作者：君合律師事務所 謝青 董劍萍 王輝
Authors: Natasha (Qing) XIE, Jianping DONG and Blake (Hui) WANG from JunHe
證監會發布股票期權交易管理辦法
CSRC Issued Stock Option Trading Regulation
2015年1月9日，中國證監會正式發布《股票期權交易試點管理辦法》（以下簡稱“《試點辦法》”）和《證券期貨經營機構參與股票期權交易試點指引》（以下簡稱“《試點指引》”）。與此同時，上海證券交易所（以下簡稱“上交所”）正式發布《上海證券交易所股票期權試點交易規則》（以下簡稱“《股票期權試點交易規則》”）、《上海證券交易所股票期權試點投資者適當性管理指引》、《上海證券交易所股票期權試點做市商業務指引》，并和中國證券登記結算有限責任公司聯合發布了《上海證券交易所、中國證券登記結算有限責任公司股票期權試點風險控制管理辦法》。同日，中國證監會批準上交所開展股票期權交易試點，試點產品為上證50ETF期權，正式上市交易日為2015年2月9日。上證50ETF期權的標的是由華夏基金作為管理人的上證50ETF。據報道，截止2015年1月9日，上證ETF的基金份額為98.97億份，基金規模為250億元。
On January 9, 2015, the Chinese Securities Regulatory Commission (“CSRC”) released the Measures for Administration of Pilot Scheme on Stock Option Trading (“Pilot Measures”) and the Guidelines for Securities and Futures Operation Institutions to Participate in the Stock Option Trading Pilot Scheme (“Pilot Guidelines”). At the same time, the Shanghai Stock Exchange (“SSE”) promulgated the SSE Rules for Pilot Stock Option Trading, the SSE Guidance on Investor Suitability Management of Pilot Stock Option, the SSE Guidance on Market Maker Business of Pilot Stock Option, and, jointly with China Securities Depository & Clearing Corp., Ltd. (“CSDC”), formulated the Management Measures of SSE and CSDC on Risk Control for Pilot Stock Option Trading. On the same day, the CSRC also approved the SSE to launch the first stock option trading pilot program - the first pilot product will be the SSE 50ETF Option and the formal listing date is set as Feb 9, 2015. The subject matter of the SSE 50ETF Option is the SSE 50ETF, managed by China Asset Management Co., Ltd., which, up to January 9, 2014, has 9.897 billion fund units with a scale of RMB 25 billion.
1. 股票期權合約及合格標的股票或ETF Stock Option Contracts and Qualified Underlying Stocks or ETFs
股票期權合約是指由證券交易所統一制定的、規定買方有權在將來特定時間按照特定價格買入或者賣出約定股票或者跟蹤股票指數的交易型開放式指數基金（以下簡稱“ETF”）等標的物的標準化合約。股票期權包括個股期權和ETF期權兩類。據了解，現階段股票期權將從ETF期權開始試點，暫不包括個股期權。目前尚不清楚下一步何時推出個股期權。
Stock option contracts are defined as the standardized contracts that are uniformly formulated by the exchanges and under which buyers shall be entitled to buy or sell agreed stocks, exchange traded funds (“ETF”) tracking stock index or other subject matter at specific times and prices in the future. Stock options include both single stock options and ETF options. Currently, the stock option pilot program will be limited to ETF options only; single stock options are temporarily excluded and no timetable has been announced for introducing single stock options.
《試點辦法》要求股票期權交易品種必須具有充分的現貨交易基礎，市場競爭充分，可供交割量充足。根據上交所《股票期權試點交易規則》的規定，股票及ETF作為期權合約的標的，應當滿足一定的條件，例如標的股票應屬于融資融券標的、股票上市或基金成立時間不少于6個月等。
The Pilot Measures require that the subject matter of an option contract must have sufficient spot trading basis, be sufficient in market competitiveness, and have adequate volume available for delivery. In accordance with the SSE Rules for Pilot Stock Option Trading, only qualified stocks or ETFs may be selected as the subject matter of an option contract and certain conditions will apply, such as the underlying securities must be the subject matter of margin trading and securities lending, and the stocks have been listed or the funds have been set up for no less than 6 months etc.
2. 股票期權經營機構Stock Option Operation Institutions
《試行辦法》規定的股票期權經營機構包括證券公司、期貨公司以及證監會批準經營股票期權業務的其他金融機構。其中，證券公司可以從事股票期權經紀業務、自營業務、做市業務；期貨公司可以從事股票期權經紀業務、與股票期權備兌開倉以及行權相關的證券現貨經紀業務。期貨公司不能從事股票期權的自營業務或做市業務，但期貨公司子公司經過證監會批準可以從事股票期權做市業務。此外，期貨公司可以接受一家或者多家證券公司的委托，為其介紹客戶參與股票期權交易，并提供其他相關服務。
According to the Pilot Measures, the stock option operation institutions include securities companies, futures companies and other financial institutions approved by the CSRC to engage in stock option business. Securities companies may engage in brokerage, proprietary trading, and market making of stock options; while futures companies may engage in brokerage of stock options and the brokerage of physical securities relating to covered call and exercise of stock options. Futures companies are prohibited from engaging in proprietary trading business or market making of stock options, while upon the CSRC’s approval the subsidiaries of futures companies may engage in market making of stock options. Furthermore, futures companies may accept one or more securities companies’ entrustment, introduce clients to it or them to participate in stock option trading, and provide other related services.
3. 期權做市Option Market Making
《試行辦法》規定股票期權交易可以實行做市商制度。根據上交所《股票期權試點做市商業務指引》（以下簡稱“《做市商指引》”）的規定，做市服務包括向投資者提供雙邊持續報價、對投資者詢價提供雙邊回應報價及交易所規定或做市協議約定的其他業務。主做市商應提供上述所有做市服務，而一般做市商僅提供除向投資者提供雙邊持續報價服務之外的服務。做市商必須使用自有資金開展做市業務。單個合約品種可以有多個做市商提供做市服務。
The Pilot Measures stipulate that stock option trading may adopt market maker system. According to the SSE Guidance on Market Maker Business of Pilot Stock Option (“Guidance on Market Maker”), market makers refer to the institutions that provide bilateral consecutive quotations or bilateral responsive quotations and other services as stipulated by SSE or according to the market making agreement. Prime market makers shall provide all of the aforesaid market making services, while the services that can be provided by general market makers should not include providing investors with bilateral consecutive quotations. Market makers are required to engage in market making business by using their own funds. A single option contract may have multiple market makers offering services.
《做市商指引》對做市指標進行了明確規定，包括報價的最大買賣差價、最小報價差價、參與率、合約覆蓋率、回應報價的最長回應報價時間以及最短保留時間等。在規定情形出現時，做市商可以向上交所申請豁免做市義務。《試點辦法》還規定期權做市商應當建立信息隔離制度，防范做市業務與其他業務之間的利益沖突。
The Guidance on Market Maker also specifies market making indexes, including the maximum bid-ask spread, the minimum bid spread, participation rate, contract covering rate, the maximum responding quoting time and the minimum reserve time for responding quoting. When specified situations occur, market makers may apply to the SSE for exemption of market making obligations. The Pilot Measures also require option market makers to establish and improve information isolation system and prevent any conflict of interests between market making business and other businesses.
4. 保證金監管Monitoring of Margin
就保證金安全存管的監控，中國證券投資者保護基金公司、中國期貨保證金監控中心將分別負責對證券公司、期貨公司開展股票期權業務涉及的投資者資金安全存管實施監控。
As for the monitoring over safe deposit of margins, the China Securities Investor Protection Fund Corporation Limited and the China Futures Margin Monitoring Center shall respectively be responsible for monitoring the safe deposit of investors' funds involved in the stock option business of securities companies and futures companies.
5. 投資者適當性制度和經紀合同Investor Suitability System and Brokerage Contract
期權經紀商接受投資者委托以自己的名義為投資者進行股票期權交易，交易結果由投資者承擔。股票期權交易實行投資者適當性制度。經紀商應當對投資者進行適當性評估，建立投資者資質審查制度，測試投資者的期權基礎知識，審慎評估投資者的風險承受能力。交易所將制定股票期權投資者的具體標準。
An option broker will conduct stock option trading for investors in its own name as entrusted by investors and the trading results will be borne by investors. Investor suitability systems must be adopted by the brokers for stock option trading. Brokers shall evaluate the suitability of investors, establish investor suitability examination system, test investors’ basic knowledge about options, and cautiously evaluate investors’ risk bearing ability. The exchanges will formulate specific standards for stock option investors.
如同期貨交易一樣，投資者需簽署經紀合同和風險揭示書。經紀合同中必須包括經營機構對投資者采取的風險管理措施、投資者出現交收違約或者保證金不足情形的處理方式以及強行平倉和行權操作等事項。
Same as futures trading, a brokerage contract and a written risk disclosure are required to be executed by investors. The brokerage contract shall include: (i) the risk management measures adopted by the operation institution in respect of the investor, (ii) the methods for handling the circumstances where there is default of delivery or insufficiency of margins on the part of the investor, (iii) the relevant terms relating to forcible position closing, and (iv) the relevant implementation process for the exercise of options.
6. 期權賬戶開立Option Account Opening
根據上交所《股票期權試點交易規則》的規定，投資者須使用獨立于現貨市場的賬戶體系。證券登記結算機構將分配和發放投資者衍生品合約賬戶號碼。投資者應向期權經營機構申請開立衍生品合約賬戶及相應保證金賬戶。投資者申請開立合約賬戶的，應當擁有上交所證券賬戶。投資者衍生品合約賬戶應當與其人民幣普通股票賬戶的相關注冊信息一致。
According to the SSE Rules of Pilot Stock Option Trading, investors must use an account system independent from that of the spot market. The securities depository and clearing institutions are designated to be responsible for allocating and distributing the codes for investors' derivatives contract accounts. Investors should apply to option operation institutions to open derivative contract accounts and corresponding margin accounts. Investors who apply to open option contract accounts must have already had their own SSE securities accounts, and the registration information of the derivatives contract account of an investor shall be consistent with that of the RMB common stock account of the same investor.
7. 權利金和保證金Premiums and Margins
股票期權的買方應當支付權利金，而股票期權的賣方收取權利金，并應當根據證券交易所、證券登記結算機構的規定交納保證金。保證金應當以現金、證券交易所及證券登記結算機構認可的證券方式交納。
Buyers of stock options shall pay premiums while sellers of stock options shall collect premiums and pay margins in accordance with the provisions of the exchanges and the securities depository and clearing institutions. Margins must be paid in cash or securities recognized by the exchanges and the securities depository and clearing institutions.
8. 當日無負債結算和分級清算Mark-to-market Clearing and Tiered Clearing
根據《試點辦法》，股票期權結算參與者被界定為具有證券登記結算機構股票期權結算業務結算參與人資格的機構。證券登記結算機構作為股票期權結算參與人（以下簡稱“結算參與人”）的共同對手方，為股票期權業務提供多邊凈額結算服務，并按照貨銀對付原則實施期權行權結算。
In accordance with the Pilot Measures, stock option clearing participants are defined as institutions qualified as clearing participants in stock option clearing business of the securities depository and clearing institutions. The securities depository and clearing institution, as the common counterparty of all stock option clearing participants, shall provide multilateral netting services for stock option business and conduct clearing of option exercise in accordance with the delivery-versus-payment principle.
股票期權交易實行當日無負債結算制度。證券登記結算機構應當在當日及時將結算結果通知結算參與人，結算參與人據此對投資者進行結算，并應當將結算結果按照與投資者約定的方式及時通知投資者。
Mark-to-market clearing system is adopted for stock option trading. The securities depository and clearing institution shall promptly notify the clearing results to clearing participants on the same day and the clearing participants shall conduct clearing for investors based thereon and notify the investors of the clearing results timely in a manner agreed with the investors.
結算參與人出現保證金不足、交收違約情形的，證券登記結算機構對結算參與人采取措施。投資者出現保證金不足、交收違約情形的，經營機構可以根據相關業務規則及經紀合同的規定，對投資者采取措施。結算參與人還可以委托證券登記結算機構將暫不交付給投資者的證券劃付至結算參與人的證券處置賬戶內進行處置。
Where a clearing participant has insufficient margin or defaults in delivery, the securities depository and clearing institution shall have the right to take measures against it. Similarly, where an investor has insufficient margin or defaults in delivery, the operation institution may take certain measures against the investor in accordance with the relevant business rules and the brokerage contract. Furthermore, a clearing participant may authorize the securities depository and clearing institution to transfer the securities suspended from delivery to an investor to the securities disposal account of the clearing participant for disposal.
9. 風控制度Risk Control Systems
《試行辦法》規定，證券交易所應當建立保證金、漲跌停板、持倉限額、大戶持倉報告、風險準備金、風險警示制度以及證監會要求的其他風險管理制度，并在業務規則中明確上市公司董事、監事、高級管理人員及持股達到一定比例的股東從事股票期權交易的規范要求；證券登記結算機構應建立保證金、當日無負債結算、強行平倉、結算擔保金、風險準備金以及證監會要求的其他風險管理制度。上交所《股票期權試點風險控制管理辦法》對保證金制度、持倉限額制度、大戶持倉報告制度、強行平倉制度、取消交易制度、結算擔保金制度、風險警示制度等風控措施做出了詳細的規定。
The Pilot Measures require that, for stock option trading activities, the exchanges shall establish margin, price limit, position limit, large position reporting, risk reserve and risk alert systems as well as other risk management systems prescribed by the CSRC and shall specify in the business rules the requirements for directors, supervisors, senior managers or shareholders whose shareholding reach certain threshold, of listed companies, to engage in stock option trading; the securities depository and clearing institutions shall establish margin, mark-to-market, forcible position closing, clearing guarantee, risk reserve systems as well as other risk management systems prescribed by the CSRC. The SSE Management Measures on Risk Control for Pilot Stock Option Trading further provide detailed rules on risk control measures such as margin, position limit, large position reporting, forcible position closing, trading cancellation, clearing guarantee and risk alert systems etc.
(聲明：本站所使用圖片及文章如無注明本站原創均為網上轉載而來，本站刊載內容以共享和研究為目的，如對刊載內容有異議，請聯系本站站長。本站文章標有原創文章字樣或者署名本站律師姓名者，轉載時請務必注明出處和作者，否則將追究其法律責任。) |
