Underlying
Index |
Hang Seng Index (Compiled, computed and disseminated
by HSI Services Ltd)* |
Contract
Multiplier |
HK$50 per index point* |
Contract
Months |
Spot month, the next calendar month, and the next
two calendar quarterly months (March, June, September, and December) |
Contracted
Price |
The price in whole index points at which a Hang
Seng Index futures contract is registered by the Clearing House |
Contracted
Value |
Contracted price multiplied by contract multiplier |
Minimum
Fluctuation |
One index point |
Maximum
Fluctuation |
Nil |
Position
Limits |
Position delta for Mini-Hang Seng Index Futures,
Hang Seng Index Futures and Hang Seng Index Options combined of 10,000
long or short in all Contract Months combined provided the position
delta for Mini-Hang Seng Index Futures shall not at any time exceed
2,000 long or short in all Contract Months combined. For this purpose,
the position delta of one Mini-Hang Seng Index Futures Contract will
have a value of 0.2 |
Large Open
Positions |
500 contracts, in any one contract month, per Exchange
Participant for the Exchange Participant's own behalf; and 500 contracts,
in any one contract month, per client.
(Note:On 29 August 1998 the Exchange
imposed temporary measures to adopt a large open position level
of 250 contracts for HSI futures, in connection with prevailing
market conditions. The Exchange will advise the public if these
measures cease to be effective, or are made permanent. Please also
contact your broker about this matter.)
|
Pre-Market
Opening Period
(Hong Kong time) |
9:15 a.m. - 9:45 a.m. (first trading session)
2:00 p.m. - 2:30 p.m. (second trading session) |
Trading
Hours
(Hong Kong time) |
9:45 a.m. - 12:30 p.m. (first trading session)
2:30 p.m. - 4:15 p.m. (second trading session) |
Trading
Hours on Last Trading Day
(Hong Kong time) |
9:45 a.m. - 12:30 p.m. (first trading session)
2:30 p.m. - 4:00 p.m.# (second trading session)
# The closing
time shall be adjusted automatically to correspond with the closing
time of the underlying cash market, as it may be set from time to
time.
|
Trading Method |
Electronic order matching through the automated
trading system |
Last Trading Day |
The business day immediately preceding the last
business day of the contract month |
Final Settlement Day |
The first business day after the last trading day |
Settlement Method |
Cash settlement |
Final Settlement Price |
The final settlement price for Hang Seng Index
futures contracts shall be a number, rounded down to the nearest whole
number, determined by the Clearing House and shall be the average
of quotations of the Hang Seng Index taken at five-minute intervals
during the last trading day.* |
Trading Fees & Levies**
(per contract per side) |
Exchange Fee (which includes an HKFE development
fund fee of HK$0.50) |
HK$10.00 |
Securities and Futures Commission levy |
HK$1.00 |
Compensation fund levy |
HK$ 0.50
|
Total |
HK$11.50 |
|
Minimum Commission
(per contract per side) |
Before 1 April 2003
Minimum Commission Rate
HK$100 (overnight) (per contract per side)
HK$60 (day-trade) (per contract per side)
On or after 1 April 2003
Negotiable
|