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USD London Nickel Mini Futures

USD London Nickel Mini Futures is introduced to provide additional trading opportunities for users who have exposure in USD-denominated nickel 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 Nickel Mini Futures
Underlying Primary Nickel as defined in the rules and regulations of The London Metal Exchange from time to time
HKATS Code LUN
Contract Size 1 tonne
Trading Currency USD
Contract Months Spot Month and the next 11 calendar months
Minimum Fluctuation USD 1.00 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 8:05 p.m. (after-hours trading session during British Summer Time)
5:15 p.m. to 9:05 p.m. (after-hours trading session outside British Summer Time)
Last Trading Day
(LTD)
The LTD is determined by the LME for its Nickel Futures Contract (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 Hong Kong 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 Nickel 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 nearest 11 serial month

Notes : 
1. There is no trading after 12:30 p.m. on the eves of Christmas, New Year and the 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 or 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

221515

ACTIV Financial Systems, Inc.

LUN/<yy><m>.HF

ATPlatform Technology Limited

LUN

Bloomberg Finance L.P.

YNDA Comdty

Colt Technology Services Limited

LUNmy

CQG, Inc.

LUN

Fidessa Trading UK Limited

LUN_Fmy.HF

ICE Data Connectivity & Feeds, Inc.

F:LUN\MYYDD

Infocast Limited

LUN

N2N-AFE (Hong Kong) Limited

870832

QuotePower International Limited

P11236

Refinitiv Limited

0#HLUN:

SIX Financial Information Ltd.

LUNmy

Telequote Data International Ltd.

LUNmy

Tele-Trend Ltd.

YNFC, YNmyy

Webstock Information Systems Co., Ltd.

LUN

Zhengzhou Esunny Information Technology Co., Ltd.

LUN


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/2020/MKD_CMD_004_20_e.pdf

 

 

Additional Information on Cash Incentive Liquidity Providers

Market Aggregate Market Share in August 2020^
USD London Aluminium Mini Futures 84.8%
USD London Copper Mini Futures 93.4%
USD London Nickel Mini Futures 87.2%
USD London Zinc Mini Futures 88.3%

^aggregate market share of liquidity providers under the Cash Incentive Program in August 2020 (information last updated on 18 September 2020)

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/2020/MKD_CMD_001_20_e.pdf