Rule Update - Rules, Regulations and Procedures of the Futures Exchange

Amendments for the purposes of (i) allowing order aggregation in the case of a Block Trade which involves futures contracts only where each separate order comprising the Block Trade satisfies the applicable Minimum Volume Threshold, and (ii) facilitating Block Trades execution in the event of a market contingency (effective from 8 June 2020) (Marked-up version of amendments attached for information)

Amendments for the purpose of introducing the physically-settled USD and CNH Silver Futures Contracts (effective from 8 June 2020) (Marked-up version of amendments attached for information)

Amendments for the purpose of revising the strike intervals of Hang Seng Index (HSI) Options, Hang Seng China Enterprises Index (HSCEI) Options, Mini-HSI Options and Mini-HSCEI Options, which are all traded on Hong Kong Futures Exchange Limited (effective from 22 January 2018) (Marked-up version of amendments attached for information)

Amendments for the purpose of introducing additional contract months for the Hang Seng Index ("HSI") Futures, Hang Seng China Enterprises Index ("HSCEI") Futures, HSI Options and HSCEI Options Contracts, which are all traded on Hong Kong Futures Exchange Limited (effective from 5 March 2018) (Marked-up version of amendments attached for information)

Amendments for the purpose of introducing the TSI Iron Ore Fines 62% Fe CFR China Futures Contract for trading on HKFE  (effective from 13 November 2017) (Marked-up version of amendments attached for information)

Amendments for the purpose of extending the after-hours trading session of certain stock index futures contracts to 1:00 a.m. (effective from 6 November 2017) (Marked-up version of amendments attached for information)

Amendments for the purpose of reflecting a generic description of the “Tick Rule” requirement under the Rules of the Exchange of The Stock Exchange of Hong Kong Limited taking into account the introduction of the CAS reference price as a new price test restriction for short selling orders input during the closing auction session in the securities market (effective from 24 July 2017)(Marked-up version of amendments attached for information)

Amendments for the purpose of reflecting the corporate re-branding from “HKEx” to “HKEX” (effective from 17 July 2017) (Marked-up version of amendments attached for information)

Amendments for the purpose of revising the market making scheme, and extending the trading hours of Currency Futures (effective from 10 July 2017) (Marked-up version of amendments attached for information)

Amendments for the purpose of allowing Exchange Participants or their clients who are market makers or liquidity providers of exchange traded funds to be authorized by HKFE to hold or control excess futures and/or options contracts to hedge the risks arising from their ETF market making or liquidity providing activities (effective from 1 June 2017)  (Marked-up version of amendments attached for information)

Amendments for the purpose of introducing the physically settled USD and CNH Gold Futures Contracts for trading on Hong Kong Futures Exchange Limited (effective from 10 July 2017)   (Marked-up version of amendments attached for information)

Amendments for the purpose of introducing the Five-Year MOF T-Bond Futures Contract for trading on Hong Kong Futures Exchange Limited (effective from 10 April 2017)   (Marked-up version of amendments attached for information)

Amendments for the implementation of participant admission appeal procedures (effective from 31 March 2017)   (Marked-up version of amendments attached for information)

Amendments for the purpose of introducing the USD/CNH Options Contract and a fifth contract month in the USD/CNH Futures Contract (effective from 20 March 2017)   (Marked-up version of amendments attached for information)

Amendments for the purpose of introducing a volatility control mechanism in the futures market operated by Hong Kong Futures Exchange Limited (effective from 16 January 2017)   (Marked-up version of amendments attached for information)

Amendments for the purposes of (i) introducing a Primary Market Maker program in stock index futures and stock index options, (ii) introducing a fourth contract month in index options, and (iii) increasing the continuous quoting obligations of market makers for stock index options contracts from not less than 24 option series to not less than 50 option series (effective from 1 November 2016)   (Marked-up version of amendments attached for information)

Amendments for the purpose of introducing a pre-market opening period for Mini-Hang Seng China Enterprises Index Futures (effective from 3 October 2016)   (Marked-up version of amendments attached for information)

Amendments for the purpose of introducing the Mini-Hang Seng China Enterprises Index Options for trading on HKFE (effective from 5 September 2016)   (Marked-up version of amendments attached for information)

Amendments for the purpose of (i) updating the official name of the spot rate to “USD/CNY(HK) Spot Rate” and (ii) updating the time at which such spot rate will be published, as referred to in the Contract Specifications for certain Metal and Currency Futures Contracts, upon the adoption of a transaction-based determination mechanism for such spot rate by the Hong Kong Treasury Markets Association (effective from 1 August 2016)   (Marked-up version of amendments attached for information)

Amendments for the purpose of updating the trading hours of certain stock index futures, stock index options, metal futures and currency futures contracts upon the introduction of a closing auction session in the securities market by The Stock Exchange of Hong Kong Limited (effective from 25 July 2016)   (Marked-up version of amendments attached for information)

Amendments for the purpose of (a) introducing four new RMB currency futures contracts for trading on HKFE: the EUR/CNH Futures Contract, the AUD/CNH Futures Contract, the JPY/CNH Futures Contract and the CNH/USD Futures Contract; (b) amending certain contract specifications for the USD/CNH Futures Contract; and (c) introducing the liquidity provider scheme for the RMB currency futures contracts (effective from 30 May 2016)   (Marked-up version of amendments attached for information)

Amendments for the purpose of introducing a pre-trade risk management system for the derivatives market (effective from 11 April 2016)   (Marked-up version of amendments attached for information)

Amendments for the purpose of introducing seven sector index futures contracts for trading on HKFE (effective from 9 May 2016)   (Marked-up version of amendments attached for information)

Amendments for the purpose of reflecting the new structure of Hong Kong Exchanges and Clearing Limited group after the internal reorganisation (effective from 22 January 2016)   (Marked-up version of amendments attached for information)

Amendments for the purpose of introducing three futures contracts for trading on HKFE: the London Nickel Mini Futures Contract, the London Tin Mini Futures Contract and the London Lead Mini Futures Contract (effective from 14 December 2015)   (Marked-up version of amendments attached for information)

Amendments for the purpose of extending the Trading Hours on the Last Trading Day of the three futures contracts which are currently traded on HKFE: the London Aluminium Mini Futures Contract, the London Zinc Mini Futures Contract and the London Copper Mini Futures Contract (effective from 9 November 2015)   (Marked-up version of amendments attached for information)

Amendments to enable HKFE to prescribe conditions for the use of arrangements that are conducive to the object of the market which HKFE has entered into with overseas regulators pursuant to HKFE Rule 309(c) (effective from 27 August 2015)   (Marked-up version of amendments attached for information)

Amendments to the repeal of Chapter XVII of the Rules of HKFE in relation to designated futures contracts (effective from 10 July 2015)   (Marked-up version of amendments attached for information)

Amendments for the purpose of (i) including four corporate events (“Corporate Events”) into the Rules such that capital adjustments in relation to the Corporate Events will no longer have to be decided on a case by case basis by HKFE in consultation with the Commission; and (ii) setting out adjustment methods in respect of each of the Corporate Events (effective from 29 June 2015)   (Marked-up version of amendments attached for information)

Amendments for the purpose of introducing a promotional program to encourage members of the London Metal Exchange or their affiliates to become participants of HKFE and participate in the trading of the London Aluminium Mini Futures Contract, the London Zinc Mini Futures Contract and the London Copper Mini Futures Contract that will be traded on HKFE starting 1 December 2014 (effective from 25 November 2014)   (Marked-up version of amendments attached for information)

Amendments to introduce (i) three futures contracts for trading on HKFE: the London Aluminium Mini Futures Contract, the London Zinc Mini Futures Contract and the London Copper Mini Futures Contract; and (ii) a liquidity provider program for these Futures Contracts (effective from 1 December 2014)   (Marked-up version of amendments attached for information)

Amendments to extend the closing hour of the after-hours trading session of certain stock index futures and RMB currency futures contracts to 11:45 p.m. (effective from 3 November 2014)   (Marked-up version of amendments attached for information)

Amendments to align them with the new Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (effective from 26 March 2014)   (Marked-up version of amendments attached for information)

Amendments relating to the US Dollar vs Renminbi (Hong Kong) Futures Contract and contingency procedures to facilitate the trading of such contract in the after-hours trading session of HKFE (effective from 7 April 2014)   (Marked-up version of amendments attached for information)

Amendments relating to the contract specifications for Mini-Hang Seng Index Futures and Mini-Hang Seng China Enterprises Index Futures to facilitate their trading in the after-hours trading session of HKFE (effective from 6 January 2014)   (Marked-up version of amendments attached for information)

Amendments to the addition of Chapter XVII to the Rules of HKFE in relation to designated futures contracts (effective from 25 November 2013)   (Marked-up version of amendments attached for information)

Amendments to (i) introduce a central gateway for connection to HKATS following the HKATS upgrade to the Genium INET Platform (the “Genium Upgrade”); (ii) introduce the Tailor-Made Combination function on HKATS to replace the existing Bulletin Board and Non-Standard Combination functions; and (iii) reflect the operational changes in HKATS following the Genium Upgrade (effective from 15 October 2013)   (Marked-up version of amendments attached for information)

Amendments for the purposes of introducing the CES China 120 Index Futures Contract for trading on HKFE (effective from 12 August 2013)   (Marked-up version of amendments attached for information)

Amendments relating to the name change of (i) SENSEX Index to S&P BSE SENSEX Index; and (ii) Open Joint Stock Company MICEX-RTS to Open Joint Stock Company “Moscow Exchange MICEX-RTS” (effective from 26 June 2013)   (Marked-up version of amendments attached for information)

Amendments for the purpose of facilitating the introduction by HKFE of stock futures on A-share ETFs that are based on contract multipliers of multiple board lots instead of a single board lot (effective from 10 June 2013)   (Marked-up version of amendments attached for information)

Amendments for the introduction of an after-hours trading session for certain markets of HKFE (effective from 8 April 2013)   (Marked-up version of amendments attached for information)

Amendments for the purpose of introducing the US Dollar vs Renminbi (Hong Kong) (“USD/CNH”) Futures Contract for trading on HKFE (effective from 17 September 2012)   (Marked-up version of amendments attached for information)

Amendments to (i) facilitate the implementation of various platform infrastructure initiatives that are being undertaken by Hong Kong Exchanges and Clearing Limited, including the construction of its Next Generation Data Centre and the upgrade of its securities and derivatives network, SDNet 2.0; (ii) ensure consistency in the contingency procedures for trading in the derivatives market operated by HKFE with those for trading in the stock options market operated by The Stock Exchange of Hong Kong Limited; and (iii) clarify the definition of erroneous trades and HKFE’s power to delete invalid block trades (effective from 26 March 2012)   (Marked-up version of amendments attached for information)

Amendments to the introduction of new futures contracts based on the IBOVESPA of BM&FBOVESPA S.A – Bolsa de Valores, Mercadorias e Futuros of Brazil, the MICEX Index of the Open Joint Stock Company MICEX-RTS of Russia, the Sensex Index of BSE Limited of India and the FTSE/JSE Top40 Index of FTSE International Limited and JSE Limited of South Africa for trading on Hong Kong Futures Exchange Limited (effective from 30 March 2012)   (Marked-up version of amendments attached for information)

Amendments to introduce new future contracts based on the HSI Volatility Index for trading on the Future Exchange (effective from 20 February 2012)   (Marked-up version of amendments attached for information)

Amendments to extend trading hours (effective from 7 March 2011)   (Marked-up version of amendments attached for information)

Amendments to remove the derivatives market data fees from the Rules (effective from 20 December  2010)   (Marked-up version of amendments attached for information)

Amendments to improve the third party clearing arrangements for Exchange Participants by removing the one-day prior written notice period requirement for the termination of a Clearing Agreement (effective from 22 November 2010)   (Marked-up version of amendments attached for information)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the introduction of HSI and HSCEI Dividend Point Index Futures (effective from 1 November 2010)   (Marked-up version of amendments attached for information)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange for the purpose of removing the specified amount of the Securities and Futures Levy and the Investor Compensation Levy from the Rules (effective from 1 October 2010)   (Marked-up version of amendments attached for information)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange to include the posting of information on the HKEx website as a means of communication between HKFE and its participants (effective from 20 September 2010)   (Marked-up version of amendments attached for information)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the revised permissible price range for block trades (take effect from 24 May 2010)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the non-transferability of Futures Exchange Trading Rights (take effect from 6 March 2010)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to Flexible Options (take effect from 8 February 2010)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the elimination of certain minor fees (take effect from 1 January 2010)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to streamlining the provision of information by the Exchange Participants (take effect from 1 June 2009)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the suspension of closing auction session (take effect from 23 March 2009)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to offering of Futures Exchange Trading Rights to Members of The Chinese Gold & Silver Exchange Society (take effect from 3 December 2008)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the arrangements for providing liquidity for metal futures contracts (take effect from 20 October 2008)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the reduction of the Commission Levy and Investor Compensation Levy on Mini-Hang Seng China Enterprises Index (HSCEI) Futures from HK$0.80 and HK$0.50 to HK$0.16 and HK$0.10 respectively (take effect from 22 July 2008)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the introduction of Gold Futures Contracts (take effect from 20 October 2008)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to streamlining the admission process of Exchange Participants and the approval and registration process of Responsible Officers and Authorized Persons of Exchange Participants (take effect from 20 June 2008)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to amendments to Mini-Hang Seng China Enterprises Index Futures Contract for the purposes of the closing auction session (take effect from 26 May 2008)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to order aggregation for Block Trades (take effect from 28 April 2008)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the enhanced trading functionality of block trades in the automated trading system (take effect from 3 March 2008)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the introduction of Mini-Hang Seng China Enterprises Index Futures Contract (take effect from 31 March 2008)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the change of name of HSI Services Limited to Hang Seng Indexes Company Limited (take effect from 8 January 2008)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the introduction of closing auction session by The Stock Exchange of Hong Kong Limited (take effect from 26 May 2008)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the relinquishment of a Futures Exchange Trading Right and the issue of a new one to facilitate Exchange Participant's consolidation of the business of dealing in securities with that of dealing in futures contracts under one entity (take effect from 19 Septmeber 2007)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the execution requirements in block trades (take effect from 3 Septmeber 2007)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the adjustments to the Position Limits in Contract Specifications for Hang Seng China Enterprises Index Futures and Options (take effect from 30 March 2007)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the introduction of Hang Seng China H-Financials Index Futures (take effect from 16 April 2007)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the shortening of delayed data time (take effect from 1 April 2007)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange to revise the maximum market making spreads and minimum quote size requirements for market makers in stock futures contracts (take effect from 2 April 2007)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the issuance of Trading Rights (take effect from 7 March 2007)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the addition of the pre-market opening period to the contract specifications for HSCEI Futures (take effect from 8 January 2007)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the reduction of commission levy (take effect from 1 December 2006)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the streamlining of the launch procedures of stock futures and options contracts and to the deletion of the reference of Telerate as the calculating and distributing agent of the final settlement prices of HIBOR Futures (take effect from 19 October 2006)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the new market maker model for products of Hong Kong Futures Exchange Limited and trading fee discounts for market makers trading in stock index futures and stock index options (take effect from 1 February 2007)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to (i) amending the name of China Mobile (Hong Kong) Limited to China Mobile Limited and (ii) adding Bank of China Limited Futures Contract.  Amendment (i) with effect from 22 June 2006 and amendment (ii), with effect from 3 July 2006

Amendments to the Rules, Regulations and Procedures of the Futures Exchange relating to the addition of Long-dated Contract Months in Hang Seng Index Options and H-shares Index Options (take effect from 31 March 2006)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange relating to the introduction of China Construction Bank Corporation Futures Contract (take effect from 19 December 2005)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the Securities and Futures (Investor Compensation – Levy) Rules (take effect from 28 October 2005)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the harmonisation of the Large Open Positions and position limits (take effect from 31 October 2005)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to harmonization of HKCC and SEOCH's capital requirements for Clearing Participants (take effect from 1 November 2005)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to suspended futures and options contracts and trading fee of exempted cross trades (take effect from 24 October 2005)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange relating to the introduction of three Hong Kong Futures Contracts, Bank of Communications Co., Ltd. Futures Contract, China Netcom Group Corporation (Hong Kong) Limited Futures Contract and Ping An Insurance (Group) Company of China, Ltd. Futures Contract (take effect from 7 November 2005)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the Obligations of Stock Futures Registered Traders (take effect from 30 June 2005)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to revising the wording of the Adjustment Formula for Cash Distribution (take effect from 1 July 2005)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange relating to the introduction of two Hong Kong Futures Contracts, Denway Motors Limited Futures Contract and Esprit Holdings Limited Futures Contract (take effect from 11 July 2005)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange relating to the introduction of FTSE/Xinhua China 25 Index Futures and Options (take effect from 23 May 2005)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to the registration requirements for Responsible Officers (take effect from 1 April 2005)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange relating to measures to regulate Non-standard Combination Orders (take effect from 1 April 2005)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange to delete provisions relating to the Dow Jones Industrial Average Futures Contracts which will ceased to be traded as from 23 March 2005 (take effect from 23 March 2005)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange in relation to expanding and rationalising the powers of the Chief Executive of the Futures Exchange to take swift action against a defaulting Exchange Participant (take effect from 1 February 2005)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange relating to the introduction of Hang Seng China Enterprises Index Options Contracts and four Hong Kong Futures Contracts, Aluminum Corporation of China Limited Futures Contract, China Life Insurance Company Limited Futures Contract, China Telecom Corporation Limited Futures Contract and China Petroleum & Chemical Corporation Futures Contract (take effect from 14 June 2004)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange relating to the delisting of MSCI China Free Index Futures contracts (take effect from 26 April 2004)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange relating to the implementation of the Derivatives Clearing And Settlement System (take effect from 6 April 2004)

Amendments to the Rules, Regulations and Procedures of the Futures Exchange to reflect the change of name of Legend Group Limited to Lenovo Group Limited (take effect from 6 April 2004)