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)
25 February 2015
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, 2 March 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 | 93,700 | /lot | 74,950 | /lot |
Spread Rate | 18,750 | /spread | 15,000 | /spread | |
Mini-Hang Seng Index | Full Rate | 18,740 | /lot | 14,990 | /lot |
Spread Rate | 3,750 | /spread | 3,000 | /spread | |
Hang Seng China | Full Rate | 52,850 | /lot | 42,300 | /lot |
Enterprises Index | Spread Rate | 15,900 | /spread | 12,700 | /spread |
Mini - Hang Seng China | Full Rate | 10,570 | /lot | 8,460 | /lot |
Enterprises Index | Spread Rate | 3,180 | /spread | 2,540 | /spread |
CES China 120 Index | Full Rate | 26,030 | /lot | 20,820 | /lot |
Spread Rate | 7,810 | /spread | 6,250 | /spread | |
HSCEI Dividend Point | Full Rate | 2,280 | /lot | 1,830 | /lot |
Index | Spread Rate | 2,740 | /spread | 2,200 | /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 | 4,390 | /lot | 3,510 | /lot |
Spread Rate | 5,270 | /spread | 4,220 | /spread | |
HSI Volatility Index | Full Rate | 22,570 | /lot | 18,060 | /lot |
Spread Rate | 6,780 | /spread | 5,420 | /spread | |
IBOVESPA | Full Rate | 21,270 | /lot | 17,020 | /lot |
Spread Rate | 6,390 | /spread | 5,110 | /spread | |
S&P BSE Sensex Index | Full Rate | 18,440 | /lot | 14,750 | /lot |
Spread Rate | 5,540 | /spread | 4,430 | /spread | |
FTSE/JSE Top40 Index | Full Rate | 29,110 | /lot | 23,290 | /lot |
Spread Rate | 8,740 | /spread | 6,990 | /spread | |
MICEX Index | Full Rate | 20,250 | /lot | 16,200 | /lot |
Spread Rate | 6,080 | /spread | 4,860 | /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 | 320 | /lot | 256 | /lot |
Spread Rate Please refer to attached table
Three-Month HIBOR | Full Rate | 663 /lot 530 /lot |
Spread Rate | Please refer to attached table |
iShares FTSE A50 China
Index ETF
Full Rate 7,490 /lot 5,990 /lot
Spread Rate 2,250 /spread 1,800 /spread
Aluminum Corporation of
China Ltd
Full Rate 750 /lot 600 /lot
Spread Rate 225 /spread 180 /spread
China AMC CSI 300 index
ETF
Full Rate 8,450 /lot 6,760 /lot
Spread Rate 2,540 /spread 2,030 /spread
Bank of China Ltd Full Rate 324 /lot 259 /lot
Spread Rate 98 /spread 78 /spread
Bank of Communications
Co Ltd
Full Rate 594 /lot 475 /lot
Spread Rate 179 /spread 143 /spread
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The Bank of East Asia Ltd Full Rate 399 /lot 320 /lot
Spread Rate 120 /spread 96 /spread
BOC Hong Kong
(Holdings) Ltd
Full Rate 855 /lot 684 /lot
Spread Rate 257 /spread 206 /spread
China Construction Bank
Corporation
Full Rate 404 /lot 323 /lot
Spread Rate 122 /spread 97 /spread
China Communications
Construction Co Ltd
Full Rate 1,250 /lot 1,000 /lot
Spread Rate 375 /spread 300 /spread
China Mobile Ltd Full Rate 3,810 /lot 3,050 /lot
Spread Rate 1,150 /spread 915 /spread
China Unicom (Hong
Kong) Ltd
Full Rate 2,090 /lot 1,670 /lot
Spread Rate 627 /spread 501 /spread
CITIC Ltd. Full Rate 823 /lot 658 /lot
Spread Rate 247 /spread 198 /spread
Cheung Kong (Holdings) Ltd
Full Rate 12,320 /lot 9,860 /lot
Spread Rate 3,700 /spread 2,960 /spread
China Life Insurance
Company Ltd
Full Rate 3,100 /lot 2,480 /lot
Spread Rate 930 /spread 744 /spread
CLP Holdings Ltd Full Rate 2,150 /lot 1,720 /lot
Spread Rate 645 /spread 516 /spread
China Merchants Bank Co
Ltd
Full Rate 894 /lot 716 /lot
Spread Rate 269 /spread 215 /spread
CNOOC Ltd Full Rate 884 /lot 707 /lot
Spread Rate 266 /spread 213 /spread
Cathay Pacific Airways Ltd Full Rate 1,280 /lot 1,020 /lot
Spread Rate 384 /spread 306 /spread
China Petroleum & Chemical Corporation
Full Rate 780 /lot 624 /lot
Spread Rate 234 /spread 188 /spread
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CSOP FTSE China A50
ETF
Full Rate 7,550 /lot 6,040 /lot
Spread Rate 2,270 /spread 1,820 /spread
China Telecom
Corporation Ltd
Full Rate 710 /lot 568 /lot
Spread Rate 213 /spread 171 /spread
Esprit Holdings Ltd Full Rate 75 /lot 60 /lot
Spread Rate 23 /spread 18 /spread
FIH Mobile Limited Full Rate 224 /lot 179 /lot
Spread Rate 68 /spread 54 /spread
Power Assets Holdings
Ltd
Full Rate 2,490 /lot 1,990 /lot
Spread Rate 747 /spread 597 /spread
Hong Kong Exchanges and Clearing Ltd
Full Rate 1,120 /lot 892 /lot
Spread Rate 336 /spread 268 /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
Full Rate 1,090 /lot 870 /lot
Spread Rate 327 /spread 261 /spread
Henderson Land
Development Co Ltd
Full Rate 3,400 /lot 2,720 /lot
Spread Rate 1,020 /spread 816 /spread
Huaneng Power
International, Inc
Full Rate 2,450 /lot 1,960 /lot
Spread Rate 735 /spread 588 /spread
Hang Seng Bank Ltd Full Rate 892 /lot 714 /lot
Spread Rate 268 /spread 215 /spread
Hutchison Whampoa Ltd Full Rate 7,560 /lot 6,050 /lot
Spread Rate 2,270 /spread 1,820 /spread
Industrial and Commercial
Bank of China Ltd
Full Rate 364 /lot 292 /lot
Spread Rate 110 /spread 88 /spread
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Li & Fung Ltd
(LIF - Multiplier = 2,000)
Full Rate 1,150 /lot 915 /lot
Spread Rate 345 /spread 275 /spread
Li & Fung Ltd
(LIB - Multiplier = 2,392)
Full Rate 1,375 /lot 1,094 /lot
Spread Rate 413 /spread 329 /spread
MTR Corporation Ltd Full Rate 1,110 /lot 882 /lot
Spread Rate 333 /spread 265 /spread
New World Development
Co Ltd
Full Rate 578 /lot 462 /lot
Spread Rate 174 /spread 139 /spread
Ping An Insurance (Group) Co of China Ltd
Full Rate 4,220 /lot 3,370 /lot
Spread Rate 1,270 /spread 1,020 /spread
PetroChina Co Ltd Full Rate 1,170 /lot 930 /lot
Spread Rate 351 /spread 279 /spread
PICC Property and Casualty Company Limited (PIC - Multiplier = 2,000)
Full Rate 2,970 /lot 2,370 /lot
Spread Rate 891 /spread 711 /spread
PICC Property and Casualty Company Limited (PIA - Multiplier = 2,079)
Full Rate 3,087 /lot 2,463 /lot
Spread Rate 926 /spread 739 /spread
Sun Hung Kai Properties Ltd Full Rate 7,700 /lot 6,170 /lot
Spread Rate 2,310 /spread 1,860 /spread
Swire Pacific Ltd 'A' Full Rate 3,300 /lot 2,640 /lot
Spread Rate 990 /spread 792 /spread
The Wharf (Holdings) Ltd Full Rate 3,710 /lot 2,970 /lot
Spread Rate 1,120 /spread 891 /spread
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(US$)
Maintenance Margin
(US$)
Gold Futures Full Rate 5,390 /lot 4,310 /lot
Spread Rate 1,620 /spread 1,300 /spread
(RMB)
Maintenance Margin
(RMB)
London Aluminium Mini | Full Rate | 4,290 | /lot | 3,440 | /lot |
Futures | Spread Rate | 1,290 | /spread | 1,040 | /spread |
London Copper Mini | Full Rate | 12,570 | /lot | 10,060 | /lot |
Futures | Spread Rate | 3,780 | /spread | 3,020 | /spread |
London Zinc Mini Futures | Full Rate | 3,940 | /lot | 3,160 | /lot |
Spread Rate | 1,190 | /spread | 948 | /spread | |
RMB Currency Futures | Full Rate | 12,220 | /lot | 9,780 | /lot |
(USD/CNH Futures#) | Spread Rate | 7,340 | /spread | 5,870 | /spread |
Spot Month Charge* | 2,450 | /lot | 1,960 | /lot |
* 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 | 1,330 per spread | 1,060 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 | 1,330 per spread | 1,060 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 | 1,120 per spread | 895 per spread |
4th month vs 5th month | 873 per spread | 699 per spread |
1st month vs 2nd month 1st month vs 3rd month 2nd month vs 3rd month | 466 per spread | 373 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 | 199 per spread | 159 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 | 96 per spread | 77 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 | 96 per spread | 77 per spread |
4th month vs 5th month 4th month vs 6th month 5th month vs 6th month | 96 per spread | 77 per spread |
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