HKFE to Revise Margins for Microsoft Corporation Futures Contract
Market Operations
17 Feb 2003
Hong Kong Futures Exchange Limited
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)
HKFE to Revise Margins for Microsoft Corporation Futures Contract
Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), will revise the margin rate for Microsoft Corporation Futures Contract with effect from 18 February 2003, due to a two-for-one stock split.
With effect from the commencement of trading on Tuesday, 18 February 2003, 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 HKEx's website (http://www.hkex.com.hk) and see Trading Information - Futures & Options in the Derivatives Market section.
| Futures Contract |
Margin Rate |
Initial Margin(USD) |
Maintenance Margin(USD) |
Microsoft Corporation
(MSF with contract multiplier 100) |
Full Rate |
353 per lot |
282.40 per lot |
Spread Rate
|
53 /lot/side |
42.40 /lot/side |
Microsoft Corporation
(Temporary contract MSA with contract multiplier 200) |
Full Rate |
706 per lot |
564.80 per lot |
Spread Rate
|
106 /lot/side |
84.80 /lot/side |
HKFE emphasised that the above are minimum rates and Exchange Participants should set their margin requirements according to their clients' individual circumstances.