来源：期货日报
Source: Futures daily.
1.上海期货交易所为什么选择推出黄金期权？
Why does the Shanghai Futures Exchange choose to offer gold options?
黄金行业是我国的战略性行业之一。近年来随着我国黄金市场的国际影响力不断提升，国内黄金行业规模逐渐扩大，中国黄金企业和商业银行更希望通过国内期货市场开展套期保值，这样可以有效规避外汇风险和资金周转风险。特别是近几年国内外金价波动率总体下降，但当出现短期剧烈波动行情时，通过期权开展保值资金成本低、效果好，更有利于黄金企业灵活运用套保策略，许多黄金企业非常希望国内市场及时推出黄金期权产品。
China’s gold enterprises and commercial banks have preferred hedging through the domestic futures market in recent years, as the country’s gold market has grown in its international reach. In particular, there has been an overall decline in the volatility of domestic and foreign gold prices in recent years, but in times of high short-term volatility, the use of premium funds is low and effective, making it easier for gold companies to use hedging strategies more flexibly, and many gold enterprises have a strong interest in the timely roll-out of gold options in the domestic market.
适时上市黄金期权品种，发挥期货市场功能，有利于促进黄金行业形成合理的定价机制，增强我国定价影响力，有利于为产业链上下游企业提供有效而灵活的风险管理工具，对黄金产业升级、优化产业结构具有重要意义。
The timely listing of gold options, the performance of futures market functions, the promotion of sound pricing mechanisms in the gold sector, the enhancement of our pricing influence, and the provision of effective and flexible risk management tools for upstream and downstream enterprises in the industrial chain are important for upgrading the gold industry and optimizing its structure.
2.期权的定价方法、模型有哪些？
2. What are the options'pricing methods, models?
计算期权权利金的方法、模型多种多样，较为经典的有蒙特卡洛模拟、二叉树模型、Black Scholes模型、Black模型等。针对不同的期权，可以选择相应的定价方法、模型。
There are a variety of methods and models for calculating options, including the Monte Carlo simulation, the two-fork tree model, the Black Scholes model, the Black model, and so on. For different options, the corresponding pricing methods, models, etc. can be selected.
黄金期权是欧式期货期权，其定价模型为Black模型。
Gold options are European futures options with a pricing model of the Black model.
3.黄金期权的标的物是什么？
3. What are the subject matter of the gold option?
黄金期权的标的物是黄金期货合约，即投资者行权（履约）后获得的是黄金期货合约。如期权合约AU2104C248的标的物是AU2104期货合约，AU2104C248的投资者行权（履约）后获得AU2104期货合约。
The subject matter of the gold option is the gold futures contract, i.e. the gold futures contract obtained after the investor’s right to move (performance).
4.期权买方可以在什么时候行权？期权的行权方式有哪些?
4. When can a right of option be exercised by a buyer? What are the ways in which a right of option may be exercised?
期权买方可以在期权合约规定的时间内行权。不同行权方式对应不同的行权时间，比较经典的两种行权方式为美式和欧式。美式期权的买方在合约到期日及之前任一交易日均可行使权利，欧式期权的买方只可在合约到期日当天行使权利。
A buyer of a right of option may exercise the right for a period of time specified in the option contract. Different ways of doing the right correspond to different hours of the right, with the two classic ways of doing it being American and European. A buyer of a United States option may exercise the right on the date of expiry of the contract and on the day of any transaction prior to that date, and a buyer of a European option may exercise the right only on the date of expiry of the contract.
黄金期权是欧式期权，买方仅能在到期日行权。
Gold options are euro-style options, and the buyer can only move on the due date.
5.黄金期权的最小变动价位是多少？
5. What is the minimum change in the price of the gold options?
黄金期权最小变动价位指的是黄金期权合约单位价格变动的最小值。黄金期权的最小变动价位为0.02元/克。
The minimum change in the value of the golden options is the minimum change in the price of the gold options contract unit.
6.黄金期权合约交易代码中的合约月份是什么？
6. What is the contract month in the gold option trading code?
黄金期权合约月份为该期权合约对应的标的期货合约的交割月份。目前上期所黄金期货合约的交割月份为最近三个连续月份的合约以及最近13个月以内的双月合约，相应地，黄金期权的合约月份也是最近三个连续月份的合约以及最近13个月以内的双月合约。
The golden options contract month is the month of delivery of the futures contract, which is the subject of the option contract. The current months of delivery of the last gold futures contract are the last three consecutive months and the last two-month contracts within 13 months, and correspondingly, the gold options contract month is the last three consecutive months, as well as the last two-month contracts within 13 months.
7.黄金期权的行权价格是如何设计的？
7. How are the prices of the gold options designed?
黄金期权的行权价格覆盖黄金期货合约上一交易日结算价上下1.5倍当日涨跌停板幅度对应的价格范围。行权价格≤200元/克，行权价格间距为2元/克；200元/克＜行权价格≤400元/克，行权价格间距为4元/克；行权价格＞400元/克，行权价格间距为8元/克。
The right price of the gold option covers the range of prices corresponding to the cut-off range of 1.5 times higher or lower on the previous day of the gold futures contract. The right price is 200 yuan/g with the right price range of 2 yuan/g; 200 yuan/g < the right price of 400 yuan/g; the right price range of 4 yuan/g; the right price > 400 yuan/g; and the right price gap of 8 yuan/g.
8.黄金期权买方可以在什么时候申请行权？
When can a gold option buyer apply for the right to move?
黄金期权是欧式期权，期权买方可在到期日当天15:30之前提交行权申请、放弃申请。值得注意的是，到期日15:00收盘后，仍有30分钟时间可供投资者提出行权申请、放弃申请。
Gold options are Euro-style options, and the right-to-go buyer may file an application for waiver by 15:30 on the due date. It is worth noting that after the closing date of the due date, there is still 30 minutes left for investors to apply for a right-to-occupancy waiver.
9.黄金期权到期日自动行权是什么？
What is the automatic right to move on the expiry date of the golden option?
在到期日，交易所根据黄金期权合约行权价、标的黄金期货合约当日结算价判断该期权合约是否为实值期权。若为实值期权，交易所会自动为该期权执行行权，平值期权和虚值期权自动放弃。
At maturity, the exchange determines whether the option is a real option based on the price of the gold option contract, the price of which is the gold futures contract at which it is settled.
为满足投资者的特殊需求，交易所为投资者留有申请渠道。投资者可以对实值期权提出放弃申请，对平值、虚值期权提出行权申请。
In order to meet the particular needs of investors, the exchange leaves an application channel for investors.
10.投资者提交黄金期权行权申请、放弃申请的渠道有哪些？
10. What are the channels through which investors can submit an application for a gold option and for waiver of the application?
投资者可以通过交易客户端提出行权申请、放弃申请，也可以联系会员单位，通过会服系统提出行权申请、放弃申请。
Investors can apply for rights through their trading clients, for waivers, or they can contact their member units to apply for concessions and waivers through the Consort System.
结算时，对于买方行权申请，交易所按照如下顺序处理买方期权持仓：
In the event of settlement, in the case of an application by the buyer, the exchange deals with the buyer's options in the following order:
[\非到期日\到期日\第一步\
[nundue datedue datefirst step
不能提交行权或放弃申请
Failure to submit an application for permission to move or forgo
\处理以指令形式提交的行权、放弃申请。按照提交时间顺序，从后向前处理。\第二步\处理会服系统提交的行权（含批量）、放弃（含批量）申请。按照提交时间顺序，从后向前处理。累计提交的申请量超过实际持仓量的，结算时按照上述顺序和实际持仓数量处理。\第三步\对剩余持仓进行自动行权或自动放弃处理。\]
Treatment of requests submitted in the form of instructions, waivers. Forward processing in the order of submission. Step 2 processing applications submitted in the service system (in bulk), waivers (in bulk). Forward processing in the order of submission. If the cumulative number of applications submitted exceeds the amount actually held, the settlement is handled in the order described above and in the quantity actually held. \Step 3 \Automated rights or waivers for the remaining holdings. \
11.黄金期权是否实行做市商制度？
11. Is there a market system for gold options?
黄金期权实行做市商制度。
Gold options are subject to a market-based system.
12.什么是回应报价？
12. What is the response to the offer?
非期货公司会员和客户可以向做市商询价，做市商收到询价请求后，会在规定时间内对相应期权合约进行回应报价。
Members and customers of non-future companies may consult with the market and, upon receipt of the request, respond to the relevant option contracts within a specified time frame.
黄金期权做市商仅在标的为偶数月份的期权上有回应询价义务。
Gold options are marketed only in response to requests for quotations for even-numbered months.
13.投资者询价后是否一定会收到回应？
Is it necessary to receive a response to an investor's request for quotations?
不一定。根据规定，黄金期权做市商仅在偶数月份系列期权合约上有回应询价义务，因此对奇数月份合约询价，可能无法得到回应。同时做市商仅需要对一定比例的询价请求进行回应，这意味着做市商可以不对某些询价给出回应。
Not necessarily. According to the regulations, gold options are marketable only for even-numbered months, and therefore price requests for odd-numbered months may not be able to be responded to. At the same time, only a certain percentage of requests are required, which means that marketers may not respond to certain requests.
14.投资者如何获取黄金期权交易权限？
14. How can investors access trading rights in gold?
投资者申请黄金期权交易权限，可前往期货公司评估其是否满足开通期权交易权限的适当性要求。若符合，则可获取黄金期权交易权限。个人客户、一般单位客户以及特殊单位客户分别适用不同的适当性标准。
Investors apply for rights to trading in gold, and they can go to the futures company to assess whether they meet the right to open options.
15.个人客户应符合哪些适当性标准？
15. What are the criteria of appropriateness that should be met by individual clients?
个人客户的适当性标准可以简单概括为“四有一无”，具体包括主体要求、资金要求、知识要求、经验要求、信誉要求等。
The criterion of the suitability of an individual client can be summarized briefly as “four by one”, including, inter alia, subject requirements, financial requirements, knowledge requirements, experience requirements, reputational requirements, etc.
主体要求：具备完全民事行为能力；
Subject matter requirement: full civil capacity;
资金要求：申请开立交易编码或者开通交易权限前连续5个交易日保证金账户可用资金余额均不低于人民币10万元；
(b) Financial requirements: the balance of funds available in the five trading days guarantee accounts before the application for the opening of a transaction code or the opening of a transaction authority is no less than RMB 100,000;
知识要求：具备期货交易基础知识，了解相关业务规则（目前期货公司会员通过知识测试的方式了解客户知识水平）；
Knowledge requirements: have basic knowledge of futures transactions and know the relevant business rules (currently futures company members know the level of customer knowledge through knowledge testing);
经验要求：具有累计不少于10个交易日且20笔及以上的境内交易场所的期货合约或者期权合约仿真交易成交记录；或者近三年内具有10笔及以上的境内交易场所的期货合约、期权合约或者集中清算的其他衍生品交易成交记录；或者近三年内具有10笔及以上的在与中国证券监督管理委员会（以下简称中国证监会）签署监管合作谅解备忘录的国家（地区）期货监管机构监管的境外交易场所的期货合约、期权合约或者集中清算的其他衍生品交易成交记录（以下简称认可境外成交记录）；
Empirical requirements: a futures contract or options contract with a cumulative total of not less than 10 trading days and 20 or more internal trading sites is entered into a transaction description; or a futures contract, options contract or other derivatives transaction transaction record with 10 or more internal trading sites in the last three years; or a futures contract, options contract or other derivatives transaction record with 10 or more foreign trading establishments under the supervision of the China Securities Supervisory Board (hereinafter referred to as the China CSRC) in the last three years (hereinafter referred to as the recognition of an offshore transaction record);
信誉要求：不存在严重不良诚信记录、被有权监管机关宣布为期货市场禁止进入者和法律、法规、规章、交易所业务规则禁止或者限制从事期货交易的情形；
(b) Credibility requirements: there are no cases of gross bad faith records, persons who have been declared prohibited by the competent regulatory authority for a period of time on the goods market and laws, regulations, regulations, exchange rules or restrictions on futures transactions;
其他要求：交易所要求的其他条件。
Other requirements: Other terms and conditions required by the transaction.
16.一般单位客户应符合哪些适当性标准?
16. What are the criteria of appropriateness that should be met by clients in general units?
一般单位客户的适当性标准可以简单概括为“四有一无”，具体包括资金要求、知识要求、经验要求、合规要求、信誉要求等。
The standard of propriety for general unit clients can be summarized briefly as “four to one”, including, inter alia, financial requirements, knowledge requirements, experience requirements, compliance requirements, reputational requirements, etc.
知识要求：相关业务人员具备期货交易基础知识，了解相关业务规则（目前期货公司会员通过知识测试的方式了解客户知识水平）；
Knowledge requirements: relevant business personnel have basic knowledge of futures transactions and knowledge of relevant business rules (currently futures company members have knowledge-tested knowledge of their clients);
经验要求：具有累计不少于10个交易日且20笔及以上的境内交易场所的期货合约或者期权合约仿真交易成交记录；或者近三年内具有10笔及以上的境内交易场所的期货合约、期权合约或者集中清算的其他衍生品交易成交记录；或者近三年内具有10笔及以上的认可境外成交记录；
Empirical requirements: a futures contract or options contract with a cumulative total of not less than 10 trading days and 20 or more in the country; or a futures contract, options contract or other derivatives transaction record with 10 or more in the country in the last three years; or an approved offshore transaction record with 10 or more in the last three years;
合规要求：具有健全的内部控制、风险管理等期货交易管理相关制度；
Compliance requirements: sound internal controls and systems for futures transaction management, including risk management;
17.对特殊单位客户等投资者在适当性认定方面有哪些豁免规定?
What exemptions exist for investors, such as customers of special units, with respect to the determination of appropriateness?
除法律、行政法规、规章以及中国证监会另有规定外，期货公司会员为以下客户参与实行适当性制度的上市品种申请开立交易编码或者开通交易权限的，可不再对资金、知识储备、仿真或真实交易成交记录做要求。
In addition to the laws, administrative regulations and regulations and the provisions of the CSRC, futures company members who apply for the establishment of a transaction code or the opening of trading privileges for the following types of customers involved in the implementation of an appropriate system may no longer require the transaction record of funds, intellectual reserves, simulations or real transactions.
（一） 符合《证券期货投资者适当性管理办法》规定的专业投资者；
(i) Professional investors who meet the requirements of the Securities Futures Investor Suitability Management Scheme;
（二） 已开通实行适当性制度的某一品种交易权限，再通过其他期货公司会员开通该品种交易权限的客户；
(ii) Clients who have established trading rights for a certain variety of species with an appropriate regime and who have opened trading rights for that variety through members of other futures companies;
（三） 近一年内具有累计不少于50个交易日境内交易场所的期货合约、期权合约或者集中清算的其他衍生品交易成交记录或者认可境外成交记录的客户；
(iii) In the last year, a transaction record of futures contracts, options contracts or other derivatives with a cumulative amount of not less than 50 trading places in the territory of the transaction date, or acceptance of a customer with an offshore transaction record;
（四） 做市商、特殊单位客户等交易所认可的其他交易者。
(iv) Other trading agents accredited on an exchange such as market traders, customers of special units, etc.
18.期权知识测试是由哪个机构组织的？
18. Which agency organized the testing of options?
期权知识测试由中国期货业协会统一组织，投资者可以通过协会的知识测试平台参与测试。
The futures knowledge test is organized by the China Futures Industry Association, and investors can participate in the testing through the Association's knowledge-testing platform.
19.已通过境内交易所其他上市品种适当性评估并开通交易权限的客户，是否能够直接在同一期货公司开通黄金期权交易权限？
Is it possible to open trading rights in gold directly to the same futures company through the assessment of the suitability of other types of listings on the domestic exchange and the opening of trading rights?
已通过境内交易所其他上市品种适当性评估并开通交易权限的客户，如开通境内交易所实行适当性制度的期权品种交易权限的客户，如铜期权、豆粕期权、白糖期权、50ETF期权的客户，或开通境内交易所实行适当性制度的期货品种交易权限的客户，如原油期货、铁矿石期货的客户，在同一期货公司可自动获得黄金期权交易权限。
Customers who have made an assessment of the suitability of other listed varieties on the internal exchange and have opened trading rights, such as those who have opened options for trading options for the appropriate regime on the internal exchange, such as copper options, soybean options, white sugar options, 50ETF options, or those who have opened options for trading options for futures for the proper regime on the internal exchange, such as crude oil futures, iron ore futures, may automatically acquire trading rights for gold options in the same futures.
20.已通过境内交易所其他上市品种适当性评估并开通交易权限的客户，是否能够直接在其他期货公司开通黄金期权交易权限？
20. Is it possible to open trading rights in gold directly to other futures companies through the assessment of the suitability of other types of listings on the domestic exchange and the opening of trading privileges?
已通过境内交易所其他上市品种适当性评估并开通交易权限的客户，在其他期货公司申请黄金期权交易权限时可豁免基础知识要求、交易经历要求、资金要求，但是还需要对其违法违规等情况进行审核。
Clients who, through other types of listing in the internal exchange, have been assessed for appropriateness and have opened trading privileges may be exempted from basic knowledge requirements, trading history requirements, financial requirements, etc. when other futures companies apply for trading rights in gold, subject to a review of their violations.
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