HKFE Announces Revised Margins for Futures Contracts

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, 1 February 2002, 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.

For the current margins, please refer to the HKEx's website (http://www.hkex.com.hk), under Trading Information -- Futures & Options of Derivatives Market Section.

Futures Contract	Margin Rate	Initial (HK$)	Maintenance (HK$)
Hang Seng Index	Full Rate	41,500 per lot	33,200 per lot
	Spread Rate	3,750/lot/side	3,000/lot/side
Mini-Hang Seng Index	Full Rate	8,300 per lot	6,640 per lot
	Spread Rate	750/lot/side	600/lot/side
MSCI China Free Index	Full Rate	16,300 per lot	13,040 per lot
	Spread Rate	2,445/lot/side	1,956/lot/side
Three-Month HIBOR	Full Rate	1,000 per lot	800 per lot
	Spread Rate	Please refer to the attached table
One-Month HIBOR	Full Rate	575 per lot	460 per lot
	Spread Rate	Please refer to the attached table
Three-Year EFN	Full Rate Spread Rate	15,000 per lot 2,250/lot/side	12,000 per lot 1,800/lot/side
HSBC Holdings Plc	Full Rate	2,700 per lot	2,160 per lot
	Spread Rate	405/lot/side	324/lot/side
Pacific Century CyberWorks Ltd	Full Rate Spread Rate	240 per lot 35/lot/side	192 per lot 28/lot/side
Cheung Kong (Holdings) Ltd	Full Rate Spread Rate	7,180 per lot 1,080/lot/side	5,744 per lot 864/lot/side
Swire Pacific Ltd. 'A' Shares	Full Rate Spread Rate	2,165 per lot 325/lot/side	1,732 per lot 260/lot/side
CITIC Pacific Ltd	Full Rate Spread Rate	2,090 per lot 315/lot/side	1,672 per lot 252/lot/side
China Resources Enterprise Ltd	Full Rate Spread Rate	1,880 per lot 285/lot/side	1,504 per lot 228/lot/side
Shanghai Industrial Holdings	Full Rate Spread Rate	1,130 per lot 170/lot/side	904 per lot 136/lot/side
Hongkong Electric Holdings	Full Rate Spread Rate	880 per lot 135/lot/side	704 per lot 108/lot/side
Hang Seng Bank	Full Rate Spread Rate	540 per lot 85/lot/side	432 per lot 68/lot/side
Henderson Land Development Co Ltd	Full Rate Spread Rate	4,190 per lot 630/lot/side	3,352 per lot 504/lot/side
Hutchison Whampoa Ltd	Full Rate Spread Rate	6,410 per lot 965/lot/side	5,128 per lot 772/lot/side
Sun Hung Kai Properties Ltd	Full Rate Spread Rate	6,830 per lot 1,025/lot/side	5,464 per lot 820/lot/side
CLP Holdings Ltd	Full Rate Spread Rate	940 per lot 145/lot/side	752 per lot 116/lot/side
The Wharf (Holdings) Ltd	Full Rate Spread Rate	1,740 per lot 265/lot/side	1,392 per lot 212/lot/side
New World Development Co Ltd	Full Rate Spread Rate	910 per lot 140/lot/side	728 per lot 112/lot/side
Legend Holdings Ltd	Full Rate Spread Rate	1,060 per lot 150/lot/side	848 per lot 120/lot/side
China Mobile (HK) Ltd	Full Rate Spread Rate	1,825 per lot 275/lot/side	1,460 per lot 220/lot/side
The Bank of East Asia Ltd	Full Rate Spread Rate	226 per lot 35/lot/side	180.8 per lot 28/lot/side
Hong Kong and China Gas Co Ltd	Full Rate Spread Rate	620 per lot 95/lot/side	496 per lot 76/lot/side
MTR Corporation Ltd	Full Rate Spread Rate	325 per lot 50/lot/side	260 per lot 40/lot/side
China Merchants Holdings (International) Co Ltd	Full Rate Spread Rate	900 per lot 135/lot/side	720 per lot 108/lot/side
Johnson Electric Holdings Ltd	Full Rate Spread Rate	650 per lot 100/lot/side	520 per lot 80/lot/side
Cathay Pacific Airways Ltd	Full Rate Spread Rate	1,320 per lot 200/lot/side	1,056 per lot 160/lot/side
Hong Kong Exchanges and Clearing Ltd	Full Rate Spread Rate	2,420 per lot 365/lot/side	1,936 per lot 292/lot/side
Li & Fung Ltd	Full Rate Spread Rate	2,480 per lot 375/lot/side	1,984 per lot 300/lot/side
China Unicom Ltd	Full Rate Spread Rate	2,100 per lot 315/lot/side	1,680 per lot 252/lot/side
PetroChina Co Ltd	Full Rate Spread Rate	200 per lot 30/lot/side	160 per lot 24/lot/side
Cheung Kong Infrastructure Holdings Ltd	Full Rate Spread Rate	770 per lot 120/lot/side	616 per lot 96/lot/side
Cosco Pacific Ltd	Full Rate Spread Rate	1,000 per lot 150/lot/side	800 per lot 120/lot/side

Currency Futures Contracts

			Initial (US$)	Maintenance (US$)
Rolling Forex Japanese Yen	Full Rate		1,875 per lot	1,500 per lot
Rolling Forex British Pound	Full Rate		2,750 per lot	2,200 per lot
Rolling Forex Euro	Full Rate		1,750 per lot	1,400 per lot

 

US Stock Futures Contracts

	Margin Rate	Initial Margin (US$)	Maintenance Margin (US$)
Cisco Systems Incorporated	Full Rate Spread Rate	270 per lot 40/lot/side	216 per lot 32/lot/side
IBM Corporation	Full Rate Spread Rate	840 per lot 152.50/lot/side	672 per lot 122/lot/side
Intel Corporation	Full Rate Spread Rate	375 per lot 56/lot/side	300 per lot 44.8/lot/side
Microsoft Corporation	Full Rate Spread Rate	595 per lot 90/lot/side	476 per lot 72/lot/side
Oracle Corporation	Full Rate Spread Rate	210 per lot 35/lot/side	168 per lot 28/lot/side

 

Japan Stock Futures Contracts

	Margin Rate	Initial Margin (JPY)	Maintenance Margin (JPY)
NTT DoCoMo Incorporated	Full Rate Spread Rate	232,000 per lot 34,800/lot/side	185,600 per lot 27,840/lot/side
Sony Corporation	Full Rate Spread Rate	81,300/per lot 12,195/lot/side	65,040 per lot 9,756/lot/side
Nippon Telegraph & Telephone Corporation	Full Rate Spread Rate	68,800 per lot 12,500/lot/side	55,040 per lot 10,000/lot/side
Fujitsu Ltd	Full Rate Spread Rate	124,900 per lot 18,750/lot/side	99,290 per lot 15,000/lot/side
Toyota Motor Corporation	Full Rate Spread Rate	32,880 per lot 5,750/lot/side	26,304 per lot 4,600/lot/side

 

Korea Stock Futures Contracts

	Margin Rate	Initial Margin (KRW)	Maintenance Margin (KRW)
Korea Electric Power Corporation	Full Rate Spread Rate	236,100 per lot 35,250/lot/side	188,880 per lot 28,200/lot/side
Korea Telecom Corporation	Full Rate Spread Rate	558,000 per lot 83,700/lot/side	446,400 per lot 66,960/lot/side
Samsung Electronics Co Ltd	Full Rate Spread Rate	5,400,000 per lot 810,000/lot/side	4,320,000 per lot 648,000/lot/side
SK Telecom Co Ltd	Full Rate Spread Rate	3,900,000 per lot 585,000/lot/side	3,120,000 per lot 468,000/lot/side
SK Telecom Co Ltd (Temporary)	Full Rate Spread Rate	390,000 per lot 58,500/lot/side	312,000 per lot 46,800/lot/side
Kookmin Bank	Full Rate Spread Rate	1,118,000 per lot 167,700/lot/side	894,400 per lot 134,160/lot/side

 

Taiwan Stock Futures Contracts

		Margin Rate	Initial Margin (NT$)	Maintenance Margin (NT$)
Mosel Vitelic Incorporated	Full Rate Spread Rate		35,500 per lot 5,150/lot/side	28,400 per lot 4,120/lot/side
Ritek Corporation	Full Rate Spread Rate		62,000 per lot 9,300/lot/side	49,600 per lot 7,440/lot/side
Taiwan Semiconductor Manufacturing Co Ltd	Full Rate Spread Rate		110,000 per lot 16,500/lot/side	88,000 per lot 13,200/lot/side
Taiwan Semiconductor Manufacturing Co Ltd (Temporary)	Full Rate Spread Rate		11,000 per lot 1,650/lot/side	8,800 per lot 1,320/lot/side
United Micro Electronics Corporation	Full Rate Spread Rate		71,500 per lot 10,750/lot/side	57,200 per lot 8,600/lot/side
United Micro Electronics Corporation (Temporary)	Full Rate Spread Rate		7,150 per lot 1,075/lot/side	5,720 per lot 860/lot/side
Winbond Electronics Corporation	Full Rate Spread Rate		48,400 per lot 7,300/lot/side	38,720 per lot 5,840/lot/side

 

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

Spread Combination	Initial Margin	Maintenance Margin
1st month vs 4th month 1st month vs 5th month 1st month vs 6th month	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	HK$500 per spread	HK$400 per spread
4th month vs 5th month 4th month vs 6th month 5th month vs 6th month	HK$375 per spread	HK$300 per spread
2nd month vs 3rd month	HK$225 per spread	HK$180 per spread

 

Spread Margin Rates
for Three-Month HIBOR Futures

Spread Combination	Initial Margin	Maintenance Margin
1st month vs 7th month 1st month vs 8th month 1st month vs 9th month 1st month vs 10th month 2nd month vs 7th month 2nd month vs 8th month 2nd month vs 9th month 2nd month vs 10th month 3rd month vs 7th month 3rd month vs 8th month 3rd month vs 9th month 3rd month vs 10th month	HK$750 per spread	HK$600 per spread
4th month vs 7th month 4th month vs 8th month 4th month vs 9th month 4th month vs 10th month 5th month vs 7th month 5th month vs 8th month 5th month vs 9th month 5th month vs 10th month 6th month vs 7th month 6th month vs 8th month 6th month vs 9th month 6th month vs 10th month	HK$600 per spread	HK$480 per spread
1st month vs 4th month 1st month vs 5th month 1st month vs 6th 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 7th month vs 8th month 7th month vs 9th month 7th month vs 10th month 8th month vs 9th month 8th month vs 10th month 9th month vs 10th month	HK$500 per spread	HK$400 per spread
1st month vs 2nd month 1st month vs 3rd month 2nd month vs 3rd month 4th month vs 5th month 4th month vs 6th month 5th month vs 6th month	HK$350 per spread	HK$280 per spread