DerivativesConference,Beijing,Aug.11,2005中国期权市场.pptVIP

郑州商品交易所 FIA Asia Derivatives Conference，Beijing，Aug. 11, 2005 中国期权市场的希望A New Hope: Options Markets in China 郑州商品交易所副总经济师王学勤 Wang xue qin Zhengzhou Commodity Exchange Deputy Chief Economist 中国期权市场的希望 A New Hope: Options Markets in China 一、三部曲和三步骤 A Trilogy-steps and procedures 二、期权规则体系设计基本原则 Devising a framework of regulations 三、需要进一步研究的问题 Issues for further research 一、三部曲和三步骤Steps and procedures (1/3) 期权制度建设 Devising rules and regulations 1、“基础知识式”规则 Rules on fundamental knowledge 2、“基础知识加基本运作式 ”规则 Rules on fundamental knowledge and basic operations 3、“可行性、实用性、操作性”规则制度体系 Rules on feasibility, practicality and operational functionality to form a system that works 一、三部曲和三步骤Steps and procedures (2/3) 期权市场开发 Marketing and Training 1、2001年前后，小型的、零散的（2002中国北京国际期权研讨会）Around 2001: small-scale, sporadic (China International Options Seminar, Beijing 2002) 2、2003年前后，中型的、集中的（国内外期权报告会） Around 2003: medium-scale, coordinated (Domestic and Overseas Options Conventions） 3、2004年以后，大型的、系统的（5地期权培训） After 2004: large-scale, systematic (China Futures Association’s options training workshops held in 5 cities) 一、三部曲和三步骤Steps and procedures (3/3) 期权交易系统建设 Building a Trading System 1、简易的、满足交易所基本要求的； Simple version that fulfils the requirements of a commodity exchange; 2、实用的、满足交易所、期货经纪公司基本要求的； Practical version that fulfils the requirements of a commodity exchange and futures brokerage firms; 3、复杂的、满足交易所、期货经纪公司、投资者等多方要求的。Complex version that satisfies various requirements of the commodity exchanges, futures brokerage firms and investors. 二、期权规则体系设计基本原则Devising a framework (1/4) 1、坚持 “六统一” We’ll firmly stick to 6 important principles, and strike a balance between: ①模式设计坚持国际期权市场惯例与中国实际运作的统一 International norms and Chinese practices; ②实施步骤坚持先实施基本运行机制后不断充实完善的统一Implementation of the basic operations first, followed by improvements and upgrades in iterations; ③期权制度建设、合约设计原则坚持简要性与复杂性的统一 Contracts and mechanisms should be designed in a simple and