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, 3 July 2006, 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/tradinfo/futuresmargin/FOmargin.htm).
In addition, HKEx has set the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in Bank of China Limited (BCL) Futures, which will be introduced on
Margins for New Product (with effect from commencement of trading on
|
Futures Contract |
Margin Rate |
Initial Margin |
Maintenance Margin | ||
|
Bank of China Ltd |
Full Rate |
226 |
/lot |
181 |
/lot |
|
Spread Rate |
68 |
/spread |
54 |
/spread | |
Revised Margins (with effect from commencement of trading on
|
Futures Contract |
Margin Rate |
Initial Margin |
Maintenance Margin | |||
|
|
|
|
| |||
|
Hang Seng Index |
Full Rate |
49,615 |
/lot |
39,690 |
/lot | |
|
Spread Rate |
7,500 |
/spread |
6,000 |
/spread | ||
|
|
|
|
|
|
| |
|
Mini-Hang Seng Index |
Full Rate |
9,923 |
/lot |
7,938 |
/lot | |
|
Spread Rate |
1,500 |
/spread |
1,200 |
/spread | ||
|
|
|
|
|
|
| |
|
FTSE/Xinhua |
Full Rate |
50,314 |
/lot |
40,252 |
/lot | |
|
Spread Rate |
15,094 |
/spread |
12,076 |
/spread | ||
|
|
|
|
|
|
| |
|
H-shares Index |
Full Rate |
37,378 |
/lot |
29,903 |
/lot | |
|
Spread Rate |
11,213 |
/spread |
8,971 |
/spread | ||
|
|
|
|
|
|
| |
|
Three-Year EFN |
Full Rate |
9,683 |
/lot |
7,746 |
/lot | |
|
Spread Rate |
2,905 |
/spread |
2,324 |
/spread | ||
|
|
|
|
|
|
| |
|
One-Month HIBOR |
Full Rate |
3,586 |
/lot |
2,869 |
/lot | |
|
Spread Rate |
Please refer to attached table | |||||
|
|
|
|
|
|
| |
|
Three-Month HIBOR |
Full Rate |
3,930 |
/lot |
3,144 |
/lot | |
|
Spread Rate |
Please refer to attached table | |||||
|
|
|
|
| |||
|
Aluminum Corporation of China Ltd |
Full Rate |
2,229 |
/lot |
1,783 |
/lot | |
|
Spread Rate |
669 |
/spread |
535 |
/spread | ||
|
|
|
|
|
|
| |
|
Bank of Communications Co Ltd |
Full Rate |
462 |
/lot |
370 |
/lot | |
|
Spread Rate |
139 |
/spread |
111 |
/spread | ||
|
|
|
|
|
|
| |
|
The Bank of East Asia Ltd |
Full Rate |
607 |
/lot |
486 |
/lot | |
|
Spread Rate |
182 |
/spread |
146 |
/spread | ||
|
|
|
|
|
|
| |
|
BOC |
Full Rate |
461 |
/lot |
369 |
/lot | |
|
Spread Rate |
138 |
/spread |
111 |
/spread | ||
|
|
|
|
|
|
| |
|
China Construction Bank Corporation |
Full Rate |
285 |
/lot |
228 |
/lot | |
|
Spread Rate |
86 |
/spread |
68 |
/spread | ||
|
|
|
|
|
|
| |
|
|
Full Rate |
2,227 |
/lot |
1,781 |
/lot | |
|
Spread Rate |
668 |
/spread |
534 |
/spread | ||
|
|
|
|
|
|
| |
|
China Unicom Ltd |
Full Rate |
1,767 |
/lot |
1,414 |
/lot | |
|
Spread Rate |
530 |
/spread |
424 |
/spread | ||
|
|
|
|
|
|
| |
|
CITIC Pacific Ltd |
Full Rate |
2,157 |
/lot |
1,725 |
/lot | |
|
Spread Rate |
647 |
/spread |
517 |
/spread | ||
|
|
|
|
|
|
| |
|
Cheung Kong (Holdings) Ltd |
Full Rate |
5,061 |
/lot |
4,049 |
/lot | |
|
Spread Rate |
1,518 |
/spread |
1,215 |
/spread | ||
|
|
|
|
|
|
| |
|
Cheung Kong Infrastructure Holdings Ltd |
Full Rate |
1,557 |
/lot |
1,246 |
/lot | |
|
Spread Rate |
467 |
/spread |
374 |
/spread | ||
|
|
|
|
|
|
| |
|
|
Full Rate |
1,843 |
/lot |
1,474 |
/lot | |
|
Spread Rate |
553 |
/spread |
442 |
/spread | ||
|
|
|
|
|
|
| |
|
CLP Holdings Ltd |
Full Rate |
1,401 |
/lot |
1,121 |
/lot | |
|
Spread Rate |
420 |
/spread |
336 |
/spread | ||
|
|
|
|
|
|
| |
|
CNOOC Ltd |
Full Rate |
705 |
/lot |
564 |
/lot | |
|
Spread Rate |
212 |
/spread |
169 |
/spread | ||
|
|
|
|
|
|
| |
|
China Netcom Group Corporation ( |
Full Rate |
816 |
/lot |
653 |
/lot | |
|
Spread Rate |
245 |
/spread |
196 |
/spread | ||
|
|
|
|
|
|
| |
|
COSCO Pacific Ltd |
Full Rate |
3,796 |
/lot |
3,037 |
/lot | |
|
Spread Rate |
1,139 |
/spread |
911 |
/spread | ||
|
|
|
|
|
|
| |
|
Cathay Pacific Airways Ltd |
Full Rate |
925 |
/lot |
740 |
/lot | |
|
Spread Rate |
278 |
/spread |
222 |
/spread | ||
|
|
|
|
|
|
| |
|
China Petroleum & Chemical Corporation |
Full Rate |
1,504 |
/lot |
1,203 |
/lot | |
|
Spread Rate |
451 |
/spread |
361 |
/spread | ||
|
|
|
|
|
|
| |
|
China Resources Enterprise Ltd |
Full Rate |
3,345 |
/lot |
2,676 |
/lot | |
|
Spread Rate |
1,004 |
/spread |
803 |
/spread | ||
|
|
|
|
|
|
| |
|
|
Full Rate |
457 |
/lot |
366 |
/lot | |
|
Spread Rate |
137 |
/spread |
110 |
/spread | ||
|
|
|
|
|
|
| |
|
Denway Motors Ltd |
Full Rate |
704 |
/lot |
563 |
/lot | |
|
Spread Rate |
211 |
/spread |
169 |
/spread | ||
|
|
|
|
|
|
| |
|
Esprit Holdings Ltd |
Full Rate |
3,492 |
/lot |
2,794 |
/lot | |
|
Spread Rate |
1,048 |
/spread |
838 |
/spread | ||
|
|
|
|
|
|
| |
|
Hongkong Electric Holdings Ltd |
Full Rate |
1,091 |
/lot |
873 |
/lot | |
|
Spread Rate |
327 |
/spread |
262 |
/spread | ||
|
|
|
|
|
|
| |
|
Hongkong Electric Holdings Ltd |
Full Rate |
1,113 |
/lot |
890 |
/lot | |
|
Spread Rate |
334 |
/spread |
267 |
/spread | ||
|
|
|
|
|
|
| |
|
|
Full Rate |
3,847 |
/lot |
3,078 |
/lot | |
|
Spread Rate |
1,154 |
/spread |
924 |
/spread | ||
|
|
|
|
|
|
| |
|
|
Full Rate |
15,389 |
/lot |
12,312 |
/lot | |
|
Spread Rate |
4,617 |
/spread |
3,694 |
/spread | ||
|
|
|
|
|
|
| |
|
HSBC Holdings Plc |
Full Rate |
3,397 |
/lot |
2,718 |
/lot | |
|
Spread Rate |
1,019 |
/spread |
815 |
/spread | ||
|
|
|
|
|
|
| |
|
|
Full Rate |
1,064 |
/lot |
852 |
/lot | |
|
Spread Rate |
319 |
/spread |
256 |
/spread | ||
|
|
|
|
|
|
| |
|
Henderson Land Development Co Ltd |
Full Rate |
3,609 |
/lot |
2,887 |
/lot | |
|
Spread Rate |
1,083 |
/spread |
866 |
/spread | ||
|
|
|
|
|
|
| |
|
Huaneng Power International Inc |
Full Rate |
1,008 |
/lot |
806 |
/lot | |
|
Spread Rate |
302 |
/spread |
242 |
/spread | ||
|
|
|
|
|
|
| |
|
Hang Seng Bank Ltd |
Full Rate |
609 |
/lot |
487 |
/lot | |
|
Spread Rate |
183 |
/spread |
146 |
/spread | ||
|
|
|
|
|
|
| |
|
Hutchison Whampoa Ltd |
Full Rate |
4,323 |
/lot |
3,459 |
/lot | |
|
Spread Rate |
1,297 |
/spread |
1,038 |
/spread | ||
|
|
|
|
|
|
| |
|
Johnson Electric Holdings Ltd |
Full Rate |
340 |
/lot |
272 |
/lot | |
|
Spread Rate |
102 |
/spread |
82 |
/spread | ||
|
|
|
|
|
|
| |
|
Lenovo Group Ltd |
Full Rate |
617 |
/lot |
493 |
/lot | |
|
Spread Rate |
185 |
/spread |
148 |
/spread | ||
|
|
|
|
|
|
| |
|
Li & Fung Ltd |
Full Rate |
3,380 |
/lot |
2,704 |
/lot | |
|
Spread Rate |
1,014 |
/spread |
811 |
/spread | ||
|
|
|
|
|
|
| |
|
Li & Fung Ltd |
Full Rate |
3,718 |
/lot |
2,974 |
/lot | |
|
Spread Rate |
1,115 |
/spread |
892 |
/spread | ||
|
|
|
|
|
|
| |
|
MTR Corporation Ltd |
Full Rate |
676 |
/lot |
541 |
/lot | |
|
Spread Rate |
203 |
/spread |
162 |
/spread | ||
|
|
|
|
|
|
| |
|
New World Development Co Ltd |
Full Rate |
1,422 |
/lot |
1,138 |
/lot | |
|
Spread Rate |
427 |
/spread |
341 |
/spread | ||
|
|
|
|
|
|
| |
|
PCCW Ltd |
Full Rate |
683 |
/lot |
546 |
/lot | |
|
Spread Rate |
205 |
/spread |
164 |
/spread | ||
|
|
|
|
|
|
| |
|
Ping An Insurance (Group) Co of China Ltd |
Full Rate |
1,551 |
/lot |
1,241 |
/lot | |
|
Spread Rate |
465 |
/spread |
372 |
/spread | ||
|
|
|
|
|
| ||
|
PetroChina Company Ltd |
Full Rate |
2,126 |
/lot |
1,701 |
/lot | |
|
Spread Rate |
638 |
/spread |
510 |
/spread | ||
|
|
|
|
|
|
| |
|
Sun Hung Kai Properties Ltd |
Full Rate |
5,790 |
/lot |
4,632 |
/lot | |
|
Spread Rate |
1,737 |
/spread |
1,390 |
/spread | ||
|
|
|
|
|
|
| |
|
Swire Pacific Ltd "A" |
Full Rate |
2,355 |
/lot |
1,884 |
/lot | |
|
Spread Rate |
707 |
/spread |
565 |
/spread | ||
|
|
|
|
|
|
| |
|
The Wharf (Holdings) Ltd |
Full Rate |
2,234 |
/lot |
1,787 |
/lot | |
|
Spread Rate |
670 |
/spread |
536 |
/spread | ||
HKFE emphasised that the above are minimum rates and Exchange Participants should set their margin requirements according to their clients' individual circumstances.
Spread Margin Rates
for Three-Month HIBOR Futures
|
Spread Combination |
Initial Margin |
Maintenance Margin |
|
|
5,966 |
4,772 |
|
|
5,327 |
4,262 |
|
|
5,106 |
4,085 |
|
|
3,108 |
2,487 |
|
|
3,086 |
2,469 |
|
|
1,274 |
1,019 |
Spread Margin Rates
for One-Month HIBOR Futures
|
Spread Combination |
Initial Margin |
Maintenance Margin |
|
|
5,028 |
4,022 |
|
|
4,541 |
3,633 |
|
|
4,533 |
3,627 |
|
|
3,640 |
2,912 |
|
5th month vs 6th month |
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