Market Turnover
-






-
-
|
|
|
|
|
|
-
-
-
Loading

Sector Index Futures

Introduction

Sector index futures are low cost and capital efficient products for investors to capture sector specific trading opportunities and manage their investment risk exposure more precisely.

 

What are Sector Index Futures

 

HKEX’s sector index futures market covers three major business sectors listed on the SEHK, including:

 

  • Hang Seng Mainland Oil & Gas Index (HSMOGI)
  • Hang Seng Mainland Banks Index (HSMBI)
  • Hang Seng Mainland Properties Index (HSMPI)

Key Features of Sector Indices

  • Constituents are selected from pure business segment to reflect their particular business and regulatory environments
  • Constituents are industry leaders limited to the top 10 and subject to liquidity screening
  • Weighting of each constituent is limited to 15 percent to avoid over-concentration

Why Sector Index Futures

  • Responsive to sectorial news and policy changes
  • Diversify firm-specific risks
  • High leverage and capital efficient
  • No stamp duty and other financing costs
  • Short sellable without stock borrowing
  • Long / short strategies made possible: market vs sector, sector vs sector and sector vs single stock futures
Sector Index Futures
Hang Seng Mainland Oil & Gas Index (HSMOGI)
Hang Seng Mainland Banks Index (HSMBI)
Hang Seng Mainland Properties Index (HSMPI)

Updated 28 Sep 2020

Contract Summary

Item Contract Terms
Underlying Index Hang Seng Mainland Oil & Gas Index
Hang Seng Mainland Banks Index
Hang Seng Mainland Properties Index
       
HKATS Code Hang Seng Mainland Oil & Gas Index         MOI
Hang Seng Mainland Banks Index               MBI
Hang Seng Mainland Properties Index         MPI
Contract Multiplier HK$50
Minimum Fluctuation 0.5 Index Point
Contract Months Spot, next calendar month & next two calendar quarter months
Trading Hours 9:15 am - 12:00 noon, 1:00 pm - 4:30 pm
(Expiring contract month closes at 4:00 pm on the Last Trading Day)
Last Trading Day The Business Day immediately preceding the last Business Day of the Contract Month
Final Settlement Price The average value of the sector index taken at (i) five (5) minute intervals from five (5) minutes after the start of the trading session on the Last Trading Day 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$2.00
Commission Levy            HK$0.54
Commission Rate            Negotiable

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 CTC CTD DAI FLW GHF IBG IMC ISS KGI LQC MAK MPF MVN NHT OPT PHL SGS SQH YKR
Hang Seng China Enterprises Index Futures Options SMW SMW CMD SMW
Hang Seng Index Futures Options SMW SMW CMD SMW
Hang Seng Index Options PMD CMD PMD PMD CMD CMW CMW CMD SMW PMD SMW PMD SMW CMW CMD PMD
Hang Seng Tech Index Futures CLD CLD CLD
Hang Seng Tech Index Options CLD CLD CLD CLD CLD CLD
HHI Options PMD CMD PMD PMD CMD CMW CMD SMW 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 CMW CMD CMD CMW CMD CMW CMW CMD
MSCI AC Asia ex Japan Net Total Return Index Futures CLD CLN
MSCI China Free 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 CLD
MSCI Japan Net Total Return (JPY) Index Futures CLD
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 CLD CLD CLW CLD CLD CLD CLN 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 CMW CMD CMW CMW
Weekly HSI Options CMD CMW CMW CMW 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

Updated 28 Sep 2020

Market Maker 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