Hong Kong Exchanges and Clearing Limited (HKEx) plans to
introduce Mini-Hang Seng China Enterprises Index (H-shares Index) futures on 31
March this year, subject to the Securities and Futures Commission's approval of
the necessary rule amendments and market readiness, to expand its range of
Mainland China-rel
The value of one Mini-H-shares Index futures contract will be one-fifth the value of an H-shares Index futures contract.
The H-shares index, a market capitalis
Mini-H-shares Index futures have been designed to provide an
effective trading and hedging tool for investors interested in tracking the
H-shares market with a product th
Average daily trading volume of H-shares Index futures grew from 3,196 contracts in 2003, the year the contract was introduced, to 44,271 contracts last year. In addition, trading volume of H-shares Index futures was up sharply last year from the previous year, climbing 122 per cent.
"The increase in the level of the underlying index has
raised the contract size of one H-shares Index futures contract substantially
since its debut, resulting in demand for a smaller contract" said Gerald
Greiner, Chief Operating Officer of HKEx. "We think Mini-H-shares Index
futures are likely to
Key Mini-H-shares Index Futures Contract Specific
Contract Multiplier |
$10 per index point |
Trading Hours |
9:45 am - 12:30 pm and 2:30 pm - 4:15 pm |
Contract Months |
Spot month, next month and next two calendar quarter months |
Exchange Fee |
$2 per contract |
Commission Levy |
Exempted for first six months |
Please see the
Attachment I
Note: The following are subject to SFC approval.
Contract Specific |
The following Contract Specific
Underlying Index/Index |
Hang Seng China Enterprises Index (the share price
index of th |
|
Contract Multiplier | $10 per Index point | |
Contract Months |
Spot Month, the next calendar month, and the next two calendar quarter months (ie quarterly months are March, June, September, and December) |
|
Minimum Fluctu |
One Index point | |
Maximum Fluctu |
Nil | |
Contracted Price |
The price in whole Index points |
|
Contracted Value | Contracted Price multiplied by the Contract Multiplier | |
Position Limits |
Position delta for Mini-Hang Seng China Enterprises
Index Futures, Hang Seng China Enterprises Index Futures and Hang Seng
China Enterprises Index Options combined of 12,000 long or short in all
Contract Months combined provided the position delta for Mini-Hang Seng
China Enterprises Index Futures shall not |
|
Position delta for Mini-Hang Seng China Enterprises
Index Futures, Hang Seng China Enterprises Index Futures and Hang Seng
China Enterprises Index Options combined of 12,000 long or short in all
Contract Months combined provided the position delta for Mini-Hang Seng
China Enterprises Index Futures shall not |
||
Large Open Positions |
2,500 open contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant's own behalf; and |
|
2,500 open contracts, in any one Contract Month, per Client | ||
Trading Hours ( |
9:45 am - 12:30 pm
(first trading session) 2:30 pm - 4:15 pm (second trading session) |
|
Trading Hours on Last Trading Day ( |
9:45 am - 12:30 pm (first trading session) #
The closing time shall be adjusted autom |
|
Trading Method | The Exchange's Autom |
|
Final Settlement Day | The first Business Day after the Last Trading Day | |
Settlement Method | Cash ( |
|
Last Trading Day | The Business Day immedi |
|
Final Settlement Price |
The Final Settlement Price for the Mini-Hang Seng
China Enterprises Index Futures Contracts shall be a number, rounded
down to the nearest whole number, determined by the Clearing House and
shall be the average of the values of the Hang Seng China Enterprises
Index taken |
|
Trading Fee |
Exchange Fee | $2.00 |
The amount indic |
||
Levies |
Commission Levy
Investor Compens |
$0.80 $0.50 |
|
||
Commission R |
Negotiable |
* |
The Mini-Hang Seng China Enterprises Index Futures
Contract and the Hang Seng China Enterprises Index Futures Contract are
fungible. Positions in these two Exchange Contracts will be netted autom |