HKFE to Revise Margins for Hang Seng Sub-Indices Futures, Stock Futures, Three-Month HIBOR futures, One-Month HIBOR Futures and Japanese Yen Rolling Forex Contracts

Market Operations

29 Jan 1999

The Hong Kong Futures Exchange (HKFE) announces that with effect from Monday, 1 February 1999, the minimum margins to be collected by a member from its clients in respect of their dealings in the Hang Seng Sub-Indices futures, stock futures, Three-Month HIBOR futures, One-Month HIBOR futures and Japanese Yen Rolling Forex contracts are as follows:

*Amounts in brackets are the original margin rates:

Futures Contract	Margin Rates	Initial Margin (HK$)	Maintenance Margin (HK$)
Hang Seng Commerce & Industry Sub-Index	Full Rates Spread Rates	$31,000 ($37,500) $15,500 ($18,750)	$24,800 ($30,000) $12,400 ($15,000)
Hang Seng Utilities Sub-Index	Full Rates Spread Rates	$40,000 ($70,000) $20,000 ($35,000)	$32,000 ($56,000) $16,000 ($28,000)
Hong Kong Telecommunications Ltd	Full Rates Spread Rates	$12,000 ($20,000) $3,500 ($3,500)	$9,600 ($16,000) $2,800 ($2,800)
Swire Pacific Ltd "A"	Full Rates Spread Rates	$13,000 ($16,000) $2,000 ($2,000)	$10,400 ($12,800) $1,600 ($1,600)
CITIC Pacific Ltd	Full Rates Spread Rates	$14,000 ($17,500) $3,125 ($3,125)	$11,200 ($14,000) $2,500 ($2,500)
Hong Kong Electric Holdings Ltd	Full Rates Spread Rates	$6,000 ($8,000) $1,000 ($1,200)	$4,800 ($6,400) $800 ($960)
Hang Seng Bank Ltd	Full Rates Spread Rates	$16,400 ($15,000) $2,500 ($2,300)	$13,120 ($12,000) $2,000 ($1,840)
Henderson Land Development Co Ltd	Full Rates Spread Rates	$25,000 ($22,500) $3,750 ($3,500)	$20,000 ($18,000) $3,000 ($2,800)
The Wharf (Holdings) Ltd	Full Rates Spread Rates	$9,000 ($10,000) $1,500 ($1,500)	$7,200 ($8,000) $1,200 ($1,200)
Hopewell Holdings Ltd	Full Rates Spread Rates	$1,600 ($2,000) $250 ($300)	$1,280 ($1,600) $200 ($240)
China Telecom (Hong Kong) Ltd	Full Rates Spread Rates	$18,000 ($20,000) $3,000 ($3,000)	$14,400 ($16,000) $2,400 ($2,400)
Three-Month HIBOR futures	Full Rates Spread Rates	$3,500 ($4,250) In accordance with HKFE's 4-tier table	$2,800 ($3,400) In accordance with HKFE's 4-tier table
One-Month HIBOR futures	Full Rates Spread Rates	$4,000 ($9,750) In accordance with HKFE's 3-tier table	$3,200 ($7,800) In accordance with HKFE's 3-tier table
Japanese Yen Rolling Forex	Full Rates Spread Rates	US$3,000 (US$4,000)	US$2,400 (US$3,200)

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.

Updated 29 Jan 1999