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HKFE Revises Margins for PSI Futures and Selected Stock Futures

Market Operations
30 Mar 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, 2 April the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following futures contracts will be as outlined in the table below. The adjustments are the result of a regular review of market conditions and are based on the clearing company's standard margining methodology.

* Amounts in brackets are the original margin rates:

Futures Contracts

Margin Rates

Initial Margin

Maintenance Margin

Hang Seng Properties Sub-index Futures Full Rates
Spread Rates

$100,000 ($87,500) per lot
$3,750 ($3,750)/ lot / side
$80,000 ($70,000) per lot
$3,000 ($3,000) / lot / side
Henderson Land Development Co Ltd Futures Full Rates
Spread Rates

$30,000 ($24,000) per lot
$4,500 ($3,600)/ lot / side
$24,000 ($19,200) per lot
$3,600 ($2,880)/ lot / side
The Wharf (Holdings) Ltd Futures Full Rates
Spread Rates

$17,000 ($11,000) per lot
$2,550 ($1,750)/ lot / side
$13,600 ($8,800) per lot
$2,040 ($1,400)/ lot / side
Hopewell Holdings Ltd Futures Full Rates
Spread Rates

$1,000 ($800) per lot
$150 ($120)/ lot / side
$800 ($640) per lot
$120 ($96)/ lot / side
New World Development Ltd Futures Full Rates
Spread Rates

$12,000 ($9,750) per lot
$1,800 ($1,465)/ lot / side
$9,600 ($7,800) per lot
$1,440 ($1,172)/ lot / side

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

Updated 30 Mar 2001