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Rule Update - Rules and Procedures of HKCC

Amendments for the purpose of providing the settlement fee and system input cutoff time of the TSI Iron Ore Fines 62% Fe CFR China Futures Contract that will be introduced for trading on Hong Kong Futures Exchange Limited (effective from 13 November 2017) (Marked-up version of amendments attached for information)

Amendments for the purpose of extending the system cutoff time for performing post-trade adjustments to facilitate the extension of the after-hours trading session of certain stock index futures contracts to 1:00 a.m. by Hong Kong Futures Exchange Limited (effective from 6 November 2017) (Marked-up version of amendments attached for information)

Amendments to modify the Reserve Fund triggering and collection mechanism (effective from 29 September 2017) (Marked-up version of amendments attached for information)

Amendments for the purpose of extending the T + 1 Sessions Cutoff time for Currency Futures (effective from 10 July 2017) (Marked-up version of amendments attached for information)

Amendments for the purpose of providing the clearing and settlement arrangements for the physically settled USD and CNH Gold Futures Contracts which will be introduced for trading on Hong Kong Futures Exchange Limited (effective from 10 July 2017)   (Marked-up version of amendments attached for information)

Amendments for the purpose of providing for the settlement fees of the Five-Year MOF T-Bond Futures Contract that will be introduced for trading on Hong Kong Futures Exchange Limited (effective from 10 April 2017)   (Marked-up version of amendments attached for information)

Amendments for the implementation of participant admission appeal procedures (effective from 31 March 2017)   (Marked-up version of amendments attached for information)

Amendments for the purpose of providing for the settlement of the USD/CNH Options Contract that will be introduced for trading on Hong Kong Futures Exchange Limited (effective from 20 March 2017)   (Marked-up version of amendments attached for information)

Amendments for the purpose of removing the operational forms to the DCASS Terminal User Guide and to reflect the corporate rebranding from “HKEx” to “HKEX” (effective from 16 January 2017)   (Marked-up version of amendments attached for information)

Amendments for the purpose of implementing a revised collateral policy for CNH-denominated contracts (effective from 26 September 2016)   (Marked-up version of amendments attached for information)

Amendments for the purpose of (i) specifying the exercise fees; and (ii) providing for the registration, clearing and settlement procedures of the Mini-Hang Seng China Enterprises Index Option Contract that will be introduced for trading on Hong Kong Futures Exchange Limited (effective from 5 September 2016)   (Marked-up version of amendments attached for information)

Amendments for the purpose of (a) specifying the settlement fees and system input cutoff times relating to the EUR/CNH Futures Contract, the AUD/CNH Futures Contract, the JPY/CNH Futures Contract and the CNH/USD Futures Contract, which will be introduced for trading on Hong Kong Futures Exchange Limited; and (b) to permit margin offset between sets of Futures/Options Contracts with the same underlying commodity (effective from 30 May 2016)   (Marked-up version of amendments attached for information)

Amendments for the purpose of introducing a pre-trade risk management system for the derivatives market (effective from 11 April 2016)   (Marked-up version of amendments attached for information)

Amendments for the purpose of specifying the settlement fees relating to seven sector index futures contracts that will be introduced for trading on Hong Kong Futures Exchange Limited (effective from 9 May 2016)   (Marked-up version of amendments attached for information)

Amendments for the purpose of reflecting the new structure of Hong Kong Exchanges and Clearing Limited group after the internal reorganisation (effective from 22 January 2016)   (Marked-up version of amendments attached for information)

Amendments to enable HKCC to disclose participant information on an aggregated and/or anonymized basis to specified persons or to the public for HKCC to comply with any local or international regulatory standards applicable to it (effective from 31 December 2015)   (Marked-up version of amendments attached for information)

Amendments for the purpose of specifying the settlement fees and system input cutoff times relating to the London Nickel Mini Futures Contract, the London Tin Mini Futures Contract and the London Lead Mini Futures Contract that will be introduced for trading on Hong Kong Futures Exchange Limited (effective from 14 December 2015)   (Marked-up version of amendments attached for information)

Amendments for the purposes of enhancing HKCC’s risk management regime by strengthening the concentration risk policy (effective from 1 September 2015)   (Marked-up version of amendments attached for information)

Amendments for the purposes of enhancing HKCC’s risk management regime by (i) lowering the thresholds for triggering an ad hoc demand of Reserve Fund contribution from the Clearing Participants; and (ii) increasing the size of the Reserve Fund to provide a larger buffer against exposures (effective from 2 July 2015)   (Marked-up version of amendments attached for information)

Amendments for the purpose of specifying the settlement fees and system input cutoff times relating to the the London Aluminium Mini Futures Contract, the London Zinc Mini Futures Contract and the London Copper Mini Futures Contract that will be introduced for trading on Hong Kong Futures Exchange Limited (effective from 1 December 2014)  (Marked-up version of amendments attached for information)

Amendments to extend the clearing and risk management arrangements to facilitate the extension of the closing hour of the after-hours trading session of certain stock index futures and RMB currency futures contracts to 11:45 p.m. by Hong Kong Futures Exchange Limited (effective from 3 November 2014)   (Marked-up version of amendments attached for information)

Amendments for the termination of accepting bank guarantees as collateral (effective from 1 September 2014)   (Marked-up version of amendments attached for information)

Amendments to facilitate HKCC to comply with its obligations as a participating foreign financial institution under the U.S. Foreign Account Tax Compliance Act (effective from 1 July 2014)   (Marked-up version of amendments attached for information)

Amendments to align them with the new Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (effective from 26 March 2014)   (Marked-up version of amendments attached for information)

Amendments to (i) introducing the block trade facility during the after-hours futures trading session; and (ii) advancing the system input cutoff time for trade adjustment requests in relation to a block trade to 30 minutes prior to the usual system input cutoff time (effective from 6 January 2014)    (Marked-up version of amendments attached for information)

Amendments to (i) introduce a central gateway for connection to DCASS following the DCASS upgrade to the Genium INET Platform (the “Genium Upgrade”); (ii) align the intra-day margin call triggering level of all contracts to 25% of margin erosion; (iii) reflect the operational changes in DCASS following the Genium Upgrade; and (iv) incorporate miscellaneous housekeeping changes (effective from 15 October 2013)   (Marked-up version of amendments attached for information)

Amendments for the purpose of specifying the settlement and exercise fees relating to the CES China 120 Index Futures Contract that will be introduced for trading on Hong Kong Futures Exchange Limited (effective from 12 August 2013)   (Marked-up version of amendments attached for information)

Amendments relating to the name change of SENSEX Index to S&P BSE SENSEX Index (effective from 26 June 2013)   (Marked-up version of amendments attached for information)

Amendments to introduce clearing and risk management arrangements to facilitate the introduction of the after-hours trading session by Hong Kong Futures Exchange Limited (effective from 8 April 2013)   (Marked-up version of amendments attached for information)

Amendments for the purposes of implementing the proposals to strengthen the risk management measures of HKCC and aligning the risk management arrangements across the three clearing houses of Hong Kong Exchanges and Clearing Limited.  The amendments also include changes for housekeeping purpose (effective from 5 November 2012)   (Marked-up version of amendments attached for information)

Amendments for the purposes of (i) facilitating the clearing and settlement by HKCC of the US Dollar vs Renminbi (Hong Kong) (“USD/CNH”) Futures Contract which is proposed to be introduced for trading on HKFE and (ii) clarifying the closing quotation determination applicable to futures contracts based on the IBOV20-12-HKCCRules-CurrencyFutures_e.pdfESPA of Brazil’s BM&FBOVESPA S.A – Bolsa de Valores, Mercadorias e Futuros, the MICEX Index of Russia’s Open Joint Stock Company MICEX-RTS, the Sensex Index of India’s BSE Limited and the FTSE/JSE Top40 Index of South Africa’s JSE Limited (effective from 17 September 2012)   (Marked-up version of amendments attached for information)

Amendments to clarify the power of HKCC to delete invalid block trades (effective from 26 March 2012)   (Marked-up version of amendments attached for information)

Amendments to the clearing and settlement by HKCC of the new futures contracts based on the IBOVESPA of BM&FBOVESPA S.A – Bolsa de Valores, Mercadorias e Futuros of Brazil, the MICEX Index of the Open Joint Stock Company MICEX-RTS of Russia, the Sensex Index of BSE Limited of India and the FTSE/JSE Top40 Index of FTSE International Limited and JSE Limited of South Africa that are to be introduced for trading on Hong Kong Futures Exchange Limited (effective from 30 March 2012)   (Marked-up version of amendments attached for information)

Amendments to enable the clearing and settlement of the new HSI Volatility Index Futures Contracts on HKCC (effective from 20 February 2012)   (Marked-up version of amendments attached for information)
Amendments to update the office address of HKCC as a result of the re-naming of the office building from “Vicwood Plaza” to “Infinitus Plaza” (effective from 30 March 2011)    (Marked-up version of amendments attached for information)

Amendments to align with the extended trading hours of the derivatives market (effective from 7 March 2011)    (Marked-up version of amendments attached for information)

Amendments to (i) improve the third party clearing arrangements by removing the one-day prior written notice period requirement for the termination of a Clearing Agreement; (ii) simplify the requirement for the execution and submission of Clearing Agreements by GCPs; and (iii) remove the requirement for an HKCC Participant to give 12 months' prior written notice to HKCC to terminate its participantship(effective from 22 November 2010)   (Marked-up version of amendments attached for information)

Amendments to the Rules and Procedures of HKCC in relation to the clearing and settlement of HSI Dividend Point Index Futures and HSCEI Dividend Point Index Futures (effective from 1 November 2010)   (Marked-up version of amendments attached for information)

Amendments to the Rules and Procedures of HKCC to enable the clearing of Renminbi ("RMB") denominated products by HKCC and to accept RMB as margin collateral for HKCC transactions (effective from 13 September 2010)   (Marked-up version of amendments attached for information)

Amendments to the Rules and Procedures of HKCC to include the posting of information on the HKEx website as a means of communication between HKCC and its participants (effective from 20 September 2010)   (Marked-up version of amendments attached for information)

Amendments to the Rules and Procedures of HKCC in relation to Flexible Options (take effect from 8 February 2010)

Amendments to the Rules and Procedures of HKCC in relation to the elimination of certain minor fees (take effect from 1 January 2010)

Amendments to the Rules and Procedures of HKCC in relation to Derivatives Clearing and Settlement System (“DCASS”) service enhancement and the introduction of DCASS Backup Centre service (take effect from 2 March 2009)

Amendments to the Rules and Procedures of HKCC in relation to additional intra-day risk management measures (take effect from 8 December 2008)

Amendments to the Rules and Procedures of HKCC in relation to clarify the recording of trades and positions of an Market Maker Account arising from liquidity providing activities of a HKCC Participant (take effect from 20 October 2008)

Amendments to the Rules and Procedures of HKCC in relation to the settlement arrangements of gold futures contracts which are to be introduced for trading by Hong Kong Futures Exchange Limited (take effect from 20 October 2008)

Amendments to the Rules and Procedures of HKCC in relation to the introduction of Mini-Hang Seng China Enterprises Index Futures Contract (take effect from 31 March 2008) 

Amendments to the Rules and Procedures of HKCC in relation to the extension of System Input Cutoff Time (take effect from 9 July 2007)

Amendments to the Rules and Procedures of HKCC in relation to the 2 tier banking structure for money settlement purposes (take effect from 18 June 2007)

Amendments to the Rules and Procedures of HKCC in relation to the enhancement of legal protection for the Reserve Fund (take effect from 1 June 2007)

Amendments to the Rules and Procedures of HKCC in relation to the use of Client Offset Claim Account (take effect from 3 July 2007)

Amendments to the Rules and Procedures of HKCC in relation to Daily Settlement Price Determination Methodologies (take effect from 7 May 2007)

Amendments to the Rules and Procedures of HKCC in relation to the introduction of Hang Seng China H-Financials Index Futures (take effect from 16 April 2007)

Amendments to the Rules and Procedures of HKCC in relation to the new market maker model for products of Hong Kong Futures Exchange Limited (take effect from 1 February 2007)

Amendments to the Rules and Procedures of HKCC in relation to Minimum Margin Coverage by Cash Collateral in Contract Currency (take effect from 3 January 2006)

Amendments to the Rules and Procedures of HKCC in relation to harmonization of HKCC and SEOCH's capital requirements for Clearing Participants (take effect from 1 November 2005)

Amendments to the Rules and Procedures of HKCC in relation to suspended futures and options contracts (take effect from 24 October 2005)

Amendments to the Rules and Procedures of HKCC in relation to the implementation of new collateral policies (take effect from 22 August 2005)

Amendments to the Rules and Procedures of HKCC in relation to the interest retention rates and accommodation charges (take effect from 1 June 2005)

Amendments to the Rules and Procedures of HKCC in relation to the introduction of settlement fees and exercise fees for the FTSE/Xinhua China 25 Index Futures and Options (take effect from 23 May 2005)

Amendments to the Rules and Procedures of HKCC to abolish the settlement fee and exercise fee for Dow Jones Industrial Average Futures and Options Contracts (take effect from 23 March 2005)

Amendments to the Rules and Procedures of HKCC in relation to the abolition of Standard Instruction Input / Processing Fee (take effect from 1 March 2005)

Amendments to the Rules and Procedures of HKCC in relation to expanding and rationalising the powers of the Chairman of HKCC to take swift action against a defaulting HKCC Participant (take effect from 1 February 2005)

Amendments to the Rules and Procedures of HKCC relating to restrict the acceptance of a bank guarantee issued in respect of an HKCC Participant by a licensed bank which owns 20% or more interests in the Participant or is closely associated with or related to the Participant (take effect from 20 December 2004)

Amendments to the Rules and Procedures of HKCC relating to the introduction of Hang Seng China Enterprises Index Options Contracts (take effect from 14 June 2004)

Amendments to the Rules and Procedures of HKCC relating to the delisting of MSCI China Free Index Futures contracts (take effect from 26 April 2004)

Amendments to the Rules and Procedures of HKCC relating to the implementation of the Derivatives Clearing And Settlement System (take effect from 6 April 2004)


Updated 27 Oct 2017

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