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上证50ETF期权试点是2015年中国资本市场创新第一枪,境内金融衍生品的一大空白终被填补,也成为把握全球金融衍生品发展方向的重要风向标。期权就是买方花钱买权利,卖方收钱有义务。从国际实践经验看,期权具有双向交易、杠杆放大的特点,以及一定的“T+O”交易替代作用。因此,股票期权既是一款有效管理风险、实现财富增值的工具,又可以描述投资者市场预期痕迹,也有利于建立符合A股市场特有环境的价格发现机制,更能促进现货流动性。
The trial of the SSE 50 ETF option was the first shot in the innovation of China’s capital market in 2015, and a major gap in domestic financial derivatives was finally filled. It has also become an important benchmark for grasping the development direction of global financial derivatives. The option is to buy the right to buy the buyer, the seller has the obligation to collect money. From the international practical experience, options have the characteristics of two-way trading, leverage amplification, and some “T + O” transaction substitution. Therefore, the stock option is not only an effective tool to manage the risk and realize the added value of wealth, but also to describe the anticipated market of the investor. It is also beneficial to establish the price discovery mechanism in line with the unique environment of the A-share market and promote the spot liquidity.