Mini-Hang Seng China Enterprises Index Options

Mini-Hang Seng China Enterprises Index Futures and Options

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 and options would meet the needs of customers who have a smaller risk capital.

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

Advantages

Tailor-made for retail investors
The Mini-HSCEI Index futures and options contracts inherit the advantages of the larger sized HSCEI Index futures and options 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
No stamp duty is required for trading futures and options product.

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

Fungibility
The Mini-HSCEI futures and options contract and the HSCEI futures and options contract are fungible in that opposite positions in these two contracts can be offset at the ratio of one HSCEI futures and options contract against five Mini-HSCEI futures and options 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 06 Sep 2022

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Contract Summary

Mini-Hang Seng China Enterprises Index Options

Item

Contract Terms

Underlying Index

Hang Seng China Enterprises Index (HSCEI)

HKATS Code

MCH

Contract Multiplier

HK$10 per index point

Minimum Fluctuation

One index point

Contract Months

Spot month, next calendar month, & next two calendar quarter months

Trading Hours

9:15 am - 12:00 noon, 1:00 pm - 4:30 pm & 5:15 pm -3:00 am (effective on 3 Dec 2018)
(Expiring contract month closes at 4:00 pm on the Last Trading Day)

Exercise Style

European

Strike Prices

Index Points	Strike Interval
≥ 20,000	200
≥ 5,000 and < 20,000	100
< 5,000	50

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$1.00
Commission Levy HK$0.54
Commission Rate Negotiable

Margin Table

Trading Fees and Commission

Mini-Hang Seng China Enterprises Index Options

Exchange Fee: HK$1.00 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$1.54 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
China Merchants Futures (HK) Co., Limited	(852) 3189-6222	futures@cmschina.com.hk
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
Chow Sang Sang Futures Ltd.	(852) 2581-7338	cs.trade@338.net
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
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
Gelin Dahua Futures (Hong Kong) Ltd.	(852) 3192-1000	cs@greenfutures.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
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	s ettlement@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
Tung Shing Securities (Brokers) Ltd.	(852) 3609-6809	tsfinancialservices@tsbrokers.com
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
Zhonghui International Futures Co. Ltd.	(852) 2815 3366	trade@zhf.hk

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
	AKN	BNP	CFT	CTD	DAI	FLW	GHF	IBG	IMC	KGI	MPF	MVN	NHT	OPT	PHL	SGS	SQH	YKR
Hang Seng China Enterprises Index Futures Options	CMD			PMD					CMD		PMD	PMD	PMD	PMD			CMD
Hang Seng Index Futures Options	CMD			PMD					CMD		PMD	PMD	PMD	PMD			CMD
Hang Seng Index Options	PMD	CMD		PMD				CMD	CMW		PMD	SMW	PMD	SMW		CMW	CMD	PMD
Hang Seng TECH Index Futures Options									CMD		PMD		PMD	PMD			CMD
Hang Seng Tech Index Options								CBD	CLD		CLD		CLD	CLD
HHI Options	PMD	CMD		PMD				CMD	CMW		PMD	SMW	PMD	SMW		CMW	CMD	PMD
HSCEI Dividend Point Index Futures		CMD
HSI Dividend Point Index Futures		CMD
MCH Options	CMD			CMD				CMD	CMW		CMD	CMW	CMD	CMW				CMD
MHI Options	CMD			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	CLN				CLW			CLD	CLD	CLD
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						CLD
MSCI Emerging Markets Net Total Return (USD) Index Futures						CLD					CLN
MSCI Hong Kong Net Total Return (USD) Index Futures						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		CLD		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
Weekly HSI Options	CMD								CMW		CMD		CMD	CMW		CMW

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