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HKFE to Revise Margins for HSBC Holdings Plc, Cheung Kong (Holdings) Ltd, Henderson Land Development Co Ltd, Sun Hung Kai Properties Ltd and China Telecom (Hong Kong) Ltd Stock Futures Contracts

Market Operations
22 Dec 1999

The Hong Kong Futures Exchange (HKFE) announces that with effect from Thursday, 23 December 1999, the minimum margins to be collected by a member from its clients in respect of their dealings in the following stock futures contracts are as follows:

*Amounts in brackets are the original margin rates:

Futures Contract Margin Rates Initial Margin
HK$
Maintenance Margin
HK$
HSBC Holdings Plc Full Rates
Spread Rates
$51,000 ($45,000)per lot
$7,200 ($5,500)/ lot / side
$40,800 ($36,000) per lot
$5,760 ($4,400) / lot / side
Cheung Kong
(Holdings) Ltd
Full Rates
Spread Rates
$45,000 ($42,500) per lot
$6,250 (6,250)/ lot / side
$36,000 ($34,000) per lot
$5,000 ($5,000) / lot / side
Henderson Land
Development Co Ltd
Full Rates
Spread Rates
$30,000 ($25,000)per lot
$4,500 ($3,750)/ lot / side
$24,000 ($20,000) per lot
$3,600 ($3,000) / lot / side
Sun Hung Kai
Properties Ltd
Full Rates
Spread Rates
$50,000 ($39,000)per lot
$7,500($6,000)/ lot / side
$40,000($31,200)per lot
$6,000($4,800) / lot / side
China Telecom
(Hong Kong) Ltd
Full Rates
Spread Rates
$60,000($54,000)per lot
$9,000 ($8,500)/ lot / side
$48,000($43,200)per lot
$7,200($6,800) / lot / side

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

The Hong Kong Futures Exchange is a leading futures and options marketplace in the Asia Pacific Region, with a membership of over 130 companies, including a number of major international institutions. The Exchange is actively diversifying its product base, which now includes currency, interest rate and equity-based products.

For further enquiries, please contact HKFE Corporate Communications: Miss Chiu Yeung on 2842 9322 and Mr Scott Sapp on 2842 9421.

Updated 22 Dec 1999