The China Securities Regulatory Commission (CSRC) has approved the registration of Coke Options on Dalian Commodity Exchange (hereinafter referred to as “DCE”). The relevant matters on listing and trading are hereby notified as follows:
I. Listing and Trading Time
Coke Options will be listed for trading from September 2, 2026 (Wednesday). On the listing day, the call auction will be conducted from 8:55 to 9:00 am, with trading commencing at 9:00 am. The night trading session for Coke Options will begin on the night of September 2, 2026 (Wednesday).
II. Contracts Listed for Trading
The first batch of Coke Options contracts to be listed includes options with J2611, J2612, J2701, J2702, J2703, J2704, J2705, J2706, J2707, J2708 futures contracts as their underlying assets.
III. Listing Prices
The listing prices of the Coke Options contracts shall be calculated based on the BAW American options pricing model. The interest rate in the model shall be the latest one-year benchmark interest rate for time deposits, and the volatility shall be the historical volatility of the underlying futures contracts. The listing prices will be released together with settlement data through the Member Service System after settlement on the trading day preceding the listing date, and will also be available on the DCE website (www.dce.com.cn).
IV. Trading Orders
Limit order and stop-limit order will be offered. The maximum quantity of orders placed each time of the options contract is 500 lots, which is the same as that of the underlying futures contract.
V. Exercise and Fulfillment
During trading hours on each trading day and from 15:00 to 15:30 on the expiration date, clients may submit applications for exercise, hedging liquidation of the two-way options positions, hedging liquidation of the two-way futures positions following exercise or fulfillment. During the trading hours and from 15:00 to 15:30 on the expiration day, clients may submit applications for abandonment of exercise.
VI. Position Limit
The position limit for Coke Options is 5,000 lots. Position limits for Coke Options and Coke Futures are applied separately. With respect to the options contracts of a particular month held by the Non-Futures Company Member and the client, neither the sum of the buying open interest of all call options and the sell open interest of all put options, nor the sum of buying open intrest of all put options and the selling open interest of all call options shall exceed the position limit of the corresponding options contracts. Positions of accounts under actual control relationships shall be calculated on a consolidated basis.
VII. Portfolio Strategy Margin
Starting from settlement on September 2, 2026, J2611 and J2701 options contracts shall be eligible for portfolio strategy margins.
VIII. Relevant Fees
The trading commission of Coke Options is CNY 0.5 per lot. The exercise (fulfillment) commission for Coke Options is the same as the option trading commission, i.e., CNY 0.5 per lot. The hedging trading commission for Coke Options is CNY 0.25 per lot.
Coke Options are subject to order fees, which are charged on a daily basis. The charging standards are as follows:
|
Charging Rate: CNY /count OTR：order-to-trade ratio |
|||||
|
Options |
Message Amount ≤ 4,000 |
4,000 < Message Amount ≤ 8,000; OTR ≤ 2 |
4,000 < Message Amount ≤ 8,000; OTR > 2 |
Message Amount > 8,000; OTR ≤ 2 |
Message Amount > 8,000; OTR > 2 |
|
Coke Options |
0 |
0 |
1 |
2 |
5 |
Notes:
1. The order fees are calculated on the basis of underlying futures contracts.
2. Contract order fee = ∑ (each message amount of underlying futures contracts by clients of Non-Futures Company Members on the then-current day × each charging rate).
3. Message amount = number of order placements + number of order cancellations; Order-to-Trade Ratio (OTR) = message amount / number of executed orders − 1.
4. Market makers are exempted from charges of order fee for market-making trading.
5. For the same client who opens multiple trading codes with different Futures Company Members, or for clients and Non-Futures Company Members under actual control relationships, DCE will calculate their number of order placements, number of order cancellations, and number of executed orders on a consolidated basis.
IX. Market Maker Mechanism and Quotation Inquiry
The market maker mechanism is implemented in the trading of Coke Options. Non-Futures Company Members or clients may submit a quotation inquiry to the market makers on non-continuous-quotation contracts. The continuous-quotation contracts will be released on DCE’s websites. The quotation inquiry shall specify the contract symbol of the options. The interval between two quotation inquiries on the same options contact should not be less than 60 seconds. The maximum number of quotation inquiries on each options product under the same trading code is 200 per day.
All entities concerned are required to effectively make preparations for the listing and trading of Coke Options, and improve risk management measures to ensure the stable operation of the market.
