To meet the needs of retail investors with an interest in the Hong Kong stock market, the Hong Kong Futures Exchange (HKFE) has introduced a Mini-Hang Seng Index (Mini-HSI) futures contract since 9 October 2000. To complement Mini-HSI futures, Mini-HSI option contracts will be launched on 18 November 2002.
The compact, Mini-HSI futures & option contracts are based on Hong Kong's benchmark Hang Seng Index (HSI), which is also the underlying index for the larger sized HSI futures & option contracts. The contract multiplier of the Mini-HSI futures & option contracts are HK$10.00 or one-fifth the size of the HSI futures & option contracts. Same as the HSI futures & option contracts, the settlement method for the mini contracts are cash settled.
Local retail investors who have less risk capital and lower hedging requirements will find the Mini-HSI futures and option contracts the most appropriate investment tools as well as hedging instruments for managing their market risk.
| Commodity Name |
Mini-Hang Seng Index Futures |
| Location |
Hong Kong |
| Exchange |
Hong Kong Futures Exchange Limited |
| 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) |
| Minimum Fluctuation |
One index point |
| Maximum Fluctuation |
Nil |
| 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 |
| Position Limits |
Position delta for Mini-Hang Seng Index Futures, Hang Seng Index Futures, Hang Seng Index Options 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 |
2500 net long or net short contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant's own behalf; and 2500 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 for 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 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 |
| SFC Levy |
HK$ 0.16 |
| Total |
HK$ 3.66 |
|
* Same as the Mini-Hang Seng Index Option Contract.
The above information is subject to change upon market condition.
