There has been growing investors' interest in China-related securities resulting from the rapid expansion of Mainland economy. The underlying index of H-shares Index Futures and Options is Hang Seng China Enterprises Index (HSCEI). The HSCEI is a market capitalisation-weighted stock index which is compiled and calculated by Hang Seng Indexes Company Limited . The HSCEI tracks the performance of major H-shares. H-shares are Renminbi-denominated shares issued by People'S Republic of China (PRC) issuers under PRC law and listed on the Stock Exchange of Hong Kong, the par values of which are denominated in Renminbi, and which are subscribed for and traded in Hong Kong dollars.
The latest list of constituent stocks and HSCEI page is available on the website of Hang Seng Indexes Company Limited.
| Commodity Name |
H-shares Index Futures |
| Location |
Hong Kong |
| Exchange |
Hong Kong Futures Exchange Limited |
| Contract Multiplier |
HK$50 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) |
| Minimum Fluctuation |
One index point |
| Maximum Fluctuation |
Nil |
| Contracted Price |
The price in whole Index points at which a Hang Seng China Enterprises Index Futures Contract is registered by the Clearing House |
| Contracted Value |
Contracted Price multiplied by the Contract Multiplier |
| Position Limits |
6,000 net long or net short contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant's own behalf; and 6,000 net long or net short contracts, in any one Contract Month, per Client. |
| Large Open Positions |
500 net long or net short contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant's own behalf; and 500 net long or net short contracts in any one Contract Month, per Client. |
| Trading Hours |
| Hong Kong Time |
9:45am - 12:30pm (first trading session)
2:30pm - 4:15pm (second trading session) |
|
| Trading Hours on Last Trading Date |
| Hong Kong Time |
9:45am - 12:30pm (first trading session)
2:30pm - 4:00pm (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) |
| Final Settlement Day |
The first Business Day after the Last Trading Day |
| Settlement Method |
Cash (Hong Kong dollar) settled contract for differences |
| Last Trading Day |
The Business Day immediately preceding the last Business Day of the Contract Month |
| Final Settlement Price |
The Final Settlement Price for the Hang Seng China Enterprises 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 the values of the Hang Seng China Enterprises 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 trading 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 |
| SFC Levy |
HK$ 0.80 ## |
| Total |
HK$ 4.30 |
|
* Fees and levies are subjected to change and investors should consult their brokers.
## SFC will exempt the SFC Levy for six months from 8 December 2003 to 7 June 2004.
The above information is subject to change upon market condition.
