作者：君合律師事務(wù)所 謝青 董劍萍 王輝

Authors: Natasha (Qing) XIE, Jianping DONG and Blake (Hui) WANG from JunHe

證監(jiān)會(huì)發(fā)布股票期權(quán)交易管理辦法

CSRC Issued Stock Option Trading Regulation

2015年1月9日，中國(guó)證監(jiān)會(huì)正式發(fā)布《股票期權(quán)交易試點(diǎn)管理辦法》（以下簡(jiǎn)稱“《試點(diǎn)辦法》”）和《證券期貨經(jīng)營(yíng)機(jī)構(gòu)參與股票期權(quán)交易試點(diǎn)指引》（以下簡(jiǎn)稱“《試點(diǎn)指引》”）。與此同時(shí)，上海證券交易所（以下簡(jiǎn)稱“上交所”）正式發(fā)布《上海證券交易所股票期權(quán)試點(diǎn)交易規(guī)則》（以下簡(jiǎn)稱“《股票期權(quán)試點(diǎn)交易規(guī)則》”）、《上海證券交易所股票期權(quán)試點(diǎn)投資者適當(dāng)性管理指引》、《上海證券交易所股票期權(quán)試點(diǎn)做市商業(yè)務(wù)指引》，并和中國(guó)證券登記結(jié)算有限責(zé)任公司聯(lián)合發(fā)布了《上海證券交易所、中國(guó)證券登記結(jié)算有限責(zé)任公司股票期權(quán)試點(diǎn)風(fēng)險(xiǎn)控制管理辦法》。同日，中國(guó)證監(jiān)會(huì)批準(zhǔn)上交所開展股票期權(quán)交易試點(diǎn)，試點(diǎn)產(chǎn)品為上證50ETF期權(quán)，正式上市交易日為2015年2月9日。上證50ETF期權(quán)的標(biāo)的是由華夏基金作為管理人的上證50ETF。據(jù)報(bào)道，截止2015年1月9日，上證ETF的基金份額為98.97億份，基金規(guī)模為250億元。
On January 9, 2015, the Chinese Securities Regulatory Commission (“CSRC”) released the Measures for Administration of Pilot Scheme on Stock Option Trading (“Pilot Measures”) and the Guidelines for Securities and Futures Operation Institutions to Participate in the Stock Option Trading Pilot Scheme (“Pilot Guidelines”). At the same time, the Shanghai Stock Exchange (“SSE”) promulgated the SSE Rules for Pilot Stock Option Trading, the SSE Guidance on Investor Suitability Management of Pilot Stock Option, the SSE Guidance on Market Maker Business of Pilot Stock Option, and, jointly with China Securities Depository & Clearing Corp., Ltd. (“CSDC”), formulated the Management Measures of SSE and CSDC on Risk Control for Pilot Stock Option Trading. On the same day, the CSRC also approved the SSE to launch the first stock option trading pilot program - the first pilot product will be the SSE 50ETF Option and the formal listing date is set as Feb 9, 2015. The subject matter of the SSE 50ETF Option is the SSE 50ETF, managed by China Asset Management Co., Ltd., which, up to January 9, 2014, has 9.897 billion fund units with a scale of RMB 25 billion.

1. 股票期權(quán)合約及合格標(biāo)的股票或ETF Stock Option Contracts and Qualified Underlying Stocks or ETFs

股票期權(quán)合約是指由證券交易所統(tǒng)一制定的、規(guī)定買方有權(quán)在將來(lái)特定時(shí)間按照特定價(jià)格買入或者賣出約定股票或者跟蹤股票指數(shù)的交易型開放式指數(shù)基金（以下簡(jiǎn)稱“ETF”）等標(biāo)的物的標(biāo)準(zhǔn)化合約。股票期權(quán)包括個(gè)股期權(quán)和ETF期權(quán)兩類。據(jù)了解，現(xiàn)階段股票期權(quán)將從ETF期權(quán)開始試點(diǎn)，暫不包括個(gè)股期權(quán)。目前尚不清楚下一步何時(shí)推出個(gè)股期權(quán)。
Stock option contracts are defined as the standardized contracts that are uniformly formulated by the exchanges and under which buyers shall be entitled to buy or sell agreed stocks, exchange traded funds (“ETF”) tracking stock index or other subject matter at specific times and prices in the future. Stock options include both single stock options and ETF options. Currently, the stock option pilot program will be limited to ETF options only; single stock options are temporarily excluded and no timetable has been announced for introducing single stock options.

《試點(diǎn)辦法》要求股票期權(quán)交易品種必須具有充分的現(xiàn)貨交易基礎(chǔ)，市場(chǎng)競(jìng)爭(zhēng)充分，可供交割量充足。根據(jù)上交所《股票期權(quán)試點(diǎn)交易規(guī)則》的規(guī)定，股票及ETF作為期權(quán)合約的標(biāo)的，應(yīng)當(dāng)滿足一定的條件，例如標(biāo)的股票應(yīng)屬于融資融券標(biāo)的、股票上市或基金成立時(shí)間不少于6個(gè)月等。
The Pilot Measures require that the subject matter of an option contract must have sufficient spot trading basis, be sufficient in market competitiveness, and have adequate volume available for delivery. In accordance with the SSE Rules for Pilot Stock Option Trading, only qualified stocks or ETFs may be selected as the subject matter of an option contract and certain conditions will apply, such as the underlying securities must be the subject matter of margin trading and securities lending, and the stocks have been listed or the funds have been set up for no less than 6 months etc.

2. 股票期權(quán)經(jīng)營(yíng)機(jī)構(gòu)Stock Option Operation Institutions

《試行辦法》規(guī)定的股票期權(quán)經(jīng)營(yíng)機(jī)構(gòu)包括證券公司、期貨公司以及證監(jiān)會(huì)批準(zhǔn)經(jīng)營(yíng)股票期權(quán)業(yè)務(wù)的其他金融機(jī)構(gòu)。其中，證券公司可以從事股票期權(quán)經(jīng)紀(jì)業(yè)務(wù)、自營(yíng)業(yè)務(wù)、做市業(yè)務(wù)；期貨公司可以從事股票期權(quán)經(jīng)紀(jì)業(yè)務(wù)、與股票期權(quán)備兌開倉(cāng)以及行權(quán)相關(guān)的證券現(xiàn)貨經(jīng)紀(jì)業(yè)務(wù)。期貨公司不能從事股票期權(quán)的自營(yíng)業(yè)務(wù)或做市業(yè)務(wù)，但期貨公司子公司經(jīng)過證監(jiān)會(huì)批準(zhǔn)可以從事股票期權(quán)做市業(yè)務(wù)。此外，期貨公司可以接受一家或者多家證券公司的委托，為其介紹客戶參與股票期權(quán)交易，并提供其他相關(guān)服務(wù)。
According to the Pilot Measures, the stock option operation institutions include securities companies, futures companies and other financial institutions approved by the CSRC to engage in stock option business. Securities companies may engage in brokerage, proprietary trading, and market making of stock options; while futures companies may engage in brokerage of stock options and the brokerage of physical securities relating to covered call and exercise of stock options. Futures companies are prohibited from engaging in proprietary trading business or market making of stock options, while upon the CSRC’s approval the subsidiaries of futures companies may engage in market making of stock options. Furthermore, futures companies may accept one or more securities companies’ entrustment, introduce clients to it or them to participate in stock option trading, and provide other related services.

3. 期權(quán)做市Option Market Making

《試行辦法》規(guī)定股票期權(quán)交易可以實(shí)行做市商制度。根據(jù)上交所《股票期權(quán)試點(diǎn)做市商業(yè)務(wù)指引》（以下簡(jiǎn)稱“《做市商指引》”）的規(guī)定，做市服務(wù)包括向投資者提供雙邊持續(xù)報(bào)價(jià)、對(duì)投資者詢價(jià)提供雙邊回應(yīng)報(bào)價(jià)及交易所規(guī)定或做市協(xié)議約定的其他業(yè)務(wù)。主做市商應(yīng)提供上述所有做市服務(wù)，而一般做市商僅提供除向投資者提供雙邊持續(xù)報(bào)價(jià)服務(wù)之外的服務(wù)。做市商必須使用自有資金開展做市業(yè)務(wù)。單個(gè)合約品種可以有多個(gè)做市商提供做市服務(wù)。
The Pilot Measures stipulate that stock option trading may adopt market maker system. According to the SSE Guidance on Market Maker Business of Pilot Stock Option (“Guidance on Market Maker”), market makers refer to the institutions that provide bilateral consecutive quotations or bilateral responsive quotations and other services as stipulated by SSE or according to the market making agreement. Prime market makers shall provide all of the aforesaid market making services, while the services that can be provided by general market makers should not include providing investors with bilateral consecutive quotations. Market makers are required to engage in market making business by using their own funds. A single option contract may have multiple market makers offering services.

《做市商指引》對(duì)做市指標(biāo)進(jìn)行了明確規(guī)定，包括報(bào)價(jià)的最大買賣差價(jià)、最小報(bào)價(jià)差價(jià)、參與率、合約覆蓋率、回應(yīng)報(bào)價(jià)的最長(zhǎng)回應(yīng)報(bào)價(jià)時(shí)間以及最短保留時(shí)間等。在規(guī)定情形出現(xiàn)時(shí)，做市商可以向上交所申請(qǐng)豁免做市義務(wù)�！对圏c(diǎn)辦法》還規(guī)定期權(quán)做市商應(yīng)當(dāng)建立信息隔離制度，防范做市業(yè)務(wù)與其他業(yè)務(wù)之間的利益沖突。
The Guidance on Market Maker also specifies market making indexes, including the maximum bid-ask spread, the minimum bid spread, participation rate, contract covering rate, the maximum responding quoting time and the minimum reserve time for responding quoting. When specified situations occur, market makers may apply to the SSE for exemption of market making obligations. The Pilot Measures also require option market makers to establish and improve information isolation system and prevent any conflict of interests between market making business and other businesses.

4. 保證金監(jiān)管Monitoring of Margin

就保證金安全存管的監(jiān)控，中國(guó)證券投資者保護(hù)基金公司、中國(guó)期貨保證金監(jiān)控中心將分別負(fù)責(zé)對(duì)證券公司、期貨公司開展股票期權(quán)業(yè)務(wù)涉及的投資者資金安全存管實(shí)施監(jiān)控。
As for the monitoring over safe deposit of margins, the China Securities Investor Protection Fund Corporation Limited and the China Futures Margin Monitoring Center shall respectively be responsible for monitoring the safe deposit of investors' funds involved in the stock option business of securities companies and futures companies.

5. 投資者適當(dāng)性制度和經(jīng)紀(jì)合同Investor Suitability System and Brokerage Contract

期權(quán)經(jīng)紀(jì)商接受投資者委托以自己的名義為投資者進(jìn)行股票期權(quán)交易，交易結(jié)果由投資者承擔(dān)。股票期權(quán)交易實(shí)行投資者適當(dāng)性制度。經(jīng)紀(jì)商應(yīng)當(dāng)對(duì)投資者進(jìn)行適當(dāng)性評(píng)估，建立投資者資質(zhì)審查制度，測(cè)試投資者的期權(quán)基礎(chǔ)知識(shí)，審慎評(píng)估投資者的風(fēng)險(xiǎn)承受能力。交易所將制定股票期權(quán)投資者的具體標(biāo)準(zhǔn)。
An option broker will conduct stock option trading for investors in its own name as entrusted by investors and the trading results will be borne by investors. Investor suitability systems must be adopted by the brokers for stock option trading. Brokers shall evaluate the suitability of investors, establish investor suitability examination system, test investors’ basic knowledge about options, and cautiously evaluate investors’ risk bearing ability. The exchanges will formulate specific standards for stock option investors.

如同期貨交易一樣，投資者需簽署經(jīng)紀(jì)合同和風(fēng)險(xiǎn)揭示書。經(jīng)紀(jì)合同中必須包括經(jīng)營(yíng)機(jī)構(gòu)對(duì)投資者采取的風(fēng)險(xiǎn)管理措施、投資者出現(xiàn)交收違約或者保證金不足情形的處理方式以及強(qiáng)行平倉(cāng)和行權(quán)操作等事項(xiàng)。
Same as futures trading, a brokerage contract and a written risk disclosure are required to be executed by investors. The brokerage contract shall include: (i) the risk management measures adopted by the operation institution in respect of the investor, (ii) the methods for handling the circumstances where there is default of delivery or insufficiency of margins on the part of the investor, (iii) the relevant terms relating to forcible position closing, and (iv) the relevant implementation process for the exercise of options.

6. 期權(quán)賬戶開立Option Account Opening

根據(jù)上交所《股票期權(quán)試點(diǎn)交易規(guī)則》的規(guī)定，投資者須使用獨(dú)立于現(xiàn)貨市場(chǎng)的賬戶體系。證券登記結(jié)算機(jī)構(gòu)將分配和發(fā)放投資者衍生品合約賬戶號(hào)碼。投資者應(yīng)向期權(quán)經(jīng)營(yíng)機(jī)構(gòu)申請(qǐng)開立衍生品合約賬戶及相應(yīng)保證金賬戶。投資者申請(qǐng)開立合約賬戶的，應(yīng)當(dāng)擁有上交所證券賬戶。投資者衍生品合約賬戶應(yīng)當(dāng)與其人民幣普通股票賬戶的相關(guān)注冊(cè)信息一致。
According to the SSE Rules of Pilot Stock Option Trading, investors must use an account system independent from that of the spot market. The securities depository and clearing institutions are designated to be responsible for allocating and distributing the codes for investors' derivatives contract accounts. Investors should apply to option operation institutions to open derivative contract accounts and corresponding margin accounts. Investors who apply to open option contract accounts must have already had their own SSE securities accounts, and the registration information of the derivatives contract account of an investor shall be consistent with that of the RMB common stock account of the same investor.

7. 權(quán)利金和保證金Premiums and Margins

股票期權(quán)的買方應(yīng)當(dāng)支付權(quán)利金，而股票期權(quán)的賣方收取權(quán)利金，并應(yīng)當(dāng)根據(jù)證券交易所、證券登記結(jié)算機(jī)構(gòu)的規(guī)定交納保證金。保證金應(yīng)當(dāng)以現(xiàn)金、證券交易所及證券登記結(jié)算機(jī)構(gòu)認(rèn)可的證券方式交納。
Buyers of stock options shall pay premiums while sellers of stock options shall collect premiums and pay margins in accordance with the provisions of the exchanges and the securities depository and clearing institutions. Margins must be paid in cash or securities recognized by the exchanges and the securities depository and clearing institutions.

8. 當(dāng)日無(wú)負(fù)債結(jié)算和分級(jí)清算Mark-to-market Clearing and Tiered Clearing

根據(jù)《試點(diǎn)辦法》，股票期權(quán)結(jié)算參與者被界定為具有證券登記結(jié)算機(jī)構(gòu)股票期權(quán)結(jié)算業(yè)務(wù)結(jié)算參與人資格的機(jī)構(gòu)。證券登記結(jié)算機(jī)構(gòu)作為股票期權(quán)結(jié)算參與人（以下簡(jiǎn)稱“結(jié)算參與人”）的共同對(duì)手方，為股票期權(quán)業(yè)務(wù)提供多邊凈額結(jié)算服務(wù)，并按照貨銀對(duì)付原則實(shí)施期權(quán)行權(quán)結(jié)算。
In accordance with the Pilot Measures, stock option clearing participants are defined as institutions qualified as clearing participants in stock option clearing business of the securities depository and clearing institutions. The securities depository and clearing institution, as the common counterparty of all stock option clearing participants, shall provide multilateral netting services for stock option business and conduct clearing of option exercise in accordance with the delivery-versus-payment principle.

股票期權(quán)交易實(shí)行當(dāng)日無(wú)負(fù)債結(jié)算制度。證券登記結(jié)算機(jī)構(gòu)應(yīng)當(dāng)在當(dāng)日及時(shí)將結(jié)算結(jié)果通知結(jié)算參與人，結(jié)算參與人據(jù)此對(duì)投資者進(jìn)行結(jié)算，并應(yīng)當(dāng)將結(jié)算結(jié)果按照與投資者約定的方式及時(shí)通知投資者。
Mark-to-market clearing system is adopted for stock option trading. The securities depository and clearing institution shall promptly notify the clearing results to clearing participants on the same day and the clearing participants shall conduct clearing for investors based thereon and notify the investors of the clearing results timely in a manner agreed with the investors.

結(jié)算參與人出現(xiàn)保證金不足、交收違約情形的，證券登記結(jié)算機(jī)構(gòu)對(duì)結(jié)算參與人采取措施。投資者出現(xiàn)保證金不足、交收違約情形的，經(jīng)營(yíng)機(jī)構(gòu)可以根據(jù)相關(guān)業(yè)務(wù)規(guī)則及經(jīng)紀(jì)合同的規(guī)定，對(duì)投資者采取措施。結(jié)算參與人還可以委托證券登記結(jié)算機(jī)構(gòu)將暫不交付給投資者的證券劃付至結(jié)算參與人的證券處置賬戶內(nèi)進(jìn)行處置。
Where a clearing participant has insufficient margin or defaults in delivery, the securities depository and clearing institution shall have the right to take measures against it. Similarly, where an investor has insufficient margin or defaults in delivery, the operation institution may take certain measures against the investor in accordance with the relevant business rules and the brokerage contract. Furthermore, a clearing participant may authorize the securities depository and clearing institution to transfer the securities suspended from delivery to an investor to the securities disposal account of the clearing participant for disposal.

9. 風(fēng)控制度Risk Control Systems

《試行辦法》規(guī)定，證券交易所應(yīng)當(dāng)建立保證金、漲跌停板、持倉(cāng)限額、大戶持倉(cāng)報(bào)告、風(fēng)險(xiǎn)準(zhǔn)備金、風(fēng)險(xiǎn)警示制度以及證監(jiān)會(huì)要求的其他風(fēng)險(xiǎn)管理制度，并在業(yè)務(wù)規(guī)則中明確上市公司董事、監(jiān)事、高級(jí)管理人員及持股達(dá)到一定比例的股東從事股票期權(quán)交易的規(guī)范要求；證券登記結(jié)算機(jī)構(gòu)應(yīng)建立保證金、當(dāng)日無(wú)負(fù)債結(jié)算、強(qiáng)行平倉(cāng)、結(jié)算擔(dān)保金、風(fēng)險(xiǎn)準(zhǔn)備金以及證監(jiān)會(huì)要求的其他風(fēng)險(xiǎn)管理制度。上交所《股票期權(quán)試點(diǎn)風(fēng)險(xiǎn)控制管理辦法》對(duì)保證金制度、持倉(cāng)限額制度、大戶持倉(cāng)報(bào)告制度、強(qiáng)行平倉(cāng)制度、取消交易制度、結(jié)算擔(dān)保金制度、風(fēng)險(xiǎn)警示制度等風(fēng)控措施做出了詳細(xì)的規(guī)定。
The Pilot Measures require that, for stock option trading activities, the exchanges shall establish margin, price limit, position limit, large position reporting, risk reserve and risk alert systems as well as other risk management systems prescribed by the CSRC and shall specify in the business rules the requirements for directors, supervisors, senior managers or shareholders whose shareholding reach certain threshold, of listed companies, to engage in stock option trading; the securities depository and clearing institutions shall establish margin, mark-to-market, forcible position closing, clearing guarantee, risk reserve systems as well as other risk management systems prescribed by the CSRC. The SSE Management Measures on Risk Control for Pilot Stock Option Trading further provide detailed rules on risk control measures such as margin, position limit, large position reporting, forcible position closing, trading cancellation, clearing guarantee and risk alert systems etc.