HKFE Announces Revised Margins for Sixteen International Stock Futures Contracts

Market Operations

03 Oct 2001

Further to the press release dated on 26 September, 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 Thursday, 4 October, the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following International Stock Futures contracts will be as outlined in the table below. The adjustments are based on the clearing company's normal procedures and standard margining methodology.

* Amounts in brackets are the original margin rates:

US Stock Futures Contracts

	Margin Rate	Initial Margin (US$)	Maintenance Margin (US$)
IBM Corporation	Full Rate Spread Rate	920 (770) per lot 140 (152.50) /lot/side	736 (616) per lot 112 (122) /lot/side
Intel Corporation	Full Rate Spread Rate	475 (360) per lot 75 (54) /lot/side	380 (288) per lot 60 (43.20) /lot/side
Microsoft Corporation	Full Rate Spread Rate	805 (670) per lot 125 (100.50) /lot/side	644 (536) per lot 100 (80.40) /lot/side
Oracle Corporation	Full Rate Spread Rate	310 (300) per lot 50 (45) /lot/side	248 (240) per lot 40 (36) /lot/side

Japan Stock Futures Contracts

	Margin Rate	Initial Margin (JPY)	Maintenance Margin (JPY)
NTT DoCoMo Incorporated	Full Rate Spread Rate	296,000 (255,000) per lot 44,400 (38,250) /lot/side	236,800 (204,000) per lot 35,520 (30,600) /lot/side
Nippon Telegraph & Telephone Corporation	Full Rate Spread Rate	70,000 (63,700) per lot 10,500 (12,500) /lot/side	56,000 (50,960) per lot 8,400 (10,000) /lot/side
Fujitsu Limited	Full Rate Spread Rate	148,000 (135,000) per lot 22,200 (20,250) /lot/side	118,400 (108,000) per lot 17,760 (16,200) /lot/side
Toyota Motor Corporation	Full Rate Spread Rate	43,300 (23,000) per lot 6,495 (5,750) /lot/side	34,640 (18,400) per lot 5,196 (4,600) /lot/side

Korea Stock Futures Contracts

	Margin Rate	Initial Margin (KRW)	Maintenance Margin (KRW)
Korea Electric Power Corporation	Full Rate Spread Rate	28,900 (20,000) per lot 4,335 (3,550) /lot/side	23,120 (16,000) per lot 3,468 (2,840) /lot/side
Korea Telecom Corporation	Full Rate Spread Rate	62,350 (40,000) per lot 9,355 (7,600) /lot/side	49,880 (32,000) per lot 7,484 (6,080) /lot/side
Samsung Electronics Company Limited	Full Rate Spread Rate	316,000 (196,000) per lot 47,400 (30,000) /lot/side	252,800 (156,800) per lot 37,920 (24,000) /lot/side
SK Telecom Company Limited	Full Rate Spread Rate	276,000 (201,000) per lot 41,400 (32,500) /lot/side	220,800 (168,000) per lot 33,120 (26,000) /lot/side
Kookmin Bank	Full Rate Spread Rate	27,820 (22,500) per lot 4,175 (3,375) /lot/side	22,256 (18,000) per lot 3,340 (2,700) /lot/side

Taiwan Stock Futures Contracts

	Margin Rate	Initial Margin (NT$)	Maintenance Margin (NT$)
Mosel Vitelic Incorporated	Full Rate Spread Rate	1,820 (1,800) per lot 275 (270) /lot/side	1,456 (1,440) per lot 220 (216) /lot/side
Taiwan Semiconductor Manufacturing Company Limited	Full Rate Spread Rate	8,630 (7,400) per lot 1,295 (1,110) /lot/side	6,904 (5,920) per lot 1,036 (888) /lot/side
United Microelectronics Corporation	Full Rate Spread Rate	5,320 (4,000) per lot 800 (625) /lot/side	4,256 (3,200) per lot 640 (500) /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 03 Oct 2001