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Mini-Hang Seng Index Futures

Mini-Hang Seng Index Futures & Options

To meet the needs of retail investors with an interest in the Hong Kong stock market, the Hong Kong Futures Exchange (HKFE) has introduced a Mini-Hang Seng Index (Mini-HSI) futures contract since 9 October 2000.  To complement Mini-HSI futures, Mini-HSI option contracts was launched on 18 November 2002.

The compact, Mini-HSI futures & option contracts are based on Hong Kong's benchmark Hang Seng Index (HSI), which is also the underlying index for the larger sized HSI futures & option contracts. The contract multiplier of the Mini-HSI futures & option contracts are HK$10.00 or one-fifth the size of the HSI futures & option contracts. Same as the HSI futures & option contracts, the settlement method for the mini contracts are cash settled.

Local retail investors who have less risk capital and lower hedging requirements will find the Mini-HSI futures and option contracts the most appropriate investment tools as well as hedging instruments for managing their market risk.

Advantages

  • Tailor-made for retail investors
    The Mini-HSI futures & option contracts inherit the advantages of the larger sized HSI futures & option contracts but are tailored for individuals with limited risk capital. The smaller contract size allows experienced and novice investors alike to participate in the performance of the constituent stocks in the index in a graduated scale.
  • Low Costs
    As the Mini-HSI futures & option contracts is one-fifth the size of the HSI futures & option contracts, the corresponding margin requirements and commission are much lower.
  • Margin Offset
    One hundred per cent margin offset between Mini-HSI and HSI futures, and between Mini-HSI and HSI options allows for flexible investment management
  • Electronic Trading Platform
    Like all other products traded on the Exchange, Mini-HSI futures & option contracts will be traded electronically on HKATS, where all orders are matched based on price and time priority. Bid, offer and transaction prices are disseminated in real-time to the public and providing the highest level of price and market transparency.
  • Clearing House Guarantee
    Mini-HSI futures & option are registered, cleared and guaranteed by the HKFE Clearing Corporation (HKCC), a wholly-owned subsidiary of the HKFE. The HKCC acts as the counter-party to all open contracts, which effectively eliminates counter-party risks between its HKCC Participants. The HKCC guarantee does not cover an HKCC Participant's obligations to its clients. Investors should exercise due care and diligence when deciding through whom they will conduct business.

Updated 24 Oct 2023


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Contract Summary

Item Contract Terms
Underlying Index   Hang Seng Index
HKATS Code      MHI  
Contract Multiplier   HK$10 per index point
Minimum Fluctuation   One index point
Contract Months   Spot, 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 second last Trading 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$3.50
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 Commissions

Exchange Fee
HK$3.50 per contract per side
Commission Levy
HK$0.10 per contract per side
Investor Compensation Levy*
HK$0.00 per contract per side
Total
HK$3.60 per contract per side
Commission
Negotiable
* The amount indicated above is subject to change from time to time.

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 DAI FLW GHF IBG IMC JST KGI MPF NHA NHT OPT ORN SGS SQH YKR
Hang Seng China Enterprises Index Futures Options PMD PMD PMD PMD PMD CMD
Hang Seng Index Futures Options PMD PMD PMD PMD PMD CMD
Hang Seng Index Options CMD PMD CMD SMW SMD PMD SMW CMD PMD
Hang Seng TECH Index Futures Options PMD PMD PMD PMD CMD
Hang Seng Tech Index Options CMD PMD PMD PMD PMD CMD
HHI Options CMD PMD CMD SMW SMD PMD SMW CMD PMD
HSCEI Dividend Point Index Futures CMD
HSI Dividend Point Index Futures CMD
MCH Options CMD CMD CMW CMD CMD CMW CMD
MHI Options CMD CMD CMW CMD CMD CMW CMD
MSCI AC Asia ex Japan Net Total Return Index Futures CLD CLW
MSCI China A 50 Connect (USD) Index Futures CLN CLD CLD CLW CLW CLD CLD CLW CLW
MSCI China Net Total Return (USD) Index Futures CLD CLD CLD CLN
MSCI EM Asia Net Total Return (USD) Index Futures CLD CLD CLW
MSCI Emerging Markets Net Total Return (USD) Index Futures CLD CLD
MSCI Hong Kong Net Total Return (USD) Index Futures CLD CLD CLD
MSCI India (USD) Index Futures CLW CLD CLW
MSCI India Net Total Return (USD) Index Futures CLD CLD CLW
MSCI Indonesia Net Total Return (USD) Index Futures CLD CLD
MSCI Japan Net Total Return (USD) Index Futures CLD CLD
MSCI Malaysia Net Total Return (USD) Index Futures CLD CLD
MSCI Philippines Net Total Return (USD) Index Futures CLD CLD
MSCI Taiwan (USD) Index Futures CLW CLW CLD CLD CLD
MSCI Taiwan 25/50 (USD) Index Futures CLD
MSCI Taiwan Net Total Return (USD) Index Futures CLD CLD CLW
MSCI Thailand Net Total Return (USD) Index Futures CLD CLD
Weekly HHI Options CMD CMW CMD CMD CMW CMD
Weekly HSI Options CMD CMD CMW CMD CMD CMW CMD CMD
Weekly HTI Options CLD CLD CLD CLD CLD

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