Hong Kong Exchanges and Clearing Limited (HKEx) has announced market makers and margin rates for the renminbi currency futures (RMB Currency Futures) that will begin trading in its derivatives market on Monday, 17 September 2012.

Market Makers

Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of HKEx, has appointed DBS Bank Limited (via DBS Vickers (Hong Kong) Limited*), Merrill Lynch International (via Merrill Lynch Far East Limited*) and The Hong Kong & Shanghai Banking Corporation Limited (via HSBC Broking Futures (Hong Kong) Limited*) as market makers for RMB Currency Futures.  Market makers will be providing continuous two-sided quotes good for at least 10 contracts on each side in all listed contract months with a maximum bid / ask spread of 30 minimum fluctuations (ie RMB0.0030).

Margin Rates

HKFE has also set margin rates for RMB Currency Futures.  The table below shows the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the contract.  The margins are based on the clearing company’s normal procedures and standard margining methodology.

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

For additional information on RMB Currency Futures, please see the 22 August 2012 news release , “HKEx to Introduce RMB Currency Futures on 17 September”, in the news release section of the HKEx website.

* Futures Exchange Participant that will provide continuous quotes for RMB Currency Futures

# USD = US dollar; CNH = RMB traded in Hong Kong

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