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USD Gold Futures


Updated 07 Nov 2017


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Contract Specification

Contract USD Gold Futures
Underlying 1 kilogram gold of not less than0.9999 fineness bearing a serial number and identifying stamp of a Recognised Refiner
HKATS Code GDU
Contract Size 1 kilogram
Trading Currency U.S. dollars
Contract Months Spot Month and the next eleven calendar months
Minimum Fluctuation USD 0.01 per gram
Trading Hours1
(Hong Kong Time)
8:30 a.m. to 4:30 p.m. (day trading session) and
5:15 p.m. to 1:00 a.m. the next morning (after-hours trading session)
Trading Hours2on
Last Trading Day
(Hong Kong Time)
8:30 a.m. to 4:30p.m.
Last Trading Day
(LTD)
The third Monday of the Contract Month
Postponed to the next business day if it is a Hong Kong public holiday
Final Settlement Day The second Hong Kong Business Day after the Last Trading Day
Settlement Method Physical settlement
Settlement Currency U.S. dollars
Final Settlement Price Volume weighted average price of all trades3in the expiring Contract Month during the last thirty minutes of trading on the Last Trading Day
Delivery Site An Approved Depository
Minimum Delivery Size 1 kilogram
Holiday Schedule Follow HKFE holiday schedule
Trading Fee4, 6 (per contract per side) USD 1.00
Settlement Fee4, 6 (per contract per side) USD 2.00
Levies5, 6 (per contract per side) USD 0.07
Commission Rate Negotiable

Notes :
1. There is no trading after 12:30 p.m. on the eves of Christmas, New Year and Lunar New Year. The trading hours on those three days shall be 8:30 a.m. – 12:30 p.m.. There is no after-hours trading session if it is a bank holiday in the United Kingdom, the United States and the People’s Republic of China.

2. There shall be no trading after 12:30 p.m. on the eves of Christmas, New Year and Lunar New Year. The trading hours on those three days shall be 8:30 a.m. – 12:30 p.m..

3. All trades other than Block Trades in the expiring Contract Month that result from the matching on HKATS of (i) two orders in the individual market series; or (ii) a standard combination order and an order in the individual market series, and executed during the last thirty minutes of trading on the Last Trading Day.

4. The amount indicated above is subject to change by the Exchange from time to time.

5. The USD equivalent of HKD0.54 per contract at the exchange rate determined by the Exchange from time to time.

6. Waived from 10 July 2017 – 9 January 2018, excluding after-hours trading on 9 January 2018.


Updated 15 Sep 2017

Margin Table

Trading Hours

Contract

USD & CNH Gold Futures

Trading Hours1
(Hong Kong Time)
8:30 a.m. to 4:30 p.m. (day trading session) and
5:15 p.m. to 1:00 a.m. the next morning (after-hours trading session)
Trading Hours on
Last Trading Day2
(Hong Kong Time)
8:30 a.m. to 4:30 p.m.

1.   There is no trading after 12:30 p.m. on the eves of Christmas, New Year and Lunar New Year.  The trading hours on those three days shall be 8:30 a.m. – 12:30 p.m.. There is no after-hours trading session if it is a bank holiday in the United Kingdom, the United States and the People’s Republic of China.

2.   There shall be no trading after 12:30 p.m. on the eves of Christmas, New Year and Lunar New Year. The trading hours on those three days shall be 8:30 a.m. – 12:30 p.m..

 

Updated 15 Sep 2017

Trading Fees and Commissions

Contract

USD Gold Futures

Exchange Fee1
(per contract per side)
Trading Fee: USD 1.00
Levies2
(per contract per side)
USD 0.07
Commission Rate Negotiable
 
1. The amount indicated above is subject to be changed by the Exchange from time to time.

2. The USD equivalent of HKD 0.54 per contract at the exchange rate determined by the Exchange from time to time.

Updated 15 Sep 2017

Derivatives Market Access Codes

Information Vendors

Access Code

AASTOCKS.com Limited 221475
Bloomberg Finance L.P. XDTA Comdty <GO>
CQG, Inc. GDU
DB Power Online Limited GDU
East Money Information Co., Ltd. GDU
Hexin Flush Financial Information Network Ltd. GDU+year+month
Infocast Ltd GDU
Interactive Data Real-Time Services, Inc. Fn:GDU\MYYDD
Morningstar Real-Time Data Ltd. GDU
Reuters Ltd, a Thomson Reuters Company 0#HGDU:
Shanghai DZH Limited GDU+year+month
Shanghai Pobo Network Data Information Co., Ltd GDU+month+year
Shanghai Qianlong Advanced Technology Co Ltd. GDU
Telequote Data International Ltd. GDUmy
Tele-Trend Ltd. GDUFC, GDUmyy
Webstock Information Systems Co., Ltd GDU
Wind Information Co., Ltd. GDUF.HK
Zhengzhou Esunny Information Technology Co., Ltd GDU

Updated 15 Sep 2017

List of Market Makers and Liquidity Providers

USD and CNH Gold Futures Contracts

  Providing Continuous Quotes
Liquidity Providers
CFT1 DAI GLS1 KGI MPF TFF WFF1
USD Gold Futures *   * * * * *
CNH Gold Futures * * *   * * *

  Providing Continuous Quotes
(After-Hours Future Trading)
Liquidity Providers
CFT1 DAI WFF1
USD Gold Futures *   *
CNH Gold Futures * * *

*refers to a Futures Exchange Participant acting as a Liquidity Provider for Gold Future

1. The Exchange Participants provide physical delivery services for the gold futures by clearing through Delivery Participants.

2. Liquidity Providers trading through Exchange Participants, which are clearing through Non-delivery Participants, will not provide liquidity after the end of T Session on LTD-1.


Updated 15 Sep 2017

Market Maker Obligations and Incentives

Obligations of LP

LP will be required to meet at least the following obligations:

 

CommoditiesFutures

Type of LP

Minimum LP Quoting Obligations

Type Contract Months Quote Size Maximum Bid/Offer Spread Minimum % of Trading Hours Coverage

Physically settledUSD Gold Futures and/ orphysically settledCNH Gold Futures

Type 1

Continuous quotes (CQ)

Spot, and the next 2 calendar months; and the next Jun and Dec contracts

3 contracts

At least Spot, next 2 calendar months, and next Jun and Dec contracts; 3 ticks (Optional) Other calendar months: 5 ticks

70% of trading hours in a month*

Type 2

50% of trading hours in a month*

Type 3

3 ticks, except that the max. bid/offer spread shall be 5 ticks for the farthest contract month

70% of trading hours in a month*

Type 4

50% of trading hours in a month*

 
*either T or T+1 session

For more details of the market maker obligations and incentives, please refer to the HKEX website at  

http://www.hkex.com.hk/eng/market/partcir/hkfe/2017/Documents/MKD_CMD_001_17_e.pdf

https://www.hkex.com.hk/chi/market/partcir/hkfe/Documents/CMD%20Revised%20Plan%20B_circular_e_20170829%20(sfc)%20vf.pdf

 

 


Updated 22 Sep 2017

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