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MSCI Taiwan 25/50 (USD) Index Futures

Introduction

The MSCI Taiwan 25/50 Index is designed to measure the performance of the large and mid cap segments of the Taiwanese market. It applies certain investment limits that are imposed on regulated investment companies, or RICs, under the current Inland Revenue Code. As at 31 July 2020, there are 87 constituents, the index covers about 85% of the free float-adjusted market capitalization in Taiwan. 

Uses of MSCI Taiwan (USD) Index Futures

The introduction of the MSCI Taiwan 25/50 (USD) Index Futures contract aims to meet the trading and hedging needs of investors who have exposure to large and mid-cap companies in Taiwan in a cost effective manner.  Asset managers and banks can make use of MSCI Taiwan 25/50 (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 https://www.msci.com/constituents and https://www.msci.com/ticker-codes respectively. 

The Commodity Futures Trading Commission (CFTC) has certified the MSCI Taiwan 25/50 (USD) Index Futures contracts to be offered and sold to persons in the U.S.


Updated 05 Oct 2020


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CONTRACT SUMMARY

Item Contract Terms
Underlying Index MSCI Taiwan 25/50 Index
HKATS Code TWP
Trading Currency USD
Index Currency TWD
Contract Multiplier US$50 per index point
Minimum Fluctuation 0.10
Contract Months Spot, next calendar month and the following 4 quarterly months
Pre-Market Opening Period  8:30 am – 8:45 am
Trading Hours
8:45 am – 4:30 pm (T); 5:15 pm – 3:00 am (T+1)
(Expiring contract month closes at 1:45 pm on the Last Trading Day)

Last Trading Day Second last HK business day of the month. If it falls on a Taiwan public holiday, the LTD will be the preceding HK and Taiwan business day
Final Settlement Price

The average of the underlying index values on LTD, taken at (i) 1-minute intervals during the last 25 minutes of trading on the Taiwan Stock Exchange Corporation before the end of the continuous trading session, and (ii) the closing index value, rounded up to the nearest 2 decimal places if the figure in the third decimal place is 5 or above and rounded down to the nearest 2 decimal places if it is below 5

 
Transaction Costs Exchange Fee US$1.00
Commission Levy US$0.07
Commission Rate Negotiable

Updated 14 Oct 2020

TRADING FEES AND COMMISSION

Trading Fee and Levies
Exchange Fee US$1.00 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$1.07 per contract per side
Commission Negotiable
The amount indicated above is subject to change from time to time.

Updated 15 Oct 2020

Updated 05 Oct 2020