HKFE Announces Revised Margins for Taiwan Semiconductor Manufacturing Co Ltd Futures

Hong Kong Futures Exchange Ltd (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), is adjusting the margin rate of Taiwan Semiconductor Manufacturing Co Ltd Futures as a result of the company's 10 per cent stock dividend announced on 5 June 2002 with the ex-dividend date on 19 June 2002. The minimum margins to be collected by an Exchange Participants from its clients in respect of their dealings in Taiwan Semiconductor Manufacturing Co Ltd Futures contracts will be adjusted with effect from the commencement of trading on Wednesday, 19 June 2002, and are outlined in the table below. The margin adjustments are based on the clearing company's normal procedures and standard margining methodology.

Futures Contract	Margin Rate	Initial Margin (NT$)	Maintenance Margin (NT$)

Taiwan Semiconductor Manufacturing Company Limited (TSM with contract multiplier 10,000)	Full Rate Spread Rate	81,000 per lot 12,150 /lot/side	64,800 per lot 9,720 /lot/side
Taiwan Semiconductor Manufacturing Company Limited (Temporary contract TSA with contract multiplier 11,000)	Full Rate Spread Rate	89,100 per lot 13,370 /lot/side	71,280 per lot 10,696 /lot/side

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