Sun Hung Kai Financial


			10/09/2010 06:45 HKT

Financial Futures

Hang Seng Index Futures (HSIF)

Hang Seng Index Futures contract is a commitment to participate in the overall price movement of the local stock market, as measured by an underlying Hang Seng Index which is calculated by using the weighted market capitalization of 43 selected constituent stocks listed in the Stock Exchange of Hong Kong. There are four others Sub-indices -Finance, Utilities, Properties and Commerce & Industry. The contracts are traded in the futures market but are related to the stock market.

Commodity Name

Hang Seng Index Futures (HSIF)

Location

Hong Kong

Exchange

Hong Kong Futures Exchange Limited

Contract Multiplier

HK$50 per index point*

Contract Months

Spot Month, the next calendar month, and the next two calendar quarterly months (i.e. quarterly months are March, June, September, and December)

Minimum Fluctuation

One index point

Maximum Fluctuation

Nil

Contracted Price

The price in whole index points at which a Hang Seng Index Futures Contract is registered by the Clearing House

Contracted Value

Contracted price multiplied by Contract Multiplier

Position Limits

Position delta for Hang Seng Index Futures, Hang Seng Index Options, Mini-Hang Seng Index Futures and Mini-Hang Seng Index Options combined of 10,000 long or short in all Contract Months combined provided the position delta for Mini-Hang Seng Index Futures or Mini-Hang Seng Index Options shall not at any time exceed 2,000 long or short in all Contract Months combined. For this purpose, the position delta of one Mini-Hang Seng Index Futures Contract will have a value of 0.2 and the position delta of one Mini-Hang Seng Index Option Contract will be one-fifth of the position delta of the corresponding series in the Hang Seng Index Option Contract.

Large Open Positions

500 net long or net short contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant's own behalf; and 500 net long or net short contracts, in any one Contract Month, per Client.

Pre-Market Opening Period


Hong Kong Time		09:15am - 09:45am
		02:00pm - 02:30pm

Trading Hours


Hong Kong Time		09:45am - 12:30pm
		02:30pm - 04:15pm

Trading Hours on Last Trading Day


Hong Kong Time		09:45am - 12:30pm
		02:30pm - 04:00pm #

# The closing time shall be adjusted automatically to correspond with the closing time of the underlying cash market, as it may be set from time to time.

Trading Method

The Exchange's Automated Trading System (HKATS)

Final Settlement Day

The first Business Day after the Last Trading Day

Settlement Method

Cash settled contract of difference

Last Trading Day

The Business Day immediately preceding the last Business Day of the Contract Month

Final Settlement Price

The Final Settlement Price for Hang Seng Index Futures Contracts shall be a number, rounded down to the nearest whole number, determined by the Clearing House and shall be the average of quotations of the Hang Seng Index taken at five (5) minute intervals during the Last Trading Day and compiled, computed and disseminated by HSI Services Ltd*. The Chief Executive of the Exchange has the power under the Regulations for trading Stock Index Futures Contracts to determine the Final Settlement Price under certain circumstances.

Trading Fees & Levies
(Per Contract Per Side)


Exchange Fee	HK$	$10.00
SFC Levy	HK$	0.80
Total	HK$	10.80

* Same as the Hang Seng Index Options contract

Note: The Hang Seng Index Futures Contract and the Mini-Hang Seng Index Futures Contract are fungible. Positions in these two Exchange Contracts will be netted automatically (in the case of House and Registered Trader accounts) or may be closed out (in the case of Client account) in accordance with the Clearing House Rules.

The above information is subject to change upon market condition

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