HKFE Announces Revised Margins for Futures Contracts

Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), announced that with effect from the commencement of trading on Friday, 29 November 2002, the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following futures contracts will be as outlined in the table below. The adjustments are based on the clearing company's normal procedures and standard margining methodology.

For the current margins, please refer to HKEx's website (http://www.hkex.com.hk) and see Trading Information - Futures & Options in the Derivatives Market section.

Futures Contract	Margin Rate	Initial Margin (HK$)		Maintenance Margin (HK$)
Hang Seng Index	Full Rate	32,750	per lot	26,200	per lot
	Spread Rate	3,750	/lot/side	3,000	/lot/side
Mini-Hang Seng Index	Full Rate	6,550	per lot	5,240	per lot
	Spread Rate	750	/lot/side	600	/lot/side
MSCI China Free Index	Full Rate	10,200	per lot	8,160	per lot
	Spread Rate	1,530	/lot/side	1,224	/lot/side
Three-Month HIBOR	Full Rate	4,750	per lot	3,800	per lot
	Spread Rate	Please refer to the attached table
One-Month HIBOR	Full Rate	3,125	per lot	2,500	per lot
	Spread Rate	Please refer to the attached table
Three-Year EFN	Full Rate	10,200	per lot	8,160	per lot
	Spread Rate	1,530	/lot/side	1,224	/lot/side
Dow Jones Industrial Average Index	Full Rate	6,425	per lot	5,140	per lot
	Spread Rate	965	/lot/side	772	/lot/side
HSBC Holdings Plc	Full Rate	2,180	per lot	1,744	per lot
	Spread Rate	330	/lot/side	264	/lot/side
PCCW Limited	Full Rate	225	per lot	180	per lot
	Spread Rate	36	/lot/side	28.8	/lot/side
Cheung Kong (Holdings) Ltd	Full Rate	5,550	per lot	4,440	per lot
	Spread Rate	835	/lot/side	668	/lot/side
Swire Pacific Ltd 'A' Shares	Full Rate	1,450	per lot	1,160	per lot
	Spread Rate	220	/lot/side	176	/lot/side
CITIC Pacific Ltd	Full Rate	1,260	per lot	1,008	per lot
	Spread Rate	185	/lot/side	148	/lot/side
China Resources Enterprise Ltd	Full Rate	1,660	per lot	1,328	per lot
	Spread Rate	250	/lot/side	200	/lot/side
Shanghai Industrial Holdings	Full Rate	1,000	per lot	800	per lot
	Spread Rate	150	/lot/side	120	/lot/side
Hongkong Electric Holdings	Full Rate	975	per lot	780	per lot
	Spread Rate	150	/lot/side	120	/lot/side
Hang Seng Bank	Full Rate	540	per lot	432	per lot
	Spread Rate	82	/lot/side	65.6	/lot/side
Henderson Land Development Co Ltd	Full Rate	2,800	per lot	2,240	per lot
	Spread Rate	420	/lot/side	336	/lot/side
Hutchison Whampoa Ltd	Full Rate	5,300	per lot	4,240	per lot
	Spread Rate	795	/lot/side	636	/lot/side
Sun Hung Kai Properties Ltd	Full Rate	5,040	per lot	4,032	per lot
	Spread Rate	755	/lot/side	604	/lot/side
CLP Holdings Ltd	Full Rate	1,000	per lot	800	per lot
	Spread Rate	150	/lot/side	120	/lot/side
The Wharf (Holdings) Ltd	Full Rate	1,600	per lot	1,280	per lot
	Spread Rate	240	/lot/side	192	/lot/side
New World Development Co Ltd	Full Rate	570	per lot	456	per lot
	Spread Rate	85	/lot/side	68	/lot/side
Legend Group Ltd	Full Rate	880	per lot	704	per lot
	Spread Rate	130	/lot/side	104	/lot/side
China Mobile (HK) Ltd	Full Rate	1,135	per lot	908	per lot
	Spread Rate	170	/lot/side	136	/lot/side
The Bank of East Asia Ltd	Full Rate	182	per lot	145.6	per lot
	Spread Rate	27	/lot/side	21.6	/lot/side
Hong Kong and China Gas Co Ltd	Full Rate	680	per lot	544	per lot
	Spread Rate	105	/lot/side	84	/lot/side
MTR Corporation Ltd	Full Rate	300	per lot	240	per lot
	Spread Rate	45	/lot/side	36	/lot/side
China Merchants Holdings (International) Co Ltd	Full Rate	840	per lot	672	per lot
	Spread Rate	125	/lot/side	100	/lot/side
Johnson Electric Holdings Ltd	Full Rate	570	per lot	456	per lot
	Spread Rate	84	/lot/side	67.2	/lot/side
Cathay Pacific Airways Ltd	Full Rate	1,190	per lot	952	per lot
	Spread Rate	180	/lot/side	144	/lot/side
Hong Kong Exchanges and Clearing Ltd	Full Rate	2,200	per lot	1,760	per lot
	Spread Rate	330	/lot/side	264	/lot/side
Li & Fung Ltd	Full Rate	2,160	per lot	1,728	per lot
	Spread Rate	325	/lot/side	260	/lot/side
China Unicom Ltd	Full Rate	1,560	per lot	1,248	per lot
	Spread Rate	235	/lot/side	188	/lot/side
PetroChina Co Ltd	Full Rate	200	per lot	160	per lot
	Spread Rate	30	/lot/side	24	/lot/side
Cheung Kong Infrastructure Holdings Ltd	Full Rate	920	per lot	736	per lot
	Spread Rate	135	/lot/side	108	/lot/side
Cosco Pacific Ltd	Full Rate	1,440	per lot	1,152	per lot
	Spread Rate	215	/lot/side	172	/lot/side
China Petroleum & Chemical Corporation	Full Rate	200	per lot	160	per lot
	Spread Rate	30	/lot/side	24	/lot/side
CNOOC Ltd	Full Rate	430	per lot	344	per lot
	Spread Rate	65	/lot/side	52	/lot/side
Huaneng Power International Inc	Full Rate	1,360	per lot	1,088	per lot
	Spread Rate	205	/lot/side	164	/lot/side

 

US Stock Futures Contracts

	Margin Rate	Initial Margin (US$)		Maintenance Margin (US$)
Cisco Systems Incorporated	Full Rate	235	per lot	188	per lot
	Spread Rate	34	/lot/side	27.2	/lot/side
IBM Corporation	Full Rate	1,070	per lot	856	per lot
	Spread Rate	160	/lot/side	128	/lot/side
Intel Corporation	Full Rate	335	per lot	268	per lot
	Spread Rate	48	/lot/side	38.4	/lot/side
Microsoft Corporation	Full Rate	640	per lot	512	per lot
	Spread Rate	95	/lot/side	76	/lot/side
Oracle Corporation	Full Rate	175	per lot	140	per lot
	Spread Rate	27	/lot/side	21.6	/lot/side

 

Japan Stock Futures Contracts

	Margin Rate	Initial Margin (JPY)		Maintenance Margin (JPY)
NTT DoCoMo Incorporated	Full Rate	34,500	per lot	27,600	per lot
	Spread Rate	5,300	/lot/side	4,240	/lot/side
Sony Corporation	Full Rate	55,500	per lot	44,400	per lot
	Spread Rate	8,250	/lot/side	6,600	/lot/side
Nippon Telegraph & Telephone Corporation	Full Rate	51,500	per lot	41,200	per lot
	Spread Rate	12,500	/lot/side	10,000	/lot/side
Fujitsu Ltd	Full Rate	73,000	per lot	58,400	per lot
	Spread Rate	18,750	/lot/side	15,000	/lot/side
Toyota Motor Corporation	Full Rate	29,500	per lot	23,600	per lot
	Spread Rate	5,750	/lot/side	4,600	/lot/side

 

Korea Stock Futures Contracts

	Margin Rate	Initial Margin (KRW)		Maintenance Margin (KRW)
Korea Electric Power Corporation	Full Rate	180,000	per lot	144,000	per lot
	Spread Rate	35,125	/lot/side	28,100	/lot/side
KT Corporation	Full Rate	570,000	per lot	456,000	per lot
	Spread Rate	86,000	/lot/side	68,800	/lot/side
Samsung Electronics Co Ltd	Full Rate	4,600,000	per lot	3,680,000	per lot
	Spread Rate	700,000	/lot/side	560,000	/lot/side
SK Telecom Co Ltd	Full Rate	2,600,000	per lot	2,080,000	per lot
	Spread Rate	400,000	/lot/side	320,000	/lot/side
Kookmin Bank	Full Rate	580,000	per lot	464,000	per lot
	Spread Rate	85,000	/lot/side	68,000	/lot/side

 

Taiwan Stock Futures Contracts

	Margin Rate	Initial Margin (NT$)		Maintenance Margin (NT$)
Mosel Vitelic Incorporated	Full Rate	13,000	per lot	10,400	per lot
	Spread Rate	1,950	/lot/side	1,560	/lot/side
Ritek Corporation	Full Rate	25,000	per lot	20,000	per lot
	Spread Rate	5,250	/lot/side	4,200	/lot/side
Taiwan Semiconductor Manufacturing Co Ltd	Full Rate	70,000	per lot	56,000	per lot
	Spread Rate	10,000	/lot/side	8,000	/lot/side
United Micro Electronics Corporation	Full Rate	39,800	per lot	31,840	per lot
	Spread Rate	6,250	/lot/side	5,000	/lot/side
Winbond Electronics Corporation	Full Rate	28,500	per lot	22,800	per lot
	Spread Rate	4,250	/lot/side	3,400	/lot/side

Above are minimum rates and Exchange Participants should set their margin requirements according to their clients' individual circumstances.

Spread Margin Rates
for One-Month HIBOR Futures

Spread Combination	Initial Margin	Maintenance Margin
1st month vs 4th month 1st month vs 5th month 1st month vs 6th month	HK$3,125 per spread	HK$2,500 per spread
1st month vs 2nd month 1st month vs 3rd month  2nd month vs 4th month  2nd month vs 5th month  2nd month vs 6th month 3rd month vs 4th month 3rd month vs 5th month 3rd month vs 6th month	HK$2,500 per spread	HK$2,000 per spread
4th month vs 5th month 4th month vs 6th month 5th month vs 6th month	HK$1,875 per spread	HK$1,500 per spread
2nd month vs 3rd month	HK$1,125 per spread	HK$900 per spread

Spread Margin Rates
for Three-Month HIBOR Futures

Spread Combination	Initial Margin	Maintenance Margin
1st month vs 7th month 1st month vs 8th month 1st month vs 9th month   1st month vs 10th month  2nd month vs 7th month  2nd month vs 8th month  2nd month vs 9th month    2nd month vs 10th month 3rd month vs 7th month 3rd month vs 8th month 3rd month vs 9th month   3rd month vs 10th month	HK$3,750 per spread	HK$3,000 per spread
4th month vs 7th month 4th month vs 8th month 4th month vs 9th month   4th month vs 10th month 5th month vs 7th month 5th month vs 8th month 5th month vs 9th month   5th month vs 10th month 6th month vs 7th month 6th month vs 8th month 6th month vs 9th month   6th month vs 10th month	HK$3,000 per spread	HK$2,400 per spread
1st month vs 4th month 1st month vs 5th month 1st month vs 6th month  2nd month vs 4th month  2nd month vs 5th month  2nd month vs 6th month 3rd month vs 4th month 3rd month vs 5th month 3rd month vs 6th month 7th month vs 8th month 7th month vs 9th month 7th month vs 10th month 8th month vs 9th month   8th month vs 10th month   9th month vs 10th month	HK$2,500 per spread	HK$2,000 per spread
1st month vs 2nd month 1st month vs 3rd month  2nd month vs 3rd month 4th month vs 5th month 4th month vs 6th month 5th month vs 6th month	HK$1,750 per spread	HK$1,400 per spread