Market Turnover
-






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

Dividend Futures

What are Dividend Futures?

Dividend Futures are futures contracts based on the dividends payoff of the stock index constituents over one calendar year (e.g. December contract).

Dividend futures allow equity investors to trade on the expected dividend outlook; hedge their dividend exposure or benefit from arbitrage opportunities related to dividend performance.


Advantages of Trading Dividend Futures

Standardised Features
In addition to standardised contract design, each dividend futures contract is based on an official dividend point index calculated by an index provider.

Reduced Counterparty Risk
With HKFE Clearing Corporation Limited, an HKEx subsidiary, acting as central counterparty to every trade, counterparty risk is reduced.

Low Exchange Fee
Cost effective way for investors to trade dividends as an asset class.

Anonymity
Hong Kong Futures Automated Trading System (HKATS) provides complete anonymity.

Flexibility
Block trade facility allows investors to register large privately negotiated transactions with the Clearing House.

Continuous Liquidity by Market Makers
Market makers provide continuous two-sided market throughout the trading day to enhance trading liquidity.


Dividend Point Index as the underlying

The final settlement price of dividend futures contracts is based on the index level of the underlying HSI Dividend Point Index and HSCEI Dividend Point Index compiled and calculated by Hang Seng Indexes Company Limited (HSIL).

Dividend point index measures the total cash dividend value for all constituents of the underlying index expressed in terms of index points.  Calculated on a daily basis, the dividend point index will be reset to zero once a year on the second-last trading day of December.

Besides normal cash dividends, the following types of dividends are also included in dividend point index calculation:

1. Cash dividends with scrip option; and
2. Scrip dividends with cash option.


(Please refer to HSIL’s website for details of the index methodology and latest index level)


Updated 02 May 2022


()
-

Contract Summary

Contract HSI Dividend Point Index Futures HSCEI Dividend Point Index Futures
Underlying Index   HSI Dividend Point Index   HSCEI Dividend Point Index
HKATS Code   DHS DHH
Contract Multiplier   HK$50 per Index point 
Contract Months   Five nearest December contract months
Minimum Fluctuation 0.01 Index point
Trading Hours   9:15 am - 12:00 noon & 1:00 pm - 4:30 pm 
Last Trading Day The third last Trading Day of the Contract Month 
Final Settlement Day The second Trading Day after the Last Trading Day
Final Settlement Price The quotation of the underlying dividend point index in two decimal places taken on the Business Day following the Last Trading Day
Exchange Fee   HK$3.00 HK$1.50
Levies   Commission Levy and Investor Compensation Levy are payable at the rate or of the amount prescribed from time to time pursuant to the Securities and Futures Ordinance.  


Margin Table

Trading Fees and Commission

Exchange Fee
HK$1.50 per contract per side
Commission Levy
HK$0.54 per contract per side
Investor Compensation Levy*
HK$0.00 per contract per side
Total
HK$2.04 per contract per side
Commission
Negotiable
* The amount indicated above is subject to change from time to time.
Exchange Fee
HK$3.00 per contract per side
Commission Levy
HK$0.54 per contract per side
Investor Compensation Levy*
HK$0.00 per contract per side
Total
HK$3.54 per contract per side
Commission
Negotiable
* The amount indicated above is subject to change from time to time.

Online Derivatives Trading

Below is the list of the Exchange Participants who provide online derivatives trading services for investors.

(Product: Index Futures and Options / Currency Futures / Commodity Futures / Interest Rate Futures)

Exchange Participant

Contact Number

Email

BOCI Securities Ltd. (852) 2121-0088 service@bocigroup.com
BOCOM International Securities Ltd. (852) 2297-9888 enquiry@bocomgroup.com
Bright Smart Futures & Commodities Co. Ltd. (852) 2537-1371 broker@bsgroup.com.hk
Celestial Commodities Ltd. (852) 2663-8888 hotline@cashon-line.com
CES Capital International (Hong Kong) Co. Ltd. (852) 3971 1052 cescapital@kiiik.com
CMB International Futures Limited (852) 3761 8788 futures@cmbi.com.hk
CN First International Futures Limited  (852) 3897-2000  cnfservice@cnfirst.com.hk 
Changjiang Futures (HK) Ltd. (852) 2823-0389 futuresCS@cjsc.com.hk
China Maike Futures International Limited (852) 2885 2968 cs@maike.com.hk
Chief Commodities Ltd. (852) 2500-9128 futures_dept@chiefgroup.com.hk
Chong Hing Commodities & Futures Ltd. (852) 3768-9988 info@chcf.com.hk
Chow Sang Sang Futures Ltd. (852) 2581-7338 cs.trade@338.net
Christfund Futures Ltd. (852) 2147-9898 maggie.lam@christfund.com
una.zhao@christfund.com
Cinda International Futures Ltd. (852) 2235-7789 cs@cinda.com.hk
CITIC Securities Futures (HK) Ltd. (852) 2237-6899 info@citics.com.hk
Core Pacific - Yamaichi Futures (H.K.) Ltd. (852) 2166-3888 info@cpy.com.hk
CSC Futures (HK) Ltd. (852) 2105-1299 futures@e-capital.com.hk
East Asia Futures Ltd. (852) 3608-8181 info@eafutures.com.hk
Emperor Futures Ltd. (852) 2919-2919 efl.cs@emperor.com.hk
Enlighten Futures Ltd. (852) 2152-3321 services@enlighten.com.hk
Excalibur Global Finanical Group Ltd. (852) 2844-9868 jannylee@excalibur.com.hk
Finet Securities Ltd. (852) 2169-0088 cs@finet365.com
First Shanghai Futures Ltd. (852) 2532-1580 cs@mystockhk.com
Fuji Hong Kong Commodities Co. Ltd. (852) 2559-1041 sales@fujihk.com
admin@fujihk.com
Fulbright Futures Ltd. (852) 2121-8333 cs@fulbright.com.hk
Gelin Dahua Futures (Hong Kong) Ltd. (852) 3192-1000 cs@greenfutures.com.hk
GF Futures (HK) Co. Ltd. (852) 3719-1199 futurescs@gfgroup.com.hk
Glory Sky Global Markets Ltd. (852) 3420-1000 enquiry@glorysky.ws
Goldenway Investments (HK) Ltd. (852) 3719-9733 cs@gwtrade.hk
Goldin Equities Ltd. (852) 3960-7827 enquiry@goldinequities.hk
Grand Investment (Futures) Ltd. (852) 3550-6988 cs@grandfg.com
GuocoCommodities Ltd. (852) 2218-2818 info@guococap.com
Guotai Junan Futures (Hong Kong) Ltd. (852) 2509-9277 futures@gfjas.com.hk
Guoyuan Futures (Hong Kong) Ltd. (852) 3769-6888 gyzq@gyzq.com.hk
Haitong International Futures Ltd. (852) 3583-3388 csdept@htisec.com
Hantec Futures Ltd. (852) 2523-7571 thomasmo@hantec.hk
Hong Kong International Futures Ltd. (852) 2853-8027 enquiry@hnahki.com
I-Access Investors Ltd. (852) 3741-0373 info@i-access.com
ICBC International Futures Ltd. (852) 2683-6216 freeman.to@icbci.com.hk
iSTAR International Futures Co. Limited (852) 3900-1701 cs@istartrade.com
Kaiser Futures Ltd. (852) 2815-8033 cs@kaisergroup.com.hk
Karl-Thomson Commodities Co. Ltd. (852) 2810-9062 admin@ktg.com.hk
KGI Futures (Hong Kong) Ltd. (852) 2878-5555 info@kgia.com
Kim Eng Futures (Hong Kong) Ltd. (852) 2268-0660 cs@kimeng.com.hk
Kingsway Financial Services Group Ltd. (852) 2283-7373 customerservice@sunwahkingsway.com
Marigold International Securities Ltd. (852) 3750-8898 cs@misl.com.hk
Mayfair Pacific Financial Group Ltd. (852) 3192-1108 simpson.yam@mayfairpacific.com
Metro Capital Futures Limited (852) 3944-8008 metrocap@metrocap.com.hk
Oriental Wealth Futures Ltd. (852) 2879-9868 admin@o-wealth.com
Peace Town Financial Services Ltd. (852) 2822-8338 info@pt123.com
Phillip Commodities (HK) Ltd. (852) 2277-6611 futures@phillip.com.hk
Po Sang Futures Ltd. (852) 2815-4655 psf@bochk.com
Prudential Index Trading Co. Ltd. (852) 2143-3999 samng@pru.com.hk
Quam Securities Co. Ltd. (852) 2847-2203 qscs@quamgroup.com
RHB Futures Hong Kong Ltd. (852) 2103 5657 rhb.hk.customer.service@rhbgroup.com
Realink Financial Trade Ltd. (852) 2823-2828 cs@realink.com.hk
Sanfull Futures Ltd. (852) 2853-2128 futures@sanfull.com.hk
Shacom Futures Ltd. (852) 2207-2837 contact@shacomfutures.com.hk
Shenyin Wanguo Futures (H.K.) Ltd. (852) 2250-8298 customer.service@sywg.com.hk
SinoPac Securities (Asia) Limited (852) 2523-6685 cs.asia@sinopac.com
Skyway Futures Ltd. (852) 2907-2300 cs@sws.hk
South China Commodities Ltd. (852) 2111-2222 hotline@sctrade.com
Stockwell Commodities Ltd. (852) 2509-4384 bennylo@stockwellonline.com
Success Futures and Foreign Exchange Ltd. (852) 2598-1027 enquiry@successfn.com
Sun Hung Kai Commodities Ltd. (852) 2822-5001 cs@shkf.com
futures.trader@shkf.com
Premier Q Futures Limited
(852) 2111 2666 settlement@premierqhk.com
Taiwan Concord Capital Securities (HK) Ltd. (852) 3405-7305 fdealer@concordcapital.com.hk
Telecom Digital Securities Ltd. (852) 8118-1133 ftcontact@tdsecurities.com.hk
T G Securities Ltd. (852) 2905-9529 info@tgshk.com
Tianda Securities Ltd. (852) 3972-0688 enquiry@tiandafinancial.com
Timber Hill Securities Hong Kong Ltd. (852) 2156-7907 sales@interactivebrokers.com.hk
United Simsen Securities Ltd. (852) 2740-9688
(852) 2179-3992
cs@simsen.com
Upbest Commodities Co. Ltd. (852) 2545 3298 upc@upbest.com
VC Futures Ltd. (852) 2913-6332 enquiry@vcgroup.com.hk
Wing Fung Futures Ltd. (852) 2303-8690 cs@wfgold.com
Yuanta Securities (Hong Kong) Co. Ltd. (852) 3555-7878 hk.services.brk@yuanta.com
 

Disclaimer :
Hong Kong Exchanges and Clearing Ltd endeavors to ensure the accuracy and reliability of the information provided, but does not guarantee its accuracy and reliability and accepts no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccurancies or omissions.

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
BNP CFT CTD FLW GHF IBG IMC KGI MPF NHT OPT SGS SQH YKR
Hang Seng China Enterprises Index Futures Options PMD PMD PMD PMD PMD CMD
Hang Seng Index Futures Options PMD PMD PMD PMD PMD CMD
Hang Seng Index Options CMD PMD CMD SMW SMW PMD SMW CMW CMD PMD
Hang Seng TECH Index Futures Options CMD PMD PMD PMD CMD
Hang Seng Tech Index Options CMD CMD PMD PMD PMD CMW
HHI Options CMD PMD CMD SMW PMW PMD SMW CMW CMD PMD
HSCEI Dividend Point Index Futures CMD
HSI Dividend Point Index Futures CMD
MCH Options CMD CMD CMW CMD CMD CMW CMD
MHI Options CMD CMD CMW CMD CMD CMW CMW CMD
MSCI AC Asia ex Japan Net Total Return Index Futures CLD CLN
MSCI China (USD) Index Futures CLD
MSCI China A 50 Connect (USD) Index Futures CLW CLD CLW CLD CLW
MSCI China Net Total Return (USD) Index Futures CLD CLN
MSCI EM Asia Net Total Return (USD) Index Futures CLD CLN
MSCI Emerging Markets Net Total Return (USD) Index Futures CLD CLN
MSCI Hong Kong Net Total Return (USD) Index Futures CLD
MSCI India (USD) Index Futures CLW CLN CLW CLD CLW CLD
MSCI India Net Total Return (USD) Index Futures CLD CLN
MSCI Indonesia Net Total Return (USD) 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
MSCI Taiwan (USD) Index Futures CLW CLW CLD CLD
MSCI Taiwan 25/50 (USD) Index Futures CLD
MSCI Taiwan Net Total Return (USD) Index Futures CLD CLN
MSCI Thailand Net Total Return (USD) Index Futures CLD
Weekly HHI Options CMD CMW CMD CMD CMW CMW CMD
Weekly HSI Options CMD CMD CMW CMW CMD CMW CMW CMD

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

Market Making Liquidity providing 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

Market Maker Contact Details

Dividend Futures

 Market Maker Email Tel
BNP Paribas Futures (Hong Kong) Ltd   eqd_panasia_flow@asia.bnpparibas.com +852 2108-5639