EUR/CNH Futures

The growing importance and mutual recognition of the European Union (EU) and China as major trading partners have created rising demand for capital-efficient risk management tools to hedge Renminbi (RMB) currency risk against Euro (EUR). Furthermore, one of the China’s RMB exchange rate reforms is the development of a managed float regime with reference to a basket of currencies, including the EUR. Against that backdrop, HKEX’s EUR/CNH futures provide transparency in price discovery reflecting exchange rate expectations driven by market forces.

Updated 03 May 2022

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Advantages

Capital efficiency of exchange-traded futures
Transparent pricing in a centralised trading environment
Block trades off r OTC flexibility with minimal counterparty risk
Dedicated liquidity providers to provide narrow bid ask spreads
Evening trading covers European business hours

Contract Summary

Item	Contract Terms
Contract	EUR/CNH Futures (EUR = Euro /CNH = RMB traded in Hong Kong)
Trading Symbol	CEU
Contract Month	Spot month, the next calendar month and the next two calendar quarter months
Contract Size	EUR 50,000
Price Quotation	RMB per EUR (e.g. RMB 6.8028 per EUR)
Minimum Fluctuation	RMB 0.0001 (4 decimal places)
Tick Value	RMB 5
Trading Hours	8:30 am - 6:30 pm (Day Session) 7:15 pm - 3:00 am (AHT Session) (Expiring contract month closes at 11:00 am on the Last Trading Day)
Final Settlement Day	The first Trading Day after the Last Trading Day
Last Trading Day	Two Trading Days (each of which is also a Business Day) prior to the third (3rd) Wednesday of the Contract Month
Final Settlement Price	WM/Reuters Intra-Day Spot Rate for EUR/USD at 11:00 a.m., multiplied by the USD/CNY(HK) Spot Rate published by the Treasury Markets Association (TMA) of Hong Kong at or around 11:30 a.m. on the Last Trading Day
Settlement Method	Cash settled in RMB
Exchange Fee	RMB 5.00

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Margin Table

Market Makers or Liquidity Providers Information

Lists of Liquidity Providers in Futures Exchange Products

Currency Futures and Options Products

Providing Continuous Quotes
	Liquidity Providers
	GFF	GHF	DAI	JPM	KGI	NHT	SGS
USD/CNH Futures		#	#				#
Mini USD/CNH Futures				#			#
USD/CNH Options						#
EUR/CNH Futures
JPY/CNH Futures
AUD/CNH Futures
INR/CNH Futures
INR/USD Futures	#				#
CNH/USD Futures

# refers to a Futures Exchange Participant acting as a Liquidity Provider in Futures Exchange Products under the Cash Incentive Program

Lists of Market Makers for USD/CNH Futures

Name of Market Makers	Obligations
Bank of China (Hong Kong) Limited*	Provide continuous quotes
Industrial and Commercial Bank of China (Asia) Limited*	Provide continuous quotes
The Hong Kong & Shanghai Banking Corporation Limited^	Provide continuous quotes

* via UBS Derivatives Hong Kong Limited

^ via HSBC Broking Futures (Hong Kong) Limited

Additional Information on Cash Incentive Liquidity Providers

Market	Aggregate Market Share in August 2024^
USD/CNH Futures	22%
USD/CNH Options	50%
Mini USD/CNH Futures	52%
INR/USD Futures	31%

^aggregate market share of liquidity providers under the Cash Incentive Program in August 2024 (information last updated on 2 October 2024)

Updated 02 Oct 2024