HKFE Announces Revised Margins for Stock Futures
Market Operations
22 Aug 2001
Hong Kong Futures Exchange (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), will implement stock futures market changes on Monday, 27 August. The stock futures market changes include standardising the contract specifications, where the contract multipliers of the existing stock futures contracts will be changed to one board lot size of their underlying shares, the same as the contract size for stock options. Therefore, the margin levels of the existing Stock Futures Contracts need to be adjusted accordingly. With effect from the commencement of trading on Monday, 27 August, the margin of the following Stock Futures Contracts shall be as follows:
* Amounts in brackets are the original margin rates:
| Futures Contract |
Margin Rate
|
Initial Margin
(HK$)
|
Maintenance Margin
(HK$)
|
| HSBC Holdings plc |
Full Rate
|
2,200 (33,000) per lot |
1,760 (26,400) per lot |
|
Spread Rate
|
330 (4,950) /lot/side |
264 (3,960) /lot/side |
| Pacific Century Cyberworks Ltd |
Full Rate
|
275 (1,375) per lot |
220 (1,100) per lot |
|
Spread Rate
|
40 (200) /lot/side |
32 (160) /lot/side |
| Cheung Kong (Holdings) Ltd |
Full Rate
|
7,100 (35,500) per lot |
5,680 (28,400) per lot |
|
Spread Rate
|
1,065 (5,325) /lot/side |
852 ( 4,260) /lot/side |
| Swire Pacific Ltd "A" Shares |
Full Rate
|
1,750 (8,750) per lot |
1,400 (7,000) per lot |
|
Spread Rate
|
270 (1,350) /lot/side |
216 (1,080) /lot/side |
| CITIC Pacific Ltd |
Full Rate
|
2,450 (12,250) per lot |
1,960 (9,800) per lot |
|
Spread Rate
|
365 (1,825) /lot/side |
292 (1,460) /lot/side |
| China Resources Enterprise Ltd |
Full Rate
|
2,900 (14,500) per lot |
2,320 (11,600) per lot |
|
Spread Rate
|
450 (2,250) /lot/side |
360 (1,800) /lot/side |
| Shanghai Industrial Holdings Ltd |
Full Rate
|
1,150 (5,750) per lot |
920 (4,600) per lot |
|
Spread Rate
|
170 (850) /lot/side |
136 (680) /lot/side |
| Hongkong Electric Holdings Ltd |
Full Rate
|
900 (4,500) per lot |
720 (3,600) per lot |
|
Spread Rate
|
135 (675) /lot/side |
108 (540) /lot/side |
| Hang Seng Bank Ltd |
Full Rate
|
535 (10,700) per lot |
428 (8,560) per lot |
|
Spread Rate
|
80 (1,600) /lot/side |
64 (1,280) /lot/side |
| Henderson Land Development Co Ltd |
Full Rate
|
3,175 (15,875) per lot |
2,540 (12,700) per lot |
|
Spread Rate
|
475 (2,375) /lot/side |
380 (1,900) /lot/side |
| Hutchison Whampoa Ltd |
Full Rate
|
7,075 (35,375) per lot |
5,660 (28,300) per lot |
|
Spread Rate
|
1,065 (5,325) /lot/side |
852 (4,260) /lot/side |
| Sun Hung Kai Properties Ltd |
Full Rate
|
5,625 (28,125) per lot |
4,500 (22,500) per lot |
|
Spread Rate
|
845 (4,225) /lot/side |
676 (3,380) /lot/side |
| CLP Holdings Ltd |
Full Rate
|
1,025 (5,125) per lot |
820 (4,100) per lot |
|
Spread Rate
|
155 (770) /lot/side |
124 (616) /lot/side |
| The Wharf (Holdings) Ltd |
Full Rate
|
1,800 (9,000) per lot |
1,440 (7,200) per lot |
|
Spread Rate
|
270 (1,350) /lot/side |
216 (1,080) /lot/side |
| New World Development Co Ltd |
Full Rate
|
1,075 (5,375) per lot |
860 (4,300) per lot |
|
Spread Rate
|
160 (800) /lot/side |
128 (640) /lot/side |
| China Mobile (Hong Kong) Ltd |
Full Rate
|
2,525 (12,625) per lot |
2,020 (10,100) per lot |
|
Spread Rate
|
380 (1,900) /lot/side |
304 (1,520) /lot/side |
| The Bank of East Asia Ltd |
Full Rate
|
230 (1,150) per lot |
184 (920) per lot |
|
Spread Rate
|
35 (170) /lot/side |
28 (136) /lot/side |
| Legend Holdings Ltd |
Full Rate
|
1,500 (7,500) per lot |
1,200 (6,000) per lot |
|
Spread Rate
|
225 (1,125) /lot/side |
180 (900) /lot/side |
HKFE emphasised that the above are minimum rates and Exchange Participants should set their margin requirements according to their clients' individual circumstances.