HONG KONG EXCHANGES AND CLEARING LIMITED
香港期貨交易所有限公司
(香港交易及結算所有限公司全資附屬公司)
Hong Kong Futures Exchange Limited(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)
26 November 2014
HKFE Announces Revised Margins for Futures Contracts
Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has announced that with effect from the commencement of trading on Monday, 1 December 2014, the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following futures contracts will be as outlined in the table below. The adjustments are based on the clearing company's normal procedures and standard margining methodology.
For the current margins, please refer to the margin information on the HKEx website at the following link (http://www.hkex.com.hk/eng/market/rm/rm_dcrm/riskdata/margin_hkcc/fomargin.htm).
(HK$)
Maintenance Margin(HK$)
Hang Seng Index | Full Rate | 87,750 | /lot | 70,200 | /lot |
Spread Rate | 17,550 | /spread | 14,050 | /spread | |
Mini-Hang Seng Index | Full Rate | 17,550 | /lot | 14,040 | /lot |
Spread Rate | 3,510 | /spread | 2,810 | /spread | |
Hang Seng China | Full Rate | 39,250 | /lot | 31,400 | /lot |
Enterprises Index | Spread Rate | 11,800 | /spread | 9,450 | /spread |
Mini - Hang Seng China | Full Rate | 7,850 | /lot | 6,280 | /lot |
Enterprises Index | Spread Rate | 2,360 | /spread | 1,890 | /spread |
CES China 120 Index | Full Rate | 12,620 | /lot | 10,100 | /lot |
Spread Rate | 3,790 | /spread | 3,030 | /spread | |
HSCEI Dividend Point | Full Rate | 2,220 | /lot | 1,770 | /lot |
Index | Spread Rate | 2,670 | /spread | 2,130 | /spread |
…/2
香 港 中 環 港 景 街 一 號 國 際 金 融 中 心 一 期 1 2 樓
12/F, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong
電話 Tel: + 852 2522 1122 傳真 Fax: +852 2295 3106 網址 Website: www.hkex.com.hk 電郵 E-mail: info@hkex.com.hk
- 2 -
HSI Dividend Point Index | Full Rate | 4,570 | /lot | 3,650 | /lot |
Spread Rate | 5,490 | /spread | 4,380 | /spread | |
HSI Volatility Index | Full Rate | 22,930 | /lot | 18,350 | /lot |
Spread Rate | 6,880 | /spread | 5,510 | /spread | |
IBOVESPA | Full Rate | 30,360 | /lot | 24,290 | /lot |
Spread Rate | 9,110 | /spread | 7,290 | /spread | |
S&P BSE Sensex Index | Full Rate | 17,530 | /lot | 14,030 | /lot |
Spread Rate | 5,260 | /spread | 4,210 | /spread | |
FTSE/JSE Top40 Index | Full Rate | 27,890 | /lot | 22,310 | /lot |
Spread Rate | 8,370 | /spread | 6,700 | /spread | |
MICEX Index | Full Rate | 17,270 | /lot | 13,820 | /lot |
Spread Rate | 5,190 | /spread | 4,150 | /spread | |
Three-Year Exchange | Full Rate | 10,660 | /lot | 8,530 | /lot |
Fund Notes | Spread Rate | 3,200 | /spread | 2,560 | /spread |
One-Month HIBOR | Full Rate | 180 | /lot | 144 | /lot |
Spread Rate Please refer to attached table
Three-Month HIBOR | Full Rate | 841 /lot 673 /lot |
Spread Rate | Please refer to attached table |
iShares FTSE A50 China
Index ETF
Full Rate 3,160 /lot 2,530 /lot
Spread Rate 948 /spread 759 /spread
Aluminum Corporation of
China Ltd
Full Rate 650 /lot 520 /lot
Spread Rate 195 /spread 156 /spread
China AMC CSI 300 index
ETF
Full Rate 4,020 /lot 3,220 /lot
Spread Rate 1,210 /spread 966 /spread
Bank of China Ltd Full Rate 232 /lot 186 /lot
Spread Rate 70 /spread 56 /spread
Bank of Communications
Co Ltd
Full Rate 361 /lot 289 /lot
Spread Rate 109 /spread 87 /spread
- 3 -
The Bank of East Asia Ltd Full Rate 402 /lot 322 /lot
Spread Rate 121 /spread 97 /spread
BOC Hong Kong
(Holdings) Ltd
Full Rate 833 /lot 666 /lot
Spread Rate 250 /spread 200 /spread
China Construction Bank
Corporation
Full Rate 354 /lot 283 /lot
Spread Rate 107 /spread 85 /spread
China Communications
Construction Co Ltd
Full Rate 625 /lot 500 /lot
Spread Rate 188 /spread 150 /spread
China Mobile Ltd Full Rate 3,370 /lot 2,690 /lot
Spread Rate 1,020 /spread 807 /spread
China Unicom (Hong
Kong) Ltd
Full Rate 1,550 /lot 1,240 /lot
Spread Rate 465 /spread 372 /spread
CITIC Ltd. Full Rate 800 /lot 640 /lot
Spread Rate 240 /spread 192 /spread
Cheung Kong (Holdings) Ltd (CKH - Multiplier =
1,000)
Full Rate 8,620 /lot 6,890 /lot
Spread Rate 2,590 /spread 2,070 /spread
Cheung Kong (Holdings) Ltd (CKA - Multiplier =
1,055)
Full Rate 9,096 /lot 7,270 /lot
Spread Rate 2,733 /spread 2,184 /spread
China Life Insurance
Company Ltd
Full Rate 1,430 /lot 1,150 /lot
Spread Rate 429 /spread 345 /spread
CLP Holdings Ltd Full Rate 2,050 /lot 1,680 /lot
Spread Rate 627 /spread 504 /spread
China Merchants Bank Co
Ltd
Full Rate 454 /lot 363 /lot
Spread Rate 137 /spread 109 /spread
CNOOC Ltd Full Rate 959 /lot 767 /lot
Spread Rate 288 /spread 231 /spread
Cathay Pacific Airways Ltd Full Rate 950 /lot 760 /lot
Spread Rate 285 /spread 228 /spread
- 4 -
China Petroleum & Chemical Corporation
Full Rate 838 /lot 671 /lot
Spread Rate 252 /spread 202 /spread
CSOP FTSE China A50
ETF
Full Rate 2,930 /lot 2,340 /lot
Spread Rate 879 /spread 702 /spread
China Telecom
Corporation Ltd
Full Rate 819 /lot 655 /lot
Spread Rate 246 /spread 197 /spread
Esprit Holdings Ltd Full Rate 109 /lot 88 /lot
Spread Rate 33 /spread 27 /spread
FIH Mobile Limited Full Rate 255 /lot 204 /lot
Spread Rate 77 /spread 62 /spread
Power Assets Holdings
Ltd
Full Rate 2,270 /lot 1,820 /lot
Spread Rate 681 /spread 546 /spread
Hong Kong Exchanges and Clearing Ltd
Full Rate 1,540 /lot 1,230 /lot
Spread Rate 462 /spread 369 /spread
HSBC Holdings Plc Full Rate 1,890 /lot 1,510 /lot
Spread Rate 567 /spread 453 /spread
The Hong Kong and China
Gas Co Ltd
(HKG - Multiplier =
1,000)
Full Rate 1,150 /lot 917 /lot
Spread Rate 345 /spread 276 /spread
The Hong Kong and China
Gas Co Ltd
(HKE - Multiplier = 1,100)
Full Rate 1,265 /lot 1,009 /lot
Spread Rate 380 /spread 304 /spread
Henderson Land
Development Co Ltd
(HLD - Multiplier = 1,000)
Full Rate 3,200 /lot 2,560 /lot
Spread Rate 960 /spread 768 /spread
Henderson Land
Development Co Ltd
(HLB - Multiplier = 1,100)
Full Rate 3,520 /lot 2,816 /lot
Spread Rate 1,056 /spread 845 /spread
Huaneng Power
International, Inc
Full Rate 1,530 /lot 1,230 /lot
Spread Rate 459 /spread 369 /spread
Hang Seng Bank Ltd Full Rate 810 /lot 648 /lot
Spread Rate 243 /spread 195 /spread
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Hutchison Whampoa Ltd | Full Rate | 6,150 | /lot | 4,920 | /lot |
(HWL - Multiplier = | Spread Rate | 1,850 | /spread | 1,480 | /spread |
1,000) |
Hutchison Whampoa Ltd
(HWA - Multiplier =
1,069)
Full Rate 6,576 /lot 5,261 /lot
Spread Rate 1,978 /spread 1,583 /spread
Industrial and Commercial
Bank of China Ltd
Full Rate 293 /lot 234 /lot
Spread Rate 88 /spread 71 /spread
Li & Fung Ltd
(LIF - Multiplier = 2,000)
Full Rate 1,100 /lot 877 /lot
Spread Rate 330 /spread 264 /spread
Li & Fung Ltd
(LIB - Multiplier = 2,392)
Full Rate 1,316 /lot 1,049 /lot
Spread Rate 395 /spread 316 /spread
MTR Corporation Ltd Full Rate 985 /lot 788 /lot
Spread Rate 296 /spread 237 /spread
New World Development
Co Ltd
Full Rate 587 /lot 470 /lot
Spread Rate 177 /spread 141 /spread
Ping An Insurance (Group) Co of China Ltd
Full Rate 2,320 /lot 1,860 /lot
Spread Rate 696 /spread 558 /spread
PetroChina Co Ltd Full Rate 1,300 /lot 1,040 /lot
Spread Rate 390 /spread 312 /spread
PICC Property and Casualty Company Limited (PIC - Multiplier = 2,000)
Full Rate 1,960 /lot 1,570 /lot
Spread Rate 588 /spread 471 /spread
PICC Property and Casualty Company Limited (PIA - Multiplier = 2,079)
Full Rate 2,037 /lot 1,632 /lot
Spread Rate 611 /spread 490 /spread
Sun Hung Kai Properties Ltd
(SHK - Multiplier = 1,000)
Full Rate 7,040 /lot 5,630 /lot
Spread Rate 2,120 /spread 1,690 /spread
Sun Hung Kai Properties Ltd
(SKA - Multiplier = 1,007)
Full Rate 7,086 /lot 5,667 /lot
Spread Rate 2,134 /spread 1,701 /spread
Swire Pacific Ltd 'A' Full Rate 3,240 /lot 2,590 /lot
Spread Rate 972 /spread 777 /spread
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The Wharf (Holdings) Ltd Full Rate 3,450 /lot 2,760 /lot
Spread Rate 1,040 /spread 828 /spread
(US$)
Maintenance Margin
(US$)
Gold Futures Full Rate 5,910 /lot 4,730 /lot
Spread Rate 1,780 /spread 1,420 /spread
(RMB)
Maintenance Margin
(RMB)
USD/CNH Futures Full Rate 15,510 /lot 12,410 /lot
Spread Rate 9,310 /spread 7,450 /spread
Spot Month
Charge*
3,110 /lot 2,490 /lot
London Aluminium Mini
Futures
Full Rate 4,700 /lot 3,760 /lot
Spread Rate 1,410 /spread 1,130 /spread
London Copper Mini
Futures
Full Rate 10,280 /lot 8,230 /lot
Spread Rate 3,090 /spread 2,470 /spread
London Zinc Mini Futures Full Rate 3,450 /lot 2,760 /lot
Spread Rate 1,040 /spread 828 /spread
* Spot Month Charge will be imposed on the spot month contract during the last four business days before the business day immediately preceding the final settlement day.
# USD = US dollar; CNH = RMB traded in Hong Kong
HKFE emphasises that the above are minimum rates and Exchange Participants should set their margin requirements according to their clients' individual circumstances.
* * *
Spread Combination | Initial Margin (HK$) | Maintenance Margin (HK$) |
1st month vs 7th month 1st month vs 8th month 1st month vs 9th month 1st month vs 10th month 2nd month vs 7th month 2nd month vs 8th month 2nd month vs 9th month 2nd month vs 10th month 3rd month vs 7th month 3rd month vs 8th month 3rd month vs 9th month 3rd month vs 10th month | 1,220 per spread | 971 per spread |
1st month vs 4th month 1st month vs 5th month 1st month vs 6th month 2nd month vs 4th month 2nd month vs 5th month 2nd month vs 6th month 3rd month vs 4th month 3rd month vs 5th month 3rd month vs 6th month | 1,210 per spread | 966 per spread |
4th month vs 5th month 4th month vs 6th month 5th month vs 6th month | 1,050 per spread | 840 per spread |
4th month vs 7th month 4th month vs 8th month 4th month vs 9th month 4th month vs 10th month 5th month vs 7th month 5th month vs 8th month 5th month vs 9th month 5th month vs 10th month 6th month vs 7th month 6th month vs 8th month 6th month vs 9th month 6th month vs 10th month | 1,050 per spread | 840 per spread |
1st month vs 2nd month 1st month vs 3rd month 2nd month vs 3rd month | 456 per spread | 365 per spread |
7th month vs 8th month 7th month vs 9th month 7th month vs 10th month 8th month vs 9th month 8th month vs 10th month 9th month vs 10th month | 253 per spread | 202 per spread |
Spread Combination | Initial Margin (HK$) | Maintenance Margin (HK$) |
1st month vs 2nd month 1st month vs 3rd month | 171 per spread | 137 per spread |
1st month vs 4th month 1st month vs 5th month 1st month vs 6th month | 171 per spread | 137 per spread |
2nd month vs 3rd month | 54 per spread | 44 per spread |
2nd month vs 4th month 2nd month vs 5th month 2nd month vs 6th month 3rd month vs 4th month 3rd month vs 5th month 3rd month vs 6th month | 54 per spread | 44 per spread |
4th month vs 5th month 4th month vs 6th month 5th month vs 6th month | 54 per spread | 44 per spread |
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