Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has announced that with effect from the commencement of trading on Wednesday, 2 May 2012, the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following futures contracts will be as outlined in the table below. The adjustments are based on the clearing company’s normal procedures and standard margining methodology.
For the current margins, please refer to the margin information on the HKEx website.
Futures Contract
Margin Rate
Initial Margin (HK$)
Maintenance Margin (HK$)
Hang Seng Index
Full Rate
66,250
/lot
53,000
/lot
Spread Rate
7,500
/spread
6,000
/spread
Mini-Hang Seng Index
Full Rate
13,250
/lot
10,600
/lot
Spread Rate
1,500
/spread
1,200
/spread
H-shares Index
Full Rate
34,700
/lot
27,750
/lot
Spread Rate
10,450
/spread
8,350
/spread
Mini H-shares Index
Full Rate
6,940
/lot
5,550
/lot
Spread Rate
2,090
/spread
1,670
/spread
HSCEI Dividend Point Index
Full Rate
1,880
/lot
1,510
/lot
Spread Rate
2,260
/spread
1,820
/spread
HSI Dividend Point Index
Full Rate
3,610
/lot
2,890
/lot
Spread Rate
4,340
/spread
3,470
/spread
HSI Volatility Index
Full Rate
31,560
/lot
25,250
/lot
Spread Rate
9,470
/spread
7,580
/spread
IBOVESPA Futures
Full Rate
19,780
/lot
15,830
/lot
Spread Rate
5,940
/spread
4,750
/spread
Sensex Index Futures
Full Rate
11,030
/lot
8,830
/lot
Spread Rate
3,310
/spread
2,650
/spread
FTSE/JSE Top40 Futures
Full Rate
18,940
/lot
15,150
/lot
Spread Rate
5,690
/spread
4,550
/spread
MICEX Index Futures
Full Rate
16,490
/lot
13,190
/lot
Spread Rate
4,950
/spread
3,960
/spread
Three-Year EFN
Full Rate
10,890
/lot
8,710
/lot
Spread Rate
3,270
/spread
2,620
/spread
One-Month HIBOR
Full Rate
418
/lot
335
/lot
Spread Rate
Please refer to attached table
Three-Month HIBOR
Full Rate
696
/lot
557
/lot
Spread Rate
Please refer to attached table
Aluminum Corporation of China Ltd
Full Rate
735
/lot
588
/lot
Spread Rate
221
/spread
177
/spread
Bank of China Ltd
Full Rate
206
/lot
165
/lot
Spread Rate
62
/spread
50
/spread
Bank of Communications Co Ltd
Full Rate
416
/lot
333
/lot
Spread Rate
125
/spread
100
/spread
The Bank of East Asia Ltd
Full Rate
366
/lot
293
/lot
Spread Rate
110
/spread
88
/spread
BOC Hong Kong (Holdings) Ltd
Full Rate
682
/lot
546
/lot
Spread Rate
205
/spread
164
/spread
China Construction Bank Corporation
Full Rate
389
/lot
311
/lot
Spread Rate
117
/spread
94
/spread
China Communications Construction Co Ltd
Full Rate
829
/lot
663
/lot
Spread Rate
249
/spread
199
/spread
China Mobile Ltd
Full Rate
2,690
/lot
2,150
/lot
Spread Rate
807
/spread
645
/spread
China Unicom (Hong Kong) Ltd
Full Rate
2,210
/lot
1,770
/lot
Spread Rate
663
/spread
531
/spread
CITIC Pacific Ltd
Full Rate
810
/lot
648
/lot
Spread Rate
243
/spread
195
/spread
Cheung Kong (Holdings) Ltd
Full Rate
7,580
/lot
6,070
/lot
Spread Rate
2,280
/spread
1,830
/spread
China Life Insurance Company Ltd
Full Rate
1,860
/lot
1,490
/lot
Spread Rate
558
/spread
447
/spread
CLP Holdings Ltd
Full Rate
2,080
/lot
1,670
/lot
Spread Rate
624
/spread
501
/spread
China Merchants Bank Co Ltd
Full Rate
618
/lot
495
/lot
Spread Rate
186
/spread
149
/spread
CNOOC Ltd
Full Rate
1,210
/lot
968
/lot
Spread Rate
363
/spread
291
/spread
Cathay Pacific Airways Ltd
Full Rate
1,060
/lot
841
/lot
Spread Rate
318
/spread
253
/spread
China Petroleum & Chemical Corporation
Full Rate
1,140
/lot
912
/lot
Spread Rate
342
/spread
274
/spread
China Telecom Corporation Ltd
Full Rate
591
/lot
473
/lot
Spread Rate
178
/spread
142
/spread
Esprit Holdings Ltd
Full Rate
253
/lot
203
/lot
Spread Rate
76
/spread
61
/spread
Foxconn International Holdings Ltd
Full Rate
831
/lot
665
/lot
Spread Rate
250
/spread
200
/spread
Power Assets Holdings Ltd
Full Rate
1,750
/lot
1,400
/lot
Spread Rate
525
/spread
420
/spread
Hong Kong Exchanges and Clearing Ltd
Full Rate
785
/lot
628
/lot
Spread Rate
236
/spread
189
/spread
HSBC Holdings Plc
Full Rate
1,700
/lot
1,360
/lot
Spread Rate
510
/spread
408
/spread
Hong Kong and China Gas Co Ltd
Full Rate
1,280
/lot
1,030
/lot
Spread Rate
384
/spread
309
/spread
Henderson Land Development Co Ltd
Full Rate
3,360
/lot
2,690
/lot
Spread Rate
1,010
/spread
807
/spread
Huaneng Power International Inc
Full Rate
1,100
/lot
874
/lot
Spread Rate
330
/spread
263
/spread
Hang Seng Bank Ltd
Full Rate
650
/lot
520
/lot
Spread Rate
195
/spread
156
/spread
Hutchison Whampoa Ltd
Full Rate
4,610
/lot
3,690
/lot
Spread Rate
1,390
/spread
1,110
/spread
Industrial and Commercial Bank of China Ltd
Full Rate
364
/lot
291
/lot
Spread Rate
110
/spread
88
/spread
Li & Fung Ltd
Full Rate
3,540
/lot
2,830
/lot
Spread Rate
1,070
/spread
849
/spread
MTR Corporation Ltd
Full Rate
867
/lot
694
/lot
Spread Rate
261
/spread
209
/spread
New World Development Co Ltd (NWD - Multiplier = 1,000)
Full Rate
900
/lot
720
/lot
Spread Rate
270
/spread
216
/spread
New World Development Co Ltd (NWA - Multiplier = 1,089)
Full Rate
980
/lot
784
/lot
Spread Rate
294
/spread
235
/spread
Ping An Insurance (Group) Co of China Ltd
Full Rate
2,690
/lot
2,150
/lot
Spread Rate
807
/spread
645
/spread
PetroChina Company Ltd
Full Rate
1,430
/lot
1,140
/lot
Spread Rate
429
/spread
342
/spread
PICC Property and Casualty Company Limited (PIC - Multiplier = 2,000)
Full Rate
2,140
/lot
1,710
/lot
Spread Rate
642
/spread
513
/spread
PICC Property and Casualty Company Limited (PIA - Multiplier = 2,098)
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