Assigned Series *

Not less than 24 option series

(except that, not less than 12 option series for Mini-Hang Seng Index Options)
 

All QR issued (except for QR in long dated index options)

Trading Requirement

Provision of CQ not less than 70%
of the trading hours in each calendar month
 

Response to not less than 70%
of the QR in each calendar month

Maximum Time Limit for
Responding to QR
 

N/A

Response to a QR within 20
seconds of the QR

Minimum Display Time

Not less than 20 seconds, unless a change in the level of the underlying index occurs during the 20 seconds display period, in which case, market makers may change their quotes
 

Maximum bid/offer spread
(Except for Long Dated Index Options)

Contract                          

Month           Option Price                     Maximum Bid/Offer Spread

1st to 3rd    1 - 750 points                     30 points or 10% of bid price,
                                                               whichever is higher

                   751 points or more              75 points

4th to 6th   1 - 750 points                      30 points or 20% of bid price,
                                                               whichever is higher
   
                  751 points or more               150 points
 

Minimum Quote Size
 

Not fewer than 5 contracts

Spot month

 Out-of-the-Money

5

5

 In-the-Money

3

3

Second Calendar month

 Out-of-the-Money

6

6

 In-the-Money

2

2

Third Calendar month

 Out-of-the-Money

3

3

 In-the-Money

1

1

Sub-total

20

20

Total

40

Hang Seng Index Futures (HSIF)

n.a.

3.50 (MM in HSIO, MHIF or MHIO)

10.00

Hang Seng Index Options (HSIO)

2.00

3.50 (MM in MHIF or MHIO)

10.00

Mini Hang Seng Index Futures (MHIF)

0.50

1.00 (MM in HSIO or MHIO)

3.50

Mini Hang Seng Index Options (MHIO)

0.40

0.70 (MM in HSIO or MHIF)

2.00

H-shares Index Futures (HHIF)

0.50

1.00 (MM in HHIO)

3.50

H-shares Index Options (HHIO)

0.50

1.00 (MM in HHIF)

3.50

Assigned Contract

At least the first 2 contract months
[i.e. Spot Month and the next calendar month]
 

Trading Requirement

Provision of CQ for not less than 70% of the trading hours in each calendar month

Response to not less than 70% of the QR in each calendar month
 

Maximum Time Limit for Responding to QR
 

N/A

Response to a QR within 10 seconds

Minimum Display Time

Not less than 20 seconds, unless a change in the nominal price of the underlying stock occurs during that period, in which case, the MM may change its Quote provided
 

Maximum Bid/Offer Spread
 

4 times the best bid / offer spread of the underlying stock or HK$0.15, whichever is greater

Minimum Quote Size
 

A minimum of 10 contracts

Stock Futures

0.50

3.50

Assigned Series #

Not less than 24 option series in an option class
 

QR issued in options series in an option class

Trading Requirement

Provision of CQ for the assigned option series in an option class for 50% or more of the trading hours in a month
 

Response to 50% or more QR in an option class in a month

Maximum Time Limit for Responding to QR
 

N/A

Response within 20 seconds on receipt of  a QR

Minimum Display Time (QR)

N/A

At least 20 seconds, unless a change in the underlying stock price occurs during the 20 seconds display period
 

Maximum Bid/Offer Spread

20% of the bid price of the quote or 4 times the best bid/offer spread of the underlying securities, whichever is the lower.
 

10% of the bid price of the quote or 4 times the best bid/offer spread of the underlying securities, whichever is the lower.
 

The next 2 calendar quarter expiry months

20% of the bid price of the quote or 4 times the best bid/offer spread of the underlying securities, whichever is the lower.
 

20% of the bid price of the quote or 6 times the best bid/offer spread of the underlying securities, whichever is the lower.

The 3rd calendar quarter expiry month and any other longer-dated expiry month as the Exchange deems necessary

20% of the bid price of the quote or 8 times the best bid/offer spread of the underlying securities, whichever is the lower.
 

Minimum Quote Size

Liquidity Level  1 -  30 contracts

Liquidity Level  2 -  15 contracts
 

Spot month

Out-of-the-Money

5

5

In-the-Money

2

2

Second Calendar month

Out-of-the-Money

5

5

In-the-Money

2

2

Third Calendar month

Out-of-the-Money

5

5

In-the-Money

2

2

First Quarter month

Out-of-the-Money

5

5

In-the-Money

2

2

Second Quarter month

Out-of-the-Money

5

5

In-the-Money

2

2

Sub-total

35

35

Total

70

Tier 1

Response to Total
Quote Requests in a Month

70% or more

1.50

3.00

less than 70%

3.00

3.00

Provision of Continuous Quotes
in the Trading Hours in a Month

70% or more

1.50

3.00

less than 70%

3.00

3.00

Tier 2

Response to Total
Quote Requests in a Month

70% or more

0.80

1.00

less than 70%

1.00

1.00

Provision of Continuous Quotes
in the Trading Hours in a Month

70% or more

0.80

1.00

less than 70%

1.00

1.00

Assigned Contract
 

Not less than first 3 contract months

Trading Requirement

Provision of CQ for not less than 70% 
of the trading hours in each calendar month
 

Response to not less than 70%
of the QR in each calendar month

Maximum Time Limit for Responding to QR
 

N/A

Within 30 seconds on receipt of a QR

Minimum Display Time
 

Not less than 15 seconds

Maximum Bid/Offer Spread
 

Not greater 10 Minimum Fluctuations

Not greater 7 Minimum Fluctuations

Minimum Quote Size
 

Not less than 5 contracts

Not less than 10 contracts

Non-Market Making Hours

A market maker shall not be required to meet the trading requirements during the following period:

Assigned Contract
 

Spot contract month plus not less than the first 4 quarter contract months

Trading Requirement

Provision of CQ for not less than 70%
of the trading hours in each calendar month
 

Response to not less than 70%
of the QR in each calendar month

Maximum Time Limit for Responding to QR

N/A

Response to a QR on an assigned
contract month within 30 seconds of the QR
 

Minimum Display Time
 

Not less than 15 seconds

Maximum Bid/Offer Spread

Not greater than 10 minimum fluctuations
 

not greater than 7 minimum fluctuations

Minimum Quote Size
   

not less than 5 contracts

not less than 10 contracts

Non-Market Making Hours

A market maker shall not be required to meet the trading requirements during the following period:

Assigned Contract
 

First 2 calendar quarter contract months and 1 calendar spread for spot/next contract months

Trading Requirement

• Provision of CQ for the assigned contract months for not less than 70% of the trading hours in each calendar month 
   
• Provision of CQ for the calendar spread for the spot/next contract months for not less than  70% of the trading hours during the last 11 trading days of the spot month.
   

• Response to not less than 70% of the QR on the assigned contract months in each calendar month 
    

• Response to not less than 70% of the QR for the calendar spread for the spot/next contract months during the last 11 trading days of the spot month.

Maximum Time Limit for Responding to QR
 

N/A

Within 30 seconds of the QR

Minimum Display Time
 

Not less than 15 seconds

Minimum Quote Size
  

Not less than 25 contracts

Not less than 50 contracts

Non-Market Making Hours

A market maker shall not be required to meet the trading requirements during the following period: