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A popular, fast-paced trade has boosted the options market to record volumes in recent years. Now, Wall Street is looking to push it even further.
近年来，受欢迎、快节奏的交易已将期权市场推升至创纪录的交易量。现在，华尔街正寻求进一步推动这一趋势。
Zero-day-to-expiry options let investors bet on whether a particular stock-market index will rise or fall by the end of the day. They have drawn an enthusiastic following among amateur investors, even as skeptics call them a form of gambling. They are sometimes known by the hashtag #0dte.
零日到期期权让投资者可以押注特定股票市场指数在当天结束时会上涨还是下跌。它们在业余投资者中吸引了一批热情的追随者，尽管怀疑论者称它们是一种赌博形式。他们有时以标签 #0dte 为人所知。
So far, the #0dte boom has been limited to options tied to indexes such as the S&P 500 or Nasdaq-100. The next frontier could be options on stocks such as Tesla TSLA 2.63%increase; green up pointing triangle or Nvidia NVDA 3.54%increase; green up pointing triangle.
到目前为止，#0dte 的繁荣仅限于与标准普尔 500 指数或纳斯达克 100 指数等指数相关的期权。下一个前沿可能是特斯拉等股票的期权TSLA上涨2.63% ；绿色向上的三角形或Nvidia NVDA上涨3.54% ；绿色向上的三角形。
Currently, options tied to individual stocks expire weekly, on Fridays. To bring #0dte to single-stock options, exchanges would need to add new expirations for Monday through Thursday.
目前，与个股相关的期权每周（周五）到期。为了将#0dte引入单一股票期权，交易所需要在周一至周四添加新的到期日。
Michael McCaskill, a 48-year-old day trader and volleyball-programs coordinator in Louisville, Ky., trades short-dated options in hopes of hitting the jackpot. He’s intrigued by the prospect of more-frequent expirations on single-stock options.
迈克尔·麦卡斯基尔 (Michael McCaskill) 是肯塔基州路易斯维尔市的一名 48 岁日内交易员兼排球项目协调员，他通过交易短期期权希望能中大奖。他对单一股票期权更频繁到期的前景很感兴趣。
“The percentage gains are incredible,” said McCaskill, who has previously made profitable bets on GameStop, Netflix and PayPal. “It’s the short-dated options that give you that, whether it’s weekly or daily.”
“百分比增长令人难以置信，”麦卡斯基尔说，他此前曾在GameStop 、 Netflix和PayPal上进行过盈利押注。 “短期期权可以让你做到这一点，无论是每周还是每天。”
Financial-industry executives hope that rolling out daily expirations on single-stock options can unleash a trading bonanza. But it would also pose new risks for investors, particularly for options that expire on days when a company reports earnings after 4 p.m. ET. With daily expirations, many more options would expire the same day as large, after-hours price moves. Few companies report earnings on Fridays.
金融行业高管希望，推出单一股票期权每日到期日可以释放交易财富。但这也会给投资者带来新的风险，特别是对于在公司在美国东部时间下午 4 点之后报告收益的日子到期的期权。随着每日到期，随着盘后价格的大幅波动，更多期权将在同一天到期。很少有公司在周五公布收益。
How 0DTE Options Took Over the Market
0DTE 期权如何占领市场
0DTE 期权如何占领市场
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How 0DTE Options Took Over the Market
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交易者们纷纷涌入 0DTE 期权，这是一种廉价、快速但有风险的市场押注方式，如果押注正确，就有可能获得爆炸性回报。 2023 年 10 月，我们解释了它们的上涨及其对股市的影响。照片：罗伯特·马查多
During the past year, brokers, exchanges and electronic-trading firms—including heavyweights such as Charles Schwab and Citadel Securities—have discussed the pros and cons of bringing the #0dte model to options on individual stocks, people familiar with the matter said.
知情人士称，去年，经纪商、交易所和电子交易公司（包括嘉信理财和 Citadel 证券等重量级公司）讨论了将 #0dte 模型引入个股期权的利弊。
In closed-door industry meetings, retail brokerages such as Robinhood Markets, Schwab, Tastytrade and Morgan Stanley’s E*Trade have advocated for a cautious approach, concerned they could face a customer backlash if investors’ options trades blow up, the people said.
知情人士称，在闭门行业会议上， Robinhood Markets 、Schwab、Tastytrade 和摩根士丹利旗下 E*Trade 等零售券商主张采取谨慎态度，担心如果投资者的期权交易爆发，他们可能会面临客户的强烈反对。
Other firms—including Susquehanna International Group, a huge options-market maker, and Nasdaq—have actively promoted bringing daily expirations to single-stock options, the people said. Both market makers and exchanges stand to benefit from the volumes that could come from further growth in the #0dte phenomenon.
知情人士称，其他公司——包括大型期权做市商萨斯奎哈纳国际集团(Susquehanna International Group)和纳斯达克——都在积极推动单一股票期权每日到期。做市商和交易所都将从 #0dte 现象进一步增长带来的交易量中受益。
The earliest that #0dte might come to options on individual stocks is late 2025, the people said. Some proponents of the move have suggested a limited launch, covering options on just a small number of stocks initially, to give investors time to adapt.
知情人士称，#0dte 最早可能会在 2025 年年底出现在个股期权中。此举的一些支持者建议进行有限的推出，最初只涵盖少数股票的期权，以便给投资者时间适应。
Options give investors the right to buy or sell stocks at a specific price—known as the “strike price”—by a stated expiration date. Once seen as a complex tool for sophisticated traders, options have gained broader popularity among individual investors in recent years.
期权赋予投资者在规定的到期日之前以特定价格（称为“执行价格”）买卖股票的权利。期权一度被视为成熟交易者的复杂工具，但近年来却在个人投资者中获得了更广泛的欢迎。
Part of the appeal is that options can be used to amplify bets. For instance, an investor who is bullish on Tesla might buy call options—giving the right to buy Tesla shares—with a strike price of $240, above where the stock is currently trading. Such options are sensitive to moves in Tesla’s share price, and they can generate big profits if Tesla stock climbs.
部分吸引力在于期权可以用来放大赌注。例如，看好特斯拉的投资者可能会购买看涨期权——赋予购买特斯拉股票的权利——执行价格为 240 美元，高于该股目前的交易价格。此类期权对特斯拉股价的走势很敏感，如果特斯拉股价上涨，它们可以产生巨额利润。
The options market has evolved over the years to offer more-frequent expirations, from quarterly to monthly to weekly and now, in some cases, daily. The #0dte boom began in 2022, when Cboe Global Markets, the biggest U.S. options-exchange operator, expanded its suite of S&P 500 options to have expirations five days a week.
期权市场多年来不断发展，提供更频繁的到期日，从季度到每月到每周，现在在某些情况下是每天。 #0dte 繁荣始于 2022 年，当时美国最大的期权交易所运营商Cboe Global Markets扩大了其标准普尔 500 指数期权套件，每周到期五天。
When index options expire, they are settled with cash going in or out of an investor’s brokerage account. In contrast, single-stock options are settled with purchases or sales of shares, creating potential pitfalls for investors.
当指数期权到期时，它们通过进出投资者经纪账户的现金进行结算。相比之下，单一股票期权通过购买或出售股票来结算，这给投资者带来了潜在的陷阱。
In general, single-stock options are exercised automatically if they are “in the money” at 4 p.m. ET—meaning that it would be profitable to buy or sell the stock at the strike price. So if the investor is holding a Nvidia call option with a strike price of $124, allowing him or her to buy 100 shares of Nvidia, and the stock closes above that level, the option is exercised with a purchase at a price of $124. So the next time the investor checks his or her brokerage account, it will have $12,400 less in cash and 100 more shares of Nvidia.
一般而言，如果单一股票期权在美国东部时间下午 4 点处于“价内”状态，则该期权会自动执行，这意味着以执行价买卖股票将有利可图。因此，如果投资者持有执行价格为 124 美元的 Nvidia 看涨期权，允许他或她购买 100 股 Nvidia 股票，并且该股票收盘价高于该水平，则该期权将以 124 美元的价格行使。因此，下次投资者检查他或她的经纪账户时，现金将减少 12,400 美元，而 Nvidia 股票将增加 100 股。
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What is your outlook on the future of zero-day options? Join the conversation below.
您对零日期权的未来有何展望？加入下面的对话。
Normally, that would be a good trade. But if it had happened Aug. 28, when the chip maker released a highly anticipated quarterly earnings report, the investor would have taken a bruising.
通常情况下，这将是一笔不错的交易。但如果这件事发生在 8 月 28 日，当这家芯片制造商发布备受期待的季度收益报告时，投资者可能会受到重创。
That day, Nvidia closed at $125.61. Minutes later, its earnings sent Nvidia shares tumbling in the after-hours market, before they reopened at $121.36 the next morning. In that scenario, buying the stock for $124 would no longer be attractive.
当天，Nvidia 收盘价为 125.61 美元。几分钟后，英伟达的财报导致其股价在盘后市场暴跌，第二天早上以 121.36 美元的价格重新开盘。在这种情况下，以 124 美元购买该股票将不再有吸引力。
Savvy investors can avoid such an outcome by sending “do not exercise” instructions to their brokers. But brokerages vary in how easy it is to send such instructions, and how late they can be sent. Some brokers set a cutoff time of 4 p.m. ET, meaning their customers can’t possibly know how the earnings will look before they must make the decision.
精明的投资者可以通过向经纪人发送“不要行使”指令来避免这种结果。但经纪公司在发送此类指令的难易程度以及发送时间方面存在差异。一些经纪商将截止时间设置为东部时间下午 4 点，这意味着他们的客户在必须做出决定之前不可能知道收益情况。
Write to Alexander Osipovich at alexo@wsj.com
写信给亚历山大·奥西波维奇： alexo@wsj.com
Corrections & Amplifications
更正和放大
To purchase 100 shares of Nvidia at $124 each would cost an investor $12,400. An earlier version of this article incorrectly said $124,000. (Corrected on Sept. 9)
以每股 124 美元的价格购买 100 股 Nvidia 股票，投资者将花费 12,400 美元。本文的早期版本错误地表述为 124,000 美元。 （9月9日更正）
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