HKFE Announces Revised Margins for Futures Contracts

Market Operations

28 Apr 2010

Hong Kong Futures Exchange
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)

HKFE Announces Revised Margins for Futures Contracts

Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has announced that with effect from the commencement of trading on Monday, 3 May 2010, 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 margin information on the HKEx website.

Futures Contract	Margin Rate	Initial Margin (HK$)		Maintenance Margin (HK$)

Hang Seng Index	Full Rate	67,150	/lot	53,750	/lot
Hang Seng Index	Spread Rate	7,500	/spread	6,000	/spread

Mini-Hang Seng Index	Full Rate	13,430	/lot	10,750	/lot
Mini-Hang Seng Index	Spread Rate	1,500	/spread	1,200	/spread

H-shares Index	Full Rate	40,700	/lot	32,600	/lot
H-shares Index	Spread Rate	12,250	/spread	9,800	/spread

Mini H-shares Index	Full Rate	8,140	/lot	6,520	/lot
Mini H-shares Index	Spread Rate	2,450	/spread	1,960	/spread

Three-Year EFN	Full Rate	10,710	/lot	8,570	/lot
Three-Year EFN	Spread Rate	3,220	/spread	2,580	/spread

One-Month HIBOR	Full Rate	399	/lot	319	/lot
One-Month HIBOR	Spread Rate	Please refer to attached table

Three-Month HIBOR	Full Rate	1,040	/lot	829	/lot
Three-Month HIBOR	Spread Rate	Please refer to attached table

Aluminum Corporation of China Ltd	Full Rate	1,940	/lot	1,550	/lot
Aluminum Corporation of China Ltd	Spread Rate	582	/spread	465	/spread

Bank of China Ltd	Full Rate	363	/lot	291	/lot
Bank of China Ltd	Spread Rate	109	/spread	88	/spread

Bank of Communications Co Ltd	Full Rate	745	/lot	596	/lot
Bank of Communications Co Ltd	Spread Rate	224	/spread	179	/spread

The Bank of East Asia Ltd	Full Rate	364	/lot	292	/lot
The Bank of East Asia Ltd	Spread Rate	110	/spread	88	/spread

BOC Hong Kong (Holdings) Ltd	Full Rate	570	/lot	456	/lot
BOC Hong Kong (Holdings) Ltd	Spread Rate	171	/spread	137	/spread

China Construction Bank Corporation	Full Rate	501	/lot	401	/lot
China Construction Bank Corporation	Spread Rate	151	/spread	121	/spread

China Communications Construction Co Ltd	Full Rate	605	/lot	484	/lot
China Communications Construction Co Ltd	Spread Rate	182	/spread	146	/spread

China Mobile Ltd	Full Rate	2,460	/lot	1,970	/lot
China Mobile Ltd	Spread Rate	738	/spread	591	/spread

China Unicom (Hong Kong) Ltd	Full Rate	1,700	/lot	1,360	/lot
China Unicom (Hong Kong) Ltd	Spread Rate	510	/spread	408	/spread

CITIC Pacific Ltd	Full Rate	1,550	/lot	1,240	/lot
CITIC Pacific Ltd	Spread Rate	465	/spread	372	/spread

Cheung Kong (Holdings) Ltd	Full Rate	6,170	/lot	4,940	/lot
Cheung Kong (Holdings) Ltd	Spread Rate	1,860	/spread	1,490	/spread

China Life Insurance Company Ltd	Full Rate	2,330	/lot	1,860	/lot
China Life Insurance Company Ltd	Spread Rate	699	/spread	558	/spread

CLP Holdings Ltd	Full Rate	1,790	/lot	1,430	/lot
CLP Holdings Ltd	Spread Rate	537	/spread	429	/spread

China Merchants Bank Co Ltd (CMB-Multiplier = 500 )	Full Rate	1,050	/lot	839	/lot
China Merchants Bank Co Ltd (CMB-Multiplier = 500 )	Spread Rate	315	/spread	252	/spread

China Merchants Bank Co Ltd (CMA-Multiplier = 532 )	Full Rate	1,116	/lot	892	/lot
China Merchants Bank Co Ltd (CMA-Multiplier = 532 )	Spread Rate	335	/spread	268	/spread

CNOOC Ltd	Full Rate	1,230	/lot	980	/lot
CNOOC Ltd	Spread Rate	369	/spread	294	/spread

Cathay Pacific Airways Ltd	Full Rate	1,200	/lot	958	/lot
Cathay Pacific Airways Ltd	Spread Rate	360	/spread	288	/spread

China Petroleum & Chemical Corporation	Full Rate	888	/lot	710	/lot
China Petroleum & Chemical Corporation	Spread Rate	267	/spread	213	/spread

China Telecom Corporation Ltd	Full Rate	679	/lot	543	/lot
China Telecom Corporation Ltd	Spread Rate	204	/spread	163	/spread

Esprit Holdings Ltd (ESP-Multiplier = 100)	Full Rate	596	/lot	477	/lot
Esprit Holdings Ltd (ESP-Multiplier = 100)	Spread Rate	179	/spread	144	/spread

Esprit Holdings Ltd (ESA-Multiplier = 102)	Full Rate	611	/lot	489	/lot
Esprit Holdings Ltd (ESA-Multiplier = 102)	Spread Rate	183	/spread	148	/spread

Foxconn International Holdings Ltd	Full Rate	927	/lot	741	/lot
Foxconn International Holdings Ltd	Spread Rate	279	/spread	223	/spread

Hongkong Electric Holdings Ltd	Full Rate	1,460	/lot	1,170	/lot
Hongkong Electric Holdings Ltd	Spread Rate	438	/spread	351	/spread

Hong Kong Exchanges and Clearing Ltd	Full Rate	858	/lot	686	/lot
Hong Kong Exchanges and Clearing Ltd	Spread Rate	258	/spread	206	/spread

HSBC Holdings Plc	Full Rate	2,250	/lot	1,800	/lot
HSBC Holdings Plc	Spread Rate	675	/spread	540	/spread

Hong Kong and China Gas Co Ltd	Full Rate	1,290	/lot	1,030	/lot
Hong Kong and China Gas Co Ltd	Spread Rate	387	/spread	309	/spread

Henderson Land Development Co Ltd (HLD-Multiplier=1,000)	Full Rate	4,170	/lot	3,340	/lot
Henderson Land Development Co Ltd (HLD-Multiplier=1,000)	Spread Rate	1,260	/spread	1,010	/spread

Henderson Land Development Co Ltd (HLA-Multiplier= 1,021)	Full Rate	4,257	/lot	3,410	/lot
Henderson Land Development Co Ltd (HLA-Multiplier= 1,021)	Spread Rate	1,286	/spread	1,031	/spread

Huaneng Power International Inc	Full Rate	573	/lot	458	/lot
Huaneng Power International Inc	Spread Rate	172	/spread	138	/spread

Hang Seng Bank Ltd	Full Rate	670	/lot	536	/lot
Hang Seng Bank Ltd	Spread Rate	201	/spread	161	/spread

Hutchison Whampoa Ltd	Full Rate	3,370	/lot	2,700	/lot
Hutchison Whampoa Ltd	Spread Rate	1,020	/spread	810	/spread

Industrial and Commercial Bank of China Ltd	Full Rate	418	/lot	334	/lot
Industrial and Commercial Bank of China Ltd	Spread Rate	126	/spread	101	/spread

Li & Fung Ltd	Full Rate	8,880	/lot	7,110	/lot
Li & Fung Ltd	Spread Rate	2,670	/spread	2,140	/spread

MTR Corporation Ltd	Full Rate	886	/lot	709	/lot
MTR Corporation Ltd	Spread Rate	266	/spread	213	/spread

New World Development Co Ltd	Full Rate	1,120	/lot	889	/lot
New World Development Co Ltd	Spread Rate	336	/spread	267	/spread

Ping An Insurance (Group) Co of China Ltd	Full Rate	2,380	/lot	1,900	/lot
Ping An Insurance (Group) Co of China Ltd	Spread Rate	714	/spread	570	/spread

PetroChina Company Ltd	Full Rate	1,300	/lot	1,040	/lot
PetroChina Company Ltd	Spread Rate	390	/spread	312	/spread

PICC Property and Casualty Co Ltd	Full Rate	1,520	/lot	1,210	/lot
PICC Property and Casualty Co Ltd	Spread Rate	456	/spread	363	/spread

Sun Hung Kai PropertiesLtd	Full Rate	7,810	/lot	6,250	/lot
Sun Hung Kai PropertiesLtd	Spread Rate	2,350	/spread	1,880	/spread

Swire Pacific Ltd “A” (Trading Symbol: SWA)	Full Rate	3,080	/lot	2,470	/lot
Swire Pacific Ltd “A” (Trading Symbol: SWA)	Spread Rate	924	/spread	741	/spread

Swire Pacific Ltd “A” (Capital Adjusted) (Trading Symbol: SWB)	Full Rate	3,150	/lot	2,520	/lot
	Spread Rate	945	/spread	756	/spread

Wharf (Holdings) Ltd	Full Rate	3,660	/lot	2,930	/lot
Wharf (Holdings) Ltd	Spread Rate	1,100	/spread	879	/spread

Futures Contract	Margin Rate	Initial Margin (US$)		Maintenance Margin (US$)

Gold Futures	Full Rate	5,640	/lot	4,510	/lot
Gold Futures	Spread Rate	1,700	/spread	1,360	/spread

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

Spread Margin Rates
for Three-Month HIBOR Futures

Spread Combination	Initial Margin (HK$)	Maintenance Margin (HK$)
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	2,080 per spread	1,660 per spread
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	2,080 per spread	1,660 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	2,080 per spread	1,660 per spread
4th month vs 5th month 4th month vs 6th month 5th month vs 6th month	1,840 per spread	1,470 per spread
1st month vs 2nd month 1st month vs 3rd month 2nd month vs 3rd month	939 per spread	752 per spread
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	312 per spread	250 per spread

Spread Margin Rates
for One-Month HIBOR Futures

Spread Combination	Initial Margin (HK$)	Maintenance Margin (HK$)
1st month vs 4th month 1st month vs 5th month 1st month vs 6th month	632 per spread	506 per spread
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	559 per spread	447 per spread
1st month vs 2nd month 1st month vs 3rd month	404 per spread	323 per spread
2nd month vs 3rd month	295 per spread	236 per spread
4th month vs 5th month 4th month vs 6th month 5th month vs 6th month	120 per spread	96 per spread

Ends

Updated 28 Apr 2010