HKFE Announces Revised Margins for Futures Contracts

Market Operations

05 Dec 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 Thursday, 6 December, 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 based on the clearing company's normal procedures and standard margining methodology.

* Amounts in brackets are the original margin rates:

Futures Contract	Margin Rate	Initial Margin (HK$)	Maintenance Margin (HK$)
Hang Seng Index#	Full Rate Spread Rate	48,000 (57,500) per lot 3,750 (3,750)/lot/side	38,400 (46,000) per lot 3,000 (3,000)/lot/side
MSCI China Free Index	Full Rate Spread Rate	19,000 (22,500) per lot 2,850 (3,500)/lot/side	15,200 (18,000) per lot 2,280 (2,800)/lot/side
Three-Month HIBOR	Full Rate	1,125 (925) per lot	900 (740) per lot
Three-Month HIBOR	Spread Rate	Please refer to the attached table
Three-Year EFN	Full Rate Spread Rate	14,500 (11,000) per lot 2,200 (1,650)/lot/side	11,600 (8,800) per lot 1,760 (1,320)/lot/side
HSBC Holdings Plc	Full Rate Spread Rate	3,320 (4,240) per lot 500 (640)/lot/side	2,656 (3,392) per lot 400 (512)/lot/side
Pacific Century CyberWorks Ltd	Full Rate Spread Rate	270 (310) per lot 40 (50)/lot/side	216 (248) per lot 32 (40)/lot/side
Cheung Kong (Holdings) Ltd	Full Rate Spread Rate	7,700 (8,850) per lot 1,155 (1,330)/lot/side	6,160 (7,080) per lot 924 (1,064)/lot/side
Swire Pacific Ltd 'A' Shares	Full Rate Spread Rate	2,275 (2,450) per lot 345 (370)/lot/side	1,820 (1,960) per lot 276 (296)/lot/side
CITIC Pacific Ltd	Full Rate Spread Rate	2,150 (2,650) per lot 325 (400)/lot/side	1,720 (2,120) per lot 260 (320)/lot/side
China Resources Enterprise Ltd	Full Rate Spread Rate	2,580 (3,200) per lot 390 (480)/lot/side	2,064 (2,560) per lot 312 (384)/lot/side
Shanghai Industrial Holdings Ltd	Full Rate Spread Rate	1,120 (1,330) per lot 170 (200)/lot/side	896 (1,064) per lot 136 (160)/lot/side
Hang Seng Bank Ltd	Full Rate Spread Rate	580 (715) per lot 90 (110)/lot/side	464 (572) per lot 72 (88)/lot/side
Henderson Land Development Company Ltd	Full Rate Spread Rate	3,480 (4,100) per lot 525 (615)/lot/side	2,784 (3,280) per lot 420 (492)/lot/side
Hutchison Whampoa Ltd	Full Rate Spread Rate	8,250 (9,450) per lot 1,240 (1,420)/lot/side	6,600 (7,560) per lot 992 (1,136)/lot/side
Sun Hung Kai Properties Ltd	Full Rate Spread Rate	6,600 (8,100) per lot 990 (1,215)/lot/side	5,280 (6,480) per lot 792 (972)/lot/side
The Wharf (Holdings) Ltd	Full Rate Spread Rate	1,720 (1,940) per lot 260 (295)/lot/side	1,376 (1,552) per lot 208 (236)/lot/side
New World Development Company Ltd	Full Rate Spread Rate	920 (1,180) per lot 140 (180)/lot/side	736 (944) per lot 112 (144)/lot/side
Legend Holdings Ltd	Full Rate Spread Rate	1,340 (1,640) per lot 200 (250)/lot/side	1,072 (1,312) per lot 160 (200)/lot/side
China Mobile (HK) Ltd	Full Rate Spread Rate	2,125 (2,475) per lot 320 (375)/lot/side	1,700 (1,980) per lot 256 (300)/lot/side
The Bank of East Asia Ltd	Full Rate Spread Rate	246 (320) per lot 40 (50)/lot/side	196.8 (256) per lot 32 (40)/lot/side
MTR Corporation Ltd	Full Rate Spread Rate	540 (600) per lot 80 (90)/lot/side	432 (480) per lot 64 (72)/lot/side
China Merchants Holdings (International) Company Ltd	Full Rate Spread Rate	1,000 (1,200) per lot 150 (180)/lot/side	800 (960) per lot 120 (144)/lot/side
Johnson Electric Holdings Ltd	Full Rate Spread Rate	780 (950) per lot 120 (145)/lot/side	624 (760) per lot 96 (116)/lot/side
Cathay Pacific Airways Ltd	Full Rate Spread Rate	1,320 (1,380) per lot 200 (210)/lot/side	1,056 (1,104) per lot 160 (168)/lot/side
Hong Kong Exchanges and Clearing Ltd	Full Rate Spread Rate	3,000 (3,460) per lot 450 (520)/lot/side	2,400 (2,768) per lot 360 (416)/lot/side
Li & Fung Ltd	Full Rate Spread Rate	2,900 (3,480) per lot 435 (530)/lot/side	2,320 (2,784) per lot 348 (424)/lot/side
China Unicom Ltd	Full Rate Spread Rate	2,740 (3,300) per lot 415 (500)/lot/side	2,192 (2,640) per lot 332 (400)/lot/side
PetroChina Company Ltd	Full Rate Spread Rate	300 (280) per lot 45 (50)/lot/side	240 (224) per lot 36 (40)/lot/side
Cheung Kong Infrastructure Holdings Ltd	Full Rate Spread Rate	800 (940) per lot 120 (145)/lot/side	640 (752) per lot 96 (116)/lot/side
Cosco Pacific Ltd	Full Rate Spread Rate	920 (1,100) per lot 140 (170)/lot/side	736 (880) per lot 112 (136)/lot/side

US Stock Futures Contracts

	Margin Rate	Initial Margin (US$)	Maintenance Margin (US$)
Cisco Systems Incorporated	Full Rate Spread Rate	285 (350) per lot 45 (55)/lot/side	228 (280) per lot 36 (44)/lot/side
IBM Corporation	Full Rate Spread Rate	740 (795) per lot 152.5 (152.5)/lot/side	592 (636) per lot 122 (122)/lot/side
Intel Corporation	Full Rate Spread Rate	420 (405) per lot 65 (65)/lot/side	336 (324) per lot 52 (52)/lot/side
Microsoft Corporation	Full Rate Spread Rate	655 (725) per lot 100 (110)/lot/side	524 (580) per lot 80 (88)/lot/side
Oracle Corporation	Full Rate Spread Rate	215 (275) per lot 35 (45)/lot/side	172 (220) per lot 28 (36)/lot/side

Japan Stock Futures Contracts

	Margin Rate	Initial Margin (JPY)	Maintenance Margin (JPY)
NTT DoCoMo Incorporated	Full Rate Spread Rate	257,000 (318,000) per lot 38,550 (47,700)/lot/side	205,600 (254,400) per lot 30,840 (38,160)/lot/side
Sony Corporation	Full Rate Spread Rate	85,900 (87,000) per lot 12,885 (13,050)/lot/side	68,720 (69,600) per lot 10,308 (10,440)/lot/side
Nippon Telegraph & Telephone Corporation	Full Rate Spread Rate	71,000 (79,000) per lot 12,500 (12,500)/lot/side	56,800 (63,200) per lot 10,000 (10,000)/lot/side
Fujitsu Ltd	Full Rate Spread Rate	145,000 (140,000) per lot 21,750 (21,000)/lot/side	116,000 (112,000) per lot 17,400 (16,800)/lot/side
Toyota Motor Corporation	Full Rate Spread Rate	37,000 (45,400) per lot 5,750 (6,810)/lot/side	29,600 (36,320) per lot 4,600 (5,448)/lot/side

Korea Stock Futures Contracts

	Margin Rate	Initial Margin (KRW)	Maintenance Margin (KRW)
Korea Electric Power Corporation	Full Rate Spread Rate	27,500 (22,600) per lot 4,125 (3,525)/lot/side	22,000 (18,080) per lot 3,300 (2,820)/lot/side
Korea Telecom Corporation	Full Rate pread Rate	57,000 (52,000) per lot 8,550 (7,800)/lot/side	45,600 (41,600) per lot 6,840 (6,240)/lot/side
Samsung Electronics Co Ltd	Full Rate Spread Rate	310,000 (255,000) per lot 46,500 (38,250)/lot/side	248,000 (204,000) per lot 37,200 (30,600)/lot/side
SK Telecom Company Ltd	Full Rate Spread Rate	380,000 (280,000) per lot 57,000 (42,000)/lot/side	304,000 (224,000) per lot 45,600 (33,600)/lot/side
Kookmin Bank	Full Rate Spread Rate	188,000 (214,400) per lot 28,200 (32,160)/lot/side	150,400 (171,520) per lot 22,560 (25,728)/lot/side

Taiwan Stock Futures Contracts

	Margin Rate	Initial Margin (NT$)	Maintenance Margin (NT$)
Mosel Vitelic Incorporated	Full Rate Spread Rate	1,350 (1,550) per lot 205 (235)/lot/side	1,080 (1,240) per lot 164 (188)/lot/side
Ritek Corporation	Full Rate Spread Rate	5,350 (5,700) per lot 805 (855)/lot/side	4,280 (4,560) per lot 644 (684)/lot/side
Taiwan Semiconductor Manufacturing Co Ltd	Full Rate Spread Rate	10,550 (8,600) per lot 1,585 (1,290)/lot/side	8,440 (6,880) per lot 1,268 (1,032)/lot/side
United Microelectronics Corporation	Full Rate Spread Rate	5,650 (5,100) per lot 850 (765)/lot/side	4,520 (4,080) per lot 680 (612)/lot/side
Winbond Electronics Corporation	Full Rate Spread Rate	2,650 (3,050) per lot 400 (460)/lot/side	2,120 (2,440) per lot 320 (368)/lot/side

# The margin rates of the Mini-Hang Seng Index Futures Contract are set as one-fifth of the respective margin rates for Hang Seng Index Futures Contract.

HKFE emphasised that the above are minimum rates and Exchange Participants should set their margin requirements according to their clients' individual circumstances.

Updated 05 Dec 2001