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USD Silver Futures

USD and CNH Silver Futures are introduced to further leverage and enhance HKEX’s physical delivery capability in additional to the launch of Gold Futures in the precious product suite. This will continue to provide more tools to address investors’ trading, hedging and risk management needs for asset allocation and portfolio management in precious metals.


Updated 08 Jun 2020


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Contract Specification

Contract USD Silver Futures
Underlying 30 kilogram silver of not less than 0.9999 fineness bearing a serial number and identifying stamp of a Recognised Refiner
HKATS Code SIU
Contract Size 30 kilogram
Trading Currency U.S. dollars
Contract Months Spot Month and the next eleven calendar months
Minimum Fluctuation USD 0.05 per kilogram
Trading Hours1
(Hong Kong Time)
8:30 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 Hours2on
Last Trading Day
(Hong Kong Time)
8:30 a.m. to 4:30 p.m.
Last Trading Day
(LTD)
The third Monday of the Contract Month
Postponed to the next business day if it is a Hong Kong public holiday
Final Settlement Day The second Hong Kong Business Day after the Last Trading Day
Settlement Method Physical settlement
Settlement Currency U.S. dollars
Final Settlement Price Volume weighted average price of all trades3in the expiring Contract Month during the last thirty minutes of trading on the Last Trading Day
Delivery Site An Approved Depository
Minimum Delivery Size 30 kilogram
Holiday Schedule Follow HKFE holiday schedule
Trading Fee4 7 (per contract per side) USD 1.00
Settlement Fee4 7 (per contract per side) USD 2.00
Levies5 7 (per contract per side) USD 0.07
Investor Compensation Levy6
The collection of Investor Compensation Levy is currently suspended and no person is required to pay since 2005.
Commission Rate Negotiable

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 8:30 a.m. – 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. There shall be 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 8:30 a.m. – 12:30 p.m..

3. All trades other than Block Trades in the expiring Contract Month that result from the matching on HKATS of (i) two orders in the individual market series; or (ii) a standard combination order and an order in the individual market series, and executed during the last thirty minutes of trading on the Last Trading Day.  If there is no valid traded price during the last thirty minutes of trading on the Last Trading Day, the the Final Settlement Price shall be determined according to the Metal Futures Contract Specifications in HKFE Rules.

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

5. The USD equivalent of HKD 0.54 per contract at the exchange rate determined by the Exchange from time to time. 

6. 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.

7. Waived until 4 December 2020, excluding the T+1 Session on 4 December 2020.

Updated 29 Apr 2020

Margin Table

Derivatives Market Access Codes

Information Vendors Access Code
ACTIV Financial Systems, Inc.
SIU/<yy><m>.HF
Barrich Intelligent Trader Information Network Limited
SIU
Bloomberg Finance L.P.
XCDA Comdty
Colt Technology Services Limited SIUmy
Futu Network Technology Limited SIUYYMM
Infocast Limited SIU
N2N-AFE (Hong Kong) Limited 870835
QuotePower International Limited P11095
Refinitiv Ltd.
0#HSIU:
Webstock Information Systems Co., Ltd.
SIU
Zhengzhou Esunny Information Technology Co., Ltd.
SIU

Updated 29 Apr 2020

Market Maker Obligations and Incentives

Obligations of LP

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

Obligations Silver Futures
(either CNH Silver Futures or USD Silver Futures)

LP Type

Type 5

Type 3
(Option A)

Type 4

Type 3
(Option B)

CQ or QR

Continuous Quotes

Contract Months

Any 2 of the Spot Month, next 2 calendar months, the next June or the next Dec contracts

Spot Month, the next calendar month, and any 1 of the next June or the next Dec contracts

Max. Bid / Offer Spread

Spot Month: 18 ticks
Farthest month: 20 ticks
Other months: 13 ticks

Spot Month: 15 ticks
Farthest month: 20 ticks
Other months: 13 ticks

Quote Size (contracts)

15

10

5

1

% of Trading Hours

70% (T or T+1 Session)

50% (T or T+1 Session)

30% (T or T+1 Session)

70% (T or T+1 Session) and 94% on LTD1

  1 Trading hours on the LTD is defined in the Contract Specification. 

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_002_20_e.pdf


 


Updated 29 Apr 2020

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