HKFE Revises Margins for Stock, Stock Index and Interest Rate Futures
Market Operations
29 Aug 2001
Hong Kong Futures Exchange (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), announced today (Wednesday) that with effect from the commencement of trading on Friday, 31 August 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 |
42,000 (41,250) per lot |
33,600 (33,000) per lot |
| |
Spread Rate
|
3,750 (3,750) /lot/side |
3,000 (3,000) /lot/side |
| Mini-Hang Seng Index |
Full Rate |
8,400 (8,250) per lot |
6,720 (6,600) per lot |
| |
Spread Rate
|
750 (750) /lot/side |
600 (600) /lot/side |
| One-Month HIBOR |
Full Rate |
575 (625) per lot |
460 (500) per lot |
| |
Spread Rate
|
See attached table |
| HSBC Holdings plc |
Full Rate |
2,280 (2,200) per lot |
1,824 (1,760) per lot |
| |
Spread Rate
|
345 (330) /lot/side |
276 (264) /lot/side |
| Pacific Century Cyberworks Ltd |
Full Rate |
200 (275) per lot |
160 (220) per lot |
| |
Spread Rate
|
30 (40) /lot/side |
24 (32) /lot/side |
| Cheung Kong (Holdings) Ltd |
Full Rate |
7,450 (7,100) per lot |
5,960 (5,680) per lot |
| |
Spread Rate
|
1,120 (1,065) /lot/side |
896 (852) /lot/side |
| Swire Pacific Ltd "A" Shares |
Full Rate |
1,725 (1,750) per lot |
1,380 (1,400) per lot |
| |
Spread Rate
|
260 (270) /lot/side |
208 (216) /lot/side |
| CITIC Pacific Ltd |
Full Rate |
2,100 (2,450) per lot |
1,680 (1,960) per lot |
| |
Spread Rate
|
315 (365) /lot/side |
252 (292) /lot/side |
| China Resource Enterprise Ltd |
Full Rate |
2,500 (2,900) per lot |
2,000 (2,320) per lot |
| |
Spread Rate
|
375 (450) /lot/side |
300 (360) /lot/side |
| Shanghai Industrial Holdings Ltd |
Full Rate |
875 (1,150) per lot |
700 (920) per lot |
| |
Spread Rate
|
135 (170) /lot/side |
108 (136) /lot/side |
| Hongkong Electric Holdings Ltd |
Full Rate |
925 (900) per lot |
740 (720) per lot |
| |
Spread Rate
|
140 (135) /lot/side |
112 (108) /lot/side |
| Hang Seng Bank Ltd |
Full Rate |
550 (535) per lot |
440 (428) per lot |
| |
Spread Rate
|
85 (80) /lot/side |
68 (64) /lot/side |
| Henderson Land Development Co Ltd |
Full Rate |
3,320 (3,175) per lot |
2,656 (2,540) per lot |
| |
Spread Rate
|
500 (475) /lot/side |
400 (380) /lot/side |
| Hutchison Whampoa Ltd |
Full Rate |
7,250 (7,075) per lot |
5,800 (5,660) per lot |
| |
Spread Rate
|
1,090 (1,065) /lot/side |
872 (852) /lot/side |
| Sun Hung Kai Properties Ltd |
Full Rate |
6,000 (5,625) per lot |
4,800 (4,500) per lot |
| |
Spread Rate
|
900 (845) /lot/side |
720 (676) /lot/side |
| The Wharf (Holdings) Ltd. |
Full Rate |
1,425 (1,800) per lot |
1,140 (1,440) per lot |
| |
Spread Rate
|
215 (270) /lot/side |
172 (216) /lot/side |
| New World Development Co Ltd |
Full Rate |
835 (1,075) per lot |
668 (860) per lot |
| |
Spread Rate
|
125 (160)/lot/side |
100 (128) /lot/side |
| China Mobile (HK) Ltd |
Full Rate |
2,825 (2,525) per lot |
2,260 (2,020) per lot |
| |
Spread Rate
|
425 (380) /lot/side |
340 (304) /lot/side |
| Legend Holdings Ltd |
Full Rate |
1,300 (1,500) per lot |
1,040 (1,200) per lot |
| |
Spread Rate
|
195 (225) /lot/side |
156 (180) /lot/side |
| Li & Fung Ltd |
Full Rate |
4,200 (2,840) per lot |
3,360 (2,272) per lot |
| |
Spread Rate
|
630 (435) /lot/side |
504 (348) /lot/side |
| China Unicom Ltd |
Full Rate |
3,700 (3,360) per lot |
2,960 (2,688) per lot |
| |
Spread Rate
|
555 (500) /lot/side |
444 (400) /lot/side |
| Rolling Forex Japanese Yen |
Full Rate
|
1,875 (2,000) per lot |
1,500 (1,600) per lot |
| Rolling Forex British Pound |
Full Rate
|
2,750 (3,000) per lot |
2,200 (2,400) per lot |
| Rolling Forex Euro |
Full Rate
|
1,750 (1,650) per lot |
1,400 (1,320) 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
|
Client Margin |
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
|
Client Margin |
HK$500 per spread |
HK$400 per spread |
4th month vs 5th month
4th month vs 6th month
5th month vs 6th month
|
Client Margin |
HK$375 per spread |
HK$300 per spread |
2nd month vs 3rd month
|
Client Margin |
HK$225 per spread |
HK$180 per spread |