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Overview

Since the CNH trading was first introduced in Hong Kong in 2004, its market size has expanded exponentially on the back of China’s fast transformation into a leading trading country. The growth of the dim sum bond market, expansion of foreign capital participation in the Chinese securities markets, and RMB internationalisation have created demand for products, which could help market participants hedge their CNH exposure. Responding to such market requirements, HKEX introduced USD/CNH futures in 2012 and following their success and anticipating growing needs for more flexible hedging tools, HKEX introduced the exchange traded USD/CNH options as part of its strategy to build up a full range of foreign exchange derivatives products.


Updated 20 Oct 2017


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Advantages

  • Flexibility of trading and hedging strategies for various market conditions
  • Limited counterparty risks
  • Transparency and efficiency of standardised
  • Exchange-traded contracts
  • Cost effectiveness of trading on a margin basis
  • Block trade facilities supported by the HKATS
  • Variety of eight contract-month tenors, the longest being 16 months

 

Contract Summary

Item Contract Terms
HKATS Code CUS
Contract Size USD 100,000
Price Quotation Amount of RMB per USD
Options Premium 4 decimal places (i.e. 0.0001)
Tick Value RMB 10
Strike Prices Strike intervals will be set at 0.05
Official Settlement Price USD/CNY (HK) Spot Rate published by Hong Kong Treasury Markets Association (TMA) at or around 11:30 a.m. on the Expiry Day
Settlement on Exercise Physical delivery on exercise
Holder writer
Call Options Payment of the Final Settlement Value in RMB Delivery of US dollars
Put Options Delivery of US dollars Payment of the Final Settlement Value in RMB
Example on Final Settlement Process
Exercise Style European style
Contract Months Spot month, the next three calendar months and the next four calendar quarter months
Final Settlement Day Third Wednesday of the Contract Month
Expiry Day Two Hong Kong Business Days prior to the Final Settlement Day
Trading Hours (Hong Kong Time) 9:00 a.m. to 4:30 p.m. (Trading hours on the Expiry Day are from 9:00 a.m. to 11:00 a.m.)
Exchange Fee RMB 8 per contract (Waived from 20 March 2017 - 30 March 2018)
Exercise Fee RMB 8 per contract
Commission Levy Nil
Position Limit For the USD/CNH Futures Contract, CNH/USD Futures Contract and USD/CNH Option Contract combined, a position delta of 8,000 long or short in all Contract Months combined provided that

- Position delta for the Spot Month USD/CNH Futures Contract and the Spot Month USD/CNH Option Contract combined during the five Hong Kong Business Day up to and including the Expiry Day shall not exceed 2,000 long or short; and

- The position for CNH/USD Futures Contract shall not at any time exceed 16,000 net long or short contracts in all Contract Months combined

Large Open Positions 500 open contracts in any one series
Holiday Schedule Follows the Hong Kong holiday schedule

Please click here for the disclaimer.

Margin Table

Trading Fees and Commission

Exchange Fee
RMB8.00 per contract (Waived from 20 March 2017 - 30 March 2018)
Commission Levy
Nil
Total
RMB8.00 per contract
* The amount indicated above is subject to change from time to time.

List of Market Makers or Liquidity Providers

Lists of Market Makers or Liquidity Providers in Futures Exchange Products

Currency Futures and Options Products

 
  Providing Continuous Quotes 
   Market Makers / Liquidity Providers
  CFT GLS HKB ICB MLF NHT SNP TFF UWD VDC
 USD/CNH Futures      * *  *   * *  * * 
 USD/CNH Options *           *    *    
 EUR/CNH Futures              *   *   
 JPY/CNH Futures                  *  
 AUD/CNH Futures                  *  
 CNH/USD Futures    *           *  *   

 

 
Providing Continuous Quotes
(After-Hours Futures Trading)

Market Makers
UWD
USD/CNH Futures * 

 

* refers to a Futures Exchange Participant acting as a Market Maker or Liquidity Provider in Futures Exchange Products or a Stock Options Exchange Participant acting as a Market Maker for Stock Options

Updated 20 Oct 2017

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