Hang Seng Index Futures
Contracts Specifications

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


* Same as the Hang Seng Index options contract

** Fees and levies are subject to change and investors should consult their brokers

updated on 03/09/02

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