On the 19th, Dalian Commodity Exchange (hereinafter referred to as "Dalian Commodity Exchange") officially issued a notice on matters related to listing and trading of ethylene glycol options and styrene options contracts. made clear. According to the notice, ethylene glycol options and styrene options will be listed for trading from May 15, 2023.
Ethylene glycol and styrene are important liquid chemicals. China is the largest consumer of ethylene glycol. In the past ten years, China's ethylene glycol production and consumption have both increased by nearly three times; styrene plays an important role in the plasticization industry chain of "supplying oil and coal and connecting rubber and plastics". status. In recent years, affected by multiple factors such as the COVID-19 epidemic, fluctuations in international crude oil prices, shipping prices, and exchange rates, the prices of chemical raw materials such as ethylene glycol and styrene have fluctuated significantly, and industrial companies have demanded the use of derivatives for hedging and risk management strong.
On April 14, the China Securities Regulatory Commission announced that it approved the registration of DCE's ethylene glycol options and styrene options, which means that China's futures market will add two new chemical options.
According to the notice, DCE will start listing and trading ethylene glycol options and styrene options contracts on May 15, and start night trading on that night. The trading time is consistent with the underlying futures. Ethylene glycol options will be listed for 10 contract months on the first day, and styrene options will also be listed for 10 contract months on the first day.
In terms of contract rules, the ethylene glycol option and styrene option contracts are basically designed in the same way as the option contracts listed on DCE. The contract types are divided into call options and put options. The trading unit is 1 lot, and the minimum price change is 0.5 yuan/ton, the price limit, contract month, and trading time are all the same as the underlying futures contract, and the American option exercise method will still be adopted. The position limit for ethylene glycol options is 8,000 lots, and the position limit for styrene options is 12,000 lots. It is consistent with the initial position limit standard of the underlying futures general month contract.
In addition, DCE also clarified in the notice the listing benchmark price, transaction order, exercise and performance of the two options, related fees, market maker system, and contract inquiry.
In order to ensure the smooth launch of ethylene glycol options and styrene options and the stable operation of the market, DCE has previously solicited opinions from the entire market on the two options contracts, and has carried out market-wide system tests in a quasi-production environment.
It is reported that since DCE listed soybean meal options, the first domestic commodity option in March 2017, 28 commodity options have been listed in China, and the options market has maintained a stable operation.
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