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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 08 Aug 2020


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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 Business Day immediately preceding the last Business 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

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
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
China Maike Futures International Limited (852) 2885 2968 cs@maike.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
Po Sang Securities and Futures Ltd. (852) 2815-4655 psf@bochk.com
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
Tanrich Futures Ltd. (852) 2238-9225 enquiry@tanrich.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/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 Liquidity Provider, PMM, CQMM and QRMM:

Market Makers / Liquidity Providers
BNP CFT CTD HKF HUA IBG IMC ISS LQC MPF NHT NRA OPT SGS SPN  TBR YKR

Hang Seng Index Options

*

 

P

*

*

*

*

*

*

P

P

P

*

*

*

*

Mini-Hang Seng Index Options

 

 

*

*

*

*

*

*

*

*

*

*

*

*

 

*

Hang Seng China Enterprises Index Options 

*

 

P

*

*

*

*

 

*

P

P

P

*

*

*

*

Mini-Hang Seng China Enterprises Index Options 

 

 

*

 

 

*

*

*

 

 

*

*

 

*

*

   

*

HSI Dividend Point Index Futures

*

 

 

   

 

 

 

 

 

 

 

 

 

     

HSCEI Dividend Point Index Futures

*

 

                               
CES China 120 Index Futures

L

       

 

     

L

             
Sector Index Futures - Hang Seng  IT Hardware Index Futures 
                   L              
Sector Index Futures - Hang Seng Mainland Banks Index Futures   

L

     

L

 

   

L

             
Sector Index Futures - Hang Seng Mainland Oil & Gas Index Futures                  

L

             
Sector Index Futures - Hang Seng Mainland Properties Index Futures                  

L

             

L - Denotes Liquidity Provider
P - Denotes PMM
* - Denotes CQMM
√ - Denotes QRMM


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