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HKFE to Revise Margins for HSI Futures Contract, HSPSI Futures Contract, Three-Month HIBOR Futures Contract, One-Month HIBOR Futures Contract and Selected Stock Futures Contracts

Market Operations
28 Jan 2000

The Hong Kong Futures Exchange (HKFE) announces that with effect from Monday, 31 January 2000, the minimum margins to be collected by a member from its clients in respect of their dealings in the following futures contracts are as follows:

* Amounts in brackets are the original margin rates:

Futures Contracts

Margin Rates

Initial Margin

Maintenance Margin

Hang Seng Index Futures

Full Rates
Spread Rates

$75,000 ($70,000) per lot
$3,750 ($3,750)/lot/side

$60,000 ($56,000)per lot
$3,000 ($3,000) /lot/side

Hang Seng Properties
Sub-index Futures

Full Rates
Spread Rates

$95,000 ($100,000) per lot
$3,750 ($3,750)/lot/side

$76,000 ($80,000) per lot
$3,000 ($3,000)/lot/side

Three-Month HIBOR Futures

Full Rates
Spread Rates

$1,250 ($3,500)/per lot
Please see attached tables

$1,000 ($2,800)/per lot
Please see attached tables

One-Month HIBOR Futures

Full Rates
Spread Rates

$1,500 ($4,000)/per lot
Please see attached tables

$1,200 ($3,200)/per lot
Please see attached tables

Swire Pacific Ltd * Futures

Full Rates
Spread Rates

$14,000 ($12,500)per lot
$2,000 ($2,000) /lot/side

$11,200 ($10,000)per lot
$1,600 ($1,600)/lot/side

Hongkong Electric Holdings
Ltd Futures

Full Rates
Spread Rates

$5,000 ($6,000)per lot
$750 ($1,000)/lot/side

$4,000 ($4,800)per lot
$600 ($800)/lot/side

Hutchison Whampoa Ltd Futures

Full Rates
Spread Rates

$60,000 ($55,000)per lot
$9,000 ($8,250)/lot/side

$48,000 ($44,000)per lot
$7,200 ($6,600) /lot/side

The Wharf (Holdings) Ltd Futures

Full Rates
Spread Rates

$13,000 ($16,000)per lot
$2,000 ($2,500)/lot/side

$10,400 ($12,800)per lot
$1,600 ($2,000) /lot/side

Hopewell Holdings Ltd Futures

Full Rates
Spread Rates

$1,300 ($1,600)per lot
$200 ($250)/lot/side

$1,040 ($1,280)per lot
$160 ($200) /lot/side

New World Development
Co Ltd Futures

Full Rates
Spread Rates

$13,000 ($15,000)per lot
$2,000 ($2,250)/lot/side

$10,400 ($12,000)per lot
$1,600 ($1,800) /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.
In addition, the One-Month and Three-Month HIBOR Futures contracts will not be eligible for any margin offset with effect from Monday, 31 January 2000.

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: Ms June Wong on 2842 9448, Mr. Scott Sapp on 2842 9421.

Updated 28 Jan 2000