HKFE Announces Revised Margins for Futures Contracts

Market Operations

27 May 2011

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 Wednesday, 1 June 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	70,800	/lot	56,650	/lot
Hang Seng Index	Spread Rate	7,500	/spread	6,000	/spread

Mini-Hang Seng Index	Full Rate	14,160	/lot	11,330	/lot
Mini-Hang Seng Index	Spread Rate	1,500	/spread	1,200	/spread

H-shares Index	Full Rate	39,300	/lot	31,450	/lot
H-shares Index	Spread Rate	11,800	/spread	9,450	/spread

Mini H-shares Index	Full Rate	7,860	/lot	6,290	/lot
Mini H-shares Index	Spread Rate	2,360	/spread	1,890	/spread

HSCEI Dividend Point Index	Full Rate	1,610	/lot	1,290	/lot
HSCEI Dividend Point Index	Spread Rate	1,940	/spread	1,550	/spread

HSI Dividend Point Index	Full Rate	3,690	/lot	2,950	/lot
HSI Dividend Point Index	Spread Rate	4,430	/spread	3,540	/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	720	/lot	576	/lot
One-Month HIBOR	Spread Rate	Please refer to attached table

Three-Month HIBOR	Full Rate	664	/lot	531	/lot
Three-Month HIBOR	Spread Rate	Please refer to attached table

Aluminum Corporation of China Ltd	Full Rate	1,170	/lot	931	/lot
Aluminum Corporation of China Ltd	Spread Rate	351	/spread	280	/spread

Bank of China Limited (BCL: Multiplier = 1,000)	Full Rate	252	/lot	201	/lot
Bank of China Limited (BCL: Multiplier = 1,000)	Spread Rate	76	/spread	61	/spread

Bank of China Limited (BCB: Multiplier = 1,043)	Full Rate	263	/lot	210	/lot
Bank of China Limited (BCB: Multiplier = 1,043)	Spread Rate	79	/spread	64	/spread

Bank of Communications Co Ltd	Full Rate	482	/lot	385	/lot
Bank of Communications Co Ltd	Spread Rate	145	/spread	116	/spread

The Bank of East Asia Ltd	Full Rate	400	/lot	320	/lot
The Bank of East Asia Ltd	Spread Rate	120	/spread	96	/spread

BOC Hong Kong (Holdings) Ltd	Full Rate	732	/lot	586	/lot
BOC Hong Kong (Holdings) Ltd	Spread Rate	220	/spread	176	/spread

China Construction Bank Corporation (CCB: Multiplier = 1,000)	Full Rate	429	/lot	343	/lot
	Spread Rate	129	/spread	103	/spread

China Construction Bank Corporation (CCA: Multiplier = 1,031)	Full Rate	442	/lot	354	/lot
	Spread Rate	133	/spread	106	/spread

China Communications Construction Co Ltd	Full Rate	499	/lot	399	/lot
China Communications Construction Co Ltd	Spread Rate	150	/spread	120	/spread

China Mobile Ltd	Full Rate	2,140	/lot	1,710	/lot
China Mobile Ltd	Spread Rate	642	/spread	513	/spread

China Unicom (Hong Kong) Ltd	Full Rate	3,520	/lot	2,820	/lot
China Unicom (Hong Kong) Ltd	Spread Rate	1,060	/spread	846	/spread

CITIC Pacific Ltd	Full Rate	1,950	/lot	1,560	/lot
CITIC Pacific Ltd	Spread Rate	585	/spread	468	/spread

Cheung Kong (Holdings) Ltd	Full Rate	8,310	/lot	6,650	/lot
Cheung Kong (Holdings) Ltd	Spread Rate	2,500	/spread	2,000	/spread

China Life Insurance Company Ltd	Full Rate	1,800	/lot	1,440	/lot
China Life Insurance Company Ltd	Spread Rate	540	/spread	432	/spread

CLP Holdings Ltd	Full Rate	2,000	/lot	1,600	/lot
CLP Holdings Ltd	Spread Rate	600	/spread	480	/spread

China Merchants Bank Co Ltd	Full Rate	607	/lot	486	/lot
China Merchants Bank Co Ltd	Spread Rate	183	/spread	146	/spread

CNOOC Ltd	Full Rate	1,450	/lot	1,160	/lot
CNOOC Ltd	Spread Rate	435	/spread	348	/spread

Cathay Pacific Airways Ltd	Full Rate	1,270	/lot	1,020	/lot
Cathay Pacific Airways Ltd	Spread Rate	381	/spread	306	/spread

China Petroleum & Chemical Corporation	Full Rate	967	/lot	774	/lot
China Petroleum & Chemical Corporation	Spread Rate	291	/spread	233	/spread

China Telecom Corporation Ltd	Full Rate	780	/lot	624	/lot
China Telecom Corporation Ltd	Spread Rate	234	/spread	188	/spread

Esprit Holdings Ltd	Full Rate	282	/lot	226	/lot
Esprit Holdings Ltd	Spread Rate	85	/spread	68	/spread

Foxconn International Holdings Ltd	Full Rate	536	/lot	429	/lot
Foxconn International Holdings Ltd	Spread Rate	161	/spread	129	/spread

Power Assets Holdings Ltd	Full Rate	1,670	/lot	1,340	/lot
Power Assets Holdings Ltd	Spread Rate	501	/spread	402	/spread

Hong Kong Exchanges and Clearing Ltd	Full Rate	1,070	/lot	849	/lot
Hong Kong Exchanges and Clearing Ltd	Spread Rate	321	/spread	255	/spread

HSBC Holdings Plc	Full Rate	1,990	/lot	1,590	/lot
HSBC Holdings Plc	Spread Rate	597	/spread	477	/spread

Hong Kong and China Gas Co Ltd (HKG: Multiplier = 1,000)	Full Rate	1,091	/lot	866	/lot
Hong Kong and China Gas Co Ltd (HKG: Multiplier = 1,000)	Spread Rate	327	/spread	260	/spread

Hong Kong and China Gas Co Ltd (HKA: Multiplier = 1,100)	Full Rate	1,200	/lot	953	/lot
Hong Kong and China Gas Co Ltd (HKA: Multiplier = 1,100)	Spread Rate	360	/spread	286	/spread

Henderson Land Development Co Ltd	Full Rate	3,550	/lot	2,840	/lot
Henderson Land Development Co Ltd	Spread Rate	1,070	/spread	852	/spread

Huaneng Power International Inc	Full Rate	552	/lot	442	/lot
Huaneng Power International Inc	Spread Rate	166	/spread	133	/spread

Hang Seng Bank Ltd	Full Rate	770	/lot	616	/lot
Hang Seng Bank Ltd	Spread Rate	231	/spread	185	/spread

Hutchison Whampoa Ltd	Full Rate	5,390	/lot	4,310	/lot
Hutchison Whampoa Ltd	Spread Rate	1,620	/spread	1,300	/spread

Industrial and Commercial Bank of China Ltd (ICB: Multiplier = 1,000)	Full Rate	390	/lot	312	/lot
	Spread Rate	117	/spread	94	/spread

Industrial and Commercial Bank of China Ltd (ICA: Multiplier = 1,019)	Full Rate	398	/lot	318	/lot
	Spread Rate	119	/spread	96	/spread

Li & Fung Ltd (LIF: Multiplier = 2,000)	Full Rate	4,190	/lot	3,360	/lot
Li & Fung Ltd (LIF: Multiplier = 2,000)	Spread Rate	1,260	/spread	1,010	/spread

Li & Fung Ltd (LIA: Multiplier = 4,000 )	Full Rate	8,380	/lot	6,720	/lot
Li & Fung Ltd (LIA: Multiplier = 4,000 )	Spread Rate	2,520	/spread	2,020	/spread

MTR Corporation Ltd	Full Rate	879	/lot	703	/lot
MTR Corporation Ltd	Spread Rate	264	/spread	211	/spread

New World Development Co Ltd	Full Rate	821	/lot	657	/lot
New World Development Co Ltd	Spread Rate	247	/spread	198	/spread

Ping An Insurance (Group) Co of China Ltd	Full Rate	2,650	/lot	2,120	/lot
Ping An Insurance (Group) Co of China Ltd	Spread Rate	795	/spread	636	/spread

PetroChina Company Ltd	Full Rate	1,710	/lot	1,370	/lot
PetroChina Company Ltd	Spread Rate	513	/spread	411	/spread

PICC Property and Casualty Co Ltd	Full Rate	2,260	/lot	1,810	/lot
PICC Property and Casualty Co Ltd	Spread Rate	678	/spread	543	/spread

Sun Hung Kai Properties Ltd	Full Rate	7,400	/lot	5,920	/lot
Sun Hung Kai Properties Ltd	Spread Rate	2,220	/spread	1,780	/spread

Swire Pacific Ltd “A”	Full Rate	3,600	/lot	2,880	/lot
Swire Pacific Ltd “A”	Spread Rate	1,080	/spread	864	/spread

Wharf (Holdings) Ltd (WHL: Multiplier = 1,000)	Full Rate	3,750	/lot	3,000	/lot
Wharf (Holdings) Ltd (WHL: Multiplier = 1,000)	Spread Rate	1,130	/spread	900	/spread

Wharf (Holdings) Ltd (WHA: Multiplier = 1,031)	Full Rate	3,867	/lot	3,094	/lot
Wharf (Holdings) Ltd (WHA: Multiplier = 1,031)	Spread Rate	1,165	/spread	928	/spread

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

Gold Futures	Full Rate	6,320	/lot	5,060	/lot
Gold Futures	Spread Rate	1,900	/spread	1,520	/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 6th month 1st month vs 7th month 1st month vs 8th month 1st month vs 9th month 1st month vs 10th month 2nd month vs 6th month 2nd month vs 7th month 2nd month vs 8th month 2nd month vs 9th month 2nd month vs 10th month	1,320 per spread	1,060 per spread
3rd month vs 6th month 3rd month vs 7th month 3rd month vs 8th month 3rd month vs 9th month 3rd month vs 10th month 4th month vs 6th month 4th month vs 7th month 4th month vs 8th month 4th month vs 9th month 4th month vs 10th month 5th month vs 6th month 5th month vs 7th month 5th month vs 8th month 5th month vs 9th month 5th month vs 10th month	1,320 per spread	1,060 per spread
1st month vs 3rd month 1st month vs 4th month 1st month vs 5th month 2nd month vs 3rd month 2nd month vs 4th month 2nd month vs 5th month	1,280 per spread	1,020 per spread
6th month vs 7th month 6th month vs 8th month 6th month vs 9th month 6th month vs 10th month 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	1,220 per spread	974 per spread
3rd month vs 4th month 3rd month vs 5th month 4th month vs 5th month	1,100 per spread	879 per spread
1st month vs 2nd month	543 per spread	434 per spread

Spread Margin Rates
for One-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	755 per spread	604 per spread
1st month vs 2nd month 1st month vs 3rd month	702 per spread	562 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	487 per spread	389 per spread
2nd month vs 3rd month	421 per spread	337 per spread
4th month vs 5th month 4th month vs 6th month5th month vs 6th month	216 per spread	173 per spread

Ends

Updated 27 May 2011