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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 03 May 2022


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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 - 6:30 pm (Day Session)
7:15 pm - 3:00 am (AHT Session)
(Expiring contract month closes at 11:00 am on the Last Trading Day)
Final Settlement Day The first Trading Day after the Last Trading Day
Last Trading Day Two Trading Days (each of which is also a Business Day) 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  

Please click here for the disclaimer.

Margin Table

Market Makers or Liquidity Providers Information

Lists of Liquidity Providers in Futures Exchange Products 

Currency Futures and Options Products 

 
Providing Continuous Quotes   
   
 Liquidity Providers
 
  GFF JPM KGI NHT SGS  
USD/CNH Futures     # # #  
Mini 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 Liquidity Provider in Futures Exchange Products under the Cash Incentive Program

 

Lists of Market Makers for USD/CNH Futures

 
Name of Market Makers Obligations
Bank of China (Hong Kong) Limited* Provide continuous quotes
ICBC International Futures Limited Provide continuous quotes
The Hong Kong & Shanghai Banking Corporation Limited^ Provide continuous quotes

* via UBS Derivatives Hong Kong Limited

^ via HSBC Broking Futures (Hong Kong) Limited

 
Additional Information on Cash Incentive Liquidity Providers
 

Market

Aggregate Market Share in February 2024^

USD/CNH Futures

18%

USD/CNH Options 49% 

Mini USD/CNH Futures

39%

INR/USD Futures 19%

 ^aggregate market share of liquidity providers under the Cash Incentive Program in February 2024 (information last updated on 8 April 2024)

 

 

Updated 08 Apr 2024