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Core Viewpoint - The introduction of coking coal options is a significant development in the derivatives market, complementing the existing coking coal futures and enhancing trading strategies for market participants [2][3]. Group 1: Coking Coal Options Overview - Coking coal options were introduced as a derivative product to provide a more flexible trading tool alongside coking coal futures, which have been operating steadily since their launch in 2013 [2]. - The underlying asset for coking coal options is the coking coal futures contract listed on the Dalian Commodity Exchange (DCE) [12]. Group 2: Option Basics - An option is an agreement between two parties that grants the buyer the right to buy or sell a specific asset at a predetermined price within a specified time frame [4]. - The premium for an option is the fee paid by the buyer to the seller for the rights conferred by the option contract [6]. - There are two types of options: call options (which give the right to buy) and put options (which give the right to sell) [7]. Group 3: Pricing Factors - Option prices are influenced by several factors, including the underlying asset price, volatility, time to expiration, strike price, and interest rates [9][10]. - As the underlying asset price increases, call option prices rise while put option prices decrease, and vice versa [9]. Group 4: Contract Specifications - Each coking coal options contract corresponds to one futures contract, with a trading unit of 1 lot equating to 60 tons of coking coal [13]. - The pricing unit for coking coal options is consistent with that of the underlying futures, quoted in yuan per ton [15]. Group 5: Trading and Exercise Rules - Coking coal options are American-style options, allowing buyers to exercise their rights on any trading day before expiration [19]. - The last trading day for coking coal options is the 12th trading day before the delivery month of the underlying futures contract [26]. - Coking coal options have daily price limits similar to those of the underlying futures, ensuring controlled volatility [28]. Group 6: Participant Requirements - Participants in coking coal options trading must meet certain suitability criteria, including knowledge, available funds, and trading experience [33]. - Domestic clients with trading permissions for options can directly participate, while foreign clients are currently not allowed to trade [34].