INR/CNH Futures

HKEX INRUSD and INRCNH Currency Futures_Final_EN_Revised

Commenced trading on 4 November 2019.

As the first listed futures of the INR/CNH pair, the contract ties the world’s two most populous nations together. The pair would support the Renminbi (RMB)’s globalisation and meet risk management demands spanning from Asia and beyond under the Belt and Road Initiative.

Updated 11 Aug 2020

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Advantages

Transparency of the exchange-traded contracts
Capital efficiency of futures margining and low execution costs
Flexible collateral policy on USD and RMB margin requirements
Clearing house guarantee, which effectively eliminates counter-party risks between market participants
Risk management tool for an investment exposure to a non-deliverable currency

Contract Summary

Item	Contract Terms
Contract	INR/CNH Futures (INR = Indian Rupee /CNH = RMB traded in Hong Kong)
Trading Symbol	CIN
Contract Month	Spot month, the next five calendar months and the next two calendar quarter months
Contract Size	INR 2,000,000
Price Quotation	RMB cents per 100 INR (e.g. 975.31 RMB cents per 100 INR)
Minimum Fluctuation	0.01 RMB cents (2 decimal places)
Tick Value	RMB 2
Trading Hours	8:30 am - 6:30 pm (Day Session) 7:15 pm - 3:00 am (AHT Session) (Expiring contract month closes at 3 pm on the Last Trading Day)
Final Settlement Day	The first Trading Day after the Last Trading Day
Last Trading Day	Two Trading Days prior to the third (3rd) Wednesday of the Contract Month. If it is not a Mumbai Business Day, the Last Trading Day shall be the immediately preceding Mumbai Business Day that is also a Trading Day
Final Settlement Price	The reciprocal of the INR per USD (INR/1USD) reference rate published by Financial Benchmarks India Private Limited at 1:30 pm (Mumbai time) multiplied by 10,000 and the WM/Reuters Intraday Spot Rate for USD/CNH at 3:00 pm (Hong Kong time) on the Last Trading Day, rounded to 2 decimal places
Settlement Method	Cash settled in RMB
Exchange Fee	RMB 2.50

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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	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
ICBC International Futures 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 February 2024^
USD/CNH Futures	18%
USD/CNH Options	49%
Mini USD/CNH Futures	39%
INR/USD Futures	19%

^aggregate market share of liquidity providers under the Cash Incentive Program in February 2024 (information last updated on 8 April 2024)

Updated 08 Apr 2024