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none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12200,12204,12269" colid="12269" class="fourth-title" href="/markets/equities/highlights/bluechipmarket/" target="_self">Bluechipmarket</a> <ul class="fifth-menu fifth-menu-area" style="display: none;"> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12200,12204,12269,12271" colid="12271" class="fifth-title" href="/markets/equities/highlights/bluechipmarket/market/" target="_self">market</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12200,12204,12269,12353" colid="12353" class="fifth-title" href="/markets/equities/highlights/bluechipmarket/active/" target="_self">active</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12200,12204,12269,12354" colid="12354" class="fifth-title" href="/markets/equities/highlights/bluechipmarket/bluechip/" target="_self">bluechip</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12200,12204,12269,12355" colid="12355" class="fifth-title" href="/markets/equities/highlights/bluechipmarket/highbluechip/" target="_self">highbluechip</a></li> </ul></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12200,12204,12270" colid="12270" class="fourth-title" href="/markets/equities/highlights/neweconomy/" target="_self">Neweconomy</a> <ul class="fifth-menu fifth-menu-area" style="display: none;"> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12200,12204,12270,12272" colid="12272" class="fifth-title" href="/markets/equities/highlights/neweconomy/market/" target="_self">market</a></li> </ul></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12200,12202" colid="12202" class="third-title" href="/markets/equities/announcements/" target="_self">Listed Company Announcements</a></li> <li style="display:none" class="third-menu-tab"><a tie="12197,12200,12273" colid="12273" class="third-title" href="/markets/equities/data/" target="_self">List</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12200,12273,12274" colid="12274" class="fourth-title" href="/markets/equities/list/overview/" target="_self">Overview</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12200,12273,12275" colid="12275" class="fourth-title" href="/markets/equities/list/quotation/" target="_self">Quotation</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12200,12273,12276" colid="12276" class="fourth-title" href="/markets/equities/list/announcements/" target="_self">Announcements</a></li> </ul></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12197,12205" colid="12205" class="second-title" href="/markets/bonds/overview/" target="_self">Bonds<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12197,12205,12277" colid="12277" class="third-title" href="/markets/bonds/overview/" target="_self">Overview</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12205,12277,12278" colid="12278" class="fourth-title" href="/markets/bonds/overview/Introduction/" target="_self">Introduction</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12205,12277,12378" colid="12378" class="fourth-title" href="/markets/bonds/overview/timeline/" target="_self">timeline</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12205,12277,12379" colid="12379" class="fourth-title" href="/markets/bonds/overview/investors/" target="_self">investors</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12205,12277,12380" colid="12380" class="fourth-title" href="/markets/bonds/overview/process/" target="_self">process</a></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12205,12279" colid="12279" class="third-title" href="/markets/bonds/bondslist/" target="_self">Bond List</a></li> <li class="third-menu-tab"><a tie="12197,12205,12280" colid="12280" class="third-title" href="/markets/bonds/bondbuybacklist/" target="_self">Bond Repo List</a></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12197,12206" colid="12206" class="second-title" href="/markets/funds/overview/" target="_self">Funds<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12197,12206,12281" colid="12281" class="third-title" href="/markets/funds/overview/" target="_self">Overview</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12206,12281,12283" colid="12283" class="fourth-title" href="/markets/funds/overview/introduction/" target="_self">introduction</a></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12206,12282" colid="12282" class="third-title" href="/markets/funds/fundlist/" target="_self">Fund List</a></li> <li class="third-menu-tab"><a tie="12197,12206,13272" colid="13272" class="third-title" href="/markets/funds/reits/intro/" target="_self">Publicly Offered Infrastructure REITs</a></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12197,12207" colid="12207" class="second-title" href="/markets/derivatives/overview/50etf/" target="_self">Derivatives<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12197,12207,12284" colid="12284" class="third-title" href="/markets/derivatives/overview/50etf/" target="_self">Overview</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12207,12284,14799" colid="14799" class="fourth-title" href="/markets/derivatives/overview/50etf/" target="_self">SSE 50ETF Options</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12207,12284,14800" colid="14800" class="fourth-title" href="/markets/derivatives/overview/300etf/" target="_self">CSI 300ETF Options</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12207,12284,14801" colid="14801" class="fourth-title" href="/markets/derivatives/overview/500etf/" target="_self">CSI 500ETF Options</a></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12207,12287" colid="12287" class="third-title" href="/markets/derivatives/statistic/day/" target="_self">Statistics</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12207,12287,12288" colid="12288" class="fourth-title" href="/markets/derivatives/statistic/day/" target="_self">Day</a></li> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12207,12287,12289" colid="12289" class="fourth-title" href="/markets/derivatives/statistic/month/" target="_self">Month</a></li> </ul></li> <li class="third-menu-tab"><a tie="12197,12207,12290" colid="12290" class="third-title" href="/markets/derivatives/quotation/" target="_self">Quotation</a></li> </ul></li> <li class="second-menu-tab"><a tie="12197,12208" colid="12208" class="second-title" href="/markets/greensecurities/" target="_self">Green Securities</a> <ul class="third-menu third-menu-area" style="display: none;"> <li style="display:none" class="third-menu-tab"><a tie="12197,12208,12291" colid="12291" class="third-title" href="/markets/greensecurities/info/" target="_self">info</a></li> </ul></li> <li class="second-menu-tab" ishover="true"><a tie="12197,12209" colid="12209" class="second-title" href="/markets/dataservice/products/" target="_self">Data Services<i class="fe fe-chevron-right"></i></a> <ul class="third-menu third-menu-area" style="display: none;"> <li class="third-menu-tab"><a tie="12197,12209,12210" colid="12210" class="third-title" href="/markets/dataservice/products/" target="_self">Market Data Products</a> <ul class="fourth-menu fourth-menu-area" style="display: none;"> <li style="display:none" class="fourth-menu-tab"><a tie="12197,12209,12210,12292" colid="12292" class="fourth-title" href="/markets/dataservice/products/products/" target="_self">products</a> <ul class="fifth-menu fifth-menu-area" style="display: none;"> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12209,12210,12292,12293" colid="12293" class="fifth-title" href="/markets/dataservice/products/products/infomation/" target="_self">infomation</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12209,12210,12292,12294" colid="12294" class="fifth-title" href="/markets/dataservice/products/products/significance/" target="_self">significance</a></li> <li style="display:none" class="fifth-menu-tab"><a tie="12197,12209,12210,12292,12295" colid="12295" class="fifth-title" 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Options Contract Specification</h1> </div> <div class="lev1_paddingblock_noborder "> <div class="table-responsive table_normal_topic1 td_left td_small"> <table class="table"> <tbody> <tr> <th>Underlying</th> <td>SSE 50 Exchange Traded Open-End Index Securities Investment Fund (50 ETF)</td> </tr> <tr> <th>Contract Type</th> <td>Call options and put options</td> </tr> <tr> <th>Contract Size</th> <td>10,000</td> </tr> <tr> <th>Expiration Months</th> <td>Current month, next month and the following two consecutive quarters</td> </tr> <tr> <th>Strike Price</th> <td>9 prices (1 at-the-money, 4 out-of-the-money and 4 in-the-money)</td> </tr> <tr> <th>Strike Price Interval</th> <td>RMB 0.05 for price below RMB 3 (inclusive),<br class="visible-xs"> RMB 0.1 for price between RMB 3 and 5 (inclusive),<br class="visible-xs"> RMB 0.25 for price between RMB 5 and 10 (inclusive), <br class="visible-xs"> RMB 0.5 for price between RMB 10 and 20 (inclusive),<br class="visible-xs"> RMB 1 for price between RMB 20 and 50 (inclusive), <br class="visible-xs"> RMB 2.5 for price between RMB 50 and 100 (inclusive), <br class="visible-xs"> RMB 5 for price above RMB 100</td> </tr> <tr> <th>Exercise Style</th> <td>Exercised at the expiration date (European style)</td> </tr> <tr> <th>Contract Delivery</th> <td>Physical delivery (unless otherwise specified in rules)</td> </tr> <tr> <th>Expiration Date</th> <td>The fourth Wednesday of each expiration month <br class="visible-xs"> (if the expiration date falls on a holiday, it will be put off correspondingly)</td> </tr> <tr> <th>Exercise Date</th> <td>Same as the expiration date. Exercise orders are accepted<br class="visible-xs"> between 9:15-9:25, 9:30-11:30, 13:00-15:30</td> </tr> <tr> <th>Delivery Date</th> <td>The day after the exercise date</td> </tr> <tr> <th rowspan="2">Trading Hours</th> <td>AM 9:15-9:25, 9:30-11:30 (the period between 9:15-9:25 is for opening auction)</td> </tr> <tr> <td>PM 13:00-15:00 (the period between 14:57-15:00 is for closing auction)</td> </tr> <tr> <th>Order Types</th> <td>Limit order, market order immediate to limit, market order immediate or cancel,<br class="visible-xs"> kill or fill limit order, kill or fill market order and other types of orders<br class="visible-xs"> as specified by the SSE</td> </tr> <tr> <th>Long/Short Types</th> <td>Long Open, Short Open, Long Close, Short Close, Open Covered Call,<br class="visible-xs"> Close Covered Call and other types as specified by the SSE</td> </tr> <tr> <th>Tick Size</th> <td>RMB 0.0001</td> </tr> <tr> <th>Order Size</th> <td>One or its integral multiples</td> </tr> <tr> <th rowspan="4">Price Limit</th> <td>Price up limit for call option=max {previous close price of underlying×0.5%,<br class="visible-xs"> min [(2×previous close price of underlying - strike price),<br class="visible-xs"> previous close price of underlying]×10%}</td> </tr> <tr> <td>Price down limit for call option=previous close price of underlying×10%</td> </tr> <tr> <td>Price up limit for put option=max {strike price×0.5%,<br class="visible-xs"> Min [(2×strike price – previous closing price of underlying),<br class="visible-xs"> previous close price of underlying]×10%}</td> </tr> <tr> <td>Price down limit for put option=previous close price of underlying×10%</td> </tr> <tr> <th>Circuit Breaker</th> <td>During the continuous trading session period, if the percentage change of<br class="visible-xs"> option price reaches or exceeds 50% of the latest reference price and the absolute<br class="visible-xs"> value of price change reaches or exceeds 5 ticks, the option trading will enter<br class="visible-xs"> a 3-minute call auction period</td> </tr> <tr> <th rowspan="2">Minimum Initial Margin</th> <td>Initial margin for short call= [previous settlement price + Max<br class="visible-xs"> (12%×previous closing price of underlying – max (strike price – previous closing price of underlying, 0), <br class="visible-xs"> 7%×previous close price of underlying)]×contract size</td> </tr> <tr> <td>Initial margin for short put=Min [previous settlement price +Max<br class="visible-xs"> (12%×previous closing price of underlying – Max<br class="visible-xs"> (previous close price of underlying–strike price, 0),<br class="visible-xs"> 7%×strike price), strike price]×contract size</td> </tr> <tr> <th rowspan="2">Minimum Maintenance Margin</th> <td>Maintenance margin for short call=[settlement price +Max<br class="visible-xs"> (12%×closing price of underlying – max(strike price– previous close price of underlying, 0),<br class="visible-xs"> 7%×close price of underlying)]×contract size</td> </tr> <tr> <td>Maintenance margin for short put=Min [settlement price +Max<br class="visible-xs"> (12%×close price of underlying – max (previous close price of underlying–strike price, 0),<br class="visible-xs"> 7%×strike price), strike price]×contract size</td> </tr> </tbody> </table> </div>  <div class="ta-c" style="display:none;"> <div class="pagination hidden-mobile"> </div>  <div class="hidden-pc mobile-page"> <button type="button" class="btn btn-default navbar-btn">上一页</button> <button type="button" class="btn btn-default navbar-btn next-page">下一页</button> </div>  </div>  </div> </div> </div> </div> </div> </main>  <footer> <div class="container"> <div class="link_block"> <img src="/xhtml/images/ft_logo.png" style="float: left;"> <a href="/home/trademark/">TRADEMARK</a> <a href="/home/feedback/">FEEDBACK</a> <a href="/home/disclaimer/">DISCLAIMER</a> <a href="/markets/dataservice/list/">OVERSEAS VENDORS</a> </div> <p>Support <img src="/xhtml/images/IPV6.png" style="margin-bottom:2px;"> ©2019 SHANGHAI STOCK EXCHANGE. 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