South Korea: contract design appropriate market vanity trove structure and a clear division
First, the contract design to local conditions, to attract a large number of participants to invest. Korea Exchange (KRX) KOSPI 200 index options for investors vanity trove to set up a low investment threshold. Assuming the option premium 1:00, the multiplier for 100,000 won, then the option price was 100,000 won, equivalent to 580 yuan, even if the contract multiplier raised to 500,000 won, it is only 2900 yuan. And low transaction vanity trove costs, competition for new customers between broker fierce competition, making the commission has remained at a low level. Lower investment threshold and transaction costs can make a large number of individual investors to enter the market and become one of the major forces involved in the market.
Third, individual investors to participate in a high proportion of clear division vanity trove of labor. KOSPI 200 index options is inseparable from the rapid growth of the enthusiastic participation of individual investors, the initial vanity trove listing of individual investors trading volume vanity trove has accounted for 70% of the total market trading volume, then gradually participating institutions, this proportion declined. From 2007 to 2011, the proportion of individual investors trading accounts for the total market trading volume remained above 30%, it can be said individual investors have dominated the KOSPI 200 index options development has laid a good foundation for the prosperity and development of the options market . Enthusiasm of individual investors make KOSPI 200 index options in 2000 for the first time among the world's top five, followed by more consecutive years occupied the first position. While individual investors to trade after 2011 accounted for more than gradually reduced, but compared to other markets, Korean individual investors in the options market participation rate is still high.
Options can be traded varieties HKEx mainly stock options and stock index options, index options varieties Hang Seng Index options, small Hang Seng Index options, H-shares Index Options and customize the terms of the Hang Seng Index Options and undefined terms of the H-share index option. As a representative of the index, the Hang Seng Index has enjoyed a high reputation in the international arena. Hong Kong shares underlying stock options specified by the Stock Exchange. When first introduced in September 1995 stock options, only five stocks. Currently there are more than 60, including blue chips, H shares, red chips and index funds. Hong Kong is also the development of the domestic derivatives market more mature regions.
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