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Hong Kong Exchanges and Clearing Limited (HKEX) has received regulatory approval to introduce its planned cash-settled Euro-Renminbi (RMB), Japanese yen-RMB, Australian dollar-RMB and RMB-US dollar futures on Monday, 30 May 2016*.
The RMB-US dollar futures will trade in US dollars and the others will trade in RMB. All key contract specifications are in the tables below.
HKEX's RMB currency futures provide the following benefits through a single electronic trading system.
- Hedging and risk management opportunities;
- Capital efficiency of exchange-traded futures;
- Block trade facility offers over-the-counter market flexibility with minimal counterparty risk;
- Dedicated liquidity providers to provide competitive bid-ask spreads; and
- Same Asian time zone for liquidity aggregation
Exchange Fees for the new futures will be waived for Futures Exchange Participants (FEPs) and their clients from the start of trading on the launch date until the close of afternoon trading on 30 November 2016.
In addition, HKEX is offering a joint promotion programme from 30 May to 30 November to help FEPs introduce the new products to their clients. The joint promotion programme includes trophies to be awarded to top programme participants, sponsorship of marketing activities and support on promotional materials. For details, please see today's RMB currency futurescircular on the HKEX website.
For further information on the new products, please see the RMB currency futures news release issued on 19 April of this year and the RMB currency futures circular issued on 9 May this year.
* There will be no after-hours trading on 30 May because it is a bank holiday in the UK and US.
Key contract specifications
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|
EUR/CNH Futures |
JPY/CNH Futures |
AUD/CNH Futures |
|
Currency Pair |
Euro (EUR) |
Japanese yen (JPY) |
Australian dollar (AUD) |
|
Offshore RMB (CNH) |
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|
Contract Size |
EUR 50,000 |
JPY 6,000,000 |
AUD 80,000 |
|
Contract Months |
Spot month, the next calendar month and the next two calendar quarter months (calendar quarter months are March, June, September and December) |
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|
Price Quotation |
RMB per EUR (eg, 7.3370) |
RMB per 100 JPY (eg, 5.9420) |
RMB per AUD (eg, 5.0400) |
|
Minimum Fluctuation |
RMB0.0001 (4 decimal places) |
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Trading Hours |
9:00 am to 4:15 pm and 5:00 pm to 11:45 pm (after-hours trading) |
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Last Trading Day |
Two Hong Kong Business Days prior to the third Wednesday of the Contract Month |
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Final Settlement Day |
The first Hong Kong Business Day after the Last Trading Day |
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Final Settlement Price |
A cross rate calculated from WM/Reuters Intraday Spot Rates1 at 11:00 am and TMA2 CNH Fixing published at 11:15 am |
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Settlement Method |
Cash settled in RMB |
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|
Commission Levy |
Nil |
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Exchange Fee |
RMB5 per contract per side |
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|
|
CNH/USD Futures |
|
Currency Pair |
Offshore RMB (CNH), US dollar (USD) |
|
Contract Size |
RMB300,000 |
|
Contract Months |
Spot month, the next three calendar months and the next four calendar quarter months (calendar quarter months are March, June, September and December) |
|
Price Quotation |
USD per 10 RMB (eg, 1.5424) |
|
Minimum Fluctuation |
USD0.0001 (4 decimal places) |
|
Trading Hours |
9:00 am to 4:15 pm and 5:00 pm to 11:45 pm (after-hours trading) |
|
Last Trading Day |
Two Hong Kong Business Days prior to the third Wednesday of the Contract Month |
|
Final Settlement Day |
The first Hong Kong Business Day after the Last Trading Day |
|
Final Settlement Price |
A reciprocal of TMA2 CNH Fixing published at 11:15am, multiplied by 10 |
|
Settlement Method |
Cash settled in USD |
|
Commission Levy |
Nil |
|
Exchange Fee |
USD0.6 per contract per side |
| 1 | The WM/Reuters Intraday Spot Rates are provided by the World Markets Company plc, or WM, in conjunction with Reuters. |
| 2 | Hong Kong's Treasury Markets Association |
