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 November 2008, 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	178,650	/lot	142,920	/lot
	Spread Rate	7,500	/spread	6,000	/spread
Mini-Hang Seng Index	Full Rate	35,730	/lot	28,584	/lot
	Spread Rate	1,500	/spread	1,200	/spread
FTSE/Xinhua China 25 Index	Full Rate	164,270	/lot	131,416	/lot
	Spread Rate	49,290	/spread	39,432	/spread
H-Financials Index	Full Rate	139,710	/lot	111,768	/lot
	Spread Rate	41,920	/spread	33,536	/spread
H-shares Index	Full Rate	112,700	/lot	90,160	/lot
	Spread Rate	33,850	/spread	27,080	/spread
Mini H-shares Index	Full Rate	22,540	/lot	18,032	/lot
	Spread Rate	6,770	/spread	5,416	/spread
Three-Year EFN	Full Rate	17,039	/lot	13,631	/lot
	Spread Rate	5,112	/spread	4,089	/spread
One-Month HIBOR	Full Rate	20,881	/lot	16,705	/lot
	Spread Rate	Please refer to attached table
Three-Month HIBOR	Full Rate	11,332	/lot	9,066	/lot
	Spread Rate	Please refer to attached table
Aluminum Corporation of China Ltd	Full Rate	2,924	/lot	2,339	/lot
	Spread Rate	877	/spread	702	/spread
Bank of China Ltd	Full Rate	698	/lot	558	/lot
	Spread Rate	209	/spread	167	/spread
Bank of Communications Co Ltd	Full Rate	1,624	/lot	1,300	/lot
	Spread Rate	487	/spread	390	/spread
The Bank of East Asia Ltd	Full Rate	913	/lot	730	/lot
	Spread Rate	274	/spread	219	/spread
BOC Hong Kong (Holdings) Ltd	Full Rate	1,308	/lot	1,046	/lot
	Spread Rate	392	/spread	314	/spread
China Construction Bank Corporation	Full Rate	1,154	/lot	923	/lot
	Spread Rate	346	/spread	277	/spread
China Communications Construction Co Ltd	Full Rate	2,278	/lot	1,822	/lot
	Spread Rate	683	/spread	547	/spread
China Mobile Ltd	Full Rate	7,420	/lot	5,936	/lot
	Spread Rate	2,226	/spread	1,781	/spread
China Unicom Ltd (CHU: Multiplier = 2000)	Full Rate	5,992	/lot	4,794	/lot
	Spread Rate	1,798	/spread	1,438	/spread
China Unicom Ltd (CHA: Multiplier = 754)	Full Rate	2,259	/lot	1,807	/lot
	Spread Rate	678	/spread	542	/spread
CITIC Pacific Ltd	Full Rate	7,638	/lot	6,110	/lot
	Spread Rate	2,291	/spread	1,833	/spread
Cheung Kong (Holdings) Ltd	Full Rate	16,366	/lot	13,092	/lot
	Spread Rate	4,910	/spread	3,928	/spread
Cheung Kong Infrastructure Holdings Ltd	Full Rate	4,778	/lot	3,823	/lot
	Spread Rate	1,433	/spread	1,147	/spread
China Life Insurance Company Ltd	Full Rate	8,011	/lot	6,409	/lot
	Spread Rate	2,403	/spread	1,923	/spread
CLP Holdings Ltd	Full Rate	4,031	/lot	3,224	/lot
	Spread Rate	1,209	/spread	967	/spread
China Merchants Bank Co Ltd	Full Rate	2,749	/lot	2,199	/lot
	Spread Rate	825	/spread	660	/spread
CNOOC Ltd	Full Rate	2,322	/lot	1,858	/lot
	Spread Rate	697	/spread	557	/spread
Cathay Pacific Airways Ltd	Full Rate	1,932	/lot	1,546	/lot
	Spread Rate	580	/spread	464	/spread
China Petroleum & Chemical Corporation	Full Rate	2,830	/lot	2,264	/lot
	Spread Rate	849	/spread	679	/spread
China Telecom Corporation Ltd	Full Rate	1,605	/lot	1,284	/lot
	Spread Rate	482	/spread	385	/spread
Denway Motors Ltd	Full Rate	1,102	/lot	882	/lot
	Spread Rate	331	/spread	265	/spread
Esprit Holdings Ltd	Full Rate	1,269	/lot	1,015	/lot
	Spread Rate	381	/spread	305	/spread
Foxconn International Holdings Ltd	Full Rate	1,572	/lot	1,257	/lot
	Spread Rate	472	/spread	377	/spread
Hongkong Electric Holdings Ltd	Full Rate	2,584	/lot	2,068	/lot
	Spread Rate	775	/spread	620	/spread
Hong Kong Exchanges and Clearing Ltd (HEX: Multiplier = 100)	Full Rate	2,110	/lot	1,688	/lot
	Spread Rate	633	/spread	506	/spread
Hong Kong Exchanges and Clearing Ltd (HEA: Multiplier = 500)	Full Rate	10,550	/lot	8,440	/lot
	Spread Rate	3,165	/spread	2,530	/spread
HSBC Holdings Plc	Full Rate	8,195	/lot	6,556	/lot
	Spread Rate	2,459	/spread	1,967	/spread
Hong Kong and China Gas Co Ltd (HKG: Multiplier = 1,000)	Full Rate	2,090	/lot	1,672	/lot
	Spread Rate	627	/spread	502	/spread
Hong Kong and China Gas Co Ltd (HKA: Multiplier = 1,100)	Full Rate	2,299	/lot	1,839	/lot
	Spread Rate	690	/spread	552	/spread
Henderson Land Development Co Ltd	Full Rate	7,485	/lot	5,988	/lot
	Spread Rate	2,246	/spread	1,796	/spread
Huaneng Power International Inc	Full Rate	1,874	/lot	1,499	/lot
	Spread Rate	562	/spread	450	/spread
Hang Seng Bank Ltd	Full Rate	2,720	/lot	2,176	/lot
	Spread Rate	816	/spread	653	/spread
Hutchison Whampoa Ltd	Full Rate	12,234	/lot	9,787	/lot
	Spread Rate	3,670	/spread	2,936	/spread
Industrial and Commercial Bank of China Ltd	Full Rate	1,080	/lot	864	/lot
	Spread Rate	324	/spread	259	/spread
Johnson Electric Holdings Ltd	Full Rate	246	/lot	197	/lot
	Spread Rate	74	/spread	59	/spread
Li & Fung Ltd	Full Rate	8,834	/lot	7,067	/lot
	Spread Rate	2,650	/spread	2,120	/spread
MTR Corporation Ltd	Full Rate	1,579	/lot	1,263	/lot
	Spread Rate	474	/spread	379	/spread
New World Development Co Ltd	Full Rate	1,824	/lot	1,459	/lot
	Spread Rate	547	/spread	438	/spread
Ping An Insurance (Group) Co of China Ltd	Full Rate	7,050	/lot	5,640	/lot
	Spread Rate	2,115	/spread	1,692	/spread
PCCW Ltd	Full Rate	808	/lot	646	/lot
	Spread Rate	242	/spread	194	/spread
PetroChina Company Ltd	Full Rate	3,604	/lot	2,883	/lot
	Spread Rate	1,081	/spread	865	/spread
PICC Property and Casualty Co Ltd	Full Rate	1,992	/lot	1,594	/lot
	Spread Rate	598	/spread	478	/spread
Sun Hung Kai Properties Ltd	Full Rate	16,589	/lot	13,271	/lot
	Spread Rate	4,977	/spread	3,981	/spread
Swire Pacific Ltd “A”	Full Rate	5,538	/lot	4,431	/lot
	Spread Rate	1,661	/spread	1,329	/spread
The Wharf (Holdings) Ltd	Full Rate	4,392	/lot	3,514	/lot
	Spread Rate	1,318	/spread	1,054	/spread

 

 

Futures Contract	Margin Rate	Initial Margin (US$)		Maintenance Margin (US$)
Gold Futures	Full Rate	11,206	/lot	8,964	/lot
	Spread Rate	3,362	/spread	2,689	/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	9,747 per spread	7,797 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	8,251 per spread	6,601 per spread
1st month vs 2nd month 1st month vs 3rd month 2nd month vs 3rd month	7,215 per spread	5,772 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	6,872 per spread	5,497 per spread
4th month vs 5th month 4th month vs 6th month 5th month vs 6th month	4,531 per spread	3,625 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	3,031 per spread	2,425 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	8,742 per spread	6,994 per spread
1st month vs 2nd month 1st month vs 3rd month	8,342 per spread	6,674 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	4,001 per spread	3,201 per spread
2nd month vs 3rd month	3,165 per spread	2,532 per spread
4th month vs 5th month 4th month vs 6th month 5th month vs 6th month	2,294 per spread	1,835 per spread