EUR/CNH Futures

The growing importance and mutual recognition of the European Union (EU) and China as major trading partners have created rising demand for capital-efficient risk management tools to hedge Renminbi (RMB) currency risk against Euro (EUR). Furthermore, one of the China’s RMB exchange rate reforms is the development of a managed float regime with reference to a basket of currencies, including the EUR. Against that backdrop, HKEX’s EUR/CNH futures provide transparency in price discovery reflecting exchange rate expectations driven by market forces.

Updated 12 Aug 2020

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Advantages

Capital efficiency of exchange-traded futures
Transparent pricing in a centralised trading environment
Block trades off r OTC flexibility with minimal counterparty risk
Dedicated liquidity providers to provide narrow bid ask spreads
Evening trading covers European business hours

Contract Summary

Item	Contract Terms
Contract	EUR/CNH Futures (EUR = Euro /CNH = RMB traded in Hong Kong)
Trading Symbol	CEU
Contract Month	Spot month, the next calendar month and the next two calendar quarter months
Contract Size	EUR 50,000
Price Quotation	RMB per EUR (e.g. RMB 6.8028 per EUR)
Minimum Fluctuation	RMB 0.0001 (4 decimal places)
Tick Value	RMB 5
Trading Hours	8:30 am - 4:30 pm (Day Session) 5:15 pm - 3:00 am (AHT Session) (Expiring contract month closes at 11:00 am on the Last Trading Day)
Final Settlement Day	The first Hong Kong Business Day after the Last Trading Day
Last Trading Day	Two Hong Kong Business Days prior to the third (3rd) Wednesday of the Contract Month
Final Settlement Price	WM/Reuters Intra-Day Spot Rate for EUR/USD at 11:00 a.m., multiplied by the USD/CNY(HK) Spot Rate published by the Treasury Markets Association (TMA) of Hong Kong at or around 11:30 a.m. on the Last Trading Day
Settlement Method	Cash settled in RMB
Exchange Fee	RMB 5.00

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Margin Table

Market Makers or Liquidity Providers Information

Lists of Market Makers or Liquidity Providers in Futures Exchange Products

Currency Futures and Options Products

Providing Continuous Quotes
	Market Makers / Liquidity Providers
	CFT	CHI	DAI	FLW	GHF	HKB	ICB	KGI	NHT	PHL	SGS	TFF	UWD	YNT
USD/CNH Futures	* #		*			*	*	#			*	*	*	#
USD/CNH Options	*								*			*
EUR/CNH Futures											*
JPY/CNH Futures											*
AUD/CNH Futures											*
INR/CNH Futures		*
INR/USD Futures	#			*	#			*		#	* #
CNH/USD Futures											*

* refers to a Futures Exchange Participant acting as a Market Maker or Liquidity Provider in Futures Exchange Products

# refers to a Futures Exchange Participant acting as a Market Maker or Liquidity Provider in Futures Exchange Products under the Cash Incentive Program

Additional Information on Cash Incentive Liquidity Providers

Market	Aggregate Market Share in Jul 2020^
USD/CNH Futures	6%
INR/USD Futures	16%

^aggregate market share of liquidity providers under the Cash Incentive Program in Jul 2020 (information last updated on 31 Aug 2020)

Updated 16 Sep 2020

EUR/CNH Futures

Advantages

Contract Summary

Margin Table

Market Makers or Liquidity Providers Information

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