Contract Summary 

HSI Volatility Index Futures 


Contract Terms

Underlying Index

HSI Volatility Index





Contract Multiplier

HK$ 5,000 per index point 


Minimum Fluctuation 

0.05 index point (or HK$ 250)


Contract Months 

Spot month and the next two calendar months


Trading Hours

9:30 am - 12:00 noon & 1:00 pm - 4:30 pm

(Expiring contract month closes at 4:00 pm on the Last Trading Day)

There is no afternoon trading session on the eves of Christmas, New Year and Lunar New Year.


Last Trading Day 

30 calendar days prior to the second last Business Day of the next month


Final Settlement Price

The average of quotation of VHSI taken at 1 minute intervals between 3:30pm and up to 4:00pm on the Last Trading Day
(i.e.  the average of 30 readings)


Transaction Costs

Exchange Fee                      HK$10.00

Levy                  HK$0.54                     

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.


HSI Volatility Index (the “Index”) is published by Hang Seng Indexes Company Limited (“HSIL”), which has contracted with Standard & Poor’s Financial Services LLC (“S&P”) to maintain and calculate the Index. "Standard & Poor's" and “S&P” are trademarks of S&P and have been licensed for use by HSIL. “VIX®” is a trademark of Chicago Board Options Exchange, Incorporated (“CBOE”) and S&P has granted a license to HSIL, with permission from CBOE, to use such mark for purposes relating to the Index. The Index is not owned, sponsored, endorsed or promoted by S&P or CBOE and neither S&P nor CBOE makes any representation regarding the advisability of investing in products that are based on such Index or otherwise relying on such Index for any purposes and neither S&P, CBOE nor HSIL shall have any liability for any errors or omissions in the Index or any values thereof.