HKEx Announces Details of Temporary Holiday Risk Management Arrangements

Market Operations

19 Dec 2008

Hong Kong Exchanges and Clearing Limited (HKEx) has announced the details of the holiday risk management arrangements below, following its news release dated 12 December 2008.

HSI, MHI, HHI and MCH Futures Markets

The margin levels of Hang Seng Index (HSI), Mini-Hang Seng Index (MHI), H-shares Index (HHI) and Mini H-shares Index (MCH) futures contracts will be temporarily increased after the close of business on 23 December 2008 (Tuesday) as outlined in the table below.

Futures Contract	Full Margin Rate*	Initial Margin (HK$)	Maintenance Margin (HK$)
HSI	Current Level Temporarily Increased Level	161,650 per lot 169,800 per lot	129,320 per lot 135,840 per lot

MHI	Current Level Temporarily Increased Level	32,330 per lot 33,960 per lot	25,864 per lot 27,168 per lot

HHI	Current Level Temporarily Increased Level	98,700 per lot 109,300 per lot	78,960 per lot 87,440 per lot

MCH	Current Level Temporarily Increased Level	19,740 per lot 21,860 per lot	15,792 per lot 17,488 per lot

*	The spread margin rates will remain unchanged during this period. The margin levels of HSI, MHI, HHI and MCH futures contracts will be restored to the current levels after the close of business on 24 December 2008.

Stock Options Market

The margin intervals for all options classes will be increased temporarily after the close of business on 23 December 2008 (see Appendix). The margin intervals will be restored to normal after the close of business on 24 December 2008.

The above arrangements are based on the clearing houses’ normal procedures. Exchange Participants have been advised to give advanced notice to their clients regarding the arrangements where appropriate.

Appendix

Stock Options Classes	Client Margin Intervals (%)
Aluminum Corporation of China Limited	41
Bank of China Limited	27
Bank of Communications Co., Ltd.	31
The Bank of East Asia, Limited	26
BOC Hong Kong (Holdings) Limited	30
China Construction Bank Corporation	29
China Communications Construction Company Limited	37
China Coal Energy Company Limited	53
China Mobile Limited	22
China Unicom (Hong Kong) Limited	30
CITIC Pacific Limited	63
Cheung Kong (Holdings) Limited	27
Cheung Kong Infrastructure Holdings Limited	17
China Life Insurance Company Limited	27
CLP Holdings Limited	17
China Merchants Bank Co., Ltd.	36
CNOOC Limited	40
Cathay Pacific Airways Limited	24
China Petroleum & Chemical Corporation	31
China Railway Construction Corporation Limited	28
China Railway Group Limited	34
China Shenhua Energy Company Limited	46
China CITIC Bank Corporation Limited	35
China Telecom Corporation Limited	32
Denway Motors Limited	39
Esprit Holdings Limited	33
Foxconn International Holdings Limited	51
Hongkong Electric Holdings Limited	16
Hong Kong Exchanges and Clearing Limited	31
HSBC Holdings Plc.	22
The Hong Kong and China Gas Company Limited	25
Henderson Land Development Company Limited	32
Huaneng Power International, Inc.	35
Hang Seng Bank Limited	22
Hutchison Whampoa Limited	26
Industrial and Commercial Bank of China Limited	26
Johnson Electric Holdings Limited	34
Jiangxi Copper Company Limited	46
Li & Fung Limited	36
MTR Corporation Limited	20
New World Development Company Limited	38
PCCW Limited	21
Ping An Insurance (Group) Company of China, Ltd.	35
PetroChina Company Limited	30
PICC Property and Casualty Company Limited	39
Sun Hung Kai Properties Limited	30
Swire Pacific Limited 'A'	27
Tracker Fund of Hong Kong	22
The Wharf (Holdings) Limited	36

Updated 19 Dec 2008