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                                                                                                                                                                          皇家加勒线上娱乐:刘少华:郑商所今年有望上市我国第一个化工期权

                                                                                                                                                                          (原标题:刘少华:郑商所今年有望上市我国第一个化工期权)

                                                                                                                                                                          “郑州商品交易所在今年可能上市化工板块的期权。”郑商所期货衍生品部副总监刘少华在近日举行的D.N.O.C。期权夏季嘉年华上指出,“2017年是商品期权上市的元年,期权工具的上市对对冲风险和套期保值起到了重要作用。”

                                                                                                                                                                          同时,刘少华称,近年来商品期权得到了明显的发展,一方面商品期权投资者参与的积极性在提高,另一方面商品期权的制度不断放宽。未来,郑商所期权制度方面将会进一步完善,推出综合保证金,为市场运营效率提高创造更好的条件。

                                                                                                                                                                          与会现场,国投安信期货期权负责人洪国晟表示,在全球衍生品市场上,期权的增长速度高于期货。在2016年、2017年,期货增长率是-7%,期权是11%;2017年到2018年,期货增长率是16%,期权是27%。以年度来讲,商品期权成交量实现了一年一倍的增长。同时,由于商品期权自身的的独特性,要了解产业链上下游基本面,因此与金融期权相比,商品期权在中性交易或者说波动率交易上,更适合做策略性交易。

                                                                                                                                                                          浙期实业副总经理陆丽娜指出,商品期货期权可以非常自由的用标的来进行对冲。期权期货两个交易就形成了一个套利,一个卖看涨,一个买看涨,以此为方式实现对冲。但在现实中,由于对冲存在限制性,对冲规模、手续费、摩擦成本等因素会使得隐含波动率和实际波动率出现不一致的状况。

                                                                                                                                                                          上海五创资产管理公司总经理许哲认为,现实中的市场是“肥尾”,比正态分布两端更肥一些,发生极端涨或跌的概率比正态分布的要多很多。这意味着从长期来看,买卖期权一定都是无利可图,但是因为有“肥尾”的存在与所有到期日和所有品种上,因此期权的隐含波动率高于实际波动率。