HKEx Announces Details of Temporary Holiday Risk Management Arrangements

Market Operations

19 Jan 2009

Hong Kong Exchanges and Clearing Limited (HKEx) has announced the details of the holiday risk management arrangements below, following its news release dated 12 January 2009.

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 22 January 2009 (Thursday) as outlined in the table below.

Futures Contract	Full Margin Rate*	Initial Margin (HK$)	Maintenance Margin (HK$)
HSI	Current Level Temporarily Increased Level	131,900 per lot 194,300 per lot	105,520 per lot 155,440 per lot
MHI	Current Level Temporarily Increased Level	26,380 per lot 38,860 per lot	21,104 per lot 31,088 per lot
HHI	Current Level Temporarily Increased Level	85,100 per lot 131,600 per lot	68,100 per lot 105,280 per lot
MCH	Current Level Temporarily Increased Level	17,020 per lot 26,320 per lot	13,620 per lot 21,056 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 23 January 2009.

Stock Options Market

The margin intervals for all options classes will be increased temporarily after the close of business on 22 January 2009 (see Appendix). The margin intervals will be restored to normal after the close of business on 23 January 2009.

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	53
Bank of China Limited	30
Bank of Communications Co., Ltd.	34
The Bank of East Asia, Limited	28
BOCHong Kong (Holdings) Limited	26
China Construction Bank Corporation	35
China Communications Construction Company Limited	45
China Coal Energy Company Limited	60
China Mobile Limited	28
China Unicom (Hong Kong) Limited	36
CITIC Pacific Limited	68
Cheung Kong (Holdings) Limited	30
Cheung Kong Infrastructure Holdings Limited	19
China Life Insurance Company Limited	29
CLP Holdings Limited	16
China Merchants Bank Co., Ltd.	40
CNOOC Limited	43
Cathay Pacific Airways Limited	26
China Petroleum & Chemical Corporation	34
China Railway Construction Corporation Limited	31
China Railway Group Limited	36
China Shenhua Energy Company Limited	48
China CITIC Bank Corporation Limited	36
China Telecom Corporation Limited	33
Denway Motors Limited	48
Esprit Holdings Limited	32
Foxconn International Holdings Limited	71
Hongkong Electric Holdings Limited	16
Hong Kong Exchanges and Clearing Limited	36
HSBC Holdings Plc.	26
The Hong Kong and China Gas Company Limited	24
Henderson Land Development Company Limited	33
Huaneng Power International, Inc.	36
Hang Seng Bank Limited	23
Hutchison Whampoa Limited	30
Industrial and Commercial Bank of China Limited	32
Johnson Electric Holdings Limited	49
Jiangxi Copper Company Limited	53
Li & Fung Limited	33
MTR Corporation Limited	20
New World Development Company Limited	44
PCCW Limited	23
PetroChina Company Limited	37
PICC Property and Casualty Company Limited	46
Ping An Insurance (Group) Company of China, Ltd.	42
Sun Hung Kai Properties Limited	31
Swire Pacific Limited 'A'	30
Tracker Fund of Hong Kong	25
The Wharf (Holdings) Limited	37

Updated 19 Jan 2009