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About HK Futures

About HK Futures

Hang Seng Index Futures & Options

The HSI futures and options provide investors with a set of effective instruments to manage portfolio risk and to capture index arbitrage opportunities. The popularity of Hang Seng Index futures and options has developed gradually with increasing domestic and international investors' participation.

Hang Seng Index Futures / Mini Hang Seng Index Futures
Contract Size HK $50 x HSI / HK $10 x MHI
Margin Requirement Adjusted correspond with the market, as it may be set from time to time
Minimum Fluctuation One index point = HK $50 (HSI) / HK $10 (MHI)
Trading Hours 8 : 45 am – 9 : 15 am (Pre-Market Opening)
9 : 15 am – 12 : 00 noon (Trading Hours)
12 : 30 pm – 1 : 00 pm (Pre-Market Opening)
1 : 00 pm – 4 : 30 pm (Trading Hours)
5 : 15 pm – 11 : 45 pm (T+1 Session)
Trading Months Spot month, the next calendar month, and the next two calendar quarterly months
(i.e. quarterly months are March, June, September and December)
Last Trading Day Business day immediately preceding the last business day of the contract month

Hang Seng Index Options
Contract Multiplier HK $50 per index point
Minimum Fluctuation One index point
Contract Months Spot, next two calendar months & next three calendar quarter months
Option Premium Quoted in whole index points
Trading Hours 9 : 15 am – 12 : 00 noon & 1 : 00 pm – 4 : 30 pm
Expiry Day The business day immediately preceding the last business day of the contract month

Mini Hang Seng Index Options
Contract Multiplier HK $10 per index point
Minimum Fluctuation One index point
Contract Months Spot, next calendar month & next two calendar quarter months
Option Premium Quoted in whole index points
Trading Hours 9 : 15 am – 12 : 00 noon & 1 : 00 pm – 4 : 30 pm
Expiry Day The business day immediately preceding the last business day of the contract month

H-shares Index Futures & Options

There has been growing investors' interest in China-related securities resulting from the rapid expansion of Mainland economy. The Hang Seng China Enterprises Index (HSCEI) is a market capitalization-weighted stock index which is compiled and calculated by Hang Seng Indexes Company Limited. The HSCEI tracks the performance of major H-shares.

H-Share Index Futures / Mini H-Share Index Futures
Contract Size HK $50 x HHI / HK $10 x MCH
Margin Requirement Adjusted correspond with the market, as it may be set from time to time
Minimum Fluctuation 1 Index point = HK $50 (HHI) / HK $10 (MCH)
Trading Hours 8 : 45 am – 9 : 15 am (Pre-Market Opening: Only applicable to H-shares Index Futures)
9 : 15 am – 12 : 00 noon (Trading Hours)
12 : 30 pm – 1 : 00 pm (Pre-Market Opening - Only applicable to H-shares Index Futures)
1 : 00 pm – 4 : 30 pm (Trading Hours)
5 : 15 pm – 11 : 45 pm (T+1 Session)
Trading Months Spot month, the next calendar month, and the next two calendar quarterly months
(i.e. quarterly months are March, June, September, and December)
Last Trading Day Business day immediately preceding the last business day of the contract month

H-shares Index Options
Contract Multiplier HK $50 per index point
Minimum Fluctuation One index point
Contract Months Spot, next two calendar months & next three calendar quarter months
Option Premium Quoted in whole index points
Trading Hours 9 : 15 am – 12 : 00 noon & 1 : 00 pm – 4 : 30 pm
Expiry Day The business day immediately preceding the last business day of the contract month

Mini H-shares Index Options
Contract Multiplier HK $10 per index point
Minimum Fluctuation One index point
Contract Months Spot, next calendar month & next two calendar quarter months
Option Premium Quoted in whole index points
Trading Hours 9 : 15 am – 12 : 00 noon & 1 : 00 pm – 4 : 30 pm
Expiry Day The business day immediately preceding the last business day of the contract month

RMB Currency Futures

The USD/CNH futures contract was launched in September 2012 as the world’s first deliverable RMB currency futures in the global marketplace. It is an efficient, transparent and easy-to-access tool to manage against RMB exchange risk exposure.

USD/CNH Futures
Contract Size USD 100,000
Minimum Fluctuation RMB 0.0001 (4 decimal places)
Contract Month Spot month, the next three calendar months and the next four calendar quarter months
Trading Hours 9 : 00 am – 4 : 30 pm (Day Session)
5 : 15 pm – 11 : 45 pm (T+1 Session)
Final Settlement Day The third Wednesday of the Contract Month
Last Trading Day Two Hong Kong business days prior to the final settlement day
Settlement Method Delivery of US dollars by the seller and payment of the final settlement value in RMB by the buyer
EUR/CNH Futures
Contract Size EUR 50,000
Minimum Fluctuation RMB 0.0001 (4 decimal places)
Contract Month Spot month, the next calendar month and the next two calendar quarter months
Trading Hours 9 : 00 am – 4 : 30 pm (Day Session)
5 : 15 pm – 11 : 45 pm (T+1 Session)
Final Settlement Day The third Wednesday of the Contract Month
Last Trading Day Two Hong Kong business days prior to the final settlement day
Settlement Method Cash settled in RMB
JPY/CNH Futures
Contract Size JPY 6,000,000
Minimum Fluctuation RMB 0.0001 (4 decimal places)
Contract Month Spot month, the next calendar month and the next two calendar quarter months
Trading Hours 9 : 00 am – 4 : 30 pm (Day Session)
5 : 15 pm – 11 : 45 pm (T+1 Session)
Final Settlement Day The third Wednesday of the Contract Month
Last Trading Day Two Hong Kong business days prior to the final settlement day
Settlement Method Cash settled in RMB
AUD/CNH Futures
Contract Size AUD 80,000
Minimum Fluctuation RMB 0.0001 (4 decimal places)
Contract Month Spot month, the next calendar month and the next two calendar quarter months
Trading Hours 9 : 00 am – 4 : 30 pm (Day Session)
5 : 15 pm – 11 : 45 pm (T+1 Session)
Final Settlement Day The third Wednesday of the Contract Month
Last Trading Day Two Hong Kong business days prior to the final settlement day
Settlement Method Cash settled in RMB
CNH/USD Futures
Contract Size RMB 300,000
Minimum Fluctuation USD 0.0001 (4 decimal places)
Contract Month Spot month, the next three calendar months and the next four calendar quarter months
Trading Hours 9 : 00 am – 4 : 30 pm (Day Session)
5 : 15 pm – 11 : 45 pm (T+1 Session)
Final Settlement Day The third Wednesday of the Contract Month
Last Trading Day Two Hong Kong business days prior to the final settlement day
Settlement Method Cash settled in USD

Stock Futures

A stock futures contract is a commitment to buy or sell the financial exposure equivalent to a specific amount of shares (contract multiplier) of the underlying stock at a contracted price on a specified future date. As stock futures contracts are cash settled, there is no physical delivery of shares when the contract expires. Upon expiry, profits and losses are credited or debited to the account of the contract buyers/sellers in an amount equal to the difference between the contracted price and the final settlement price times the contract multiplier.

Stock Futures
Contracted Value Contracted price multiplied by contract multiplier
Minimum Fluctuation HK$0.01
Contract Month Spot Month, the next two calendar months, and the next two calendar quarter months
Trading Hours 9 : 30 am – 12 : 00 noon & 1 : 00 pm – 4 : 00 pm
Expiry Day The business day immediately preceding the last business day of the contract month
Settlement Method Cash settled contract of difference

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