Market Turnover
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USD/CNH Options

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Since the CNH trading was first introduced in Hong Kong in 2004, its market size has expanded exponentially on the back of China’s fast transformation into a leading trading country. The growth of the dim sum bond market, expansion of foreign capital participation in the Chinese securities markets, and RMB internationalisation have created demand for products, which could help market participants hedge their CNH exposure. Responding to such market requirements, HKEX introduced USD/CNH futures in 2012 and following their success and anticipating growing needs for more flexible hedging tools, HKEX introduced the exchange traded USD/CNH options as part of its strategy to build up a full range of foreign exchange derivatives products.


Updated 03 May 2022


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Advantages

  • Flexibility of trading and hedging strategies for various market conditions
  • Limited counterparty risks
  • Transparency and efficiency of standardised
  • Exchange-traded contracts
  • Cost effectiveness of trading on a margin basis
  • Block trade facilities supported by the HKATS
  • Variety of eight contract-month tenors, the longest being 16 months

 

Contract Summary

Item Contract Terms
HKATS Code CUS
Contract Size USD 100,000
Price Quotation Amount of RMB per USD
Options Premium 4 decimal places (i.e. 0.0001)
Tick Value RMB 10
Strike Prices Strike intervals will be set at 0.05
Official Settlement Price USD/CNY (HK) Spot Rate published by Hong Kong Treasury Markets Association (TMA) at or around 11:30 a.m. on the Expiry Day
Settlement on Exercise Physical delivery on exercise
Holder writer
Call Options Payment of the Final Settlement Value in RMB Delivery of US dollars
Put Options Delivery of US dollars Payment of the Final Settlement Value in RMB
Example on Final Settlement Process
Exercise Style European style
Contract Months Spot month, the next three calendar months and the next six calendar quarter months
Final Settlement Day Third Wednesday of the Contract Month. If it is not a Business Day, the Final Settlement Day shall be the next Business Day
Expiry Day Two Trading Days (each of which is also a Business Day) prior to the Final Settlement Day
Trading Hours (Hong Kong Time) 8:30 a.m. to 6:30 p.m. (Trading hours on the Expiry Day are from 8:30 a.m. to 11:00 a.m.)
Exchange Fee RMB 8 per contract
Exercise Fee RMB 8 per contract
Commission Levy Nil
Large Open Positions 500 open contracts in any one series
Holiday Schedule Follows the Hong Kong holiday schedule

Please click here for the disclaimer.

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 September 2024^

USD/CNH Futures

19%

USD/CNH Options 50% 

Mini USD/CNH Futures

50%

INR/USD Futures 41%

 ^aggregate market share of liquidity providers under the Cash Incentive Program in September 2024 (information last updated on 1 November 2024)

 

 

Updated 01 Nov 2024