HKFE Revises Margins for Stock Index Futures and Selected Stock Futures

Market Operations

27 Jun 2000

The Hong Kong Futures Exchange (HKFE) announces that with effect from Thursday, 29 June 2000, the minimum margins to be collected by an Exchange Participant 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	$80,000 ($95,000) per lot $3,750 ($3,750)/ lot / side	$64,000 ($76,000) per lot $3,000 ($3,000)/ lot / side
Hang Seng 100 Futures	Full Rates Spread Rates	$13,500 ($16,200) per lot $1,500 ($1,500)/ lot / side	$10,800 ($12,960) per lot $1,200 ($1,200)/ lot / side
Red-Chip Index Futures	Full Rates Spread Rates	10,000 ($14,000) per lot $1,250 ($1,250)/ lot / side	8,000 ($11,200) per lot $1,000 ($1,000)/ lot / side
Hang Seng Properties Sub-Index Futures	Full Rates Spread Rates	$80,000 ($105,000) per lot $3,750 ($3,750)/ lot / side	$64,000 ($84,000) per lot $3,000 ($3,000)/ lot / side
HSBC Holdings Plc Futures	Full Rates Spread Rates	$42,000 ($51,000) per lot $7,200 ($7,200)/ lot / side	$33,600 ($40,800) per lot $5,760 ($5,760)/ lot / side
Cable & Wireless HKT Ltd Futures	Full Rates Spread Rates	$35,000 ($60,000) per lot $5,500 ($9,000)/ lot / side	$28,000 ($48,000) per lot $4,400 ($7,200)/ lot / side
Cheung Kong (Holdings) Ltd Futures	Full Rates Spread Rates	$65,000 ($80,000) per lot $10,000 ($12,500)/ lot / side	$52,000 ($64,000) per lot $8,000 ($10,000)/ lot / side
CITIC Pacific Ltd Futures	Full Rates Spread Rates	$32,500 ($37,000) per lot $5,000 ($5,550)/ lot / side	$26,000 ($29,600) per lot $4,000 ($4,440)/ lot / side
China Resources Enterprise Ltd Futures	Full Rates Spread Rates	15,000 ($22,000) per lot $2,500 ($7,500)/ lot / side	$12,000 ($17,600) per lot $2,000 ($6,000)/ lot / side
Hang Seng Bank Ltd Futures	Full Rates Spread Rates	$14,000 ($18,000) per lot $2,200 ($2,700)/ lot / side	$11,200 ($14,400) per lot $1,760 ($2,160)/ lot / side
Henderson Land Development Co Ltd Futures	Full Rates Spread Rates	$24,000 ($27,000) per lot $3,750 ($4,500)/ lot / side	$19,200 ($21,600) per lot $3,000 ($3,600)/ lot / side
Hutchison Whampoa Ltd Futures	Full Rates Spread Rates	$75,000 ($100,000) per lot $11,500 ($15,000)/ lot / side	$60,000 ($80,000) per lot $9,200 ($12,000)/ lot / side
Sun Hung Kai Properties Ltd Futures	Full Rates Spread Rates	$45,000 ($50,000) per lot $6,750 ($7,500)/ lot / side	$36,000 ($40,000) per lot $5,400 ($6,000)/ lot / side
CLP Holdings Ltd Futures	Full Rates Spread Rates	$7,000 ($8,500) per lot $1,050 ($1,300)/ lot / side	$5,600 ($6,800) per lot $840 ($1,040)/ lot / side
The Wharf (Holdings) Futures	Full Rates Spread Rates	$10,000 ($13,000) per lot $1,500 ($2,000)/ lot / side	$8,000 ($10,400) per lot $1,200 ($1,600)/ lot / side

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

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

Updated 27 Jun 2000