HKFE Revises Margins for HS 100 Futures, Red-Chip Futures, One-Month HIBOR Futures, Selected Stock Futures and Rolling Forex

Market Operations

23 Feb 2001

Hong Kong Futures Exchange (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), announced today (Friday) that with effect from the commencement of trading on Monday, 26 February, 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 100 Futures	Full Rates Spread Rates	$11,000 ($12,000) per lot $1,500 ($1,500) / lot / side	$8,800 ($9,600) per lot $1,200 ($1,200) / lot / side
Red-Chip Futures	Full Rates Spread Rates	$6,500 ($8,500) per lot $1,250 ($1,250) / lot / side	$5,200 ($6,800) per lot $1,000 ($1,000) / lot / side
One-Month HIBOR Futures	Full Rates Spread Rates	$1,250 ($1,500) per lot Please see attached table	$1,000 ($1,200) per lot Please see attached table
Pacific Century Cyberworks Ltd Futures	Full Rates Spread Rates	$5,000 ($12,000) per lot $750 ($1,800) / lot / side	$4,000 ($9,600) per lot $600 ($1,440) / lot / side
Cheung Kong (Holdings) Ltd Futures	Full Rates Spread Rates	$41,000 ($55,000) per lot $6,150 ($8,500) / lot / side	$32,800 ($44,000) per lot $4,920 ($6,800) / lot / side
Swire Pacific Limited "A" Shares Futures	Full Rates Spread Rates	$18,500 ($16,000) per lot $2,775 ($2,500) / lot / side	$14,800 ($12,800) per lot $2,220 ($2,000) / lot / side
CITIC Pacific Ltd Futures	Full Rates Spread Rates	$15,000 ($22,500) per lot $2,250 ($3,500) / lot / side	$12,000 ($18,000) per lot $1,800 ($2,800) / lot / side
China Resources Enterprise Ltd Futures	Full Rates Spread Rates	$17,500 ($16,000) per lot $2,625 ($2,500) / lot / side	$14,000 ($12,800) per lot $2,100 ($2,000) / lot / side
Shanghai Industrial Holdings Ltd Futures	Full Rates Spread Rates	$8,000 ($10,500) per lot $1,200 ($1,600) / lot / side	$6,400 ($8,400) per lot $960 ($1,280) / lot / side
Hongkong Electric Holdings Futures	Full Rates Spread Rates	$5,375 ($5,000) per lot $810 ($750) / lot / side	$4,300 ($4,000) per lot $648 ($600) / lot / side
Hang Seng Bank, Ltd Futures	Full Rates Spread Rates	$15,600 ($14,000) per lot $2,340 ($2,200) / lot / side	$12,480 ($11,200) per lot $1,872 ($1,760) / lot / side
Henderson Land Development Co Ltd Futures	Full Rates Spread Rates	$24,000 ($21,000) per lot $3,600 ($3,500) / lot / side	$19,200 ($16,800) per lot $2,880 ($2,800) / lot / side
Hutchison Whampoa Ltd Futures	Full Rates Spread Rates	$50,000 ($65,000) per lot $7,500 ($10,000) / lot / side	$40,000 ($52,000) per lot $6,000 ($8,000) / lot / side
Sun Hung Kai Properties Ltd Futures	Full Rates Spread Rates	$51,000 ($45,000) per lot $7,650 ($6,750) / lot / side	$40,800 ($36,000) per lot $6,120 ($5,400) / lot / side
Hopewell Holdings Ltd Futures	Full Rates Spread Rates	$800 ($900) per lot $120 ($140) / lot / side	$640 ($720) per lot $96 ($112) / lot / side
New World Development Ltd Futures	Full Rates Spread Rates	$9,750 ($8,500) per lot $1,465 ($1,300) / lot / side	$7,800 ($6,800) per lot $1,172 ($1,040) / lot / side
China Mobile (HK) Ltd Futures	Full Rates Spread Rates	$15,000 ($25,000) per lot $2,250 ($3,750) / lot / side	$12,000 ($20,000) per lot $1,800 ($3,000) / lot / side
The Bank of East Asia Ltd Futures	Full Rates Spread Rates	$1,900 ($1,700) per lot $285 ($255) / lot / side	$1,520 ($1,360) per lot $228 ($204) / lot / side
Legend Holdings Ltd Futures	Full Rates Spread Rates	$12,500 ($12,000) per lot $1,875 ($1,800) / lot / side	$10,000 ($9,600) per lot $1,500 ($1,440) / lot / side
Rolling Forex Deutschemark	Full Rates	US$2,500 (US$2,000) per lot	US$2,000 (US$1,600) per lot
Rolling Forex Japanese Yen	Full Rates	US$2,000 (US$3,000) per lot	US$1,600 (US$2,400) per lot
Rolling Forex British Pound	Full Rates	US$3,000 (US$3,500) per lot	US$2,400 (US$2,800) per lot

Futures Contracts	Margin Rates	Initial Margin	Maintenance Margin

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

Spread Margin Rates
for One-Month HIBOR Futures

Spread Combination	Initial Margin	Maintenance Margin
1st month vs 4th month 1st month vs 5th month 1st month vs 6th month 4th month vs 5th month 4th month vs 6th month 5th month vs 6th month	HK$1,400 per spread	HK$1,120 per spread
2nd month vs 4th month 2nd month vs 5th month 2nd month vs 6th month 3rd month vs 4th month 3rd month vs 5th month 3rd month vs 6th month	HK$1,250 per spread	HK$1,000 per spread
1st month vs 2nd month 1st month vs 3rd month	HK$900 per spread	HK$720 per spread
2nd month vs 3rd month	HK$500 per spread	HK$400 per spread

Spread Combination	Initial Margin	Maintenance Margin

Updated 23 Feb 2001