HKFE to Revise Margins for Red-Chip Futures, PSI Futures and Selected Stock Futures Contracts

Market Operations

02 Mar 2000

The Hong Kong Futures Exchange (HKFE) announces that with effect from Friday, 3 March 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
Red-Chip Index Futures	Full Rates Spread Rates	$9,000 ($8,500) per lot $1,250 ($1,250)/ lot / side	$7,200 ($6,800) per lot $1,000 ($1,000)/ lot / side
Hang Seng Properties Sub-index Futures	Full Rates Spread Rates	$105,000 ($95,000) per lot $3,750 ($3,750)/ lot / side	$84,000 ($76,000) per lot $3,000 ($3,000)/ lot / side
Cable & Wireless HKT Ltd Futures	Full Rates Spread Rates	$60,000 ($30,000)per lot $9,000 ($5,000)/ lot / side	$48,000 ($24,000)per lot $7,200 ($4,000)/ lot / side
Cheung Kong (Holdings) Ltd Futures	Full Rates Spread Rates	$80,000 ($57,500)per lot $12,500 ($9,000)/ lot / side	$64,000 ($46,000)per lot $10,000 ($7,200)/ lot / side
Shanghai Industrial Holdings Ltd Futures	Full Rates Spread Rates	$9,000 ($12,000) per lot $1,500 ($1,875)/ lot / side	$7,200 ($9,600) per lot $1,200 ($1,500)/ lot / side
Henderson Land Development Co Ltd Futures	Full Rates Spread Rates	$27,000 ($30,000)per lot $4,500 ($4,500)/ lot / side	$21,600 ($24,000)per lot $3,600 ($3,600)/ lot / side
Hutchison Whampoa Ltd Futures	Full Rates Spread Rates	$100,000 ($80,000)per lot $15,000 ($12,000)/lot /side	$80,000 ($64,000)per lot $12,000 ($9,600)/ lot / side
New World Development Co Ltd Futures	Full Rates Spread Rates	$11,500 ($13,000)per lot $1,750 ($2,000)/ lot / side	$9,200 ($10,400)per lot $1,400 ($1,600)/ lot / side

The Exchange emphasises 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: Ms June Wong on 2842 9448 or Mr Scott Sapp on 2842 9421.

Updated 02 Mar 2000