Exchange Of Stock Options, Risk Control Systems Research

December 19, 1990 since the founding of the Shanghai Stock Exchange, China's securities market has gone through nearly 19 years. At present, China's stock market is at a crucial period of the reform, once the long-standing problem of non-tradable share problem is resolved step by step. Our country in July 2005 launched a vigorous stock market, the share reform, this will hinder the market system solve the problem, and then the development of China's stock market has entered a fast track.However experienced the great bear market in 2008, making serious national financial assets shrinks, in this situation, the demand for derivatives has been greatly stimulated. The stock index future because of the high starting point is not good choice for small and medium-sized investment that consist the most of our market; the stock options are the most suitable choice of our country. Low starting point, better risk control, suitable for small and medium investors to operate, once the launch of our country, it will not only be able to put an end to one-side stock market's history, but also be able to allow a risk-averse investors.In this case, our country's financial derivative products, research and development must be accelerated, as soon as possible to meet China's demand for derivatives. After the release of stock option which can also add to the global financial derivatives market to competition. This article is written to make preparations for exchange-traded options, specifically discuss the risk control system about the stock options.In this paper, a combination of theory and empirical methods, first of all, the entire financial derivatives that may be encountered in the introduction of the risk are outlined, and then under other sophisticated financial market risk control system, one of the best lessons, and improve our country fit into specific risk control system conditions. Secondly, our country is currently in the split share structure reform, the case that brought about the unique risks of the unique, I will also be the specific and use the corresponding risk control system to cope with. The impact of fluctuations in the rate of main factors: the entity of China's economic growth, foreign exchange management system reform, the size difference between the market value of stocks worldwide, as well as the impact of big bull market, as well as the impact of the current ban, one of China's real economic growth, foreign exchange change management system, the size difference between the market value of stocks worldwide, as well as the impact of big bull market, I put them attributable to market performance, that is, on index cards, I think the impact of these macroeconomic factors will come out on index cards, and the lifting of the ban the impact of the lifting of the ban because of each stock at different times, the market cannot form a cohesive force, which can only sporadic fluctuations in the rate on stock.On this basis, our first change and stock market volatility changes made correlation analysis, results showed that a strong correlation between the two to illustrate the changes in stock volatility has a significant reason is that the result of market fluctuations, but also macroeconomic factors is the composition of a large proportion. So that we lift the ban for a separate case study on the impact of volatility, it is necessary to the use of covariance models, excluding the impact of the market, the single case study the lifting of the ban on the impact of changes in volatility. The results are as follows:Full circulation in our country shares a gradual process. In general, the lifting of the ban in this case on the impact of volatility is limited. Changes in volatility are mainly affected by other external factors. However, in some cases, the ratio of the lifting of the ban will be fluctuations. Therefore the model results are probably right in most situations, for the majority of the stock is affected by fluctuations in the rate of impact is relatively large.Therefore the removing of the ban will have a significant change in volatility. Assuming that the SSE just at this time introduced the CITIC options, then the option fee will be high because of the high volatility, after that options fees would then fall. This risk need to be given careful consideration. Use the circuit breaker system to avoid this risk is the most effective.