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Hang Seng China Enterprises Index Futures

Hang Seng China Enterprises Index Futures & Options

Introduction

There has been growing investors' interest in China-related securities resulting from the rapid expansion of Mainland economy.  The Hang Seng China Enterprises Index (HSCEI) is a market capitalisation-weighted stock index which is compiled and calculated by Hang Seng Indexes Company Limited .  The HSCEI tracks the performance of major H-shares.  H-shares are Renminbi-denominated shares issued by People's Republic of China (PRC) issuers under PRC law and listed on the Stock Exchange of Hong Kong, the par values of which are denominated in Renminbi, and which are subscribed for and traded in Hong Kong dollars. 

The latest list of constituent stocks and compilation methodology are available on the website of Hang Seng Indexes Company Limited at   http://www.hsi.com.hk

HSCEI Index Futures

The HSCEI Index futures were introduced in 8 December 2003 based on the underlying HSCEI.

Advantages of Trading HSCEI Futures and Options

Flexible Trading Strategies

  • HSCEI Futures and Options provide opportunities for long or short strategies.  Besides, investors can use HSCEI Futures and Options as hedging strategies (to protect the HSCEI portfolios against a declining market) or spreading strategies (to profit from the relative performance of two markets, e.g. HSCEI Vs HSI). 

Fast Execution

  • A cost-effective way to track and establish broad market exposure linked to the performance of H-share companies.

Efficient Use of Capital

  • HSCEI Futures and Options are traded on a margin basis.  The capital outlay is much less than buying a H-share companies portfolio.

Low Transaction Costs

  • The transaction costs for trading HSCEI Futures and Options are lower than trading a basket of constituents in HSCEI.

Clearing House Guarantee

  • Futures and Options contracts are registered, cleared and guaranteed by HKEx's Clearing House, eliminating counter-party risk.  (The Clearing House guarantee does not cover a Clearing Participant's obligations to its clients.  Investors should exercise due care and diligence when deciding through whom they will conduct business.)

 


Updated 24 Oct 2023


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Contract Summary

Hang Seng China Enterprises Index Futures

Item Contract Terms
Underlying Index   Hang Seng China Enterprises Index (HSCEI)
HKATS Code   HHI
Contract Multiplier   HK$50 per index point
Minimum Fluctuation   One index point
Contract Months  

Short-dated Futures:
Spot month, next three calendar month, & next three calendar quarter months; and

Long-dated Futures:
the three months of June and December plus the next three months of December

Pre-Market Opening Period   8:45 am - 9:15 am & 12:30 pm - 1:00 pm  
Trading Hours   9:15 am - 12:00 noon , 1:00 pm - 4:30 pm & 5:15 pm - 3:00 am (Expiring contract month closes at 4:00 pm on the Last Trading Day)              
Last Trading Day   The second last Trading day of the Contract Month
Final Settlement Price   The average of quotations taken at (i) five (5) minute intervals from five (5) minutes after the start of, and up to five (5) minutes before the end of, the Continuous Trading Session of SEHK; and (ii) the close of trading on SEHK on the Last Trading Day.

Transaction Costs Exchange Fee            HK$3.50
Commission Levy       HK$0.54
Commission Rate       Negotiable

Please visit “Rules, Regulations and Procedures of the Futures Exchange” of “Trading Rules” under “Rules and Regulations” of the HKEx website for full contract specifications.


Margin Table

Trading Fees and Commission

Exchange Fee
HK$3.50 per contract per side
Commission Levy
HK$0.54 per contract per side
Investor Compensation Levy*
HK$0.00 per contract per side
Total
HK$4.04 per contract per side
Commission
Negotiable
* The amount indicated above is subject to change from time to time.

List of Market Makers or Liquidity Providers

Equity Index Products

There are liquidity provider and 3 types of market makers in the equity index products market:

- Primary Market Maker (PMM); and

- Market maker providing continuous quotes (CQMM); and

- Market maker responding to quote request (QRMM). 

For the details of the obligations and incentives of liquidity providers and market makers, please refer webpage.

Below is the list of Short Code for EP of Liquidity Provider, PMM, CQMM and QRMM:

 
Market Makers / Liquidity Providers
BNP CFT CTD FLW GHF IBG IMC KGI MPF NHT OPT SGS SQH YKR
Hang Seng China Enterprises Index Futures Options PMD PMD PMD PMD PMD CMD
Hang Seng Index Futures Options PMD PMD PMD PMD PMD CMD
Hang Seng Index Options CMD PMD CMD SMW SMW PMD SMW CMW CMD PMD
Hang Seng TECH Index Futures Options CMD PMD PMD PMD CMD
Hang Seng Tech Index Options CMD CMD PMD PMD PMD CMW
HHI Options CMD PMD CMD SMW PMW PMD SMW CMW CMD PMD
HSCEI Dividend Point Index Futures CMD
HSI Dividend Point Index Futures CMD
MCH Options CMD CMD CMW CMD CMD CMW CMD
MHI Options CMD CMD CMW CMD CMD CMW CMW CMD
MSCI AC Asia ex Japan Net Total Return Index Futures CLD CLN
MSCI China (USD) Index Futures CLD
MSCI China A 50 Connect (USD) Index Futures CLW CLD CLW CLD CLW
MSCI China Net Total Return (USD) Index Futures CLD CLN
MSCI EM Asia Net Total Return (USD) Index Futures CLD CLN
MSCI Emerging Markets Net Total Return (USD) Index Futures CLD CLN
MSCI Hong Kong Net Total Return (USD) Index Futures CLD
MSCI India (USD) Index Futures CLW CLN CLW CLD CLW CLD
MSCI India Net Total Return (USD) Index Futures CLD CLN
MSCI Indonesia Net Total Return (USD) Index Futures CLD
MSCI Japan Net Total Return (USD) Index Futures CLD CLN
MSCI Malaysia Net Total Return (USD) Index Futures CLD
MSCI Philippines Net Total Return (USD) Index Futures CLD
MSCI Singapore Free (SGD) Index Futures CLD
MSCI Taiwan (USD) Index Futures CLW CLW CLD CLD
MSCI Taiwan 25/50 (USD) Index Futures CLD
MSCI Taiwan Net Total Return (USD) Index Futures CLD CLN
MSCI Thailand Net Total Return (USD) Index Futures CLD
Weekly HHI Options CMD CMW CMD CMD CMW CMW CMD
Weekly HSI Options CMD CMD CMW CMW CMD CMW CMW CMD

C – Denotes providing continuous quotes
Q – Denotes responding to quote requests
P – Denotes Primary Market Maker providing continuous quotes and responding to quote requests
S – Denotes combination of C, Q and P

M – Denotes Market Maker
L – Denotes Liquidity Provider
B – Denotes both Market Maker and Liquidity Provider

D – Denotes T Session
N – Denotes T+1 Session
W – Denotes Both T and T+1 Sessions

Market Making/Liquidity providing obligations and Incentives

For details of the Market Making/Liquidity Providing Obligations and Incentives of Equity Index Products, please refer our webpage below:

https://www.hkex.com.hk/Products/Listed-Derivatives/Market-Maker-Program/Market-Maker-Obligations-and-Incentives?sc_lang=en