Market Turnover


MSCI China Free NTR (USD) Index Futures


The MSCI China Free Index Includes large and mid-cap Chinese companies. Index constituents include B shares, H shares, Red chips, P chips and foreign listed shares. Currently, the index includes large cap and mid cap A shares represented at 20% of their free-float adjusted market capitalization.  As of 30 June 2020, there are 711 constituents. The index is calculated in a net total return form (i.e. reinvestment of net dividend payout into the index portfolio).


Uses of MSCI China Free Net Total Return (USD) Index Futures

The introduction of the MSCI China Free Net Total Return (USD) index Futures contract aims to meet the trading and hedging needs of investors who have exposure to large and mid-cap Chinese companies in a cost effective manner.  Asset managers and banks can make use of MSCI China Free Net Total Return (USD) Index Futures for cash equitisation and manage market, settlement and liquidity risks without cross zone trading issue. 

The constituent list and vendor codes can be found in MSCI websites and respectively.


The Commodity Futures Trading Commission (CFTC) has certified the MSCI China Free Net Total Return (USD) Index Futures contracts to be offered and sold to persons in the U.S.

Updated 12 Aug 2020



Item Contract Terms
Underlying Index MSCI China Free  Net Total Return Index
Trading Currency USD
Index Currency USD 
Contract Multiplier US$50 per index point
Minimum Fluctuation 0.001
Contract Months 2 nearest serial months and the following 4 quarterly months
Trading Hours
9:00am-4:30pm (T); 5:15pm-3:00am (T+1)
(Expiring contract month closes at 4:30 pm on the Last Trading Day)

Last Trading Day 3rd Friday.  If it falls on a Hong Kong public holiday, the LTD will be the preceding Hong Kong business day
Final Settlement Price

The official closing value of the underlying index for the LTD, rounded to the nearest 3 decimal places^

^ If MSCI announces there is an unexpected market closure event on LTD, FSP shall be based on the final Unexpected Market Closure Index level published by MSCI.

Transaction Costs Exchange Fee US$0.60
Commission Levy US$0.07
Commission Rate Negotiable

Updated 24 Aug 2020


Trading Fee and Levies
Exchange Fee US$0.60 per contract per side
Commission Levy US$0.07 per contract per side
Investor Compensation Levy* HK$0.00 per contract per side
Total US$0.67 per contract per side
Commission Negotiable
The amount indicated above is subject to change from time to time.

Updated 26 Jun 2020

Updated 12 Aug 2020