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 Tuesday, 2 October 2007, 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 at the following link (http://www.hkex.com.hk/eng/market/rm/rm_dcrm/riskdata/margin_hkcc/fomargin.htm). 

Futures Contract	Margin Rate	Initial Margin (HK$)		Maintenance Margin (HK$)
Hang Seng Index	Full Rate	103,000	/lot	82,400	/lot
	Spread Rate	7,500	/spread	6,000	/spread
Mini-Hang Seng Index	Full Rate	20,600	/lot	16,480	/lot
	Spread Rate	1,500	/spread	1,200	/spread
FTSE/Xinhua China 25 Index	Full Rate	109,400	/lot	87,520	/lot
	Spread Rate	32,820	/spread	26,256	/spread
H-Financials Index	Full Rate	81,583	/lot	65,267	/lot
	Spread Rate	24,475	/spread	19,580	/spread
H-shares Index	Full Rate	74,301	/lot	59,441	/lot
	Spread Rate	22,290	/spread	17,832	/spread
Three-Year EFN	Full Rate	9,800	/lot	7,840	/lot
	Spread Rate	2,940	/spread	2,352	/spread
One-Month HIBOR	Full Rate	6,050	/lot	4,840	/lot
	Spread Rate	Please refer to attached table
Three-Month HIBOR	Full Rate	3,943	/lot	3,155	/lot
	Spread Rate	Please refer to attached table
Aluminum Corporation of China Ltd	Full Rate	10,316	/lot	8,252	/lot
	Spread Rate	3,095	/spread	2,476	/spread
Bank of China Ltd	Full Rate	418	/lot	334	/lot
	Spread Rate	125	/spread	100	/spread
Bank of Communications Co Ltd	Full Rate	582	/lot	466	/lot
	Spread Rate	175	/spread	140	/spread
The Bank of East Asia Ltd	Full Rate	610	/lot	488	/lot
	Spread Rate	183	/spread	146	/spread
BOC Hong Kong (Holdings) Ltd	Full Rate	790	/lot	632	/lot
	Spread Rate	237	/spread	190	/spread
China Construction Bank Corporation	Full Rate	745	/lot	596	/lot
	Spread Rate	224	/spread	179	/spread
China Communications Construction Co Ltd	Full Rate	2,274	/lot	1,820	/lot
	Spread Rate	682	/spread	546	/spread
China Mobile (Hong Kong) Ltd	Full Rate	6,096	/lot	4,877	/lot
	Spread Rate	1,829	/spread	1,463	/spread
China Unicom Ltd	Full Rate	3,593	/lot	2,875	/lot
	Spread Rate	1,078	/spread	863	/spread
CITIC Pacific Ltd	Full Rate	5,258	/lot	4,206	/lot
	Spread Rate	1,577	/spread	1,262	/spread
Cheung Kong (Holdings) Ltd	Full Rate	14,996	/lot	11,997	/lot
	Spread Rate	4,499	/spread	3,599	/spread
Cheung Kong Infrastructure Holdings Ltd	Full Rate	2,368	/lot	1,894	/lot
	Spread Rate	710	/spread	568	/spread
China Life Insurance Company Ltd	Full Rate	3,714	/lot	2,971	/lot
	Spread Rate	1,114	/spread	891	/spread
CLP Holdings Ltd	Full Rate	1,665	/lot	1,332	/lot
	Spread Rate	500	/spread	400	/spread
China Merchants Bank Co Ltd	Full Rate	1,361	/lot	1,089	/lot
	Spread Rate	408	/spread	327	/spread
CNOOC Ltd	Full Rate	1,742	/lot	1,394	/lot
	Spread Rate	523	/spread	418	/spread
China Netcom Group Corporation (Hong Kong) Ltd	Full Rate	604	/lot	483	/lot
	Spread Rate	181	/spread	145	/spread
Cathay Pacific Airways Ltd	Full Rate	1,576	/lot	1,261	/lot
	Spread Rate	473	/spread	378	/spread
China Petroleum & Chemical Corporation	Full Rate	1,624	/lot	1,299	/lot
	Spread Rate	487	/spread	390	/spread
China Telecom Corporation Ltd	Full Rate	874	/lot	699	/lot
	Spread Rate	262	/spread	210	/spread
Denway Motors Ltd	Full Rate	955	/lot	764	/lot
	Spread Rate	287	/spread	229	/spread
Esprit Holdings Ltd	Full Rate	1,276	/lot	1,021	/lot
	Spread Rate	383	/spread	306	/spread
Foxconn International Holdings Ltd	Full Rate	1,863	/lot	1,490	/lot
	Spread Rate	559	/spread	447	/spread
Hongkong Electric Holdings Ltd	Full Rate	1,276	/lot	1,021	/lot
	Spread Rate	383	/spread	306	/spread
Hong Kong Exchanges and Clearing Ltd	Full Rate	21,315	/lot	17,052	/lot
	Spread Rate	6,395	/spread	5,116	/spread
HSBC Holdings Plc	Full Rate	3,563	/lot	2,851	/lot
	Spread Rate	1,069	/spread	855	/spread
Hong Kong and China Gas Co Ltd (HKG: Multiplier = 1,000)	Full Rate	1,190	/lot	952	/lot
	Spread Rate	357	/spread	286	/spread
Hong Kong and China Gas Co Ltd (HKA: Multiplier = 1,100)	Full Rate	1,309	/lot	1,047	/lot
	Spread Rate	393	/spread	315	/spread
Henderson Land Development Co Ltd	Full Rate	6,415	/lot	5,132	/lot
	Spread Rate	1,925	/spread	1,540	/spread
Huaneng Power International Inc	Full Rate	1,756	/lot	1,405	/lot
	Spread Rate	527	/spread	422	/spread
Hang Seng Bank Ltd	Full Rate	1,142	/lot	913	/lot
	Spread Rate	343	/spread	274	/spread
Hutchison Whampoa Ltd	Full Rate	6,100	/lot	4,880	/lot
	Spread Rate	1,830	/spread	1,464	/spread
Industrial and Commercial Bank of China Ltd	Full Rate	493	/lot	394	/lot
	Spread Rate	148	/spread	118	/spread
Johnson Electric Holdings Ltd	Full Rate	146	/lot	117	/lot
	Spread Rate	44	/spread	35	/spread
Li & Fung Ltd	Full Rate	7,227	/lot	5,782	/lot
	Spread Rate	2,168	/spread	1,735	/spread
MTR Corporation Ltd	Full Rate	1,165	/lot	932	/lot
	Spread Rate	350	/spread	280	/spread
New World Development Co Ltd	Full Rate	1,979	/lot	1,583	/lot
	Spread Rate	594	/spread	475	/spread
Ping An Insurance (Group) Co of China Ltd	Full Rate	5,933	/lot	4,747	/lot
	Spread Rate	1,780	/spread	1,424	/spread
PCCW Ltd	Full Rate	314	/lot	252	/lot
	Spread Rate	94	/spread	76	/spread
PetroChina Company Ltd	Full Rate	2,052	/lot	1,641	/lot
	Spread Rate	616	/spread	492	/spread
PICC Property and Casualty Co Ltd	Full Rate	4,416	/lot	3,533	/lot
	Spread Rate	1,325	/spread	1,060	/spread
Sun Hung Kai Properties Ltd	Full Rate	14,701	/lot	11,761	/lot
	Spread Rate	4,410	/spread	3,528	/spread
Swire Pacific Ltd “A”	Full Rate	3,132	/lot	2,505	/lot
	Spread Rate	940	/spread	752	/spread
The Wharf (Holdings) Ltd	Full Rate	4,575	/lot	3,660	/lot
	Spread Rate	1,373	/spread	1,098	/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 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	4,937 per spread	3,950 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	3,978 per spread	3,182 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	3,819 per spread	3,056 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	3,614 per spread	2,891 per spread
1st month vs 2nd month 1st month vs 3rd month 2nd month vs 3rd month	3,132 per spread	2,506 per spread
4th month vs 5th month 4th month vs 6th month 5th month vs 6th month	2,089 per spread	1,671 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 2nd month vs 4th month 2nd month vs 5th month 2nd month vs 6th month	7,996 per spread	6,397 per spread
3rd month vs 4th month  3rd month vs 5th month 3rd month vs 6th month	6,375 per spread	5,100 per spread
4th month vs 5th month 4th month vs 6th month 5th month vs 6th month	5,290 per spread	4,232 per spread
1st month vs 3rd month 2nd month vs 3rd month	3,307 per spread	2,646 per spread
1st month vs 2nd month	2,164 per spread	1,731 per spread