HKFE Announces Revised Margins For Three-Year Exchange Fund Note Futures

Hong Kong Futures Exchange (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), announced today (Monday) that with effect from the commencement of trading on Tuesday, 19 March 2002, the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following futures contract will be as outlined in the table below. The adjustments are based on the clearing company's normal procedures and standard margining methodology.

*Amounts in brackets are the original margin rates:

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

Three-Year Exchange Fund Note	Full Rate Spread Rate	14,000 (12,000) per lot	11,200 (9,600) per lot
Three-Year Exchange Fund Note	Full Rate Spread Rate	2,100 (1,800) /lot/side	1,680 (1,440) /lot/side

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