Market Turnover
-






-
-
|
|
|
|
|
|
-
-
-
Loading

Sector Index Futures

Introduction

Sector index futures are low cost and capital efficient products for investors to capture sector specific trading opportunities and manage their investment risk exposure more precisely.

 

What are Sector Index Futures

 

HKEX’s sector index futures market covers three major business sectors listed on the SEHK, including:

 

  • Hang Seng Mainland Oil & Gas Index (HSMOGI)
  • Hang Seng Mainland Banks Index (HSMBI)
  • Hang Seng Mainland Properties Index (HSMPI)

Key Features of Sector Indices

  • Constituents are selected from pure business segment to reflect their particular business and regulatory environments
  • Constituents are industry leaders limited to the top 10 and subject to liquidity screening
  • Weighting of each constituent is limited to 15 percent to avoid over-concentration

Why Sector Index Futures

  • Responsive to sectorial news and policy changes
  • Diversify firm-specific risks
  • High leverage and capital efficient
  • No stamp duty and other financing costs
  • Short sellable without stock borrowing
  • Long / short strategies made possible: market vs sector, sector vs sector and sector vs single stock futures
Sector Index Futures
Hang Seng Mainland Oil & Gas Index (HSMOGI)
Hang Seng Mainland Banks Index (HSMBI)
Hang Seng Mainland Properties Index (HSMPI)

Updated 28 Sep 2020

Contract Summary

Item Contract Terms
Underlying Index Hang Seng Mainland Oil & Gas Index
Hang Seng Mainland Banks Index
Hang Seng Mainland Properties Index
       
HKATS Code Hang Seng Mainland Oil & Gas Index         MOI
Hang Seng Mainland Banks Index               MBI
Hang Seng Mainland Properties Index         MPI
Contract Multiplier HK$50
Minimum Fluctuation 0.5 Index Point
Contract Months Spot, next calendar month & next two calendar quarter months
Trading Hours 9:15 am - 12:00 noon, 1:00 pm - 4:30 pm
(Expiring contract month closes at 4:00 pm on the Last Trading Day)
Last Trading Day The Business Day immediately preceding the last Business Day of the Contract Month
Final Settlement Price The average value of the sector index taken at (i) five (5) minute intervals from five (5) minutes after the start of the trading session on the Last Trading Day up to five (5) minutes before the end of the Continuous Trading Session of SEHK; and (ii) the close of trading on SEHK on the Last Trading Day.
Transaction Costs Exchange Fee                  HK$2.00
Commission Levy            HK$0.54
Commission Rate            Negotiable

List of Market Makers or Liquidity Providers

Equity Index Products

There are liquidity provider and 3 types of market makers in the equity index products market:

- Primary Market Maker (PMM); and

- Market maker providing continuous quotes (CQMM); and

- Market maker responding to quote request (QRMM). 

For the details of the obligations and incentives of liquidity providers and market makers, please refer webpage.

Below is the list of Short Code for EP of Liquidity Provider, PMM, CQMM and QRMM:

 
Market Makers / Liquidity Providers
 AKN BNP CFT  CHI CTC  CTD FLW  GHF  IBG IMC ISS KGI  LQC MAK  MPF MVN  NHT OPT PHL  SGS SQH  YKR YNT 
Hang Seng Index Options *     P P     *   P#  P P #  P P #     
Weekly Hang Seng Index Options *                 #           * #          
Mini-Hang Seng Index Options         *     *   *   * *     *  
Hang Seng China Enterprises Index Options   P *     P P     *     * P#  P #  P #  P P #    * P  
Weekly Hang Seng China Enterprises Index Options  *                 #           * #          
Mini-Hang Seng China Enterprises Index Options          *       *         * # *     *  
HSI Dividend Point Index Futures   *                                          
HSCEI Dividend Point Index Futures   *                                            
Hang Seng TECH Index Futures                                      *  
Hang Seng TECH Index Options                   LP  LP         LP   LP  LP     LP  
HSI Volatility Index Futures                                 LP            
CES China 120 Index Futures            LD                              
MSCI AC Asia ex Japan Net Total Return Index (USD)              LB                                
MSCI Australia Net Total Return (USD) Index Futures             LD               LN                
MSCI China Free (USD) Index Futures             LD                LN                
MSCI China Free  Net Total Return (USD) Index Futures     LD        LD  LD             LN                 
MSCI EM Asia ex China Net Total Return (USD) Index Futures                                              
MSCI EM Asia ex Korea Net Total Return (USD) Index Futures                                              
MSCI EM EMEA  Net Total Return (USD) Index Futures                                              
MSCI EM ex China Net Total Return (USD) Index Futures                                              
MSCI EM ex Korea Net Total Return (USD) Index Futures                                              
MSCI EM LatAm Net Total Return (USD) Index Futures                                              
MSCI EM Asia  Net Total Return (USD) Index Futures             LD LD             LN         LD      
MSCI Emerging Markets (USD) Index Futures             LD                                 
MSCI Emerging Markets Net Total Return (USD) Index Futures              LD              LN                
MSCI Hong Kong Net Total Return (USD) Index Futures              LD                                 
MSCI India (USD) Index Futures             LD               LN                 
MSCI India Net Total Return (USD) Index Futures       LD       LD LD             LN                
MSCI Indonesia (USD) Index Futures             LD               LN                
MSCI Indonesia Net Total Return (USD) Index Futures             LD               LN                
MSCI Japan (JPY) Index Futures             LD                                 
MSCI Japan Net Total Return (JPY) Index Futures             LD                                
MSCI Japan Net Total Return (USD) Index Futures             LD               LN                 
MSCI Malaysia (USD) Index Futures              LD                                 
MSCI Malaysia Net Total Return (USD) Index Futures              LD                              
MSCI New Zealand Net Total Return (USD) Index Futures                                              
MSCI Pacific ex Japan Net Total Return (USD) Index Futures                                              
MSCI Pacific Net Total Return (USD) Index Futures                                              
MSCI Philippines (USD) Index Futures             LD                                
MSCI Philippines Net Total Return (USD) Index Futures             LD                                
MSCI Singapore Free (SGD) Index Futures             LD          LD     LN          LD       
MSCI Singapore Free Net Total Return (USD) Index Futures                                          
MSCI Singapore Net Total Return (USD) Index Futures             LD               LN                 
MSCI Taiwan (USD) Index Futures     LD      LD LD        LD      LN       LD  LD      LD
MSCI Taiwan (USD) Index Futures Calendar Spread       LD        LD                 LD    LD         
MSCI Taiwan 25/50 (USD) Index Futures     LD        LD  LD              LN       LD        
MSCI Taiwan 25/50 (USD) Index Futures Calendar Spread     LD         LD                     LD        
MSCI Taiwan 25/50 Net Total Return (USD) Index Futures             LD                 LN                
MSCI Taiwan Net Total Return (USD) Index Futures             LD             LN                
MSCI Thailand (USD) Index Futures               LD                                
MSCI Thailand Net Total Return (USD) Index Futures             LD                                
MSCI Vietnam (USD) Index Futures              LD                                
MSCI Vietnam Net Total Return (USD) Index Futures              LD                                

LD - Denotes Liquidity Provider (T Sessions)
LN - Denotes Liquidity Provider (T+1 Sessions)
LB - Denotes Liquidity Provider (T and T+1 Sessions)
P - Denotes PMM
* - Denotes CQMM (T Session)
# - Denotes CQMM (T and T+1 Sessions)
√ - Denotes QRMM (T Session)
@ - Denotes QRMM (T and T+1 Sessions)

Updated 28 Sep 2020

Market Maker Obligations and Incentives

For details of the Market Making/Liquidity Providing Obligations and Incentives of Equity Index Products, please refer our webpage below:

https://www.hkex.com.hk/Products/Listed-Derivatives/Market-Maker-Program/Market-Maker-Obligations-and-Incentives?sc_lang=en