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HKEX Derivatives Information for Overseas Investors

Information for Investors in the United States
HKEX has obtained permission from the US Commodity Futures Trading Commission (CFTC) and US Securities and Exchange Commission (SEC) to give US investors access to certain index futures and options traded on HKEX’s markets.           
B02A24241D934714AD273561037F6D6D Equity Index Futures for US Investors
The CFTC has granted no-action relief to certain HKEX listed equity index futures (Eligible 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.
B02A24241D934714AD273561037F6D6D Eligible US Investors
B02A24241D934714AD273561037F6D6D Under no-action relief by CFTC, all US investors can trade Eligible Index Futures.
B02A24241D934714AD273561037F6D6D Eligible Index Futures
B02A24241D934714AD273561037F6D6D Hang Seng Index Futures
B02A24241D934714AD273561037F6D6D Hang Seng China Enterprises Index Futures
B02A24241D934714AD273561037F6D6D Mini-Hang Seng Index Futures
B02A24241D934714AD273561037F6D6D Mini-Hang Seng China Enterprises Index Futures
B02A24241D934714AD273561037F6D6D CES China 120 Index Futures
B02A24241D934714AD273561037F6D6D HSI Volatility Index (VHSI) Futures
    B02A24241D934714AD273561037F6D6D MSCI AC Asia ex Japan Net Total Return Index (MSCI AxJ) Futures
    B02A24241D934714AD273561037F6D6D  Hang Seng Index (Gross Total Return Index) Futures
    B02A24241D934714AD273561037F6D6D Hang Seng Index (Net Total Return Index) Futures
    B02A24241D934714AD273561037F6D6D Hang Seng China Enterprises Index (Gross Total Return Index) Futures
    B02A24241D934714AD273561037F6D6D Hang Seng China Enterprises Index (Net Total Return Index) Futures
B02A24241D934714AD273561037F6D6D HKFE Participants Trading Arrangement with Eligible US Investors
B02A24241D934714AD273561037F6D6D The CFTC has granted Regulation Part 30.10 Exemption for Hong Kong. HKFE participants can deal directly with US investors after the application with the US National Futures Association via the Securities and Futures Commission (SFC). (For details of the application procedure, please refer to SFC website)
B02A24241D934714AD273561037F6D6D Related Documents
B02A24241D934714AD273561037F6D6D HKEX Derivatives for US Investors Information Sheet
B02A24241D934714AD273561037F6D6D Circular - CFTC Regulation Part 30.10 Exemption for Hong Kong
B02A24241D934714AD273561037F6D6D Circular - HKEX obtains US CFTC Approval for CES 120 and VHSI Futures Contracts
B02A24241D934714AD273561037F6D6D 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)
    B02A24241D934714AD273561037F6D6D  Circular - HKEX obtains US Commodity Futures Trading Commission approval for MSCI ACAsia ex Japan Net Total Return Index Futures contracts
B02A24241D934714AD273561037F6D6D Equity Options for US Investors
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.
B02A24241D934714AD273561037F6D6D Eligible US Investors
B02A24241D934714AD273561037F6D6D 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:
- 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
- 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”).
B02A24241D934714AD273561037F6D6D Eligible Options
B02A24241D934714AD273561037F6D6D Hang Seng Index Options
B02A24241D934714AD273561037F6D6D Hang Seng China Enterprises Index Options
B02A24241D934714AD273561037F6D6D Mini- Hang Seng Index Options
B02A24241D934714AD273561037F6D6D Stock Options
B02A24241D934714AD273561037F6D6D HKEX Participants Trading Arrangement with Eligible Investors
B02A24241D934714AD273561037F6D6D 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:
- 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.)
- 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.)
B02A24241D934714AD273561037F6D6D Related Documents
B02A24241D934714AD273561037F6D6D HKEX Derivatives for US Investors Information Sheet
Stock Exchange of Hong Kong (SEHK)
B02A24241D934714AD273561037F6D6D Circular - US Securities and Exchange Commission Class No-action Relief filed by HKEX (SEHK)
B02A24241D934714AD273561037F6D6D Form -  SEHK participants to notify SEHK of their intention to engage US investors (Appendix 1 of the circular)
B02A24241D934714AD273561037F6D6D Form - Form of representations for eligible US investors to sign and submit to SEHK participants before effecting transaction of options (Appendix 2 of the circular)
Hong Kong Futures Exchange Limited (HKFE)
B02A24241D934714AD273561037F6D6D Circular - US Securities and Exchange Commission Class No-action Relief filed by HKEX(HKFE)
B02A24241D934714AD273561037F6D6D Form - HKFE participants to notify to HKFE of their intention to engage US investors (Appendix 1 of the circular)
B02A24241D934714AD273561037F6D6D Form -  Representations form for eligible US investors to sign and submit to HKFE participants before effecting transaction of options (Appendix 2 of the circular)
       
Information for Retail Investors Located in the European Economic Area
The PRIIPs Regulation, which came into effect on 1 January 2018, states that a key information document (“KID”) must be provided to retail investors located in the European Economic Area (“EEA”) who are sold a packaged retail and insurance-based investment product (“PRIIP”).
       
 B02A24241D934714AD273561037F6D6D  Key Information Document (KID)
     
  B02A24241D934714AD273561037F6D6D   Derivatives Trading in HKFE
     (Equity Index Futures and Options, Stock Futures, Currency Futures and Options, Interest Rate Futures, Metal and other Commodities Futures)
    B02A24241D934714AD273561037F6D6D   Long Call Option
    B02A24241D934714AD273561037F6D6D  Long Put Option
    B02A24241D934714AD273561037F6D6D  Short Call Option
    B02A24241D934714AD273561037F6D6D Short Put Option
    B02A24241D934714AD273561037F6D6D  Futures Contract
       
  B02A24241D934714AD273561037F6D6D   Derivatives Trading in SEHK
     (Stock Options)
    B02A24241D934714AD273561037F6D6D  Long Call Option
    B02A24241D934714AD273561037F6D6D  Long Put Option
    B02A24241D934714AD273561037F6D6D  Short Call Option
    B02A24241D934714AD273561037F6D6D Short Put Option
       
Information for Investors in Taiwan
Futures Commission Merchants (FCMs) in Taiwan can offer the following products to investors in Taiwan.
     
 B02A24241D934714AD273561037F6D6D    Equity Index Derivatives
   B02A24241D934714AD273561037F6D6D Hang Seng Index Futures
   B02A24241D934714AD273561037F6D6D Hang Seng Index Options
   B02A24241D934714AD273561037F6D6D Mini-Hang Seng Index Futures
   B02A24241D934714AD273561037F6D6D Mini-Hang Seng Index Options
   B02A24241D934714AD273561037F6D6D Hang Seng China Enterprises Index Futures
   B02A24241D934714AD273561037F6D6D Hang Seng China Enterprises Index Options
   B02A24241D934714AD273561037F6D6D Mini-Hang Seng China Enterprises Index Futures 
   B02A24241D934714AD273561037F6D6D Mini-Hang Seng China Enterprises Index Options
   B02A24241D934714AD273561037F6D6D HSCEI Dividend Point Index Futures
       
 B02A24241D934714AD273561037F6D6D Stock Options
   B02A24241D934714AD273561037F6D6D 56 stock options classes
       
 B02A24241D934714AD273561037F6D6D Commodities
   B02A24241D934714AD273561037F6D6D USD Gold Futures

Updated 04 Jan 2018

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