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 January 2011, 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.
Futures Contract Margin Rate Initial Margin Maintenance Margin Hang Seng Index Full Rate 72,250 /lot 57,800 /lot Spread Rate 7,500 /spread 6,000 /spread Mini-Hang Seng Index Full Rate 14,450 /lot 11,560 /lot Spread Rate 1,500 /spread 1,200 /spread H-shares Index Full Rate 39,500 /lot 31,600 /lot Spread Rate 11,850 /spread 9,500 /spread Mini H-shares Index Full Rate 7,900 /lot 6,320 /lot Spread Rate 2,370 /spread 1,900 /spread HSI Dividend Point Index Full Rate 3,520 /lot 2,820 /lot Spread Rate 4,230 /spread 3,390 /spread HSCEI Dividend Point Index Full Rate 1,450 /lot 1,160 /lot Spread Rate 1,740 /spread 1,400 /spread Three-Year EFN Full Rate 10,590 /lot 8,470 /lot Spread Rate 3,180 /spread 2,550 /spread One-Month HIBOR Full Rate 819 /lot 655 /lot Spread Rate Please refer to attached table Three-Month HIBOR Full Rate 1,290 /lot 1,030 /lot Spread Rate Please refer to attached table Aluminum Corporation of China Ltd Full Rate 1,110 /lot 887 /lot Spread Rate 333 /spread 267 /spread Bank of China Limited Full Rate 313 /lot 250 /lot Spread Rate 94 /spread 75 /spread Bank of China Limited Full Rate 326 /lot 261 /lot Spread Rate 98 /spread 78 /spread Bank of Communications Co Ltd Full Rate 556 /lot 445 /lot Spread Rate 167 /spread 134 /spread The Bank of East Asia Ltd Full Rate 431 /lot 345 /lot Spread Rate 130 /spread 104 /spread BOC Hong Kong (Holdings) Ltd Full Rate 986 /lot 789 /lot Spread Rate 296 /spread 237 /spread China Construction Bank Corporation Full Rate 500 /lot 400 /lot Spread Rate 150 /spread 120 /spread China Construction Bank Corporation Full Rate 515 /lot 412 /lot Spread Rate 155 /spread 124 /spread China Communications Construction Co Ltd Full Rate 428 /lot 342 /lot Spread Rate 129 /spread 103 /spread China Mobile Ltd Full Rate 2,420 /lot 1,930 /lot Spread Rate 726 /spread 579 /spread China Unicom (Hong Kong) Ltd Full Rate 1,640 /lot 1,310 /lot Spread Rate 492 /spread 393 /spread CITIC Pacific Ltd Full Rate 1,720 /lot 1,380 /lot Spread Rate 516 /spread 414 /spread Cheung Kong (Holdings) Ltd Full Rate 9,120 /lot 7,300 /lot Spread Rate 2,740 /spread 2,190 /spread China Life Insurance Company Ltd Full Rate 2,510 /lot 2,010 /lot Spread Rate 753 /spread 603 /spread CLP Holdings Ltd Full Rate 2,030 /lot 1,620 /lot Spread Rate 609 /spread 486 /spread China Merchants Bank Co Ltd Full Rate 793 /lot 634 /lot Spread Rate 238 /spread 191 /spread CNOOC Ltd Full Rate 1,520 /lot 1,220 /lot Spread Rate 456 /spread 366 /spread Cathay Pacific Airways Ltd Full Rate 2,100 /lot 1,680 /lot Spread Rate 630 /spread 504 /spread China Petroleum & Chemical Corporation Full Rate 1,110 /lot 885 /lot Spread Rate 333 /spread 266 /spread China Telecom Corporation Ltd Full Rate 504 /lot 403 /lot Spread Rate 152 /spread 121 /spread Esprit Holdings Ltd Full Rate 259 /lot 208 /lot Spread Rate 78 /spread 63 /spread Foxconn International Holdings Ltd Full Rate 448 /lot 359 /lot Spread Rate 135 /spread 108 /spread Hongkong Electric Holdings Ltd Full Rate 1,550 /lot 1,240 /lot Spread Rate 465 /spread 372 /spread Hong Kong Exchanges and Clearing Ltd Full Rate 1,410 /lot 1,130 /lot Spread Rate 423 /spread 339 /spread HSBC Holdings Plc Full Rate 2,010 /lot 1,610 /lot Spread Rate 603 /spread 483 /spread Hong Kong and China Gas Co Ltd Full Rate 1,170 /lot 935 /lot Spread Rate 351 /spread 281 /spread Henderson Land Development Co Ltd Full Rate 3,340 /lot 2,670 /lot Spread Rate 1,010 /spread 801 /spread Huaneng Power International Inc Full Rate 565 /lot 452 /lot Spread Rate 170 /spread 136 /spread Hang Seng Bank Ltd Full Rate 822 /lot 658 /lot Spread Rate 247 /spread 198 /spread Hutchison Whampoa Ltd Full Rate 6,780 /lot 5,420 /lot Spread Rate 2,040 /spread 1,630 /spread Industrial and Commercial Bank of China Ltd Full Rate 400 /lot 320 /lot Spread Rate 120 /spread 96 /spread Industrial and Commercial Bank of China Ltd Full Rate 408 /lot 326 /lot Spread Rate 122 /spread 98 /spread Li & Fung Ltd Full Rate 7,510 /lot 6,010 /lot Spread Rate 2,260 /spread 1,810 /spread MTR Corporation Ltd Full Rate 893 /lot 714 /lot Spread Rate 268 /spread 215 /spread New World Development Co Ltd Full Rate 1,270 /lot 1,020 /lot Spread Rate 381 /spread 306 /spread Ping An Insurance (Group) Co of China Ltd Full Rate 4,190 /lot 3,350 /lot Spread Rate 1,260 /spread 1,010 /spread PetroChina Company Ltd Full Rate 1,460 /lot 1,170 /lot Spread Rate 438 /spread 351 /spread PICC Property and Casualty Co Ltd Full Rate 2,340 /lot 1,880 /lot Spread Rate 702 /spread 564 /spread Sun Hung Kai Properties Ltd Full Rate 8,810 /lot 7,050 /lot Spread Rate 2,650 /spread 2,120 /spread Swire Pacific Ltd “A” Full Rate 5,330 /lot 4,260 /lot Spread Rate 1,600 /spread 1,280 /spread Wharf (Holdings) Ltd Full Rate 5,380 /lot 4,310 /lot Spread Rate 1,620 /spread 1,300 /spread
(HK$)
(HK$)
(BCL: Multiplier = 1,000)
(BCB: Multiplier = 1,043)
(CCB: Multiplier = 1,000)
(CCA: Multiplier = 1,031)
(ICB: Multiplier = 1,000)
(ICA: Multiplier = 1,019)
Futures Contract |
Margin Rate |
Initial Margin |
Maintenance Margin | ||
|
|
|
| ||
Gold Futures |
Full Rate |
5,590 |
/lot |
4,470 |
/lot |
Spread Rate |
1,680 |
/spread |
1,350 |
/spread |
HKFE emphasises 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
|
|
|
1st month vs 7th month
|
2,250 |
1,800 |
4th month vs 7th month
|
2,120 |
1,700 |
1st month vs 4th month
|
1,690 |
1,350 |
4th month vs 5th month
|
1,370 |
1,100 |
1st month vs 2nd month
|
|
|
7th month vs 8th month |
|
|
Spread Margin Rates
for One-Month HIBOR Futures
|
|
|
1st month vs 2nd month
|
519 |
415 |
|
508 |
407 |
|
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