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)
30 December 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 Friday, 2 January 2015, 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 | 50,150 | /lot | 40,150 | /lot |
Enterprises Index | Spread Rate | 15,050 | /spread | 12,050 | /spread |
Mini - Hang Seng China | Full Rate | 10,030 | /lot | 8,030 | /lot |
Enterprises Index | Spread Rate | 3,010 | /spread | 2,410 | /spread |
CES China 120 Index | Full Rate | 16,640 | /lot | 13,310 | /lot |
Spread Rate | 5,000 | /spread | 4,000 | /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 | 27,750 | /lot | 22,200 | /lot |
Spread Rate | 8,330 | /spread | 6,660 | /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 | 17,200 | /lot | 13,760 | /lot |
Spread Rate | 5,160 | /spread | 4,130 | /spread | |
FTSE/JSE Top40 Index | Full Rate | 27,180 | /lot | 21,740 | /lot |
Spread Rate | 8,160 | /spread | 6,530 | /spread | |
MICEX Index | Full Rate | 16,650 | /lot | 13,320 | /lot |
Spread Rate | 5,000 | /spread | 4,000 | /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 | 196 | /lot | 157 | /lot |
Spread Rate Please refer to attached table
Three-Month HIBOR | Full Rate | 854 /lot 683 /lot |
Spread Rate | Please refer to attached table |
iShares FTSE A50 China
Index ETF
Full Rate 6,940 /lot 5,550 /lot
Spread Rate 2,090 /spread 1,670 /spread
Aluminum Corporation of
China Ltd
Full Rate 717 /lot 573 /lot
Spread Rate 216 /spread 172 /spread
China AMC CSI 300 index
ETF
Full Rate 8,510 /lot 6,810 /lot
Spread Rate 2,560 /spread 2,050 /spread
Bank of China Ltd Full Rate 342 /lot 274 /lot
Spread Rate 103 /spread 83 /spread
Bank of Communications
Co Ltd
Full Rate 717 /lot 574 /lot
Spread Rate 216 /spread 173 /spread
- 3 -
The Bank of East Asia Ltd Full Rate 377 /lot 302 /lot
Spread Rate 114 /spread 91 /spread
BOC Hong Kong
(Holdings) Ltd
Full Rate 782 /lot 625 /lot
Spread Rate 235 /spread 188 /spread
China Construction Bank
Corporation
Full Rate 470 /lot 376 /lot
Spread Rate 141 /spread 113 /spread
China Communications
Construction Co Ltd
Full Rate 1,300 /lot 1,040 /lot
Spread Rate 390 /spread 312 /spread
China Mobile Ltd Full Rate 3,250 /lot 2,600 /lot
Spread Rate 975 /spread 780 /spread
China Unicom (Hong
Kong) Ltd
Full Rate 1,960 /lot 1,570 /lot
Spread Rate 588 /spread 471 /spread
CITIC Ltd. Full Rate 933 /lot 746 /lot
Spread Rate 280 /spread 224 /spread
Cheung Kong (Holdings) Ltd (CKH - Multiplier =
1,000)
Full Rate 8,110 /lot 6,490 /lot
Spread Rate 2,440 /spread 1,950 /spread
Cheung Kong (Holdings) Ltd (CKA - Multiplier =
1,055)
Full Rate 8,558 /lot 6,848 /lot
Spread Rate 2,575 /spread 2,058 /spread
China Life Insurance
Company Ltd
Full Rate 2,720 /lot 2,170 /lot
Spread Rate 816 /spread 651 /spread
CLP Holdings Ltd Full Rate 2,050 /lot 1,640 /lot
Spread Rate 615 /spread 492 /spread
China Merchants Bank Co
Ltd
Full Rate 872 /lot 697 /lot
Spread Rate 262 /spread 210 /spread
CNOOC Ltd Full Rate 1,240 /lot 987 /lot
Spread Rate 372 /spread 297 /spread
Cathay Pacific Airways Ltd Full Rate 1,200 /lot 953 /lot
Spread Rate 360 /spread 286 /spread
- 4 -
China Petroleum & Chemical Corporation
Full Rate 1,240 /lot 992 /lot
Spread Rate 372 /spread 298 /spread
CSOP FTSE China A50
ETF
Full Rate 7,690 /lot 6,150 /lot
Spread Rate 2,310 /spread 1,850 /spread
China Telecom
Corporation Ltd
Full Rate 832 /lot 666 /lot
Spread Rate 250 /spread 200 /spread
Esprit Holdings Ltd Full Rate 93 /lot 75 /lot
Spread Rate 28 /spread 23 /spread
FIH Mobile Limited Full Rate 255 /lot 204 /lot
Spread Rate 77 /spread 62 /spread
Power Assets Holdings
Ltd
Full Rate 2,310 /lot 1,850 /lot
Spread Rate 693 /spread 555 /spread
Hong Kong Exchanges and Clearing Ltd
Full Rate 1,400 /lot 1,120 /lot
Spread Rate 420 /spread 336 /spread
HSBC Holdings Plc Full Rate 1,800 /lot 1,440 /lot
Spread Rate 540 /spread 432 /spread
The Hong Kong and China
Gas Co Ltd
(HKG - Multiplier =
1,000)
Full Rate 1,080 /lot 863 /lot
Spread Rate 324 /spread 259 /spread
The Hong Kong and China
Gas Co Ltd
(HKE - Multiplier = 1,100)
Full Rate 1,188 /lot 949 /lot
Spread Rate 356 /spread 285 /spread
Henderson Land
Development Co Ltd
(HLD - Multiplier = 1,000)
Full Rate 3,250 /lot 2,600 /lot
Spread Rate 975 /spread 780 /spread
Henderson Land
Development Co Ltd
(HLB - Multiplier = 1,100)
Full Rate 3,575 /lot 2,860 /lot
Spread Rate 1,072 /spread 858 /spread
Huaneng Power
International, Inc
Full Rate 1,580 /lot 1,270 /lot
Spread Rate 474 /spread 381 /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 | 5,660 | /lot | 4,530 | /lot |
(HWL - Multiplier = | Spread Rate | 1,700 | /spread | 1,360 | /spread |
1,000) |
Hutchison Whampoa Ltd
(HWA - Multiplier =
1,069)
Full Rate 6,052 /lot 4,844 /lot
Spread Rate 1,818 /spread 1,454 /spread
Industrial and Commercial
Bank of China Ltd
Full Rate 391 /lot 313 /lot
Spread Rate 118 /spread 94 /spread
Li & Fung Ltd
(LIF - Multiplier = 2,000)
Full Rate 1,160 /lot 921 /lot
Spread Rate 348 /spread 277 /spread
Li & Fung Ltd
(LIB - Multiplier = 2,392)
Full Rate 1,387 /lot 1,102 /lot
Spread Rate 416 /spread 331 /spread
MTR Corporation Ltd Full Rate 985 /lot 788 /lot
Spread Rate 296 /spread 237 /spread
New World Development
Co Ltd
Full Rate 550 /lot 440 /lot
Spread Rate 165 /spread 132 /spread
Ping An Insurance (Group) Co of China Ltd
Full Rate 3,570 /lot 2,860 /lot
Spread Rate 1,080 /spread 858 /spread
PetroChina Co Ltd Full Rate 2,000 /lot 1,600 /lot
Spread Rate 600 /spread 480 /spread
PICC Property and Casualty Company Limited (PIC - Multiplier = 2,000)
Full Rate 2,750 /lot 2,200 /lot
Spread Rate 825 /spread 660 /spread
PICC Property and Casualty Company Limited (PIA - Multiplier = 2,079)
Full Rate 2,858 /lot 2,287 /lot
Spread Rate 857 /spread 686 /spread
Sun Hung Kai Properties Ltd
(SHK - Multiplier = 1,000)
Full Rate 7,150 /lot 5,720 /lot
Spread Rate 2,150 /spread 1,720 /spread
Sun Hung Kai Properties Ltd
(SKA - Multiplier = 1,007)
Full Rate 7,197 /lot 5,757 /lot
Spread Rate 2,164 /spread 1,731 /spread
Swire Pacific Ltd 'A' Full Rate 3,120 /lot 2,500 /lot
Spread Rate 936 /spread 750 /spread
- 6 -
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 5,410 /lot 4,330 /lot
Spread Rate 1,630 /spread 1,300 /spread
(RMB)
Maintenance Margin
(RMB)
RMB Currency Futures
(USD/CNH Futures#)
Full Rate 11,800 /lot 9,440 /lot
Spread Rate 7,080 /spread 5,670 /spread
Spot Month
Charge*
2,360 /lot 1,890 /lot
London Aluminium Mini
Futures
Full Rate 4,520 /lot 3,610 /lot
Spread Rate 1,360 /spread 1,090 /spread
London Copper Mini
Futures
Full Rate 10,000 /lot 8,000 /lot
Spread Rate 3,000 /spread 2,400 /spread
London Zinc Mini Futures Full Rate 3,360 /lot 2,690 /lot
Spread Rate 1,010 /spread 807 /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 6th month 1st month vs 7th month 1st month vs 8th month 1st month vs 9th month 1st month vs 10th month 2nd month vs 6th month 2nd month vs 7th month 2nd month vs 8th month 2nd month vs 9th month 2nd month vs 10th month 3rd month vs 6th month 3rd month vs 7th month 3rd month vs 8th month 3rd month vs 9th month 3rd month vs 10th month | 1,700 per spread | 1,300 per spread |
4th month vs 6th month 4th month vs 7th month 4th month vs 8th month 4th month vs 9th month 4th month vs 10th month 5th month vs 6th month 5th month vs 7th month 5th month vs 8th month 5th month vs 9th month 5th month vs 10th month | 1,700 per spread | 1,300 per spread |
1st month vs 4th month 1st month vs 5th month 2nd month vs 4th month 2nd month vs 5th month 3rd month vs 4th month 3rd month vs 5th month | 1,040 per spread | 827 per spread |
4th month vs 5th month | 949 per spread | 759 per spread |
1st month vs 2nd month 1st month vs 3rd month 2nd month vs 3rd month | 471 per spread | 377 per spread |
6th month vs 7th month 6th month vs 8th month 6th month vs 9th month 6th month vs 10th month 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 | 257 per spread | 205 per spread |
Spread Combination | Initial Margin (HK$) | Maintenance Margin (HK$) |
1st month vs 2nd month 1st month vs 3rd month | 181 per spread | 145 per spread |
1st month vs 4th month 1st month vs 5th month 1st month vs 6th month | 181 per spread | 145 per spread |
2nd month vs 3rd month | 59 per spread | 48 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 | 59 per spread | 48 per spread |
4th month vs 5th month 4th month vs 6th month 5th month vs 6th month | 59 per spread | 48 per spread |
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