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Mini-Hang Seng China Enterprises Index Futures

Mini-Hang Seng China Enterprises Index Futures

The trading and hedging needs relating to H-shares from retail investors are growing continously.  As volatility and index level increase, the high profit and loss swing becomes a hurdle for retail investors’ participation.  A mini-Hang Seng China Enterprises Index futures would meet the needs of customers who have a smaller risk capital.

The underlying index of Mini-Hang Seng China Enterprises Index futures is the Hang Seng China Enterprises Index (HSCEI), the same as the standard HSCEI Index futures contract.  The HSCEI is a market capitalisation-weighted stock index which is compiled and calculated by Hang Seng Indexes Company Limited.  


Tailor-made for retail investors
The Mini-HSCEI Index futures contracts inherit the advantages of the larger sized HSCEI Index futures contracts but are tailored for individuals with smaller risk capital. The smaller contract size allows experienced and novice investors alike to participate in the performance of the H-shares market in a graduated scale.

Transaction costs
Comission levy will be exempted for the first six months of trading of Mini-HSCEI Index futures.  No stamp duty is required for trading futures and options product.

Margin offset
The client and clearing house margin levels for HSCEI futures contract will be set at one-fifth of the respective margins for the HSCEI futures contract.  Margin offset will be applicable to the product group containing HSCEI contracts in net margined accounts, with delta/spread between the Mini-HSCEI and HSCEI contracts set at a ratio of 5 to 1.

The Mini-HSCEI futures contract and the HSCEI futures contract are fungible in that opposite positions in these two contracts can be offset at the ratio of one HSCEI Index futures contract against five Mini-HSCEI Index futures contracts.  Positions in these two exchange contracts will be netted automatically (in the case of House and Market Making Accounts) or may be closed out in accordance with the Clearing House Rules.

Updated 01 Feb 2018


Contract Summary

Mini-Hang Seng China Enterprises Index Futures


Contract Terms
Underlying Index   Hang Seng China Enterprises Index (HSCEI)
Contract Multiplier   HK$10 per index point
Minimum Fluctuation   One index point
Contract Months   Spot month, next calendar month, & next two calendar quarter months
 Pre-Market Opening Period  8:45 am -9:15 am & 12:30 pm - 1:00 pm 
Trading Hours  

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 Last Trading Day)

Last Trading Day   The Business Day immediately preceding the last Business Day of the Contract Month
Final Settlement Price   The average of quotations 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 Last Trading Day.  
Transaction Costs Exchange Fee            HK$2.00
Commission Levy       HK$0.10
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.

Margin Table

Trading Fees and Commission

Exchange Fee
HK$2.00 per contract per side
Commission Levy
HK$0.10 per contract per side
Investor Compensation Levy*
HK$0.00 per contract per side
HK$2.10 per contract per side
* 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


BOCI Securities Ltd. (852) 2121-0088
BOCOM International Securities Ltd. (852) 2297-9888
Bright Smart Futures & Commodities Co. Ltd. (852) 2537-1371
Celestial Commodities Ltd. (852) 2663-8888
CES Capital International (Hong Kong) Co. Ltd. (852) 3971 1052
CMB International Futures Limited (852) 3761 8788
CN First International Futures Limited (852) 3897-2000
Changjiang Futures (HK) Ltd. (852) 2823-0389
China Maike Futures International Limited (852) 2885 2968
Chief Commodities Ltd. (852) 2500-9128
Chong Hing Commodities & Futures Ltd. (852) 3768-9988
Chow Sang Sang Futures Ltd. (852) 2581-7338
Christfund Futures Ltd. (852) 2147-9898
Cinda International Futures Ltd. (852) 2235-7789
CITIC Securities Futures (HK) Ltd. (852) 2237-6899
Core Pacific - Yamaichi Futures (H.K.) Ltd. (852) 2166-3888
CSC Futures (HK) Ltd. (852) 2105-1299
East Asia Futures Ltd. (852) 3608-8181
Emperor Futures Ltd. (852) 2919-2919
Enlighten Futures Ltd. (852) 2152-3321
Essence Futures (Hong Kong) Limited


Ever-Long Futures Limited (852) 2570 3013
Excalibur Global Finanical Group Ltd. (852) 2844-9868
Finet Securities Ltd. (852) 2169-0088
First Shanghai Futures Ltd. (852) 2532-1580
Freeman Commodities Limited (852) 3513 8000
Fuji Hong Kong Commodities Co. Ltd. (852) 2559-1041
Fulbright Futures Ltd. (852) 2121-8333
Gelin Dahua Futures (Hong Kong) Ltd. (852) 3192-1000
GF Futures (HK) Co. Ltd. (852) 3719-1199
Glory Sky Global Markets Ltd. (852) 3420-1000
Goldenway Investments (HK) Ltd. (852) 3719-9733
Goldin Equities Ltd. (852) 3960-7827
Grand Investment (Futures) Ltd. (852) 3550-6988
GuocoCommodities Ltd. (852) 2218-2818
Guotai Junan Futures (Hong Kong) Ltd. (852) 2509-9277
Guoyuan Futures (Hong Kong) Ltd. (852) 3769-6888
Haitong International Futures Ltd. (852) 3583-3388
Hantec Futures Ltd. (852) 2523-7571
Hong Kong International Futures Ltd. (852) 2853-8027
I-Access Investors Ltd. (852) 3741-0373
ICBC International Futures Ltd. (852) 2683-6216
iSTAR International Futures Co. Limited (852) 3900-1701
Kaiser Futures Ltd. (852) 2815-8033
Karl-Thomson Commodities Co. Ltd. (852) 2810-9062
KGI Futures (Hong Kong) Ltd. (852) 2878-5555
Kim Eng Futures (Hong Kong) Ltd. (852) 2268-0660
Kingsway Financial Services Group Ltd. (852) 2283-7373
Longrun Financial Group Limited (852)2885 2968
Marigold International Securities Ltd. (852) 3750-8898
Mayfair Pacific Financial Group Ltd. (852) 3192-1108
Metro Capital Futures Limited (852) 3944-8008
Oriental Wealth Futures Ltd. (852) 2879-9868
Peace Town Financial Services Ltd. (852) 2822-8338
Phillip Commodities (HK) Ltd. (852) 2277-6611
Po Sang Securities and Futures Ltd. (852) 2815-4655
Prudential Index Trading Co. Ltd. (852) 2143-3999
Quam Securities Co. Ltd. (852) 2847-2203
RHB Futures Hong Kong Ltd. (852) 2103 5657
Realink Financial Trade Ltd. (852) 2823-2828
Sanfull Futures Ltd. (852) 2853-2128
Shacom Futures Ltd. (852) 2207-2837
Shenyin Wanguo Futures (H.K.) Ltd. (852) 2250-8298
SinoPac Securities (Asia) Limited (852) 2523-6685
Skyway Futures Ltd. (852) 2907-2300
South China Commodities Ltd. (852) 2111-2222
Stockwell Commodities Ltd. (852) 2509-4384
Success Futures and Foreign Exchange Ltd. (852) 2598-1027
Sun Hung Kai Commodities Ltd. (852) 2822-5001
Tanrich Futures Ltd. (852) 2238-9225
Taiwan Concord Capital Securities (HK) Ltd. (852) 3405-7305
Telecom Digital Securities Ltd. (852) 8118-1133
T G Securities Ltd. (852) 2905-9529
Tianda Securities Ltd. (852) 3972-0688
Interactive Brokers Hong Kong Ltd. (852) 2156-7907
United Simsen Securities Ltd. (852) 2740-9688
(852) 2179-3992
Upbest Commodities Co. Ltd. (852) 2545 3298
VC Futures Ltd. (852) 2913-6332
Wing Fung Futures Ltd. (852) 2303-8690
Yuanta Securities (Hong Kong) Co. Ltd. (852) 3555-7878
Zhonghui International Futures Co. Ltd. (852) 2815 3366

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). 


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

Market Makers / Liquidity Providers
Hang Seng Index Options *   P     *   P # P #  P P #   
Weekly Hang Seng Index Options *             #             * #        
Mini-Hang Seng Index Options     *     *     *   * *   *  
Hang Seng China Enterprises Index Options   P *   P     *    *   * P #  P #  P P #   * P  
Weekly Hang Seng China Enterprises Index Options  *             #             * #        
Mini-Hang Seng China Enterprises Index Options      *       *           * # *   *  
HSI Dividend Point Index Futures   *                                      
HSCEI Dividend Point Index Futures   *                                        
HSI Volatility Index Futures                                *          
CES China 120 Index Futures        LB                              
MSCI AC Asia ex Japan Net Total Return Index (USD)          LD                                
MSCI Australia Net Total Return (USD) Index Futures         LD                 LN               
MSCI China Free  Net Total Return (USD) Index Futures         LD           LD      LN               
MSCI EM Asia  Net Total Return (USD) Index Futures         LD  LD               LN       LD      
MSCI India Net Total Return (USD) Index Futures          LD           LD      LN              
MSCI Indonesia Net Total Return (USD) Index Futures         LD                 LN               
MSCI Japan Net Total Return (USD) Index Futures         LD                 LN               
MSCI Malaysia Net Total Return (USD) Index Futures          LD                              
MSCI Taiwan (USD) Index Futures     LD    LD           LD      LB              LD
MSCI Taiwan Net Total Return (USD) Index Futures         LD               LN               
MSCI Thailand Net Total Return (USD) Index Futures         LD                                

LD - Denotes Liquidity Provider (T Sessions)
LN - Denotes Liquidity Provider (T+1 Sessions)
LB - Denotes Liquidity Provider (T and T+1 Sessions)
P - Denotes PMM
* - Denotes CQMM (T Session)
# - Denotes CQMM (T and T+1 Sessions)
√ - Denotes QRMM (T Session)
@ - Denotes QRMM (T and T+1 Sessions)

Market Making/Liquidity providing obligations and Incentives


HKEX’s derivatives market has both Market Maker (MM) Program and / or Liquidity Provider (LP) Program for different derivatives products.  The MM obligations and MM incentives under the MM Program for futures contracts and index options contracts are set out in the HKFE Rules.  The MM obligations and MM incentives under the MM Program for stock options contracts are set out in the Options Trading Rules of the Stock Exchange.  LP Program is a commercial arrangement for the Exchange to appoint LPs to provide liquidity for new products, which require more flexibility in terms of LP obligations and LP incentives and are not stipulated in the exchange rules and procedures. 

The derivatives products with MM Program and / or LP Program are as follows:

Product Type Contract MM Program LP Program
Futures Contracts Stock Index Futures HSI Volatility Index Futures
HSI Dividend Point Index Futures
HSCEI Dividend Point Index Futures
BRICS Futures
Sector Index Futures
CES China 120 Index Futures
Sector Index Futures
Stock Futures Single Stock Futures N/A
Currency Futures USD/CNH Futures EUR/CNH Futures
JPY/CNH Futures
AUD/CNH Futures
CNH/USD Futures
Interest Rate Futures 1-month HIBOR Futures
3-month HIBOR Futures
Commodity Futures N/A LME Mini Copper Futures
LME Mini Aluminum Futures
LME Mini Zinc Futures
LME Mini Nickel Futures
LME Mini Tin Futures
LME Mini Lead Futures
Option Contracts Stock Index Options Hang Seng Index Options
Mini Hang Seng Index Options
Hang Seng China Enterprises Index Options
Mini-Hang Seng China Enterprises Index Options
Stock Options Single Stock Options N/A
Currency Options N/A USD/CNH Options


Product Type MM LP
HKFE Futures Contracts and Option Contracts
  • HKFE Exchange Participant (EP), or
  • Corporate entity as client of EP must have an association with the EP and also must meet at least one of the requirements:
    i) be a regulated entity by the Securities and Futures Commission (SFC) to deal in securities or futures contracts, except as an introducing agent ; or licensed for similar activity by an overseas authority having a Memoradum of Understanding with SFC;
    Ii) be a licensed bank;
    Iii) have a credit rating of A- or above (S&P) or A3 or above (Moody’s); or
    iv) have a minimum paid-up capital of HK$50 mil. and minimum shareholder funds of HK$100 mil.
HKFE Exchange Participant or the client of the Exchange Participant
SEHK Stock Options Option Trading Exchange Participant N/A

For more details of the application procedures, please refer to the HKEX website at

LP and market making obligations and incentives

The following tables summarise the market making obligations and incentives in futures and options contracts:

Stock Index Futures

Market Making Obligation   Provision of
Continuous Quotes (CQ)
Response to
Quote Requests (QR)
Assigned Contract
Not less than 2 contract months
[i.e. Spot month and the next calendar month] 
All contract months
Trading Requirement Provision of CQ for not less than
70% of the trading hours in each calendar month
Response to not less than 70%
of the QR in each calendar month
Maximum Time Limit for Responding to QR
N/A Response to a QR within 20 seconds of the QR
Minimum Display Time Not fewer than 10 seconds, unless a change in the level of the underlying index occurs during the 10 seconds display period, in which case, market makers may change their quotes
Maximum Bid/Offer Spread*  Not greater than 15 minimum fluctuations

Minimum Quote Size
Not fewer than 5 contracts


Market Maker (MM) Incentives for Stock Index Futures and Options

Product Market Maker
Fee (HK$)
Market Maker in Other Stock Index
Products with same underlying Index
Fee (HK$)*
Fee (HK$)
Hang Seng Index Futures (HSIF) n.a. 3.50 (MM in HSIO, MHIF or MHIO) 10.00
Hang Seng Index Options (HSIO) 2.00 3.50 (MM in MHIF or MHIO) 10.00
Mini Hang Seng Index Futures (MHIF) n.a. 1.00 (MM in HSIO or MHIO) 3.50
Mini Hang Seng Index Options (MHIO) 0.40 0.70 (MM in HSIO or MHIF) 2.00
Hang Seng China Enterprises Index Futures (HHIF) n.a. 1.00 (MM in HHIO or MCHO) 3.50
Hang Seng China Enterprises Index Options (HHIO) 0.50 1.00 (MM in HHIFor MCHO) 3.50
Mini-Hang Seng China Enterprises Index Futures (MCHF) n.a. 0.70 (MM in HHIF or HHIO or MCHO) 2.00
Mini-Hang Seng China Enterprises Index Options (MCHO) 0.20 0.35 (MM in HHIF or HHIO) 1.00
HSI Dividend Futures 0.60 n.a. 3.00
HSCEI Dividend Futures 0.30 n.a. 1.50
HSI Volatility Index Futures 2.00 n.a. 10.00
Sector Index Futures 0.40 n.a. 2.00

* The number of contracts that are eligible for a reduced Exchange Fee may be limited as specified in the Trading Procedures relating to Stock Index Futures and Stock Index Options contained in the HKFE Rules