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Hang Seng Index Futures

Hang Seng Index Futures & Options 

Hang Seng Index (HSI), the benchmark of the Hong Kong stock market, is one of the best known indices in Asia and widely used by fund managers as their performance benchmark. 

The HSI is a market capitalisation-weighted index (shares outstanding multiplied by stock price) of the  constituent stocks. The influence of each stock on the index's performance is directly proportional to its relative market value. Constituent stocks with higher market capitalisation will have greater impact on the index's performance than those with lower market capitalisation. The constituent stocks are grouped under Commerce and Industry, Finance, Properties and Utilities sub-indices. 

The latest list of constituent stocks and compilation methodology are available on the website of Hang Seng Indexes Company Limited at http://www.hsi.com.hk

Hang Seng Index Futures

To meet the growing interests in the Hong Kong stock market and rising demand for related hedging tools, the Hong Kong Futures Exchange (HKFE) first introduced HSI futures contracts in May 1986.

Advantages

The HSI futures and options provide investors with a set of effective instruments to manage portfolio risk and to capture index arbitrage opportunities. The popularity of Hang Seng Index futures and options has developed gradually with increasing domestic and international investors' participation.

  • Proven Markets 
    HSI futures and options allow experienced and novice investors alike to participate in the performance of constituent stocks in the index. As both local and international investors regard Hang Seng Index as a time-tested benchmark for the Hong Kong equity market and yardstick of portfolio performance, these contracts are consistently used by different investors for trading and risk management purposes.

  • Cost Effective
    HSI futures and options facilitate hedging activities in a cost-effective way as these contracts are traded on a margin basis. The margin to carry an open position is only a fraction of the contracted value.

  • Low Transaction Costs
    As the total value of high-capitalisation stocks represented in each HSI futures and options contract is substantial and only one commission is charged to establish or liquidate a contract, transaction costs are low when compared to purchasing or selling the constituent stocks.

  • Clearing House Guarantee
    HSI futures and options are registered, cleared and guaranteed by the HKFE Clearing Corporation (HKCC), a wholly-owned subsidiary of the HKFE. The HKCC acts as the counter-party to all open contracts, which effectively eliminates counter-party risks between its HKCC Participants. The HKCC guarantee does not cover an HKCC Participant's obligations to its clients. Investors should exercise due care and diligence when deciding through whom they will conduct business.


Updated 08 Aug 2020


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Contract Summary

Item
Contract Terms
Underlying Index
Hang Seng Index
HKATS Code
HSI
Contract Multiplier
HK$50 per index point
Minimum Fluctuation
One index point
Contract Months
Short-dated Futures:
Spot, next calendar month & next two calendar quarter months; and

Long-dated Futures:
the following 5 December months

Pre-Market Opening Period
8:45 am - 9:15 am & 12:30 pm - 1:00 pm
Trading Hours
9:15 am - 12:00 noon, 1:00 pm - 4:30 pm & 5:15 pm - 3:00 am
(Expiring contract month closes at 4:00 pm on the Last Trading Day)

Last Trading Day
The Business Day immediately preceding the last Business Day of the Contract Month
Final Settlement Price
The average of quotations taken at (i) five (5) minute intervals from five (5) minutes after the start of, and up to five (5) minutes before the end of, the Continuous Trading Session of SEHK; and (ii) the close of trading on SEHK on the Last Trading Day.
Transaction Costs
Exchange Fee                 HK$10.00
Commission Levy            HK$0.54
Commission Rate            Negotiable

Please visit “Rules, Regulations and Procedures of the Futures Exchange” under “Rules and Regulations” of the HKEx website for full contract specifications.


Margin Table

Trading Fees and Commission

Exchange Fee
HK$10.00 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$10.54 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 Futures International Co Ltd (852)22863288 cs@citicsf.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
DA International Financial Service Limited  (852) 39199123  Sunny@directaccess.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

Essence Futures (Hong Kong) Limited

 (852)2213-1888 service@eif.com.hk
Ever-Long Futures Limited  (852) 2570 3013 cs@everlong.com
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
Freeman Commodities Limited (852) 3513-8000  cs@freemansec.com
Fulbright Futures Ltd. (852) 2121-8333 cs@fulbright.com.hk
SSIF Futures Ltd. (852) 3192-1000 cs@ssif.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
Grand Investment (Futures) Ltd. (852) 3550-6988 cs@grandfg.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
Longrun Financial Group Limited (852)2885 2968  dealing@longrun.com.hk
Luk Fook Futures (HK) Limited (852) 2980-0888   cs@lff.com.hk
Marigold International Securities Ltd. (852) 3750-8898 cs@misl.com.hk
Mason Futures Limited (852) 2218-2818 info@masonhk.com
Mayfair Pacific Financial Group Ltd. (852) 3192-1108 simpson.yam@mayfairpacific.com
Metro Capital Futures Limited (852) 3944-8008 metrocap@metrocap.com.hk
Peace Town Financial Services Ltd. (852) 2822-8338 info@pt123.com
Phillip Commodities (HK) Ltd. (852) 2277-6611 futures@phillip.com.hk
Po Sang Securities and Futures Ltd. (852) 2160 8160 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
Sun Hung Kai Commodities Ltd. (852) 2822-5001 cs@shkf.com
futures.trader@shkf.com
Tanrich Futures Ltd. (852) 2238-9225 enquiry@tanrich.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
Interactive Brokers 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
Zhonghui International Futures Co. Ltd. (852) 2815 3366 trade@zhf.hk

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
 AKN BNP CFT   CHI CTC  CTD FLW  GHF  IBG IMC ISS JPM  KGI  LQC MAK  MPF MVN  NHT OPT SGS SQH  YKR YNT 
Hang Seng Index Options *     * P     *   P # P #  P P #   
Weekly Hang Seng Index Options *                 #             * #        
Mini-Hang Seng Index Options         *     *     *   * *   *  
Hang Seng China Enterprises Index Options   P *     * P     *    *   * P #  P #  P P #   * P  
Weekly Hang Seng China Enterprises Index Options  *                 #             * #        
Mini-Hang Seng China Enterprises Index Options          *       *           * # *   *  
HSI Dividend Point Index Futures   *                                          
HSCEI Dividend Point Index Futures   *                                            
HSI Volatility Index Futures                                    *          
CES China 120 Index Futures            LB                              
MSCI AC Asia ex Japan Net Total Return Index (USD)              LD                                
MSCI Australia Net Total Return (USD) Index Futures             LD                 LN              
MSCI China Free (USD) Index Futures             LD                  LN              
MSCI China Free  Net Total Return (USD) Index Futures       LD     LD  LD         LD      LN               
MSCI EM Asia ex China Net Total Return (USD) Index Futures                                              
MSCI EM Asia ex Korea Net Total Return (USD) Index Futures                                              
MSCI EM EMEA  Net Total Return (USD) Index Futures                                              
MSCI EM ex China Net Total Return (USD) Index Futures                                              
MSCI EM ex Korea Net Total Return (USD) Index Futures                                              
MSCI EM LatAm Net Total Return (USD) Index Futures                                              
MSCI EM Asia  Net Total Return (USD) Index Futures             LD LD               LN       LD      
MSCI Emerging Markets (USD) Index Futures             LD                                 
MSCI Emerging Markets Net Total Return (USD) Index Futures              LD                LN              
MSCI Hong Kong Net Total Return (USD) Index Futures              LD                                 
MSCI India (USD) Index Futures              LD                                
MSCI India Net Total Return (USD) Index Futures       LD       LD LD         LD      LN              
MSCI Indonesia (USD) Index Futures             LD                                
MSCI Indonesia Net Total Return (USD) Index Futures             LD                 LN              
MSCI Japan (JPY) Index Futures             LD                                 
MSCI Japan Net Total Return (JPY) Index Futures             LD                                
MSCI Japan Net Total Return (USD) Index Futures             LD                 LN               
MSCI Malaysia (USD) Index Futures              LD                                 
MSCI Malaysia Net Total Return (USD) Index Futures              LD                              
MSCI New Zealand Net Total Return (USD) Index Futures                                              
MSCI Pacific ex Japan Net Total Return (USD) Index Futures                                              
MSCI Pacific Net Total Return (USD) Index Futures                                              
MSCI Philippines (USD) Index Futures             LD                                
MSCI Philippines Net Total Return (USD) Index Futures             LD                                
MSCI Singapore Free (SGD) Index Futures             LD            LD             LD       
MSCI Singapore Free Net Total Return (USD) Index Futures             LD                  LN              
MSCI Singapore Net Total Return (USD) Index Futures                                              
MSCI Taiwan (USD) Index Futures     LD   LD     LD           LD      LN             LD
MSCI Taiwan 25/50 (USD) Index Futures     LD        LD  LD          LD          LD    LD       
MSCI Taiwan 25/50 Net Total Return (USD) Index Futures             LD                   LN              
MSCI Taiwan Net Total Return (USD) Index Futures             LD               LN              
MSCI Thailand (USD) Index Futures               LD                                
MSCI Thailand Net Total Return (USD) Index Futures             LD                                
MSCI Vietnam (USD) Index Futures              LD                                
MSCI Vietnam Net Total Return (USD) Index Futures              LD                                

LD - Denotes Liquidity Provider (T Sessions)
LN - Denotes Liquidity Provider (T+1 Sessions)
LB - Denotes Liquidity Provider (T and T+1 Sessions)
P - Denotes PMM
* - Denotes CQMM (T Session)
# - Denotes CQMM (T and T+1 Sessions)
√ - Denotes QRMM (T Session)
@ - Denotes QRMM (T and T+1 Sessions)

Market Maker 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

 

Updated 08 Aug 2020