Introduction to option: (1) Option is a negotiable security, which allows the holder to buy or sell an agreed number of underlying assets at an agreed price and at an agreed time. (2) According to different standards, options have different classification methods: according to the content of power, they can be divided into call options and put options; According to the execution time, it can be divided into European options, American options and Bermuda options. (3) Although there is no floor option market in China, options are not unfamiliar, and many things in life are closely related to options. (4) The leverage, limited loss, risk transfer and other functions of options make them a sharp weapon for investors to invest, arbitrage, risk management and even speculation. (5) Warrants and options are similar, with obvious differences in issuer, standardization and pricing efficiency, and options are more flexible to use.

Overview of global derivatives development: (1) Global options futures derivatives are developing rapidly. In 20 12 years, the total trading volume of option futures was1900 million, including 9.9 billion options and 9 10/000 million futures. Since 1995, the average annual growth rate of options and futures is 19 respectively. Among them, option trading is mainly equity, and futures trading is mainly non-equity (2) Among stock options, individual stocks and ETF options are mainly concentrated in the United States, and KOSPI200 stock index options trading in South Korea is extremely active, making it the most active stock index options market in the world.

Analysis of three derivatives markets: (1) The United States is the most mature market for derivatives, with diversified product structure and a complete system together with the spot market. With a long history, wide coverage, high degree of electronicization and perfect supervision system, the United States has become the largest stock option trading center in the world, with the largest trading volume in the world, accounting for about 80%. (2) South Korea's stock index option market is extremely developed, and the trading volume once exceeded 1/3 of the global derivatives trading volume. The special commission mode, low threshold, convenient trading system and extensive publicity of the exchange are the reasons for the active trading of KOSPI200 stock index options. (3) Hong Kong is a more active market for warrants than options. On the one hand, derivative warrants are rich in variety and convenient to trade; On the other hand, Hong Kong derivative warrants have been developed for many years, which are familiar to investors and very liquid. Market makers are the most important participants in Hong Kong's options market, which leads to the phenomenon that more than half of options transactions are for hedging. In addition to market makers, local institutions and individuals in Hong Kong and overseas institutions contributed another 50% of the trading volume.