Quarterly Contracts

Hong Kong Exchanges and Clearing Limited (HKEX) now offers cash-settled TSI Iron Ore Fines 62 per cent Fe CFR China Futures (Iron Ore Futures), its first ferrous metal product. As an exchange-traded product, Iron Ore Futures will provide maximum price transparency and equal access to all market participants. By improving the price discovery process in the iron ore derivatives market, the contract has the potential to lower the cost of trading.

Eight Quarterly Contracts are available to cater to near-term and longer-term price risk management needs. In addition, there are 24 corresponding Monthly Contracts listed for trading as well. Please click here for Monthly Contract.

Updated 02 Aug 2019

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Contract Specification

Contract	Iron Ore Futures - Quarterly Contracts
HKATS Code	FEQ
Underlying	TSI Iron Ore Fines 62% Fe CFR China Index
Contract Size	100 tonnes
Trading Currency	U.S. dollars
Price Quotation	U.S. dollars and cents per tonne
Contract Months	Spot Quarter and the next seven calendar quarters (i.e. calendar quarters are January to March, April to June, July to September and October to December)
Minimum Fluctuation	USD 0.01 per tonne
Maximum Fluctuation	Nil
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. (after-hours trading session)
Trading Hours on Last Trading Day² (Hong Kong Time)	9:00 a.m. – 4:30 p.m. (day trading session) and 5:15 p.m. – 6:30 p.m. (after-hours trading session)
Last Trading Day (LTD)	The Last Trading Day of the last Monthly Contract in the calendar quarter
Final Settlement Day	The second Trading Day after the Last Trading Day, provided that if (i) the Last Trading Day is on the last Trading Day before New Year’s Day or the Lunar New Year, (ii) the Trading Hours of the Spot Month Contract and the Spot Quarter Contract end at 12:30 p.m., and (iii) the day trading session of other Contract Months ends at 4:30 p.m., the Final Settlement Day shall be the first Trading Day after the Last Trading Day
Settlement Method	Cash settled
Final Settlement Price	Arithmetic average of the Final Settlement Prices of the three corresponding Monthly Contracts in that Contract Quarter, rounded to 2 decimal places
Holiday Schedule	Follow HKFE holiday schedule
Trading Fee^{3, 5} (per contract per side)	USD 1.00
Settlement Fee³ (per contract per side)	USD 1.00
Levies⁴ (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 9:00 a.m. – 12:30 p.m.

2. There is no trading after 12:30 p.m. on the Last Trading Day that is the last Trading Day before New Year’s Day or the Lunar New Year, and which is also the last day before New Year’s Day or the Lunar New Year on which the TSI Iron Ore Fines 62% Fe CFR China Index is published. The trading hours on those two days shall be 9:00 a.m. – 12: 30 p.m.

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

4. The current rate is set at HK$ 0.54 per contract, for which the USD equivalent will be determined by the Exchange from time to time.

5. Waived until 30 June 2020 (excluding after-hours session).

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.

Updated 28 Apr 2022

Margin Table

Derivatives Market Access Codes

Information Vendors	Access Code
Information Vendors	Monthly Contracts	Quarterly Contracts
Information Vendors	Access Code
Information Vendors	Monthly Contracts	Quarterly Contracts
AASTOCKS.com Limited	221485	221490
AFE Solutions Limited	870821	870822
ACTIV Financial Systems, Inc.	FEM/18G.HF	FEQ/18G.HF
Bloomberg Finance L.P.	DTSA Comdty	KTSA Comdty
Colt Technology Services Limited	FEMmy	FEQmy
CQG, Inc.	FEM	FEQ
DB Power Online Limited	FEM	FEQ
East Money Information Co., Ltd.	FEM	FEQ
Fidessa plc	FEM_Fmy.HF	FEQ_Fmy.HF
Hexin Flush Financial Information Network Ltd.	FEM	FEQ
Infocast Ltd	FEM	FEQ
Interactive Brokers LLC	TIO	TIOQ
Interactive Data Real-Time Services, Inc.	F:FEM\MYYDD	F:FEQ\MYYDD
Morningstar Real-Time Data Ltd.	FEM	FEQ
QuotePower International Ltd.	P11222	P11223
Reuters Ltd, a Thomson Reuters Company	0#HFEM:	0#HFEQ:
Shanghai DZH Limited	FEM + Month + Year	FEQ + Month + Year
Shanghai Pobo Network Data Information Co., Ltd	FEMm<O/E>	FEQm<O/E>
Shanghai Qianlong Advanced Technology Co Ltd.	259	259
SIX Financial Information Ltd.	FEMmy	FEQmy
Telequote Data International Ltd.	FEMmy	FEQmy
Tele-Trend Ltd.	FEMFC	FEQFC
Wenhua Information System Limited	FEM	FEQ
Wind Information Co., Ltd.	FEMF + yymm +.HK	FEQF + yymm +.HK
Zhengzhou Esunny Information Technology Co., Ltd	FEM	FEQ

Updated 02 Aug 2019

Market Maker Obligations and Incentives

Not Applicable

Updated 05 Jan 2021