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

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 Wednesday, 14 January 2004, 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.

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 (HK$)	Maintenance (HK$)
Three-Year Exchange Fund Note	Full Rate	13,600 per lot	10,880 per lot
	Spread Rate	2,040 /lot/side	1,632 /lot/side

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