HKFE Announces Revised Margins for Futures Contracts

Market Operations

30 Mar 2011

Hong Kong Futures Exchange
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)

HKFE Announces Revised Margins for Futures Contracts

Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has announced that with effect from the commencement of trading on Friday, 1 April 2011, the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following futures contracts 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 margin information on the HKEx website.

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

Hang Seng Index	Full Rate	71,300	/lot	57,050	/lot
Hang Seng Index	Spread Rate	7,500	/spread	6,000	/spread

Mini-Hang Seng Index	Full Rate	14,260	/lot	11,410	/lot
Mini-Hang Seng Index	Spread Rate	1,500	/spread	1,200	/spread

H-shares Index	Full Rate	40,100	/lot	32,100	/lot
H-shares Index	Spread Rate	12,050	/spread	9,650	/spread

Mini H-shares Index	Full Rate	8,020	/lot	6,420	/lot
Mini H-shares Index	Spread Rate	2,410	/spread	1,930	/spread

HSI Dividend Point Index	Full Rate	3,840	/lot	3,070	/lot
HSI Dividend Point Index	Spread Rate	4,610	/spread	3,690	/spread

HSCEI Dividend Point Index	Full Rate	1,690	/lot	1,360	/lot
HSCEI Dividend Point Index	Spread Rate	2,030	/spread	1,640	/spread

Three-Year EFN	Full Rate	10,740	/lot	8,600	/lot
Three-Year EFN	Spread Rate	3,230	/spread	2,580	/spread

One-Month HIBOR	Full Rate	755	/lot	604	/lot
One-Month HIBOR	Spread Rate	Please refer to attached table

Three-Month HIBOR	Full Rate	827	/lot	662	/lot
Three-Month HIBOR	Spread Rate	Please refer to attached table

Aluminum Corporation of China Ltd	Full Rate	1,230	/lot	979	/lot
Aluminum Corporation of China Ltd	Spread Rate	369	/spread	294	/spread

Bank of China Limited (BCL: Multiplier = 1,000)	Full Rate	250	/lot	200	/lot
Bank of China Limited (BCL: Multiplier = 1,000)	Spread Rate	75	/spread	60	/spread

Bank of China Limited (BCB: Multiplier = 1,043)	Full Rate	261	/lot	209	/lot
Bank of China Limited (BCB: Multiplier = 1,043)	Spread Rate	78	/spread	63	/spread

Bank of Communications Co Ltd	Full Rate	504	/lot	403	/lot
Bank of Communications Co Ltd	Spread Rate	152	/spread	121	/spread

The Bank of East Asia Ltd	Full Rate	434	/lot	347	/lot
The Bank of East Asia Ltd	Spread Rate	131	/spread	105	/spread

BOC Hong Kong (Holdings) Ltd	Full Rate	863	/lot	691	/lot
BOC Hong Kong (Holdings) Ltd	Spread Rate	259	/spread	208	/spread

China Construction Bank Corporation (CCB: Multiplier = 1,000)	Full Rate	437	/lot	350	/lot
	Spread Rate	132	/spread	105	/spread

China Construction Bank Corporation (CCA: Multiplier = 1,031)	Full Rate	450	/lot	361	/lot
	Spread Rate	136	/spread	108	/spread

China Communications Construction Co Ltd	Full Rate	786	/lot	629	/lot
China Communications Construction Co Ltd	Spread Rate	236	/spread	189	/spread

China Mobile Ltd	Full Rate	2,200	/lot	1,760	/lot
China Mobile Ltd	Spread Rate	660	/spread	528	/spread

China Unicom (Hong Kong) Ltd	Full Rate	2,290	/lot	1,830	/lot
China Unicom (Hong Kong) Ltd	Spread Rate	687	/spread	549	/spread

CITIC Pacific Ltd	Full Rate	1,820	/lot	1,460	/lot
CITIC Pacific Ltd	Spread Rate	546	/spread	438	/spread

Cheung Kong (Holdings) Ltd	Full Rate	10,000	/lot	8,000	/lot
Cheung Kong (Holdings) Ltd	Spread Rate	3,000	/spread	2,400	/spread

China Life Insurance Company Ltd	Full Rate	2,310	/lot	1,850	/lot
China Life Insurance Company Ltd	Spread Rate	693	/spread	555	/spread

CLP Holdings Ltd	Full Rate	1,970	/lot	1,570	/lot
CLP Holdings Ltd	Spread Rate	591	/spread	471	/spread

China Merchants Bank Co Ltd	Full Rate	642	/lot	514	/lot
China Merchants Bank Co Ltd	Spread Rate	193	/spread	155	/spread

CNOOC Ltd	Full Rate	1,480	/lot	1,180	/lot
CNOOC Ltd	Spread Rate	444	/spread	354	/spread

Cathay Pacific Airways Ltd	Full Rate	1,990	/lot	1,590	/lot
Cathay Pacific Airways Ltd	Spread Rate	597	/spread	477	/spread

China Petroleum & Chemical Corporation	Full Rate	1,510	/lot	1,210	/lot
China Petroleum & Chemical Corporation	Spread Rate	453	/spread	363	/spread

China Telecom Corporation Ltd	Full Rate	719	/lot	575	/lot
China Telecom Corporation Ltd	Spread Rate	216	/spread	173	/spread

Esprit Holdings Ltd	Full Rate	348	/lot	278	/lot
Esprit Holdings Ltd	Spread Rate	105	/spread	84	/spread

Foxconn International Holdings Ltd	Full Rate	470	/lot	376	/lot
Foxconn International Holdings Ltd	Spread Rate	141	/spread	113	/spread

Power Assets Holdings Ltd	Full Rate	1,540	/lot	1,230	/lot
Power Assets Holdings Ltd	Spread Rate	462	/spread	369	/spread

Hong Kong Exchanges and Clearing Ltd	Full Rate	1,130	/lot	898	/lot
Hong Kong Exchanges and Clearing Ltd	Spread Rate	339	/spread	270	/spread

HSBC Holdings Plc	Full Rate	2,300	/lot	1,840	/lot
HSBC Holdings Plc	Spread Rate	690	/spread	552	/spread

Hong Kong and China Gas Co Ltd	Full Rate	1,170	/lot	932	/lot
Hong Kong and China Gas Co Ltd	Spread Rate	351	/spread	280	/spread

Henderson Land Development Co Ltd	Full Rate	4,400	/lot	3,520	/lot
Henderson Land Development Co Ltd	Spread Rate	1,320	/spread	1,060	/spread

Huaneng Power International Inc	Full Rate	554	/lot	443	/lot
Huaneng Power International Inc	Spread Rate	167	/spread	133	/spread

Hang Seng Bank Ltd	Full Rate	758	/lot	606	/lot
Hang Seng Bank Ltd	Spread Rate	228	/spread	182	/spread

Hutchison Whampoa Ltd	Full Rate	8,080	/lot	6,460	/lot
Hutchison Whampoa Ltd	Spread Rate	2,430	/spread	1,940	/spread

Industrial and Commercial Bank of China Ltd (ICB: Multiplier = 1,000)	Full Rate	384	/lot	307	/lot
	Spread Rate	116	/spread	93	/spread

Industrial and Commercial Bank of China Ltd (ICA: Multiplier = 1,019)	Full Rate	391	/lot	313	/lot
	Spread Rate	118	/spread	95	/spread

Li & Fung Ltd	Full Rate	9,150	/lot	7,320	/lot
Li & Fung Ltd	Spread Rate	2,750	/spread	2,200	/spread

MTR Corporation Ltd	Full Rate	880	/lot	704	/lot
MTR Corporation Ltd	Spread Rate	264	/spread	212	/spread

New World Development Co Ltd	Full Rate	992	/lot	794	/lot
New World Development Co Ltd	Spread Rate	298	/spread	239	/spread

Ping An Insurance (Group) Co of China Ltd	Full Rate	3,750	/lot	3,000	/lot
Ping An Insurance (Group) Co of China Ltd	Spread Rate	1,130	/spread	900	/spread

PetroChina Company Ltd	Full Rate	1,680	/lot	1,340	/lot
PetroChina Company Ltd	Spread Rate	504	/spread	402	/spread

PICC Property and Casualty Co Ltd	Full Rate	2,160	/lot	1,730	/lot
PICC Property and Casualty Co Ltd	Spread Rate	648	/spread	519	/spread

Sun Hung Kai Properties Ltd	Full Rate	8,120	/lot	6,500	/lot
Sun Hung Kai Properties Ltd	Spread Rate	2,440	/spread	1,950	/spread

Swire Pacific Ltd “A”	Full Rate	4,050	/lot	3,240	/lot
Swire Pacific Ltd “A”	Spread Rate	1,220	/spread	972	/spread

Wharf (Holdings) Ltd (WHL: Multiplier = 1,000)	Full Rate	4,730	/lot	3,790	/lot
Wharf (Holdings) Ltd (WHL: Multiplier = 1,000)	Spread Rate	1,420	/spread	1,140	/spread

Wharf (Holdings) Ltd (WHA: Multiplier = 1,031)	Full Rate	4,878	/lot	3,908	/lot
Wharf (Holdings) Ltd (WHA: Multiplier = 1,031)	Spread Rate	1,464	/spread	1,176	/spread

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

Gold Futures	Full Rate	5,380	/lot	4,300	/lot
Gold Futures	Spread Rate	1,620	/spread	1,290	/spread

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

Spread Margin Rates
for Three-Month HIBOR Futures

Spread Combination	Initial Margin (HK$)	Maintenance Margin (HK$)
1st month vs 4th month 1st month vs 5th month 1st month vs 6th month 2nd month vs 4th month 2nd month vs 5th month 2nd month vs 6th month 3rd month vs 4th month 3rd month vs 5th month 3rd month vs 6th month	1,650 per spread	1,320 per spread
1st month vs 7th month 1st month vs 8th month 1st month vs 9th month 1st month vs 10th month 2nd month vs 7th month 2nd month vs 8th month 2nd month vs 9th month 2nd month vs 10th month 3rd month vs 7th month 3rd month vs 8th month 3rd month vs 9th month 3rd month vs 10th month	1,650 per spread	1,320 per spread
4th month vs 5th month 4th month vs 6th month 5th month vs 6th month	1,650 per spread	1,320 per spread
4th month vs 7th month 4th month vs 8th month 4th month vs 9th month 4th month vs 10th month 5th month vs 7th month 5th month vs 8th month 5th month vs 9th month 5th month vs 10th month 6th month vs 7th month 6th month vs 8th month 6th month vs 9th month 6th month vs 10th month	1,650 per spread	1,320 per spread
1st month vs 2nd month 1st month vs 3rd month 2nd month vs 3rd month	1,040 per spread	826 per spread
7th month vs 8th month 7th month vs 9th month 7th month vs 10th month 8th month vs 9th month 8th month vs 10th month 9th month vs 10th month	249 per spread	199 per spread

Spread Margin Rates
for One-Month HIBOR Futures

Spread Combination	Initial Margin (HK$)	Maintenance Margin (HK$)
1st month vs 2nd month 1st month vs 3rd month	595 per spread	476 per spread
1st month vs 4th month 1st month vs 5th month 1st month vs 6th month	591 per spread	473 per spread
2nd month vs 4th month 2nd month vs 5th month 2nd month vs 6th month 3rd month vs 4th month 3rd month vs 5th month 3rd month vs 6th month	561 per spread	449 per spread
2nd month vs 3rd month	421 per spread	337 per spread
4th month vs 5th month 4th month vs 6th month 5th month vs 6th month	227 per spread	182 per spread

Ends

Updated 30 Mar 2011