The Impact Of The Introduction Of Stock Index Options On The Systemic Risk Of The Securities Market

With the rapid development of Chinese economy, China’s securities market has met unprecedented opportunities. Compared with stocks, bond market,whichare relatively mature, there is a huge developmentspace for China’s derivatives market.China Financial Futures Exchange launched the CSI 300 stock index futures in 2010,which is a major landmark event in China’s securities market. According to the development experience in Asia, Europe and United State securities market, stock index options will be introduced in 1-7 years after the launch of stock index futures..At present, on the problems about the impact by the introduction of stock index options on the stock market, scholars focus more on the volatility, liquidity, price discovery efficiency and other issues, and many choose Korea for the study. As another important measure of the stock market- systemic risk, is relatively few,researches on Hong Kong stock marketare even more rare.In response to these problems, we put stock market systemic risk as the research object,used event analysis methodby setting different time windows to study the changes of systemic risk in the stock market before and after the introduction of stock index options. We chose 30 stocksas representative samples of Hong Kong stock market, and selected trading data of 3 months before the introduction of stock index options to 18 months after the launch of stock index options as samples to be analysed.The results show that the impact of the introduction of stock index options on the systemic risk of Hong Kong stock market is as follows:1.In the short term, after the introduction of stock index options, the stock market short-term systemic risk increased significantly,and theinfluence market systemic risk put on stock risk increased significantly;2. From the view of mid-term, after the introduction of stock index options, the stock market systemic risk didn’t increase significantly, and theinfluence market systemic risk laid on stock risk didn’t increase significantly;3.In the long run, after the introduction of stock index options, the stock market systemic risk increased significantly, and theinfluence market systemic risk put on stock risk didn’t increase significantly.