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HKFE Revises Margins for Stock Futures

Market Operations
15 Aug 2001

Hong Kong Futures Exchange (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), announced today (Thursday) that with effect from the commencement of trading on Friday, 17 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:

Futures Contract Margin Rate

Initial Margin
(HK$)

Maintenance Margin
(HK$)

Cheung Kong (Holdings) Ltd. Full Rate
Spread Rate

35,500 (30,000) per lot
5,325 (4,500) /lot/side
28,400 (24,000) per lot
4,260 (3,600) /lot/side
Henderson Land Development Ltd. Full Rate
Spread Rate

15,875 (14,375) per lot
2,375 (2,150) /lot/side
12,700 (11,500) per lot
1,900 (1,720) /lot/side
Hutchison Whampoa Ltd. Full Rate
Spread Rate

35,375 (30,000) per lot
5,325 (4,500) /lot/side
28,300 (24,000) per lot
4,260 (3,600) /lot/side
Sun Hung Kai Properties Ltd. Full Rate
Spread Rate

28,125 (27,750) per lot
4,225 (4,150) /lot/side
22,500 (22,200) per lot
3,380 (3,320) /lot/side
Swire Pacific Ltd. "A" Full Rate
Spread Rate

8,750 (8,625) per lot
1,350 (1,300) /lot/side
7,000 (6,900) per lot
1,080 (1,040) /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 15 Aug 2001