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HKEx: Contract Adjustment Of Taiwan Semiconductor Manufacturing Futures And Options On TSM Futures In Relation To Stock Dividend

Date 13/06/2002

Hong Kong Futures Exchange Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited, will adjust the contract terms of all open futures contracts on shares of Taiwan Semiconductor Manufacturing Company Limited (TSM) and all open options contracts on TSM before the market open on the ex-dividend date of Wednesday, 19 June 2002 to take account of the 10 per cent stock dividend of TSM.

TSM Futures Contract

Immediately before the market open on the ex-dividend date:

  1. The contract multiplier for the TSM Futures Contract will be increased by 10 per cent, from 10,000 to 11,000;
  2. The contracted prices of all outstanding TSM Futures Contracts will be reduced by 9.09 per cent and rounded to the nearest two decimal places;
  3. Outstanding TSM Futures Contracts will be traded under a temporary trading symbol "TSA" until the expiration of the existing June 2002, July 2002, August 2002, September 2002 and December 2002 TSA contracts respectively, or until all open positions in both futures and corresponding options in the same contract month are closed, whichever occurs first;
  4. After the market closes on 18 June 2002, no new futures contract months for the adjusted contracts will be listed;
  5. TSM Futures Contracts with the original futures contract multiplier of 10,000 also will be listed, under the original trading symbol "TSM". The available contract months for trading will be June 2002, July 2002, August 2002, September 2002 and December 2002.
Options on TSM Futures Contract

Immediately before the market open on the ex-dividend date:

  1. The Strike Price of Options on TSM Futures Contracts will be reduced by 9.09 per cent and rounded to the nearest two decimal places;
  2. Outstanding Options on TSM Futures Contracts will be traded under a temporary trading symbol "TSA" until the expiration of the existing June 2002, July 2002, August 2002, September 2002 and December 2002 contracts respectively, or until all open positions in options are closed, whichever occurs first;
  3. After the market closes on 18 June 2002, no new option contract months or option series for the adjusted contracts will be listed; and
  4. Options on TSM Futures Contracts based on the original futures contract multiplier of 10,000 also will be listed, under the original trading symbol "TSM". The available option contract months for trading will be June 2002, July 2002, August 2002, September 2002 and December 2002.