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USD London Copper Mini Futures

USD London Copper Mini Futures is introduced to provide additional trading opportunities for users who have exposure in USD-denominated copper in the Asian time zone, and to offer new investment instruments for both retail and institutional investors who would like to gain access to its cash-settled features and relatively small contract sizes.



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Contract Specification

Contract USD London Copper Mini Futures
Underlying Copper - Grade A as defined in the rules and regulations of The London Metal Exchange from time to time
HKATS Code LUC
Contract Size 5 tonnes
Trading Currency USD
Contract Months Spot Month and the next eleven calendar months
Minimum Fluctuation USD 0.50 per tonne
Trading Hours1
(Hong Kong Time)
9:00 a.m. to 4:30 p.m. (day trading session) and
5:15 p.m. to 3:00 a.m. the next morning (after-hours trading session)
Trading Hours on
Last Trading Day
(Hong Kong Time)
9:00 a.m. to 4:30 p.m. (day trading session) and
5:15 p.m. to 7:35 p.m. (after-hours trading session during British Summer Time)
5:15 p.m. to 8:35 p.m. (after-hours trading session outside British Summer Time)
Last Trading Day
(LTD)
The LTD determined by the LME for its Copper Futures (i.e. Usually two business days before the third Wednesday of the Spot Month). If it is not a Hong Kong Business Day, the LTD shall be the immediately preceding HK Business Day
Final Settlement Price Shall be a whole number, determined by the Clearing House, and shall be the Official Settlement Price determined and published by the LME for its Copper Futures two London Business Days before the third Wednesday of the Spot Month
Settlement Type Cash-settled
Holiday Schedule Follow HKFE holiday schedule
Exchange Fee2
(
per contract per side)
USD 0.50
Settlement Fee (per lot) USD 0.20
Commission Levy  USD 0.07
Investor Compensation Levy3
The collection of Investor Compensation Levy is currently suspended and no person is required to pay since 2005.
Commission Rate Negotiable
Calendar spreads Cover Spot Month and the nearest11 serial month

Notes: 
1. There is no trading after 12:30 p.m. on the eves of Christmas, New Year and Lunar New Year.  The trading hours on those three days shall be 9:00 a.m. to 12:30 p.m. There is no after-hours trading session if it is a bank holiday in the United Kingdom, the United States and the People’s Republic of China

2. The amount indicated above is subject to change by the Exchange from time to time

3. Investor Compensation Levy
-  If the SFC is to publish a termination of exemption notice, the effective date of the reinstatement of the ICL, if any, shall not be earlier than 2 months after the date of such publication.
-  EPs are reminded to take all necessary actions to prepare for the ICL calculation and payment of ICL via HKEX in case the ICL is reinstated by the SFC, including enhancing their HKATS Application Programming Interface, back office systems, relevant applications and operational facilities.

 
 

Margin Table

Derivatives Market Access Codes

Vendor Name

Access Code

AASTOCKS.com Limited

221505

ACTIV Financial Systems, Inc.

LUC/<yy><m>.HF

ATPlatform Technology Limited

LUC

Bloomberg Finance L.P.

YCOA Comdty

Colt Technology Services Limited

LUCmy

CQG, Inc.

LUC

Fidessa Trading UK Limited

LUC_Fmy.HF

ICE Data Connectivity & Feeds, Inc.

F:LUC\MYYDD

Infocast Limited

LUC

N2N-AFE (Hong Kong) Limited

870830

QuotePower International Limited

P11232

Refinitiv Limited

0#HLUC:

SIX Financial Information Ltd.

LUCmy

Telequote Data International Ltd.

LUCmy

Tele-Trend Ltd.

YCFC, YCmyy

Webstock Information Systems Co., Ltd.

LUC

Zhengzhou Esunny Information Technology Co., Ltd.

LUC



Market Maker Obligations and Incentives

Obligations of LP

LP will be required to meet at least the following obligations:

Obligation

USD London Metal Mini Futures

LP Type

3 (Option A)

3 (Option B)

Continuous Quotes (CQ) or Quote Requests (QR)

CQ

Contract Months

Any 3 of the following contracts: M, M+1, M+2 or M+3

M+2 and all of the following contract series: M / M+1, M / M+2, M+1/ M+2, M+2/ M+3


Contracts

Any 1 of the following 4 metal contracts:

Any 1 of the following 4 metal contracts:

Copper

Aluminium

Zinc

Nickel

Copper

Aluminium

Zinc

Nickel

Max. Bid / Offer Spread

 

 

8

ticks

 

 

5

ticks

 

 

6

ticks

 

 

30

ticks

Outright (M+2)

6

ticks

4

ticks

4

ticks

20

ticks

Calendar Spreads

6

ticks

5

ticks

6

ticks

10

ticks

Quote Size (contracts)

5

5

5

6

5

5

5

6

 

 

% of Trading Hours

 

 

80% (T or T+1 session)

Outright (M+2)

80% (T or T+1 session)

Calendar Spreads

80% (T and T+1 session)

For more details of the market maker obligations and incentives, please refer to the HKEX website at  

https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/HKFE/2019/MKDCMD00519E.pdf 

 

 

Additional Information on Cash Incentive Liquidity Providers

Market Aggregate Market Share in May 2020^
USD London Aluminium Mini Futures 84.1%
USD London Zinc Mini Futures 84.8%
USD London Copper Mini Futures 93.1%
USD London Nickel Mini Futures 96.6%

^aggregate market share of liquidity providers under the Cash Incentive Program in May 2020 (information last updated on 22 June 2020)

 
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