Large Open Positions and Position Limits

Large Open Positions (LOP) Reporting Level and Position Limits

Frequently Asked Questions on Position Limits and Large Open Position Reporting

LOP Reporting Requirements

LOP Report Templates
Electronic Submission of LOP Report
Series Greeks Data Files (for calculation of position delta)
Links to Circulars
Links to Rules

Excess Position Limit for ETF Market Makers Application and Reporting

Large Open Positions (LOP) Reporting Level and Position Limits

1. Index Futures and Options

Index	Products	Large Open Positions / Reporting Level	Position Limits
Hang Seng Index	Hang Seng Index Futures (HSIF)	500 open contracts, in any one Contract Month	Position delta for Hang Seng Index Futures, Hang Seng Index Options, Hang Seng Index Futures Options, Mini-Hang Seng Index Futures, Mini-Hang Seng Index Options, Hang Seng Index (Gross Total Return Index) Futures, Hang Seng Index (Net Total Return Index) Futures combined and Weekly Hang Seng Index Options combined of 10,000 long or short in all Contract Months and Contract Weeks (where applicable) combined, provided the position delta for Mini-Hang Seng Index Futures or Mini-Hang Seng Index Options shall not at any time exceed 2,000 long or short in all Contract Months combined. For this purpose, (i) the position delta of one Mini-Hang Seng Index Futures Contract will have a value of 0.2 and the position delta of one Mini-Hang Seng Index Option Contract will be one-fifth of the position delta of the corresponding series in the Hang Seng Index Option Contract; and (ii) the position delta of one Hang Seng Index (Gross Total Return Index) Futures Contract and one Hang Seng Index (Net Total Return Index) Futures Contract will be based on their contract value ratios versus Hang Seng Index Futures and will be announced by the Exchange from time to time. (At initial product launch, position delta of one HSIGTRI Futures or HSINTRI Futures contract will have a value of 3)
	Hang Seng Index Options (HSIO)	500 open contracts, in any one series
	Hang Seng Index Futures Options (PHSO)	500 open contracts, in any one series
	Weekly Hang Seng Index Options (WHSIO)	500 open contracts, in any one series
	Mini-Hang Seng Index Futures (MHIF)	2,500 open contracts, in any one Contract Month
	Mini-Hang Seng Index Options (MHIO)	2,500 open contracts, in any one series
	Hang Seng Index (Gross Total Return Index) Futures (HSIGTRI)	500 open contracts, in any one Contract Month
	Hang Seng Index (Net Total Return Index) Futures (HSINTRI)	500 open contracts, in any one Contract Month

Hang Seng China Enterprises Index	Hang Seng China Enterprises Index Futures (HHIF)	500 open contracts, in any one Contract Month	Position delta for Mini-Hang Seng China Enterprises Index Futures, Mini-Hang Seng China Enterprises Index Options, Hang Seng China Enterprises Index Futures, Hang Seng China Enterprises Index Options, Hang Seng China Enterprises Index Futures Options, Hang Seng China Enterprises Index (Gross Total Return Index) Futures, Hang Seng China Enterprises Index (Net Total Return Index) Futures and Weekly Hang Seng China Enterprises Index Options combined of 12,000 long or short in all Contract Months and Contract Weeks (where applicable) combined, provided the position delta for Mini-Hang Seng China Enterprises Index Futures or Mini-Hang Seng China Enterprises Index Options shall not at any time exceed 2,400 long or short in all Contract Months combined. For this purpose, (i) the position delta of one Mini-Hang Seng China Enterprises Index Futures Contract will have a value of 0.2 and the position delta of one Mini-Hang Seng China Enterprises Index Option Contract will be one-fifth of the position delta of the corresponding series in the Hang Seng China Enterprises Index Option Contract; and (ii) the position delta of one Hang Seng China Enterprises Index (Gross Total Return Index) Futures Contract and one Hang Seng China Enterprises Index (Net Total Return Index) Futures Contract will be based on their contract value ratios versus Hang Seng China Enterprises Index Futures and will be announced by the Exchange from time to time. (At initial product launch, position delta of one HSCEIGTRI Futures or HSCEINTRI Futures contract will have a value of 2)
	Hang Seng China Enterprises Index Options (HHIO)	500 open contracts, in any one series
	Hang Seng China Enterprises Index Futures Options (PHHO)	500 open contracts, in any one series
	Weekly Hang Seng China Enterprises Index Options (WHHIO)	500 open contracts, in any one series
	Mini Hang Seng China Enterprises Index Futures (MCHF)	2,500 open contracts, in any one Contract Month
	Mini Hang Seng China Enterprises Index Options (MCHO)	2,500 open contracts, in any one series
	Hang Seng China Enterprises Index (Gross Total Return Index) Futures (HSCEIGTRI)	500 open contracts, in any one Contract Month
	Hang Seng China Enterprises Index (Net Total Return Index) Futures (HSCEINTRI)	500 open contracts, in any one Contract Month

Hang Seng TECH Index	Hang Seng TECH Index Futures	500 open contracts, in any one Contract Month	Position delta for Hang Seng TECH Index Futures, Hang Seng TECH Index Options and Hang Seng TECH Index Futures Options combined of 21,000 long or short in all Contract Months combined.
	Hang Seng TECH Index Options	500 open contracts, in any one series
	Hang Seng TECH Index Futures Options (PTEO)	500 open contracts, in any one series

HSI Dividend Point Index	HSI Dividend Futures	1,000 open contracts, in any one Contract Month	Nil
HSCEI Dividend Point Index	HSCEI Dividend Futures	1,000 open contracts, in any one Contract Month	Nil

HSI Volatility Index	HSI Volatility Index Futures	1,000 open contracts, in any one Contract Month	10,000 open contracts, in any one Contract Month

CES China 120 Index	CES China 120 Index Futures	1,500 open contracts, in any one Contract Month	Position delta* for CES China 120 Index Futures and CES China 120 Index Options combined of 30,000 long or short in all Contract Months combined *Position delta will be effective when CES 120 Options are introduced.

Hang Seng Mainland Banks Index	Hang Seng Mainland Banks Index Futures	500 open contracts, in any one Contract Month	15,000 net contracts in all Contract Months combined

MSCI China A 50 Connect (USD) Index	MSCI China A 50 Connect (USD) Index Futures	500 open contracts, in any one Contract Month	28,000 net contracts long or short for all contract months combined
MSCI Asia ex Japan Net Total Return Index	MSCI Asia ex Japan Net Total Return Index Futures	500 open contracts, in any one Contract Month	110,000 net contracts long or short for all contract months combined
MSCI Taiwan (USD) Index	MSCI Taiwan (USD) Index Futures	500 open contracts, in any one Contract Month	Position delta for MSCI Taiwan (USD) Index Futures and MSCI Taiwan (USD) Index Options combined of 20,000 long or short in all Contract Months combined
MSCI Taiwan (USD) Index	MSCI Taiwan (USD) Index Options	500 open contracts, in any one series
MSCI Taiwan Net Total Return (USD) Index	MSCI Taiwan Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	20,000 net contracts long or short for all contract months combined
MSCI Japan Net Total Return (USD) Index	MSCI Japan Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	58,000 net contracts long or short for all contract months combined
MSCI India Net Total Return (USD) Index	MSCI India Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	20,000 net contracts long or short for all contract months combined
MSCI Indonesia Net Total Return (USD) Index	MSCI Indonesia Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	10,000 net contracts long or short for all contract months combined
MSCI Australia Net Total Return (USD) Index	MSCI Australia Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	21,000 net contracts long or short for all contract months combined
MSCI Thailand Net Total Return (USD) Index	MSCI Thailand Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	24,000 net contracts long or short for all contract months combined
MSCI Malaysia Net Total Return (USD) Index	MSCI Malaysia Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	5,000 net contracts long or short for all contract months combined
MSCI EM Asia Net Total Return (USD) Index	MSCI EM Asia Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	110,000 net contracts long or short for all contract months combined
MSCI Singapore Net Total Return (USD) Index	MSCI Singapore Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	20,000 net contracts long or short for all contract months combined
MSCI Vietnam Net Total Return (USD) Index	MSCI Vietnam Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	3,000 net contracts long or short for all contract months combined
MSCI Hong Kong Net Total Return (USD) Index	MSCI Hong Kong Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	8,000 net contracts long or short for all contract months combined
MSCI Philippines Net Total Return (USD) Index	MSCI Philippines Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	3,000 net contracts long or short for all contract months combined
MSCI Indonesia (USD) Index	MSCI Indonesia (USD) Index Futures	500 open contracts, in any one Contract Month	10,000 net contracts long or short for all contract months combined
MSCI Emerging Markets Net Total Return (USD) Index	MSCI Emerging Markets Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	110,000 net contracts long or short for all contract months combined
MSCI Emerging Markets (USD) Index	MSCI Emerging Markets (USD) Index Futures	500 open contracts, in any one Contract Month	110,000 net contracts long or short for all contract months combined
MSCI India (USD) Index	MSCI India (USD) Index Futures	500 open contracts, in any one Contract Month	37,500 net contracts long or short for all contract months combined
MSCI Thailand (USD) Index	MSCI Thailand (USD) Index Futures	500 open contracts, in any one Contract Month	28,000 net contracts long or short for all contract months combined
MSCI Malaysia (USD) Index	MSCI Malaysia (USD) Index Futures	500 open contracts, in any one Contract Month	11,000 net contracts long or short for all contract months combined
MSCI Philippines (USD) Index	MSCI Philippines (USD) Index Futures	500 open contracts, in any one Contract Month	10,000 net contracts long or short for all contract months combined
MSCI Vietnam (USD) Index	MSCI Vietnam (USD) Index Futures	500 open contracts, in any one Contract Month	5,000 net contracts long or short for all contract months combined
MSCI Singapore Free Net Total Return (USD) Index	MSCI Singapore Free Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	20,000 net contracts long or short for all contract months combined
MSCI New Zealand Net Total Return (USD) Index	MSCI New Zealand Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	3,000 net contracts long or short for all contract months combined
MSCI EM ex China Net Total Return (USD) Index	MSCI EM ex China Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	110,000 net contracts long or short for all contract months combined
MSCI EM ex Korea Net Total Return (USD) Index	MSCI EM ex Korea Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	110,000 net contracts long or short for all contract months combined
MSCI EM Asia ex China Net Total Return (USD) Index	MSCI EM Asia ex China Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	37,000 net contracts long or short for all contract months combined
MSCI EM Asia ex Korea Net Total Return (USD) Index	MSCI EM Asia ex Korea Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	90,000 net contracts long or short for all contract months combined
MSCI EM EMEA Net Total Return (USD) Index	MSCI EM EMEA Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	61,000 net contracts long or short for all contract months combined
MSCI EM LatAm Net Total Return (USD) Index	MSCI EM LatAm Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	24,000 net contracts long or short for all contract months combined
MSCI Pacific Net Total Return (USD) Index	MSCI Pacific Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	78,000 net contracts long or short for all contract months combined
MSCI Pacific ex Japan Net Total Return (USD) Index	MSCI Pacific ex Japan Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	17,000 net contracts long or short for all contract months combined
MSCI Taiwan 25/50 (TWD) Index	MSCI Taiwan 25/50 (USD) Index Futures	500 open contracts, in any one Contract Month	13,000 net contracts long or short for all contract months combined
MSCI Taiwan 25/50 (USD) Net Total Return Index	MSCI Taiwan 25/50 (USD) Net Total Return Index Futures	500 open contracts, in any one Contract Month	29,000 net contracts long or short for all contract months combined
MSCI Singapore Free (SGD) Index	MSCI Singapore Free (SGD) Index Futures	500 open contracts, in any one Contract Month	25,000 net contracts long or short for all contract months combined
MSCI China (USD) Index	MSCI China (USD) Index Futures	500 open contracts, in any one Contract Month	35,000 net contracts long or short for all contract months combined
MSCI China Net Total Return (USD) Index	MSCI China Net Total Return (USD) Index Futures	500 open contracts, in any one Contract Month	53,000 net contracts long or short for all contract months combined

2. Stock Futures & Options

Products	Large Open Positions / Reporting Level	Position Limits
Stock Futures	1,000 open contracts, in any one Contract Month	5,000 open contracts, in any one Contract Month
Stock Options	1,000 open contracts, per option class per expiry month	50,000, 100,000 or 150,000 open contracts, per option class in any one market direction* for all expiry months combined. For details please refer to: http://www.hkex.com.hk/eng/prod /so/classlist_so.htm

* long calls/short puts combined are in one direction and short calls/long puts combined are in another direction.

3. Currency Futures and Options

Products	Large Open Positions / Reporting Level	Positon Limits
USD/CNH Futures	500 open contracts, in any one Contract Month	Position delta for the USD/CNH Futures, Mini USD/CNH Futures, CNH/USD Futures and USD/CNH Options combined of 8,000 long or short, in all Contract Months combined, provided that position delta for the Spot Month USD/CNH Futures Contract and the Spot Month USD/CNH Options Contract combined during the five Hong Kong Trading Days up to and including the Expiry Day shall not exceed 2,000 long or short. For this purpose, (i) the position delta of one Mini USD/CNH Futures Contract will have a value of 0.2 of one USD/CNH Futures Contract, and (ii) the position delta of one CNH/USD Futures Contract will have a value of -0.5 of one USD/CNH Futures Contract.
Mini USD/CNH Futures	2,500 open contracts, in any one Contract Month	Position delta for the USD/CNH Futures, Mini USD/CNH Futures, CNH/USD Futures and USD/CNH Options combined of 8,000 long or short, in all Contract Months combined. For this purpose, (i) the position delta of one Mini USD/CNH Futures Contract will have a value of 0.2 of one USD/CNH Futures Contract and (ii) the position delta of one CNH/USD Futures Contract will have a value of -0.5 of one USD/CNH Futures Contract.
CNH/USD Futures	500 open contracts, in any one Contract Month	Position delta for the USD/CNH Futures, Mini USD/CNH Futures, CNH/USD Futures and USD/CNH Options combined of 8,000 long or short, in all Contract Months combined, provided that the position for CNH/USD Futures Contract shall not at any time exceed 16,000 net long or short contracts in all Contract Months combined. For this purpose, (i) the position delta of one Mini USD/CNH Futures Contract will have a value of 0.2 USD/CNH Futures Contract, and (ii) the position delta of one CNH/USD Futures Contract will have a value of -0.5 of one USD/CNH Futures Contract
USD/CNH Options	500 open contracts, in any one series	Position delta for the USD/CNH Futures, Mini USD/CNH Futures, CNH/USD Futures and USD/CNH Options combined of 8,000 long or short, in all Contract Months combined, provided that position delta for the Spot Month USD/CNH Futures Contract and the Spot Month USD/CNH Options Contract combined during the five Hong Kong Trading Days up to and including the Expiry Day shall not exceed 2,000 long or short. For this purpose, (i) the position delta of one Mini USD/CNH Futures Contract will have a value of 0.2 USD/CNH Futures Contract, and (ii) the position delta of one CNH/USD Futures Contract will have a value of -0.5 of one USD/CNH Futures Contract
INR/USD Futures	500 open contracts, in any one Contract Month	30,000 net contracts in all Contract Months combined
INR/CNH Futures	500 open contracts, in any one Contract Month	30,000 net contracts in all Contract Months combined
EUR/CNH Futures	500 open contracts, in any one Contract Month	12,000 net contracts in all Contract Months combined
JPY/CNH Futures
AUD/CNH Futures

4. Interest Rate Futures

Products	Large Open Positions / Reporting Level	Position Limits
5-year China Ministry of Finance Treasury Bond Futures	1,000 open contracts in any one Contract Month, per Exchange Participant for the Exchange Participant’s own behalf; and 1,000 open contracts in any one Contract Month per Client	20,000 net contracts in all Contract Months combined, per Exchange Participant for the Exchange Participant’s own behalf; and 20,000 net contracts in all Contract Months combined per Client
One-Month HIBOR Futures	1,000 open contracts, in any one Contract Month; or 4,000 open contracts, in all Contract Months	Nil
Three-Month HIBOR Futures		Nil

5. Commodity Futures

Products	Large Open Positions / Reporting Level	Position Limits
USD and CNH London Aluminium Mini Futures	500 open contracts, in any one Contract Month	USD London Aluminium Mini Futures and CNH London Aluminium Mini Futures combined of 25,000 net long or short contracts in all Contract Months combined, per Exchange Participant for the Exchange Participant’s own behalf; and USD London Aluminium Mini Futures and CNH London Aluminium Mini Futures combined of 25,000 net long or short in all Contract Months combined, per Client
USD and CNH London Zinc Mini Futures	500 open contracts, in any one Contract Month	USD London Zinc Mini Futures and CNH London Zinc Mini Futures combined of 25,000 net long or short in all Contract Months combined, per Exchange Participant for the Exchange Participant’s own behalf; and USD London Zinc Mini Futures and CNH London Zinc Mini Futures combined of 25,000 net long or short in all Contract Months combined, per Client
USD and CNH London Lead Mini Futures	500 open contracts, in any one Contract Month	USD London Lead Mini Futures and CNH London Lead Mini Futures combined of 25,000 net long or short in all Contract Months combined, per Exchange Participant for the Exchange Participant’s own behalf; and USD London Lead Mini Futures and CNH London Lead Mini Futures combined of 25,000 net long or short in all Contract Months combined, per Client
USD and CNH London Copper Mini Futures	500 open contracts, in any one Contract Month	USD London Copper Mini Futures and CNH London Copper Mini Futures combined of 50,000 net long or short in all Contract Months combined, per Exchange Participant for the Exchange Participant’s own behalf; and USD London Copper Mini Futures and CNH London Copper Mini Futures combined of 50,000 net long or short in all Contract Months combined, per Client
USD and CNH London Nickel Mini Futures	500 open contracts, in any one Contract Month	USD London Nickel Mini Futures and CNH London Nickel Mini Futures combined of 50,000 net long or short in all Contract Months combined, per Exchange Participant for the Exchange Participant’s own behalf; and USD London Nickel Mini Futures and CNH London Nickel Mini Futures combined of 50,000 net long or short in all Contract Months combined, per Client
USD and CNH London Tin Mini Futures	500 open contracts, in any one Contract Month	USD London Tin Mini Futures and CNH London Tin Mini Futures combined of 15,000 net long or short in all Contract Months combined, per Exchange Participant for the Exchange Participant’s own behalf; and USD London Tin Mini Futures and CNH London Tin Mini Futures combined of 15,000 net long or short in all Contract Months combined, per Client
TSI Iron Ore Fines 62% Fe CFR China Futures	500 open contracts, in any one Contract Month	30,000 net long or short in all Contract Months combined, per Exchange Participant for the Exchange Participant’s own behalf; and 30,000 net long or short in all Contract Months combined, per Client
USD Gold Futures	500 open contracts, in any one Contract Month	USD Gold Futures and CNH Gold Futures combined of 10,000 net long or short contracts in the Spot Month and 20,000 net long or short contracts in other months per Exchange Participant for the Exchange Participant's own behalf; and USD Gold Futures and CNH Gold Futures combined of 10,000 net long or short contracts in the Spot Month and 20,000 net long or short contracts in other months per Client.
CNH Gold Futures	500 open contracts, in any one Contract Month
USD Silver Futures	500 open contracts in any one Contract Month	USD Silver Futures and CNH Silver Futures combined of 3,000 net long or short contracts in the Spot Month and 6,000 net long or short contracts in other months per Exchange Participant's own behalf and per Client
CNH Silver Futures	500 open contracts in any one Contract Month

Frequently Asked Questions on Position Limits and Large Open Position Reporting

LOP Reporting Requirements

Any HKFE Participant / Options Exchange Participant holding positions in excess of the Reporting Level for its own account or for any client shall:

file a report (i.e. LOP report) with HKFE/SEHK (as the case may be) via ECP 2.0 no later than 12:00 noon of the next business day after the positions are opened or accumulated, and
continue to file a LOP report for as long as the HKFE Participant / Options Exchange Participant holds positions in excess of the Reporting Level.

Any HKFE Participant holding positions in excess of the Reporting Level for its own account or for any client in Holiday Trading Exchange Contracts (“H-Contracts”) shall:

file a LOP report with HKFE via ECP 2.0 no later than 12:00 noon of the next Trading Day, whether it is a Hong Kong public holiday or not, after the positions are opened or accumulated, and
continue to file a LOP report for as long as the HKFE Participant holds positions in H-Contracts excess of the Reporting Level.

Any HKFE Participant, with open position held for its own account or any client exceeding 60% of the position limit of stock index futures and options products with the same underlying index, is required to:

Report all outstanding positions in the products concerned to HKFE, including those positions that are below the LOP Reporting Level.

For the requirement on aggregation of positions held or controlled by different persons, positions held or controlled at multiple firms, and reporting for omnibus accounts, please refer to the relevant paragraphs under the
SFC's Guidance Note on Position Limits and Large Open Position Reporting Requirements.

LOP Report Templates

Electronic Submission of LOP Report

ECP User Types and Delegation Administrator Rights Application / Maintenance Form

ECP 2.0 Registration for submission of LOP report

ECP 2.0 User Guide

Series Greeks Data Files (for calculation of position delta)

Series Greeks Data Files for calculation of position delta for futures and options contracts

Links to Circulars

Links to Rules

SFC's Guidance Note on Position Limits and Large Open Position Reporting Requirements
- Aggregation requirements - Para. 2.6, 2.7, 5.5 & 5.6
- Holding or controlling positions at multiple firms - Para. 6.1 - 6.3
- Omnibus accounts - Para. 6.8 - 6.11
Chapter 571 Securities and Futures Ordinance - Section 35 Contract Limits and Reportable Open Position
Chapter 571Y Securities and Futures (Contracts Limits and Reportable Positions) Rules

For enquiry, please contact Market Surveillance and Monitoring at (852) 2840-3739/2840-3737 or lophkfe@hkex.com.hk

Excess Position Limit for ETF Market Makers Application and Reporting

Application

ETF Market Makers of ETFs tracking the Hang Seng Index (“HSI”) and Hang Seng China Enterprises Index (“HHI”) may apply for excess position limit of SEHK or HKFE products with corresponding underlying by filling in the application form.

Reporting

ETF Market Makers who are granted excess position limit for the purposes of hedging the risks arising from performing market making or liquidity providing activities are required to submit a reporting form on a regular basis via ECP 2.0. Please refer to the application form for the reporting obligation details.

Updated 04 Aug 2017

Large Open Positions and Position Limits

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