HKFE Announces Revised Margins For New World Development Company Limited Futures Contracts After Capital Adjustment

Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), announced that with effect from the commencement of trading on Thursday, 11 March 2004, 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.

Please see the 9 March 2004 HKEx news release, Arrangements for Adjustment of NWD and CNOOC Futures and Options, for details of the capital adjustment of New World Development Limited, or NWD, Futures.

For the current margins, please refer to the HKEx website ( http://www.hkex.com.hk) and see Trading Information - Futures & Options in the Derivatives Market section.

Futures Contract	Margin Rate	Initial Margin (HK$)	Maintenance Margin (HK$)
New World Development Co. Ltd. (NWD with contract multiplier 1,000)	Full Rate	1,280 per lot	1,024 per lot
	Spread Rate	192 lot/side	153.6 lot/side
New World Development Co. Ltd. (Temporary contract NWA with contract multiplier 1,102)	Full Rate	1,410  per lot	1,128 per lot
	Spread Rate	212 lot/side	169.6 lot/side

HKFE emphasised that the above are minimum rates and Exchange Participants should set their margin requirements according to their clients' individual circumstances.