Mini-Hang Seng Index Futures 
Contract Specifications

Underlying Index Hang Seng Index (the share price index of that name compiled, computed and disseminated by HSI Services Ltd.)
Contract Multiplier HK$10 per Index point
Contract Months Spot Month, the next calendar month, and the next two calendar quarter months (i.e. quarterly months are March, June, September and December)
Contracted Price The price in whole Index points at which a Mini-Hang Seng Index Futures Contract is registered by the Clearing House
Contracted Value Contracted Price multiplied by the 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 1250 contracts, in any one contract month, per Exchange Participant for the Exchange Participant's own behalf; and 1250 contracts, in any one Contract Month, per Client
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 The Exchange's Automated Trading System (HKATS)
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 settled contract for difference
Final Settlement Price The Final Settlement Price for Mini-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 (5) minute intervals during the Last Trading Day and compiled, computed and disseminated by HSI Services Ltd. The Chief Executive of the Exchange has the power under the Regulations for Stock Index Futures Contracts to determine the Final Settlement Price under certain circumstances
Trading Fees & Levies*
(per contract per side)
Exchange Fee HK$3.50
Securities and Futures Commission levy HK$0.20
Compensation fund levy HK$0.10

Total HK$3.80
Minimum Commission
(per contract per side)
Before 1 April 2003

HK$20.00 (overnight)(per contract per side)
HK$12.00 (day-trade)(per contract per side)

On or after 1 April 2003
Negotiable

* These fees and levies are subject to change and investors should consult their brokers.

 

updated on 03/09/02

Home | Search | Index | Email