Securities derivative products can be divided into two types: contract type and securities type
Contractual securities derivatives
Contractual securities derivatives are based on stocks, bonds and other capital securities or the overall value measurement standards of capital securities such as stock indexes. They mainly include various futures and options, such as stock index futures, stock index options, government bond futures, stock options, etc. . Its characteristics are in three aspects:
1、Contract derivatives exist in the form of standardized and standardized contracts designed by securities trading venues, rather than in the form of securities.
2、Contractual derivatives do not have the financing function, and mainly exist as a risk management tool.3、There is no issuer for contract derivatives, and the trading method is futures trading, and trading risk control measures such as margin, position restriction, and mark-to-market are implemented.
Securities derivatives are the combination of basic securities such as stocks and a rights contract, and the rights in it are expressed in the form of securities, forming a new type of securities. Representative derivatives of securities securities, including warrants and convertible companies, such as warrants.
Warrants, as stock-based derivative securities, are a combination of stocks and option contracts. The subject of the contract is the issuer of the warrant and the warrant holder. The content of the contract is that the warrant holder has the right to choose whether to agree Time and at the agreed price to buy or sell stocks from the warrant issuer. Different from the general contractual derivative products, the contract in the warrant does not exist in the form of a standardized and standardized contract, but in the form of securities. The content of the contract has been securitized as the basic element of the warrant . From a legal point of view, as a derivative of securities securities, warrants have the basic characteristics of securities and are therefore different from general contract securities derivatives.
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