contract specification
hang seng index futures & options
the hsi futures and options 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.
| hang seng index futures / mini hang seng index futures | |
|---|---|
| contract size | hk$50 x hsi / hk$10 x mhi |
| margin requirement | adjusted correspond with the market, as it may be set from time to time |
| minimum fluctuation | one index point = hk$50 (hsi) / hk$10 (mhi) |
| trading hours |
08：45 ─ 09：15 (pre-market opening) 09：15 ─ 12：00 noon (trading hours) 12：30 ─ 13：00 (pre-market opening) 13：00 ─ 16：30 (trading hours) 17：15 ─ 03：00 (t 1 session) |
| trading months |
spot month, the next calendar month, and the next two calendar quarterly months (i.e. quarterly months are march, june, september and december) |
| last trading day | business day immediately preceding the last business day of the contract month |
| hang seng index options | |
|---|---|
| contract multiplier | hk$50 per index point |
| minimum fluctuation | one index point |
| contract months | spot, next two calendar months & next three calendar quarter months |
| option premium | quoted in whole index points |
| trading hours |
09 : 15 ─ 12 : 00 (trading hours) 13 : 00 ─ 16 : 30 (trading hours) 17 : 15 ─ 03: 00 (t 1 session) |
| expiry day | the business day immediately preceding the last business day of the contract month |
| mini hang seng index options | |
|---|---|
| contract multiplier | hk$10 per index point |
| minimum fluctuation | one index point |
| contract months | spot, next calendar month & next two calendar quarter months |
| option premium | quoted in whole index points |
| trading hours |
09 : 15 ─ 12 : 00 (trading hours) 13 : 00 ─ 16 : 30 (trading hours) 17 : 15 ─ 03 : 00 (t 1 session) |
| expiry day | the business day immediately preceding the last business day of the contract month |
h-shares index futures & options
there has been growing investors' interest in china-related securities resulting from the rapid expansion of mainland economy. the hang seng china enterprises index (hscei) is a market capitalization-weighted stock index which is compiled and calculated by hang seng indexes company limited. the hscei tracks the performance of major h-shares.
| h-share index futures / mini h-share index futures | |
|---|---|
| contract size | hk$50 x hhi / hk$10 x mch |
| margin requirement | adjusted correspond with the market, as it may be set from time to time |
| minimum fluctuation | 1 index point = hk$50 (hhi) / hk$10 (mch) |
| trading hours |
08 : 45 ─ 09 : 15 (pre-market opening) 09 : 15 ─ 12 : 00 (trading hours) 12 : 30 ─ 13 : 00 (pre-market opening) 13 : 00 ─ 16 : 30 (trading hours) 17 : 15 ─ 03 : 00 (t 1 session) |
| trading months |
spot month, the next calendar month, and the next two calendar quarterly months (i.e. quarterly months are march, june, september, and december) |
| last trading day | business day immediately preceding the last business day of the contract month |
| h-shares index options | |
|---|---|
| contract multiplier | hk$50 per index point |
| minimum fluctuation | one index point |
| contract months | spot, next two calendar months & next three calendar quarter months |
| option premium | quoted in whole index points |
| trading hours |
09 : 15 ─ 12 : 00 (trading hours) 13 : 00 ─ 16 : 30 (trading hours) 17 : 15 ─ 03 : 00 (t 1 session) |
| expiry day | the business day immediately preceding the last business day of the contract month |
| mini h-shares index options | |
|---|---|
| contract multiplier | hk$10 per index point |
| minimum fluctuation | one index point |
| contract months | spot, next calendar month & next two calendar quarter months |
| option premium | quoted in whole index points |
| trading hours |
09 : 15 ─ 12 : 00 13 : 00 ─ 16 : 30 17 : 15 ─ 03 : 00 (t 1 session) |
| expiry day | the business day immediately preceding the last business day of the contract month |
| hang seng tech index futures | |
|---|---|
| contract size | hk$50 x index point |
| margin requirement | adjusted correspond with the market, as it may be set from time to time |
| minimum fluctuation | one index point |
| trading hours |
08：45 ─ 09：15 (pre-market opening) 09：15 (trading hours) ─ 12：00 12：30 ─13：00 (pre-market opening) 13：00 (trading hours)─ 16：30 17：15 ─ 03：00 (t 1 session) |
| trading months |
spot month, the next calendar month, and the next two calendar quarterly months (i.e. quarterly months are march, june, september and december) |
| last trading day | business day immediately preceding the last business day of the contract month |
| hang seng tech index futures and options | |
|---|---|
| contract multiplier | hk$50 per index point |
| minimum fluctuation | one index point |
| contract months | spot, next calendar month & next two calendar quarter months |
| option premium | quoted in whole index points |
| trading hours |
09：15 (trading hours) ─ 12：00 13：00 (trading hours) ─ 16：30 17：15 ─ 03：00 (t 1 session) |
| expiry day | the business day immediately preceding the last business day of the contract month |
rmb currency futures
the usd/cnh futures contract was launched in september 2012 as the world’s first deliverable rmb currency futures in the global marketplace. it is an efficient, transparent and easy-to-access tool to manage against rmb exchange risk exposure.
| usd/cnh futures | |
|---|---|
| contract size | us$100,000 |
| minimum fluctuation | rmb¥0.0001 (4 decimal places) |
| contract month | spot month, the next three calendar months and the next four calendar quarter months |
| trading hours |
08 : 30 ─ 18 : 30 (day session) 19 : 15 ─ 03 : 00 (t 1 session) |
| final settlement day | the third wednesday of the contract month |
| last trading day | two hong kong business days prior to the final settlement day |
| settlement method | delivery of us dollars by the seller and payment of the final settlement value in rmb by the buyer |
| eur/cnh futures | |
|---|---|
| contract size | eur€50,000 |
| minimum fluctuation | rmb¥0.0001 (4 decimal places) |
| contract month | spot month, the next calendar month and the next two calendar quarter months |
| trading hours |
08 : 30 ─ 18 : 30 (day session) 19 : 15 ─ 03 : 00 (t 1 session) |
| final settlement day | the third wednesday of the contract month |
| last trading day | two hong kong business days prior to the final settlement day |
| settlement method | cash settled in rmb |
| jpy/cnh futures | |
|---|---|
| contract size | yen¥6,000,000 |
| minimum fluctuation | rmb¥0.0001 (4 decimal places) |
| contract month | spot month, the next calendar month and the next two calendar quarter months |
| trading hours |
08 : 30 ─ 18 : 30 (day session) 19 : 15 ─ 03 : 00 (t 1 session) |
| final settlement day | the third wednesday of the contract month |
| last trading day | two hong kong business days prior to the final settlement day |
| settlement method | cash settled in rmb |
| aud/cnh futures | |
|---|---|
| contract size | aud$80,000 |
| minimum fluctuation | rmb¥0.0001 (4 decimal places) |
| contract month | spot month, the next calendar month and the next two calendar quarter months |
| trading hours |
08 : 30 ─ 18 : 30 (day session) 19 : 15 ─ 03 : 00 (t 1 session) |
| final settlement day | the third wednesday of the contract month |
| last trading day | two hong kong business days prior to the final settlement day |
| settlement method | cash settled in rmb |
| cnh/usd futures | |
|---|---|
| contract size | rmb¥300,000 |
| minimum fluctuation | us$0.0001 (4 decimal places) |
| contract month | spot month, the next three calendar months and the next four calendar quarter months |
| trading hours |
08 : 30 ─ 18 : 30 (day session) 19 : 15 ─ 03 : 00 (t 1 session) |
| final settlement day | the third wednesday of the contract month |
| last trading day | two hong kong business days prior to the final settlement day |
| settlement method | cash settled in usd |
stock futures
a stock futures contract is a commitment to buy or sell the financial exposure equivalent to a specific amount of shares (contract multiplier) of the underlying stock at a contracted price on a specified future date. as stock futures contracts are cash settled, there is no physical delivery of shares when the contract expires. upon expiry, profits and losses are credited or debited to the account of the contract buyers/sellers in an amount equal to the difference between the contracted price and the final settlement price times the contract multiplier.
| stock futures | |
|---|---|
| contracted value | contracted price multiplied by contract multiplier |
| minimum fluctuation | hk$0.01 |
| contract month | spot month, the next two calendar months, and the next two calendar quarter months |
| trading hours | 09 : 30 ─ 12 : 30 & 13 : 00 ─ 16 : 00 |
| expiry day | the business day immediately preceding the last business day of the contract month |
| settlement method | cash settled contract of difference |
