期權合約（ option contracts）
title rights (option contracts)
期權合約的產生：1973年芝加哥期權交易所（CBOE）推出股票看漲期權。
Generation of title: 1973: (> launched 期權合約是期貨合約的一個發展，它與期貨合約的區別在於期權合約的買方有權利而沒有義務一定要履行合約。
The agreement is a development of the futures contract of , which is not subject to the obligation to comply with the agreement between the buyer of the futures agreement. 期權合約是指由交易所統一制定的、規定買方有權在合約規定的有效期限內以事先規定的價格買進或賣出相關期貨合約的標準化合約。所謂標準化合約就是說，除了期權的價格是在市場上公開競價形成的，合約的其他條款都是事先規定好的，具有普遍性和統一性。
A contract of rights is a standard contract established by an exchange that provides that the buyer has the right to purchase or sell the goods at a pre-defined price within the period of validity set by the contract. The so-called contract of limitation is that, except for the price of the term on the market , other terms of the contract are pre-defined, universal and uniform. 期權合約的內容包括：合約名稱、交易單位、報價單位、最小變動價位、每日價格最大波動限制、執行價格、執行價格間距、合約月份、交易時間、最後交易日、合約到期日、交易手續費、交易代碼、上市交易所。
The terms of reference include the following: name of the contract, transaction unit, price unit, , maximum wave limit for daily prices The title agreement has three main elements: , run prices and maturity dates. 交易單位：是指每手期權合約所代表標的的數量。
transaction units: refers to the number of markers represented by each licence contract. 最小變動價位：是指買賣雙方在出價時，權利金價格變動的最低單位。
Minimum change price: means the lowest change in the value of the right price between the seller and the buyer at the time of the bid. 每日價格最大波動限制：是指期權合約在一個交易日中的權利金波動價格不得高於或低於規定的漲跌幅度，超出該漲跌幅度的報價視為無效。
The maximum daily price movement limit: means that the entitlement contract must not be higher or lower than the prescribed increase or decline in the value of the right during a trading day, and that the price beyond that increase shall be considered invalid. 執行價格：是指期權的買方行使權利時事先規定的買賣價格。這一價格一經確定，則在期權有效期內，無論期權之標的物的市場價格上漲或下跌到什麼水平，只要期權買方要求執行該期權，期權賣方都必須以此執行價格履行其必須履行的義務。
Executing Price: means the pre-defined purchase price for the exercise of rights by the buyer of the right. Once the price is determined, and within the validity of the right, must be increased or reduced to the level required by the buyer to enforce the right. 執行價格間距：是指相臨兩個執行價格之間的差，併在期權合約中載明。在鄭商所設計中的硬冬白麥期權合約中規定，在交易開始時，將以執行價格間距規定標準的整倍數列出以下執行價格：最接近相關硬冬白麥期貨合約前一天結算價的執行價格（位於兩個執行價格之間的，取其中較大的一個），以及高於此執行價格的3個連續的執行價格和低於此執行價格的3個連續的執行價格。
Executing price spacing: refers to the difference between the two executing prices, which is shown in the terms of the terms of the contract. At the beginning of the transaction, the following numbers of prices will be listed in the full number of terms between the executing price and the established standard: the price of the transaction that is closest to the price that was calculated before the date of the contract for hard-winting bells (one of the larger), and the three consecutive prices that are higher than the price of the transaction and lower than the price of the transaction. 合約月份：是指期權合約的交易月份。與期貨合約不同，為了減少期權執行對標的期貨交易的影響，期權合約的到期日一般提前至其合約月份前的一個月內。
: refers to the month of the transaction. Unlike the month of the contract, in order to reduce 最後交易日：是指某一期權合約能夠進行交易的最後一日。
: means the last day on which a given title contract is able to conduct a transaction. 到期日：是指期權買方能夠行使權利的最後一日。
: means the last day on which the right buyer can exercise its rights. 權利金：權利金（premium）又稱期權費、期權金，是期權的價格。權利金是期權合約中唯一的變數，是由買賣雙方在國際期權市場公開競價形成的，是期權的買方為獲取期權合約所賦予的權利而必須支付給賣方的費用。對於期權的買方來說，權利金是其損失的最高限度。對於期權買方來說，賣出期權即可得到一筆權利金收入，而不用立即交割。
Right money: title money: 執行價格：執行價格是指期權的買方行使權利時事先規定的買賣價格。執行價格確定後，在期權合約規定的期限內，無論價格怎樣波動，只要期權的買方要求執行該期權，期權的賣方就必須以此價格履行義務。如：期權買方買入了看漲期權，在期權合約的有效期內，若價格上漲，並且高於執行價格，則期權買方就有權以較低的執行價格買入期權合約規定數量的特定商品。而期權賣方也必須無條件的以較低的執行價格履行賣出義務。
Executing price: Executing price refers to a pre-defined purchase price for the exercise of rights by the owner of the right. After the price has been determined, the seller of the right has had to pay for for the duration of the contract, if the buyer buys 外匯期權來說，執行價格就是外匯期權的買方行使權利時事先規定的匯率。
For , the executing price is transfer rate. 合約到期日：合約到期日是指期權合約必須履行的最後日期。歐式期權規定只有在合約到期日方可執行期權。美式期權規定在合約到期日之前的任何一個交易日（含合約到期日）均可執行期權。同一品種的期權合約的在有效期時間長短上不盡相同，按周、季度、年以及連續月等不同時間期限劃分。
The date of expiry of the contract : The date of expiry of the contract is the last date on which the contract must be fulfilled. is the last date on which the contract must be fulfilled. is the date of expiry of any transaction date on which the contract expires. 期權的履約有以下三種情況
There are three ways in which the mandate will be fulfilled. 1 、買賣雙方都可以通過對沖的方式實施履約。
1 Both sides of the deal can fulfil their obligations in the form of a troupe. 2 、買方也可以將期權轉換為期貨合約的方式履約（在期權合約規定的敲定價格水平獲得一個相應的期貨部位）。
2. Buyers can also fulfil their obligations by converting their options into futures contracts (get a corresponding futures component at the final price level set out in the futures agreement). 3 、任何期權到期不用，自動失效。如果期權是虛值，期權買方就不會行使期權，直到到期任期權失效。這樣，期權買方最多損失所交的權利金。
3. If the right is false, the buyer will not exercise the right until the term expires. Thus, the buyer will lose the maximum amount of the right.
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