On June 15th, styrene and ethylene glycol options were listed for a full month. During the month, option contracts were actively traded, and the market scale was steadily expanding.
Judging from the trading data of the first month, the average daily trading volume of styrene and ethylene glycol options in the first month of listing was 117,100 lots and 57,400 lots respectively, and the average daily open interest was 48,900 lots and 38,800 lots respectively. The trading volume of options accounted for 21.97% and 14.36% of the underlying futures respectively, and the ratios of option open interest to the underlying futures were 10.46% and 5.46% respectively. The number of customers participating in the trading of the two option varieties reached 5,574 and 3,820 respectively, of which general corporate customers accounted for 29.24% and 17.81% of transactions, and accounted for 14.77% and 21.18% of positions, respectively. DCE is at the forefront of the 6 energy option varieties.
It is understood that due to the good continuity of the near-month active contracts of styrene futures and the design of options close to the spot demand, the hedging needs of industrial enterprises in the near-month options have been effectively met. In just one month, styrene options have become DCE's 6 It is the variety with the largest average daily trading volume among energy options.
Yuan Ye, head of Sinopec Options, said that after the listing of the two options, the company tried the collar option combination of buying put + selling call options for styrene options on the market. satisfactory.
"In the first month, the trading volume and open interest of the two types of options showed sufficient liquidity. Most of the option contract trading volume was concentrated in the option series contracts corresponding to the main futures contracts, and the overall market operation was at a good level. , effectively playing the function of price insurance." Zhou Jun, deputy general manager of Nantong Chemical Light Industry Co., Ltd., said.
"In the first month of listing, a number of related companies actively participated in the use of options hedging, and the trading volume gradually increased." said Xie Yilun, an option researcher at Orient Futures Derivatives Research Institute.
It is reported that at present, many industrial customers have constructed an "option collar strategy" (that is, buying put + selling call) to hedge the spot position. This method can not only achieve the effect of hedging, but also reduce the overall risk of the strategy hedging costs.
In Zhou Jun’s view, the two options varieties showed a relatively obvious downward trend in the first month of listing, and selling call options is a better hedging strategy. At the same time, combined with the upward trend in the implied volatility of styrene options, the "double short selling" strategy of selling volatility and price will better protect the income.
"When the destocking speed of pure benzene in the market is slow and the downstream is in the seasonal off-season, you can choose to sell styrene call options to build a covered strategy to enhance the benefits of spot positions; similarly, due to destocking of ethylene glycol The speed is slowing down, and the installation is expected to restart from the end of June to the beginning of July, and the overall inventory pressure in the market is relatively high, and a covered strategy can also be established." Xie Yilun said.
In Yuan Ye's view, the trading volume and open interest of styrene options have grown rapidly in the first month, and the current intraday liquidity is better than that of polyethylene, polypropylene and other old options. "According to the situation in the first month, we are optimistic about the future liquidity and market participation of styrene options. As companies gradually deepen their understanding of option products, market participation will further increase." Yuan Ye said. (Han Le Liu Jingcai)
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