The Hong Kong Futures Exchange (HKFE) announced today that trading in HIBOR (Hong Kong interbank offered rate) Futures Strips will be introduced on Tuesday, 26 September to enable market participants to trade consecutive series of HIBOR futures contracts in a single transaction.

Initially, two Strips will be available for One-Month HIBOR Futures. Strip 1 comprises the first three monthly contracts and Strip 2 comprises the last three monthly contracts. Accordingly, the following One-Month Strips will be available for trading on 26 September:

• One-Month HIBOR Strip 1: October 2000, November 2000 and December 2000;
• One-Month HIBOR Strip 2: January 2001, February 2001 and March 2001.

Two new One-Month Strips will be introduced each month at the expiration of the spot month contract. Two Strips will also be available initially for Three-Month HIBOR Futures, with Strip 1 comprising the first four quarterly contracts and Strip 2 comprising the last four quarterly contracts. Accordingly, the following Three-Month Strips will be available for trading on 26 September:

• Three-Month HIBOR Strip 1:December 2000, March 2001, June 2001 and September 2001;
• Three-Month HIBOR Strip 2: December 2001, March 2002, June 2002 and September 2002.

Two new Three-Month Strips will be introduced each month at the expiration of the spot month contract.

For further enquiries, please contact Ms Chiu Yeung on 2840 3835 or Mr Scott Sapp on 2842 9421.