Market Turnover


HKEX to Offer Mini H-shares Index Options and Make Other Derivatives Market Changes

Market Operations
08 Aug 2016

Hong Kong Exchanges and Clearing Limited (HKEX) plans to introduce Mini-Hang Seng China Enterprises Index Options (Mini H-shares Index Options) on Monday, 5 September 2016 to meet demand from retail investors and give market participants more flexibility by providing a contract one-fifth the size of its H-shares Index Options contract. A contract summary is in Table 1 below.

Mini H-shares Index Options will complement the H-shares Index and mini stock index futures and options currently offered by HKEX (see Table 2 below). HKEX has invited applications for market makers for the new product.

Other Derivatives Market Enhancements

Starting from November 2016, HKEX will offer a fourth calendar month contract for its H-shares Index Options and Hang Seng Index Options (HSI Options) to support trading close to the expiry of the third calendar month contract. Contract months available for trading in the coming November are listed in Table 3 below.

HKEX also plans to introduce a Primary Market Maker programme in its H-shares Index Options and HSI Options markets on 1 November 2016 along with revised obligations for market makers that provide continuous quotes and market makers that respond to quote requests in its stock index options and stock options markets as well as enhanced market making support in those two markets. For details, please see the stock index options and stock options enhancement measures circulars issued today.

Table 1 - Mini H-shares Index Options Contract Summary

Underlying Index

Hang Seng China Enterprises Index

Contract Multiplier

$10 per index point

Minimum Fluctuation

One index point

Contract Months

Spot, next calendar month and next two calendar quarter months

Exercise Style

European Style

Option Premium

Quoted in whole index points

Strike Prices

Index points


Below 2000


At or above 2,000 but below 8,000


At or above 8,000



Trading Hours

9:15 am - 12:00 noon and 1:00 pm - 4:30 pm
(Expiring contract month will close at 4:00 pm on the Expiry Day)

Expiry Day

The business day immediately preceding the last business day of the contract month

Official Settlement

The average of quotations taken at: 5-minute intervals from 5 minutes after the start of, and up to 5 minutes before the end of trading; and the close of trading on the Stock Exchange on the Last Trading Day.

Transaction Costs

Exchange Fee $1.00 per contract per side
Commission Levy $0.54*
Commission Rate Negotiable

*The contract will be exempt from the Commission Levy from 5 September 2016 to 3 March 2017.




Table 2 - HKEX’s Current Mini Stock Futures and Options


Launch date

Mini-HSI Futures

9 Oct 2000

Mini-HSI Options

8 Nov 2002

Mini H-shares Index Futures

31 Mar 2008

Table 3 - Contract Months for HSI and H-shares Index Options in November 2016

HSI Options

Short-dated Options: Nov and Dec 2016; Jan, Feb (new), Mar, Jun, Sep 2017; and
Long-dated Options: Dec 2017, Jun and Dec 2018, Jun and Dec 2019

H-shares Index Options

Short-dated Options: Nov and Dec 2016; Jan, Feb (new), Mar, Jun, Sep 2017; and
Long-dated Options: Dec 2017, Jun and Dec 2018


Updated 08 Aug 2016