细则。 |
| Article 2 The Exchange, members, overseas brokers, clients, delivery warehouses (hereinafter “warehouses”), delivery factories (hereinafter “factories”), designated quality inspection agencies and other futures market participants shall comply with these Detailed Rules. | | 第二条 交易所、会员、境外经纪机构、客户、交割仓库（以下简称仓库）、交割厂库（以下简称厂库）、指定质检机构及期货市场其他参与者应当遵守本细则。 |
| Chapter 2 Trading Business | | 第二章 交易业务 |
| Article 3 The trading unit of rapeseed oil futures contract is 10 metric tons/lot. | | 第三条 菜油期货合约交易单位为10吨/手。 |
| Article 4 The price quotation of rapeseed oil futures contract is Chinese Yuan (CNY)/metric ton. | | 第四条 菜油期货合约报价单位为元（人民币）/吨。 |
| Article 5 The minimum price fluctuation of rapeseed oil futures contract is CNY 1/metric ton. | | 第五条 菜油期货合约最小变动价位为1元/吨。 |
| Article 6 The delivery months of rapeseed oil futures contract are January, March, May, July, September, and November. | | 第六条 菜油期货合约交割月份为1、3、5、7、9、11月。 |
| Article 7 For rapeseed oil futures contract, the minimum size of any trading order shall be 1 lot per time. The maximum size of limit order shall be 1,000 lots per time and the maximum size of market order shall be 200 lots per time. | | 第七条 菜油期货合约交易指令每次最小下单量为1手，限价指令每次最大下单量为1000手，市价指令每次最大下单量为200手。 |
| The Exchange may, according to the market conditions, adjust the minimum and maximum sizes per time of rapeseed oil futures trading orders, and the specific standard shall be announced by the Exchange separately.. | | 交易所可以根据市场情况，对菜油期货合约交易指令每次最小下单量、每次最大下单量进行调整，具体标准由交易所另行公布。 |
| Article 8 The trading hours for rapeseed oil futures contract shall be divided into night trading hours and day trading hours. Night trading hours shall be Monday through Friday (except public holidays) from 9:00 p.m.to 11:00 p.m. Day trading hours shall be Monday through Friday (except public holidays) from 9:00 a.m. to 11:30 a.m. (10:15 a.m. to 10:30 a.m. is break time) and from 1:30 p.m. to 3:00 p.m. | | 第八条 菜油期货合约交易时间分为夜盘交易时间和日盘交易时间。夜盘交易时间为每周一至周五（法定节假日除外）下午9：00-11：00。日盘交易时间为每周一至周五（法定节假日除外）上午9：00-11：30，下午1：30-3：00；其中，上午10：15-10：30为休息时间。 |
| The Exchange shall make an announcement separately when suspending or canceling the night trading in rapeseed oil futures or adjusting the night trading hours. | | 交易所暂停、取消菜油期货夜盘交易或者对夜盘交易时间进行调整的，以交易所公告为准。 |
| Article 9 The last trading day of rapeseed oil futures contract is the 10th trading day of the delivery month. | | 第九条 菜油期货合约最后交易日为合约交割月份的第10个交易日。 |
| Article 10 The product code of rapeseed oil futures contract is OI. | | 第十条 菜油期货合约交易代码为OI。 |
| Chapter 3 Delivery Business | | 第三章 交割业务 |
| Section 1 General Provisions | | 第一节 一般规定 |
| Article 11 The delivery against rapeseed oil futures shall be made by exchange of futures for physical (EFP) and the delivery of registered warehouse receipts and registered factory receipts. | | 第十一条 菜油期货适用期货转现货、仓库标准仓单交割和厂库标准仓单交割。 |
| ．．．．．． | | 菜油期货滚动交割的配对方式为响应配对。 |
| | 具体交割流程按照《郑州商品交易所期货交割管理办法》及本细则相关规定执行。 |
| | ．．．．．． |
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