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FOF products Product of long equity Quantitative derivatives
Development course of options market
Options refer to a kind of contract which endows the holder a right to purchase or sell an asset at a fixed price
on a particular date or any time before that date
2015
50ETF options
Officially listed in Shanghai Stock Exchange on February 9, 2015, with a daily trade quantity of about 6 million.

2017
Options of white sugar and bean pulp
The first batch of commodity options in China (American commodity options)

2018
Copper options
listed on September 21, 2018 (European commodity options)

2019
Commodity options
Rubber, corn and cotton options were listed in January 2019; iron ore, PTA, methyl alcohol and gold options were listed in December 2019.

300ETF/stock index options
300 Shanghai and Shenzhen stock index options in CFFEX and 300 ETF options were listed on December 23, 2019.
2020
Commodity options
Rapeseed, natural gas, steam coal, polyethylene, polypropylene, polyvinyl chloride, liquefied petroleum gas, aluminum, zinc and other options were listed.

2021
Commodity options
Palm oil option, the first international option, and crude oil option, the first batch of options open to the outside, were respectively listed in June 2021.

Logic of sub-strategy and source of income
  • Volatility surface trading
  • Strategy for single-variety trading
  • Strategy for multiple-variety trading
  • Single-month strategy
  • Multi-month strategy
  • Trans-variety trading of options With regard to volatility surface
  • Market timing strategy for volatility
  • Normal market (par means position held by seller, and the buyer being out of the money)
  • Volatility change (Vega)
  • Time value
  • Change by large margin (Holding the position by the buyer turns into par)
  • Volatility change (Vega)
  • Market change
  • Gamma
  • Delta
  • Volatility skewness
  • Change in volatility difference
  • Vega
  • Volatility surface With regard to volatility surface
  • Change in volatility difference
  • Vega
  • Multi-period volatility change
  • Vega
  • Multi-period price change
  • Price difference
  • Volatility difference
  • Vega
  • Price change
  • Price difference
Zenith&Xenium
  • Volatility surface trading
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Strategy for single-variety trading
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Strategy for multiple-variety trading
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Single-month strategy
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Multi-month strategy
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Trans-variety trading of options With regard to volatility surface
    if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Market timing strategy for volatility
    On account of the change to volatility itself, for example, buy volatility when rising and sell it when declining, so as to earn profit from volatility fluctuation
  • Normal market (par means position held by seller, and the buyer being out of the money)
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Volatility change (Vega)
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Time value
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Change by large margin (Holding the position by the buyer turns into par)
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Volatility change (Vega)
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Market change
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Gamma
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Delta
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Volatility skewness
    On account of the volatility difference between Skew and par, conduct trading on difference in option price so as to earn profits from the change in volatility skewness.
  • Change in volatility difference
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Vega
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Volatility surface With regard to volatility surface
    if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Change in volatility difference
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Vega
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Multi-period volatility change
    On account of the change in near-month and far-month volatility, sell (buy) near-month volatility, and buy (sell) far-month volatility. Earn profits from change in trans-month volatility
  • Vega
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Multi-period price change
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Price difference
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Volatility difference
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Vega
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
  • Price change
    Conduct trading by utilizing the change in the price relation of the same object but between different varieties.
  • Price difference
    With regard to volatility surface, if selling volatility overestimates the contract, and buying volatility underestimates the contract, wait for the restoration of volatility surface
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