MSCI China Free Index Futures
Contract Specifications

Underlying Index/Index MSCI China Free Index (the share price index of that name compiled, computed and disseminated by Morgan Stanley Capital International Inc.Note)
Contract Multiplier HK$100 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 0.1 Index points at which an MSCI China Free Index Futures Contract is registered by the Clearing House
Contracted Value Contracted Price multiplied by Contract Multiplier
Minimum Fluctuation 0.1 Index point
Maximum Fluctuation Nil
Position Limits 10,000 contracts long or short in any Contract Month for the account of an Exchange Participant and 10,000 contracts long or short in any Contract Month for the account of a Client carried by the Exchange Participant
Large Open Positions 500 contracts long or short in any Contract Month for the account of an Exchange Participant and 500 contracts long or short in any Contract Month for the account of a Client carried by the Exchange Participant
Trading Hours
9:45 a.m. - 12:30 p.m. 
2:30 p.m. - 4:15 p.m. (Hong Kong time)
Trading Hours on Last Trading Day
9:45 a.m. - 12:30 p.m. and
2:30 p.m. - 4:00 p.m.# (Hong Kong time)

# The closing time shall be adjusted automatically to correspond with the closing time of the underlying cash market in Hong Kong, 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 (Hong Kong dollar) settled contract for differences
Final Settlement Price The Final Settlement Price for MSCI China Free Index Futures Contracts shall be a number, rounded down to the nearest one (1) decimal place, determined by the Clearing House and shall be the average of the quotations of the MSCI China Free Index taken at five (5) minute intervals during the Last Trading Day. 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$10.00
SFC Levy HK$1.00
Compensation Fund Levy HK$ 0.50

Total HK$11.50
Commission Rate
Negotiable

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

Note

The MSCI China Free Index ("Index") is a service mark of Morgan Stanley Capital International Inc. ("MSCI") and has been licensed for use by the Exchange. Futures contracts and options contracts on the Index are not sponsored, guaranteed or endorsed by MSCI. MSCI also makes no representations regarding the advisability of investing in such products. MSCI does not guarantee the accuracy and/or completeness of the Index or any data included therein. MSCI makes no warranty, express or implied, as to the results to be obtained by any person or any entity from the use of the Index or any data included therein. MSCI makes no express or implied warranties, and expressly disclaims all warranties of merchantability and fitness for a particular purpose or use with respect to the Index or any data included therein. Without limiting any of the foregoing, in no event shall MSCI have any liability for any direct, special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages. In addition, MSCI shall have no liability for any damages, claims, losses or expenses caused by any errors or delays in calculating or disseminating the Index.

updated on 03/09/02

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