| Information for Investors in the United States |
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HKEX grants US investors access to certain index futures and options traded on HKEX's markets in according with the rules and guidance of the US Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC) . |
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Equity Index Futures for US Investors (Broad-Based) |
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The CFTC approved certain HKEX listed equity index futures (Eligible Broad-Based Index Futures), providing access to eligible US investors. The CFTC has also granted an exemption to Hong Kong allowing HKFE participants to deal directly with US investors. |
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Eligible US Investors
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Under no-action relief by CFTC, all US investors can trade Eligible Broad-Based Security Index Futures. |
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Eligible Broad-Based Security Index Futures |
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Hang Seng Index Futures |
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Hang Seng China Enterprises Index Futures |
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Mini-Hang Seng Index Futures |
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Mini-Hang Seng China Enterprises Index Futures |
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Hang Seng TECH Index Futures |
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CES China 120 Index Futures |
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HSI Volatility Index (VHSI) Futures |
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MSCI China A 50 Connect (USD) Index Futures |
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MSCI AC Asia ex Japan Net Total Return Index (MSCI AxJ) Futures |
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Hang Seng Index (Gross Total Return Index) Futures |
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Hang Seng Index (Net Total Return Index) Futures |
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Hang Seng China Enterprises Index (Gross Total Return Index) Futures |
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Hang Seng China Enterprises Index (Net Total Return Index) Futures |
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MSCI Australia Net Total Return (USD) Index Futures |
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MSCI China (USD) Index Futures |
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MSCI China Free (USD) Index Futures |
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MSCI China Net Total Return (USD) Index Futures |
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MSCI China Free Net Total Return (USD) Index Futures |
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MSCI Emerging Markets (USD) Index Futures |
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MSCI Emerging Markets Asia ex China Net Total Return (USD) Index Futures |
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MSCI Emerging Markets Asia ex Korea Net Total Return (USD) Index Futures |
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MSCI Emerging Markets Asia Net Total Return (USD) Index Futures |
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MSCI Emerging EMEA Net Total Return (USD) Index Futures |
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MSCI Emerging Markets ex China Net Total Return (USD) Index Futures |
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MSCI Emerging Markets ex Korea Net Total Return (USD) Index Futures |
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MSCI Emerging Markets LatAm Net Total Return (USD) Index Futures |
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MSCI Emerging Markets Net Total Return (USD) Index Futures |
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MSCI Hong Kong Net Total Return (USD) Index Futures
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MSCI India (USD) Index Futures |
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MSCI India Net Total Return (USD) Index Futures |
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MSCI Japan Net Total Return (USD) Index Futures |
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MSCI Malaysia (USD) Index Futures |
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MSCI Malaysia Net Total Return (USD) Index Futures |
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MSCI Pacific ex Japan Net Total Return (USD) Index Futures |
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MSCI Pacific Net Total Return (USD) Index Futures |
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MSCI Singapore Free Net Total Return (USD) Index Futures (CFTC certificate cease starting on 1 May 2021) |
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MSCI Thailand (USD) Index Futures |
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MSCI Thailand Net Total Return (USD) Index Futures |
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MSCI Taiwan 25/50 (USD) Index Futures |
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MSCI Taiwan 25/50 Net Total Return (USD) Index Futures |
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MSCI Singapore Free (SGD) Index Futures (CFTC certificate cease starting on 1 May 2021) |
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MSCI Japan (JPY) Index Futures |
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MSCI Japan Net Total Return (JPY) Index Futures |
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HKFE Participants Trading Arrangement with Eligible US Investors |
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The CFTC has granted Regulation Part 30.10 Exemption for Hong Kong qualified HKFE participants that are licensed corporations with the Securities and Futures Commission (SFC) to deal directly with US investors after successfully submitting an application with the US National Futures Association via the SFC. (For details of the application procedure, please refer to the SFC website)
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Related Documents |
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Circular - CFTC Regulation Part 30.10 Exemption for Hong Kong |
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Circular - HKEX obtains US CFTC Approval for CES 120 and VHSI Futures Contracts |
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Circular - No-Action Relief from U.S. Commodity Futures Trading Commission (CFTC) in Connection with the Offer and Sale in the U.S. of Mini Futures Contracts on Hang Seng Index (HSI) and Hang Seng China Enterprises Index (HSCEI) |
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Circular - HKEX obtains US Commodity Futures Trading Commission approval for MSCI ACAsia ex Japan Net Total Return Index Futures contracts |
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Circular - HKFE obtains U.S. Commodity Futures Trading Commission certification for 23 MSCI Asia and Emerging Markets Index Futures Contracts and updates on two MSCI Singapore Index Futures Contracts |
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Equity Index Futures for US Investors (Narrow-Based) |
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Eligible US market participants may trade certain HKEX listed equity index futures (Eligible Narrow-Based Security Index Futures) in accordance with the terms and conditions of an order issued by the SEC in 2009 and subsequent guidance by CFTC staff. |
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Eligible market participants |
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Under the SEC’s 2009 Order, the following market participants may access certain narrow-based security index futures in foreign markets: |
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- “qualified institutional buyers” (QIBs) as defined in Rule 144A under the US Securities Act of 1933; |
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- persons that are not US persons (non-US persons) under Rule 902 of the Regulation S of the US Securities Act of 1933; |
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- SEC-registered brokers or dealers that effect transactions on behalf of QIBs or non-US persons; and |
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- banks (as defined in Section 3(a)(6) of the Securities Exchange Act of 1934), acting pursuant to an exception or exemption from the definition of “broker” or “dealer” in Sections 3(a)(4)(B), 3(a)(4)(E), or 3(a)(5)(C) of the Securities Exchange Act of 1934 or the rules thereunder, to effect transactions on behalf of QIBs or non-US persons. |
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Regulations S |
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The transactions in Eligible Narrow-Based Security Index Futures shall be effected in accordance with the requirements of the SEC Regulation S. Under the SEC Regulation S, there must be no “directed selling efforts” into the US. |
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Related Documents |
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https://www.sec.gov/rules/exorders/2009/34-60194.pdf |
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https://www.cftc.gov/sites/default/files/idc/groups/public/@internationalaffairs/documents/ssproject/fsfpadvisory.pdf |
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Equity Options for US Investors |
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HKEX has filed a Class No-action Relief to the SEC in order to allow certain US investors (Eligible US Investors) to access certain options (Eligible Options) listed on HKEX’s markets. Under Class No-action Relief, HKEX participants may engage with Eligible Investors for options related services. |
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Eligible US Investors
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Under Class No-action Relief by the US SEC, only eligible broker-dealers and eligible institutions (EBD/EI) can access options in foreign markets. EBD/EI is any entity that meets the following standards:
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it must be a “qualified institutional buyer” as defined in Rule 144A(a)(1) under the US Securities Act of 1933; or an international organisation excluded from the definition of “US person” in Rule 902(k)(2)(vi) of Regulation S under the Securities Act; and |
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it must have had prior actual experience with traded options in the U.S. options markets (and, therefore, would have received the disclosure document for US standardized options called for by Rule 9b-1 under the US Securities Exchange Act of 1934 (“Exchange Act”). |
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Eligible Options |
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Hang Seng Index Options |
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Hang Seng China Enterprises Index Options |
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Mini- Hang Seng Index Options |
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Mini- Hang Seng China Enterprises Index Options |
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Weekly Hang Seng Index Options |
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Weekly Hang Seng China Enterprises Index Options |
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Stock Options |
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HKEX Participants Trading Arrangement with Eligible Investors |
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Under class no-action relief by US SEC, HKEX participants can offer options to eligible US investors upon complying with the conditions stated in the Class Relief Letter issued by SEC and circulars issued by HKEX. The conditions and procedures are as follows:
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Participants who intend to transact eligible options with one or more eligible US investors are required to notify SEHK/HKFE for record keeping purposes by completing and returning a signed form. (Please refer to the related documents section.) |
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Participants are required to obtain, and maintain a record of, representations from eligible US investors before effecting a transaction in eligible options with eligible US investors. (Please refer to the related documents section.) |
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Related Documents |
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Stock Exchange of Hong Kong (SEHK) |
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Circular - US Securities and Exchange Commission Class No-action Relief filed by HKEX (SEHK) |
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Hong Kong Futures Exchange Limited (HKFE) |
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Circular - Equity Index Options Familiarization Activities with U.S. Eligible Brokers-Dealers / Eligible Institutions |
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Circular - US Securities and Exchange Commission Class No-action Relief filed by HKEX(HKFE) |
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| Information for Retail Investors Located in the European Economic Area and the United Kingdom |
| The PRIIPs Regulation, which came into effect on 1 January 2018, states that a key information document must be provided to retail investors located in the European Economic Area (“EEA”), or those located in the United Kingdom ("UK"), who are sold a packaged retail and insurance-based investment product (“PRIIP”). |
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Key Information Document for retail investors in the EEA |
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Derivatives Trading in HKFE |
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(Equity Index Futures and Options, Stock Futures, Currency Futures and Options, Interest Rate Futures, Metal and other Commodities Futures) |
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Long Call Option |
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Long Put Option |
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Short Call Option |
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Short Put Option |
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Futures Contract |
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Derivatives Trading in SEHK |
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(Stock Options) |
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Long Call Option |
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Long Put Option |
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Short Call Option |
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Short Put Option |
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Key Information Document for retail investors in the UK |
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Derivatives Trading in HKFE |
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(Equity Index Futures and Options, Stock Futures, Currency Futures and Options, Interest Rate Futures, Metal and other Commodities Futures) |
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Long Call Option |
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Long Put Option |
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Short Call Option |
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Short Put Option |
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Futures Contract |
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Derivatives Trading in SEHK |
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(Stock Options) |
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Long Call Option |
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Long Put Option |
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Short Call Option |
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Short Put Option |
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Information for Investors in Taiwan
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| Futures Commission Merchants (FCMs) in Taiwan can offer the following products to investors in Taiwan. |
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Equity Index Derivatives
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Hang Seng Index Futures |
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Hang Seng Index Options |
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Mini-Hang Seng Index Futures |
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Mini-Hang Seng Index Options |
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Hang Seng China Enterprises Index Futures |
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Hang Seng China Enterprises Index Options |
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Mini-Hang Seng China Enterprises Index Futures |
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Mini-Hang Seng China Enterprises Index Options |
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Hang Seng TECH Index Futures |
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HSCEI Dividend Point Index Futures |
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MSCI AC Asia ex Japan Net Total Return Index Futures |
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Weekly Hang Seng Index Options |
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Weekly Hang Seng China Enterprises Index Options |
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MSCI India (USD) Index Futures |
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Stock Futures
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6 stock futures |
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Stock Options |
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55 stock options classes |
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Foreign Exchange |
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INR/USD Futures |
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Commodities |
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USD Gold Futures |