Hang Seng Index (HSI), the benchmark of the Hong Kong stock market, is one of the best known indices in Asia and widely used by fund managers as their performance benchmark.
The Hang Seng Index is a market capitalisation-weighted index (shares outstanding multiplied by stock price) of the constituent stocks. The influence of each stock on the index's performance is directly proportional to its relative market value. Constituent stocks with higher market capitalisation will have greater impact on the index's performance than those with lower market capitalisation. The constituent stocks are grouped under Commerce and Industry, Finance, Properties and Utilities sub-indices.
To meet the growing interests in the Hong Kong stock market and rising demand for related hedging tools, the Hong Kong Futures Exchange (HKFE) first introduced Hang Seng Index futures contracts in May 1986 followed by the introduction of Hang Seng Index options contracts in March 1993. These contracts provide investors with a set of effective instruments to manage portfolio risk and to capture index arbitrage opportunities. The popularity of Hang Seng Index futures and options has developed gradually with increasing domestic and international investors' participation.
| Commodity Name |
Hang Seng Index Futures (HSIF) |
| 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 quarterly 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 Index Futures Contract is registered by the Clearing House |
| Contracted Value |
Contracted price multiplied by Contract Multiplier |
| Position Limits |
Position delta for Hang Seng Index Futures, Hang Seng Index Options, Mini-Hang Seng Index Futures and Mini-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 or Mini-Hang Seng Index Options 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 and the position delta of one Mini-Hang Seng Index Option Contract will be one-fifth of the position delta of the corresponding series in the Hang Seng Index Option Contract. |
| 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. |
| Pre-Market Opening Period |
| Hong Kong Time |
09:15am - 09:45am
02:00pm - 02:30pm |
|
| Trading Hours |
| Hong Kong Time |
09:45am - 12:30pm
02:30pm - 04:15pm |
|
| Trading Hours on Last Trading Date |
| Hong Kong Time |
09:45am - 12:30pm
02:30pm - 04:00pm # |
# 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 settled contract of difference |
| Last Trading Day |
The Business Day immediately preceding the last Business Day of the Contract Month |
| 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 (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 trading 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$ 0.80 |
| Total |
HK$ 10.80 |
|
The above information is subject to change upon market condition.
