HKFE Revises Margins for Stock, Stock Index, Interest Rate and Currency Futures
Market Operations
31 Jul 2001
Hong Kong Futures Exchange (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), announced today (Tuesday) that with effect from the commencement of trading on Wednesday, 1 August 2001, 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:
| Hang Seng Index |
Full Rate |
41,250 (47,750) per lot |
33,000 (38,200) per lot |
Spread Rate
|
3,750 (3,750) /lot/side |
3,000 (3,000) /lot/side |
| Mini-Hang Seng Index |
Full Rate |
8,250 (9,550) per lot |
6,600 (7,640) per lot |
Spread Rate
|
750 (750) /lot/side |
600 (600) /lot/side |
| Red-Chip Index |
Full Rate |
6,125 (6,500) per lot |
4,900 (5,200) per lot |
Spread Rate
|
1,250 (1,250) /lot/side |
1,000 (1,000) /lot/side |
| MSCI China Free Index |
Full Rate |
22,000 (24,000) per lot |
17,600 (19,200) per lot |
Spread Rate
|
3,500 (3,500) /lot/side |
2,800 (2,800) /lot/side |
| One-Month HIBOR |
Full Rate |
625 (875) per lot |
500 (700) per lot |
Spread Rate
|
Please refer to the attached table
|
| Three-Month HIBOR |
Full Rate |
625 (750) per lot |
500 (600) per lot |
Spread Rate
|
Please refer to the attached table
|
| HSBC Holdings plc |
Full Rate |
33,000 (38,700) per lot |
26,400 (30,960) per lot |
Spread Rate
|
4,950 (5,850) /lot/side |
3,960 (4,680) /lot/side |
| Pacific Century Cyberworks Ltd |
Full Rate |
1,375 (1,625) per lot |
1,100 (1,300) per lot |
Spread Rate
|
200 (250) /lot/side |
160 (200) /lot/side |
| Cheung Kong (Holdings) Ltd |
Full Rate |
30,000 (33,750) per lot |
24,000 (27,000) per lot |
Spread Rate
|
4,500 (5,125) /lot/side |
3,600 (4,100) /lot/side |
| Swire Pacific Limited "A" Shares |
Full Rate |
8,625 (10,000) per lot |
6,900 (8,000) per lot |
Spread Rate
|
1,300 (1,500) /lot/side |
1,040 (1,200) /lot/side |
| CITIC Pacific Ltd |
Full Rate |
12,250 (13,750) per lot |
9,800 (11,000) per lot |
Spread Rate
|
1,825 (2,125) /lot/side |
1,460 (1,700) /lot/side |
| Shanghai Industrial Holdings Ltd |
Full Rate |
5,750 (7,500) per lot |
4,600 (6,000) per lot |
Spread Rate
|
850 (1,125) /lot/side |
680 (900)/lot/side |
| Hongkong Electric Holdings Ltd |
Full Rate |
4,500 (4,875) per lot |
3,600 (3,900) per lot |
Spread Rate
|
675 (750) /lot/side |
540 (600) /lot/side |
| Hang Seng Bank Ltd |
Full Rate |
10,700 (12,300) per lot |
8,560 (9,840) per lot |
Spread Rate
|
1,600 (1,875) /lot/side |
1,280 (1,500) /lot/side |
| Henderson Land Development Co. Ltd |
Full Rate |
14,375 (18,750) per lot |
11,500 (15,000) per lot |
Spread Rate
|
2,150 (2,875) /lot/side |
1,720 (2,300) /lot/side |
| Hutchison Whampoa Ltd |
Full Rate |
30,000 (32,500) per lot |
24,000 (26,000) per lot |
Spread Rate
|
4,500 (4,875) /lot/side |
3,600 (3,900) /lot/side |
| Sun Hung Kai Properties Ltd |
Full Rate |
27,750 (33,250) per lot |
22,200 (26,600) per lot |
Spread Rate
|
4,150 (5,000) /lot/side |
3,320 (4,000) /lot/side |
| The Wharf (Holdings) Ltd. |
Full Rate |
9,000 (10,750) per lot |
7,200 (8,600) per lot |
Spread Rate
|
1,350 (1,625) /lot/side |
1,080 (1,300) /lot/side |
| New World Development Company Ltd |
Full Rate |
5,375 (6,500) per lot |
4,300 (5,200) per lot |
Spread Rate
|
800 (1,000) /lot/side |
640 (800) /lot/side |
| China Mobile (HK) Ltd |
Full Rate |
12,625 (14,500) per lot |
10,100 (11,600) per lot |
Spread Rate
|
1,900 (2,250) /lot/side |
1,520 (1,800) /lot/side |
| Bank of East Asia |
Full Rate |
1,150 (1,325) per lot |
920 (1,060) per lot |
Spread Rate
|
170 (200) /lot/side |
136 (160) /lot/side |
| Legend Holdings Ltd |
Full Rate |
7,500 (8,000) per lot |
6,000 (6,400) per lot |
Spread Rate
|
1,125 (1,250) /lot/side |
900 (1,000) /lot/side |
| Rolling Forex Deutschemark |
Full Rate
|
1,875 (2,500) per lot |
1,500 (2,000) per lot |
| Rolling Forex Euro |
Full Rate
|
1,650 (2,200) per lot |
1,320 (1,760) per lot |
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
|
1st month vs 4th month
1st month vs 5th month
1st month vs 6th month
|
HK$625 per spread
|
HK$500 per spread
|
|
1st month vs 2nd month
1st month vs 3rd month
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$500 per spread
|
HK$400 per spread
|
|
4th month vs 5th month
4th month vs 6th month
5th month vs 6th month
|
HK$375 per spread
|
HK$300 per spread
|
|
2nd month vs 3rd month
|
HK$225 per spread
|
HK$180 per spread
|
Spread Margin Rates
for Three-Month HIBOR Futures
|
1st month vs 7th month
1st month vs 8th month
1st month vs 9th month
1st month vs 10th month
2nd month vs 7th month
2nd month vs 8th month
2nd month vs 9th month
2nd month vs 10th month
3rd month vs 7th month
3rd month vs 8th month
3rd month vs 9th month
3rd month vs 10th month
|
HK$750 per spread
|
HK$600 per spread
|
|
4th month vs 7th month
4th month vs 8th month
4th month vs 9th month
4th month vs 10th month
5th month vs 7th month
5th month vs 8th month
5th month vs 9th month
5th month vs 10th month
6th month vs 7th month
6th month vs 8th month
6th month vs 9th month
6th month vs 10th month
|
HK$600 per spread
|
HK$480 per spread
|
|
1st month vs 4th month
1st month vs 5th month
1st month vs 6th month
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
7th month vs 8th month
7th month vs 9th month
7th month vs 10th month
8th month vs 9th month
8th month vs 10th month
9th month vs 10th month
|
HK$500 per spread
|
HK$400 per spread
|
|
1st month vs 2nd month
1st month vs 3rd month
2nd month vs 3rd month
4th month vs 5th month
4th month vs 6th month
5th month vs 6th month
|
HK$350 per spread
|
HK$280 per spread
|