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Hang Seng China Enterprises Index Options

Hang Seng China Enterprises Index Options

Introduction

There has been growing investors' interest in China-related securities resulting from the rapid expansion of Mainland economy.  The Hang Seng China Enterprises Index (HSCEI) is a market capitalisation-weighted stock index which is compiled and calculated by Hang Seng Indexes Company Limited .  The HSCEI tracks the performance of major H-shares.  H-shares are Renminbi-denominated shares issued by People's Republic of China (PRC) issuers under PRC law and listed on the Stock Exchange of Hong Kong, the par values of which are denominated in Renminbi, and which are subscribed for and traded in Hong Kong dollars. 

The latest list of constituent stocks and compilation methodology are available on the website of Hang Seng Indexes Company Limited at   http://www.hsi.com.hk

Hang Seng China Enterprises Index 

Following the immediate success of the HSCEI Index futures, the HSCEI Index options were introduced in 14 June 2004.  On 8 February 2010, Flexible Index Options with flexibility in setting strike prices and expiry months were introduced to facilitate the booking of customized over-the-counter option contracts.

Advantages of Trading HSCEI Index Futures and Options

Flexible Trading Strategies

  • HSCEI Futures and Options provide opportunities for long or short strategies.  Besides, investors can use HSCEI Futures and Options as hedging strategies (to protect the HSCEI portfolios against a declining market) or spreading strategies (to profit from the relative performance of two markets, e.g. HSCEI Vs HSI). 

Fast Execution

  • A cost-effective way to track and establish broad market exposure linked to the performance of H-share companies.

Efficient Use of Capital

  • HSCEI Futures and Options are traded on a margin basis.  The capital outlay is much less than buying a H-share companies portfolio.

Low Transaction Costs

  • The transaction costs for trading HSCEI Futures and Options are lower than trading a basket of constituents in HSCEI.

Clearing House Guarantee

  • Futures and Options contracts are registered, cleared and guaranteed by HKEx's Clearing House, eliminating counter-party risk.  (The Clearing House guarantee does not cover a Clearing Participant's obligations to its clients.  Investors should exercise due care and diligence when deciding through whom they will conduct business.)



Updated 02 May 2022


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Contract Summary

Hang Seng China Enterprises Index Options 

 

Item Standard Options Flexible Options
Underlying Index                  Hang Seng China Enterprises Index
HKATS Code  HHI XHH
Contract Multiplier  HK$50 per index point
Minimum Fluctuation  One index point
Contract Months    Short-dated Options:-
Spot, next three calendar months & next three calendar quarter months

Long-dated Options:-
the next three months of June & December and the following 3 December months
Any calendar month not further out than the longest term of expiry months that are available for trading
Exercise Style European Style
Option Premium Quoted in whole index points
 Strike Prices
 Index Points Strike Interval 
 Short-dated Options:
 ≥ 20,000  200
 ≥ 5,000 and < 20,000  100
 < 5,000  50
 Long-dated Options:
 ≥ 20,000  400
  ≥ 5,000 and < 20,000  200
  < 5,000  100
 
Trading Hours 

For standard Index Options:  9:15 am - 12:00 noon, 1:00 pm - 4:30 pm & 5:15 pm  - 3:00 am
(Expiring contract month closes at 4:00 pm on the Expiry Day)

For Flexible Index Options:  9:15 am - 12:00 noon & 1:00 pm - 4:30 pm
No request of series creation is acceptable within the last 30 minutes before market close
(Expiring contract month closes at 4:00 pm on the Expiry Day)           
Expiry Day  The Second last Trading Day of the Contract Month
Official Settlement Price The average of quotations of Hang Seng China Enterprises Index taken at (i) five (5) minute intervals from five (5) minutes after the start of, and up to five (5) minutes before the end of, the Continuous Trading Session of SEHK; and (ii) the close of trading on SEHK on the Expiry Day
Transaction Costs    Exchange Fee                HK$3.50
Commission Levy             HK$0.54
   Commission Rate             Negotiable

Please visit “Rules, Regulations and Procedures of the Futures Exchange” of “Trading Rules” under “Rules and Regulations” of the HKEx website for full contract specifications.


Flexible Index Option

Creation, Execution, Clearing and Settlement of Flexible Index Options

List of Exchange Participants with Flexible Index Options Trading Access

Updated 16 Sep 2017

Margin Table

Trading Fees and Commission

Exchange Fee
HK$3.50 per contract per side
Commission Levy
HK$0.54 per contract per side
Investor Compensation Levy*
HK$0.00 per contract per side
Total
HK$4.04 per contract per side
Commission
Negotiable
* The amount indicated above is subject to change from time to time.

Online Derivatives Trading

Below is the list of the Exchange Participants who provide online derivatives trading services for investors.

(Product: Index Futures and Options / Currency Futures / Commodity Futures / Interest Rate Futures)

Exchange Participant

Contact Number

Email

BOCI Securities Ltd. (852) 2121-0088 service@bocigroup.com
BOCOM International Securities Ltd. (852) 2297-9888 enquiry@bocomgroup.com
Bright Smart Futures & Commodities Co. Ltd. (852) 2537-1371 broker@bsgroup.com.hk
Celestial Commodities Ltd. (852) 2663-8888 hotline@cashon-line.com
CES Capital International (Hong Kong) Co. Ltd. (852) 3971 1052 cescapital@kiiik.com
CMB International Futures Limited (852) 3761 8788 futures@cmbi.com.hk
CN First International Futures Limited  (852) 3897-2000 cnfservice@cnfirst.com.hk 
Changjiang Futures (HK) Ltd. (852) 2823-0389 futuresCS@cjsc.com.hk
Chief Commodities Ltd. (852) 2500-9128 futures_dept@chiefgroup.com.hk
Chong Hing Commodities & Futures Ltd. (852) 3768-9988 info@chcf.com.hk
Christfund Futures Ltd. (852) 2147-9898 maggie.lam@christfund.com
una.zhao@christfund.com
Cinda International Futures Ltd. (852) 2235-7789 cs@cinda.com.hk
CITIC Securities Futures (HK) Ltd. (852) 2237-6899 info@citics.com.hk
Core Pacific - Yamaichi Futures (H.K.) Ltd. (852) 2166-3888 info@cpy.com.hk
CSC Futures (HK) Ltd. (852) 2105-1299 futures@e-capital.com.hk
East Asia Futures Ltd. (852) 3608-8181 info@eafutures.com.hk
Emperor Futures Ltd. (852) 2919-2919 efl.cs@emperor.com.hk
Enlighten Futures Ltd. (852) 2152-3321 services@enlighten.com.hk
Essence Futures (Hong Kong) Limited

(852)2213-1888

service@eif.com.hk
Ever-Long Futures Limited (852) 2570 3013 settlement@everlong.com
Excalibur Global Finanical Group Ltd. (852) 2844-9868 jannylee@excalibur.com.hk
Finet Securities Ltd. (852) 2169-0088 cs@finet365.com
First Shanghai Futures Ltd. (852) 2532-1580 cs@mystockhk.com
Arta Global Futures Limited (852) 3513 8000 cs@artatechfin.com
Fuji Hong Kong Commodities Co. Ltd. (852) 2559-1041 sales@fujihk.com
admin@fujihk.com
Fulbright Futures Ltd. (852) 2121-8333 cs@fulbright.com.hk
Shanxi Securities International Futures Limited (852) 2501-1039 cs@ssif.com.hk
GF Futures (HK) Co. Ltd. (852) 3719-1199 futurescs@gfgroup.com.hk
Glory Sky Global Markets Ltd. (852) 3420-1000 enquiry@glorysky.ws
Goldenway Investments (HK) Ltd. (852) 3719-9733 cs@gwtrade.hk
Goldin Equities Ltd. (852) 3960-7827 enquiry@goldinequities.hk
Grand Investment (Futures) Ltd. (852) 3550-6988 cs@grandfg.com
GuocoCommodities Ltd. (852) 2218-2818 info@guococap.com
Guotai Junan Futures (Hong Kong) Ltd. (852) 2509-9277 futures@gfjas.com.hk
Guoyuan Futures (Hong Kong) Ltd. (852) 3769-6888 gyzq@gyzq.com.hk
Haitong International Futures Ltd. (852) 3583-3388 csdept@htisec.com
Hantec Futures Ltd. (852) 2523-7571 thomasmo@hantec.hk
Hong Kong International Futures Ltd. (852) 2853-8027 enquiry@hnahki.com
I-Access Investors Ltd. (852) 3741-0373 info@i-access.com
ICBC International Futures Ltd. (852) 2683-6216 freeman.to@icbci.com.hk
JS Futures Limited (852) 2815 3366 trade@jsfutures.hk 
iSTAR International Futures Co. Limited (852) 3900-1701 cs@istartrade.com
Kaiser Futures Ltd. (852) 2815-8033 cs@kaisergroup.com.hk
Karl-Thomson Commodities Co. Ltd. (852) 2810-9062 admin@ktg.com.hk
KGI Futures (Hong Kong) Ltd. (852) 2878-5555 info@kgia.com
Kim Eng Futures (Hong Kong) Ltd. (852) 2268-0660 cs@kimeng.com.hk
Kingsway Financial Services Group Ltd. (852) 2283-7373 customerservice@sunwahkingsway.com
Longrun Financial Group Limited (852)2885 2968 dealing@longrun.com.hk
Marigold International Securities Ltd. (852) 3750-8898 cs@misl.com.hk
Mayfair Pacific Financial Group Ltd. (852) 3192-1108 simpson.yam@mayfairpacific.com
Metro Capital Futures Limited (852) 3944-8008 metrocap@metrocap.com.hk
Oriental Wealth Futures Ltd. (852) 2879-9868 admin@o-wealth.com
Peace Town Financial Services Ltd. (852) 2822-8338 info@pt123.com
Phillip Commodities (HK) Ltd. (852) 2277-6611 futures@phillip.com.hk
Prudential Index Trading Co. Ltd. (852) 2143-3999 samng@pru.com.hk
Quam Securities Co. Ltd. (852) 2847-2203 qscs@quamgroup.com
RHB Futures Hong Kong Ltd. (852) 2103 5657 rhb.hk.customer.service@rhbgroup.com
Realink Financial Trade Ltd. (852) 2823-2828 cs@realink.com.hk
Sanfull Futures Ltd. (852) 2853-2128 futures@sanfull.com.hk
Shacom Futures Ltd. (852) 2207-2837 contact@shacomfutures.com.hk
Shenyin Wanguo Futures (H.K.) Ltd. (852) 2250-8298 customer.service@sywg.com.hk
SinoPac Securities (Asia) Limited (852) 2523-6685 cs.asia@sinopac.com
Skyway Futures Ltd. (852) 2907-2300 cs@sws.hk
South China Commodities Ltd. (852) 2111-2222 hotline@sctrade.com
Stockwell Commodities Ltd. (852) 2509-4384 bennylo@stockwellonline.com
Success Futures and Foreign Exchange Ltd. (852) 2598-1027 enquiry@successfn.com
Sun Hung Kai Commodities Ltd. (852) 2822-5001 cs@shkf.com
futures.trader@shkf.com
Premier Q Futures Limited (852) 2111 2666 settlement@premierqhk.com
Taiwan Concord Capital Securities (HK) Ltd. (852) 3405-7305 fdealer@concordcapital.com.hk
Telecom Digital Securities Ltd. (852) 8118-1133 ftcontact@tdsecurities.com.hk
T G Securities Ltd. (852) 2905-9529 info@tgshk.com
Tianda Securities Ltd. (852) 3972-0688 enquiry@tiandafinancial.com
Interactive Brokers Hong Kong Ltd. (852) 2156-7907 sales@interactivebrokers.com.hk
United Simsen Securities Ltd. (852) 2740-9688
(852) 2179-3992
cs@simsen.com
Upbest Commodities Co. Ltd. (852) 2545 3298 upc@upbest.com
VC Futures Ltd. (852) 2913-6332 enquiry@vcgroup.com.hk
Wing Fung Futures Ltd. (852) 2303-8690 cs@wfgold.com
Yuanta Securities (Hong Kong) Co. Ltd. (852) 3555-7878 hk.services.brk@yuanta.com
 

Disclaimer :
Hong Kong Exchanges and Clearing Ltd endeavors to ensure the accuracy and reliability of the information provided, but does not guarantee its accuracy and reliability and accepts no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccurancies or omissions.

List of Market Makers or Liquidity Providers

Equity Index Products

There are liquidity provider and 3 types of market makers in the equity index products market:

- Primary Market Maker (PMM); and

- Market maker providing continuous quotes (CQMM); and

- Market maker responding to quote request (QRMM). 

For the details of the obligations and incentives of liquidity providers and market makers, please refer webpage.

Below is the list of Short Code for EP of Liquidity Provider, PMM, CQMM and QRMM:

 
Market Makers / Liquidity Providers
BNP CFT CTD FLW GHF IBG IMC KGI MPF MVN NHT OPT SGS SQH YKR
Hang Seng China Enterprises Index Futures Options PMD PMD PMD PMD PMD PMD CMD
Hang Seng Index Futures Options PMD CMD PMD PMD PMD PMD CMD
Hang Seng Index Options CMD PMD CMD CMW PMD SMW PMD SMW CMW CMD PMD
Hang Seng Tech Index Futures PMD PMD PMD CMD
Hang Seng TECH Index Futures Options CMD PMD PMD PMD CMD
Hang Seng Tech Index Options CBD CBD PMD PMD PMD
HHI Options CMD PMD CMD SMW PMD SMW PMD SMW CMW CMD PMD
HSCEI Dividend Point Index Futures CMD
HSI Dividend Point Index Futures CMD
MCH Options CMD CMD CMW CMD CMW CMD CMW CMD
MHI Options CMD CMD CMW CMD CMW CMD CMW CMW CMD
MSCI AC Asia ex Japan Net Total Return Index Futures CLD CLN
MSCI China (USD) Index Futures CLD
MSCI China A 50 Connect (USD) Index Futures CLW CLD CLW CLD CLW
MSCI China Free Net Total Return (USD) Index Futures CLN
MSCI China Net Total Return (USD) Index Futures CLD CLN
MSCI EM Asia Net Total Return (USD) Index Futures CLD CLN
MSCI Emerging Markets (USD) Index Futures
MSCI Emerging Markets Net Total Return (USD) Index Futures CLD CLN
MSCI Hong Kong Net Total Return (USD) Index Futures CLD
MSCI India (USD) Index Futures CLD CLD CLD CLD CLD CLD
MSCI India Net Total Return (USD) Index Futures CLD CLN
MSCI Indonesia Net Total Return (USD) Index Futures CLD CLN
MSCI Japan (JPY) Index Futures
MSCI Japan Net Total Return (JPY) Index Futures
MSCI Japan Net Total Return (USD) Index Futures CLD CLN
MSCI Malaysia Net Total Return (USD) Index Futures CLD
MSCI Philippines Net Total Return (USD) Index Futures CLD
MSCI Singapore Free (SGD) Index Futures CLD CLN
MSCI Taiwan (USD) Index Futures CLN CLN CLD CLW CLD CLD
MSCI Taiwan 25/50 (USD) Index Futures CLD CLN
MSCI Taiwan Net Total Return (USD) Index Futures CLD CLN
MSCI Thailand Net Total Return (USD) Index Futures CLD
Weekly HHI Options CMD CMW CMD CMD CMW CMW CMD
Weekly HSI Options CMD CMD CMW CMD CMD CMW CMW CMD

C – Denotes providing continuous quotes
Q – Denotes responding to quote requests
P – Denotes Primary Market Maker providing continuous quotes and responding to quote requests
S – Denotes combination of C, Q and P

M – Denotes Market Maker
L – Denotes Liquidity Provider
B – Denotes both Market Maker and Liquidity Provider

D – Denotes T Session
N – Denotes T+1 Session
W – Denotes Both T and T+1 Sessions

Market Making/Liquidity providing obligations and Incentives

For details of the Market Making/Liquidity Providing Obligations and Incentives of Equity Index Products, please refer our webpage below:

https://www.hkex.com.hk/Products/Listed-Derivatives/Market-Maker-Program/Market-Maker-Obligations-and-Incentives?sc_lang=en