Contract Specifications For Hang Seng Index (HSI) Futures

Transcription

1 Contract Specifications For Hang Seng Index (HSI) Futures The following Contract Specifications shall apply to the Hang Seng Index Futures Contract**: Underlying Index/Index Contract Multiplier Contract Months Minimum Fluctuation Maximum Fluctuation Contracted Price Contracted Value Position Limits Large Open Positions Hang Seng Index (the share price index of that name compiled, computed and disseminated by Hang Seng Indexes Company Limited)* HK$50 per Index point* Spot Month, the next calendar month, and the next two calendar quarter months (i.e. quarterly months are March, June, September and December) One Index point As prescribed by the Exchange from time to time The price in whole Index points at which a Hang Seng Index Futures Contract is registered by the Clearing House Contracted Price multiplied by the Contract Multiplier 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. 500 open contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant s own behalf; and 500 open contracts, in any one Contract Month, per Client Pre-Market Opening Period (Hong Kong time) Trading Hours (Hong Kong time) 8:45 a.m. 9:15 a.m. and 12:30 p.m. 1:00 p.m. 9:15 a.m. 12:00 noon (morning trading session) 1:00 p.m. 4:15 p.m. (afternoon trading session) 5:00 p.m. 11:45 p.m. (after-hours trading session) SIF S - 1

2 There is no afternoon or after-hours trading session on the eves of Christmas, New Year and Lunar New Year. There is no after-hours trading session if it is a bank holiday in both the United Kingdom and the United States. Trading Hours on Last Trading Day (Hong Kong time) Trading Method Final Settlement Day Settlement Method Last Trading Day Final Settlement Price Trading Fee Levies Commission Rate 9:15 a.m. 12:00 noon (morning trading session) and 1:00 p.m. 4:00 p.m. (afternoon trading session) There shall be no afternoon or after-hours trading session if the Last Trading Day falls on Christmas Eve, New Year s Eve or Lunar New Year s Eve The Exchange s Automated Trading System (HKATS) The first Business Day after the Last Trading Day Cash settled contract of difference The Business Day immediately preceding the last Business Day of the Contract Month 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 compiled, computed and disseminated by Hang Seng Indexes Company Limited* taken at (i) five (5) minute intervals from five (5) minutes after the start of, and 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. 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 Exchange Fee HK$10.00 The amount indicated above is subject to change from time to time. Commission Levy and Investor Compensation Levy are payable at the rate or of the amount prescribed from time to time pursuant to the Ordinance. Negotiable * Same as the Hang Seng Index Option Contract ** 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 Market Maker accounts) or may be closed out (in the case of Client account) in accordance with the Clearing House Rules. SIF S - 2

3 Contract Specifications For Mini-Hang Seng Index (HSI) Futures The following Contract Specifications shall apply to the Mini-Hang Seng Index Futures Contract**: Underlying Index/Index Contract Multiplier Contract Months Minimum Fluctuation Maximum Fluctuation Contracted Price Contracted Value Position Limits Large Open Positions Hang Seng Index (the share price index of that name compiled, computed and disseminated by Hang Seng Indexes Company Limited)* HK$10 per Index point* Spot Month, the next calendar month, and the next two calendar quarter months (i.e. quarterly months are March, June, September and December) One Index point As prescribed by the Exchange from time to time The price in whole Index points at which a Mini-Hang Seng Index Futures Contract is registered by the Clearing House Contracted Price multiplied by the Contract Multiplier Position delta for Mini-Hang Seng Index Futures, Hang Seng Index Futures, Hang Seng Index Options 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. 2,500 open contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant s own behalf; and 2,500 open contracts, in any one Contract Month, per Client Pre-Market Opening Period (Hong Kong time) Trading Hours (Hong Kong time) 8:45 a.m. 9:15 a.m. and 12:30 p.m. 1:00 p.m. 9:15 a.m. - 12:00 noon (morning trading session) 1:00 p.m. 4:15 p.m. (afternoon trading session) 5:00 p.m. 11:45 p.m. (after-hours trading session) SIF S - 3

4 There is no afternoon or after-hours trading session on the eves of Christmas, New Year and Lunar New Year. There is no after-hours trading session if it is a bank holiday in both the United Kingdom and the United States. Trading Hours on Last Trading Day (Hong Kong time) Trading Method Final Settlement Day Settlement Method Last Trading Day Final Settlement Price Trading Fee Levies Commission Rate 9:15 a.m. 12:00 noon (morning trading session) and 1:00 p.m. 4:00 p.m. (afternoon trading session) There shall be no afternoon or after-hours trading session if the Last Trading Day falls on Christmas Eve, New Year s Eve or Lunar New Year s Eve The Exchange s Automated Trading System (HKATS) The first Business Day after the Last Trading Day Cash settled contract for difference The Business Day immediately preceding the last Business Day of the Contract Month The Final Settlement Price for Mini-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 compiled, computed and disseminated by Hang Seng Indexes Company Limited* taken at (i) five (5) minute intervals from five (5) minutes after the start of, and 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. 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 Exchange Fee HK$3.50 The amount indicated above is subject to change from time to time. Commission Levy and Investor Compensation Levy are payable at the rate or of the amount prescribed from time to time pursuant to the Ordinance. Negotiable * Same as the Mini-Hang Seng Index Option Contract. ** The Mini-Hang Seng Index Futures Contract and the Hang Seng Index Futures Contract are fungible. Positions in these two Exchange Contracts will be netted automatically (in the case of House and Market Maker accounts) or may be closed out (in the case of Client account) in accordance with the Clearing House Rules. SIF S - 4

5 Contract Specifications For Hang Seng China Enterprises Index (HSCEI) Futures The following Contract Specifications shall apply to the Hang Seng China Enterprises Index Futures Contract:- Underlying Index/Index Contract Multiplier Contract Months Minimum Fluctuation Maximum Fluctuation Contracted Price Contracted Value Position Limits Hang Seng China Enterprises Index (the share price index of that name compiled, computed and disseminated by Hang Seng Indexes Company Limited)* HK$50 per Index point* Spot Month, the next calendar month, and the next two calendar quarter months (i.e. quarterly months are March, June, September, and December) One Index point As prescribed by the Exchange from time to time The price in whole Index points at which a Hang Seng China Enterprises Index Futures Contract is registered by the Clearing House Contracted Price multiplied by the Contract Multiplier Position delta for Mini-Hang Seng China Enterprises Index Futures, Hang Seng China Enterprises Index Futures and Hang Seng China Enterprises Index Options combined of 12,000 long or short in all Contract Months combined provided the position delta for Mini-Hang Seng China Enterprises Index Futures shall not at any time exceed 2,400 long or short in all Contract Months combined, per Exchange Participant for the Exchange Participant s own behalf. For this purpose, the position delta of one Mini- Hang Seng China Enterprises Index Futures Contract will have a value of 0.2; and Position delta for Mini-Hang Seng China Enterprises Index Futures, Hang Seng China Enterprises Index Futures and Hang Seng China Enterprises Index Options combined of 12,000 long or short in all Contract Months combined provided the position delta for Mini-Hang Seng China Enterprises Index Futures shall not at any time exceed 2,400 long or short in all Contract Months combined, per Client. For this purpose, the position delta of one Mini- Hang Seng China Enterprises Index Futures Contract will SIF S - 5

6 have a value of 0.2 Large Open Positions 500 open contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant s own behalf; and Pre-Market Opening Period 8:45 a.m. 9:15 a.m. and (Hong Kong time) 12:30 p.m. 1:00 p.m. 500 open contracts in any one Contract Month, per Client Trading Hours (Hong Kong time) 9:15 a.m. - 12:00 noon (morning trading session) 1:00 p.m. 4:15 p.m. (afternoon trading session) 5:00 p.m. 11:45 p.m. (after-hours trading session) There is no afternoon or after-hours trading session on the eves of Christmas, New Year and Lunar New Year. There is no after-hours trading session if it is a bank holiday in both the United Kingdom and the United States. Trading Hours on Last Trading Day 9:15 a.m. - 12:00 noon (morning trading session) and 1:00 p.m. 4:00 p.m. (afternoon trading session) There shall be no afternoon or after-hours trading session if the Last Trading Day falls on Christmas Eve, New Year s Eve or Lunar New Year s Eve Trading Method Final Settlement Day Settlement Method Last Trading Day Final Settlement Price The Exchange s Automated Trading System (HKATS) The first Business Day after the Last Trading Day Cash (Hong Kong dollar) settled contract for differences The Business Day immediately preceding the last Business Day of the Contract Month The Final Settlement Price for the Hang Seng China Enterprises 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 the values of the Hang Seng China Enterprises Index compiled, computed and disseminated by Hang Seng Indexes Company Limited* taken at (i) five (5) minute intervals from five (5) minutes after the start of, and 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. 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 Fee Exchange Fee HK$3.50 SIF S - 6

7 Levies Commission Rate The amount indicated above is subject to change from time to time. Commission Levy and Investor Compensation Levy are payable at the rate or of the amount prescribed from time to time pursuant to the Ordinance. Negotiable * Same as the Hang Seng China Enterprises Index Option Contract. SIF S - 7

8 Contract Specifications For Mini-Hang Seng China Enterprises Index (HSCEI) Futures The following Contract Specifications shall apply to the Mini-Hang Seng China Enterprises Index Futures Contract*:- Underlying Index/Index Contract Multiplier Contract Months Minimum Fluctuation Maximum Fluctuation Contracted Price Contracted Value Position Limits Hang Seng China Enterprises Index (the share price index of that name compiled, computed and disseminated by Hang Seng Indexes Company Limited) HK$10 per Index point Spot Month, the next calendar month, and the next two calendar quarter months (i.e. quarterly months are March, June, September, and December) One Index point As prescribed by the Exchange from time to time The price in whole Index points at which a Mini-Hang Seng China Enterprises Index Futures Contract is registered by the Clearing House Contracted Price multiplied by the Contract Multiplier Position delta for Mini-Hang Seng China Enterprises Index Futures, Hang Seng China Enterprises Index Futures and Hang Seng China Enterprises Index Options combined of 12,000 long or short in all Contract Months combined provided the position delta for Mini-Hang Seng China Enterprises Index Futures shall not at any time exceed 2,400 long or short in all Contract Months combined, per Exchange Participant for the Exchange Participant s own behalf. For this purpose, the position delta of one Mini- Hang Seng China Enterprises Index Futures Contract will have a value of 0.2; and Position delta for Mini-Hang Seng China Enterprises Index Futures, Hang Seng China Enterprises Index Futures and Hang Seng China Enterprises Index Options combined of 12,000 long or short in all Contract Months combined provided the position delta for Mini-Hang Seng China Enterprises Index Futures shall not at any time exceed 2,400 long or short in all Contract Months combined, per Client. For this purpose, the position delta of one Mini- SIF S - 8

9 Hang Seng China Enterprises Index Futures Contract will have a value of 0.2 Large Open Positions 2,500 open contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant s own behalf; and 2,500 open contracts, in any one Contract Month, per Client Trading Hours (Hong Kong time) 9:15 a.m. - 12:00 noon and 1:00 p.m. 4:15 p.m. (afternoon trading session) 5:00 p.m. 11:45 p.m. (after-hours trading session) There is no afternoon or after-hours trading session on the eves of Christmas, New Year and Lunar New Year. There is no after-hours trading session if it is a bank holiday in both the United Kingdom and the United States. Trading Hours on Last Trading Day (Hong Kong time) Trading Method Final Settlement Day Settlement Method Last Trading Day Final Settlement Price 9:15 a.m. - 12:00 noon (morning session) and 1:00 p.m. 4:00 p.m. (afternoon trading session) There shall be no afternoon or after-hours trading session if the Last Trading Day falls on Christmas Eve, New Year s Eve or Lunar New Year s Eve The Exchange s Automated Trading System (HKATS) The first Business Day after the Last Trading Day Cash (Hong Kong dollar) settled contract for differences The Business Day immediately preceding the last Business Day of the Contract Month The Final Settlement Price for the Mini-Hang Seng China Enterprises 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 the values of the Hang Seng China Enterprises Index compiled, computed and disseminated by Hang Seng Indexes Company Limited taken at (i) five (5) minute intervals from five (5) minutes after the start of, and 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. 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 Fee Exchange Fee HK$2.00 SIF S - 9

10 Levies Commission Rate The amount indicated above is subject to change from time to time. Commission Levy and Investor Compensation Levy are payable at the rate or of the amount prescribed from time to time pursuant to the Ordinance. Negotiable * The Mini-Hang Seng China Enterprises Index Futures Contract and the Hang Seng China Enterprises Index Futures Contract are fungible. Positions in these two Exchange Contracts will be netted automatically (in the case of House and Market Maker accounts) or may be closed out (in the case of Client account) in accordance with the Clearing House Rules. SIF S - 10

11 Contract Specifications For FTSE/Xinhua China 25 Index Futures The following Contract Specifications shall apply to the FTSE/Xinhua China 25 Index Futures Contract: Underlying Index Contract Multiplier Contract Months Minimum Fluctuation Maximum Fluctuation Contracted Price Contracted Value Position Limits Large Open Positions FTSE/Xinhua China 25 Index (the share price index of that name compiled, computed and disseminated by FTSE/Xinhua Index Limited)* HK$50 per whole Index point* Spot Month, the next calendar month, and the next two calendar quarter months (i.e. quarterly months are March, June, September, and December) One Index point Nil The price in whole Index points at which a FTSE/Xinhua China 25 Index Futures Contract is registered by the Clearing House Contracted Price multiplied by the Contract Multiplier Position delta for FTSE/Xinhua China 25 Index Futures and FTSE/Xinhua China 25 Index Options combined of 6,000 long or short in all Contract Months combined 500 open contracts for FTSE/Xinhua China 25 Index Futures in any one Contract Month, for the account of an Exchange Participant; and 500 open contracts for FTSE/Xinhua China 25 Index Futures in any one Contract Month, for the account of each Client carried by the Exchange Participant Trading Hours 9:15 a.m. - 12:00 noon and 1:30 p.m. - 4:15 p.m. (Hong Kong time) (prior to 5 March 2012) 1:00 p.m. 4:15 p.m. (Hong Kong time) (on or after 5 March 2012) There is no afternoon trading session on the eves of Christmas, New Year and Lunar New Year. SIF S - 11

12 Trading Hours on 9:15 a.m. - 12:00 noon and Last Trading Day 1:30 p.m. - 4:00 p.m. (Hong Kong time) (prior to 5 March 2012) 1:00 p.m. 4:00 p.m. (Hong Kong time) (on or after 5 March 2012) There shall be no afternoon trading session if the Last Trading Day falls on Christmas Eve, New Year s Eve or Lunar New Year s Eve Trading Method Final Settlement Day Settlement Method Last Trading Day The Exchange s Automated Trading System (HKATS) The first Business Day after the Last Trading Day Cash (Hong Kong dollar) settled contract for differences The Business Day immediately preceding the last Business Day of the Contract Month Final Settlement Price The Final Settlement Price for the FTSE/Xinhua China 25 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 the values of the FTSE/Xinhua China 25 Index taken at (i) five (5) minute intervals from five (5) minutes after the start of, and 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. 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 Fee Levies Commission Rate Exchange Fee HK$5.00 The amount indicated above is subject to change from time to time. Commission Levy and Investor Compensation Levy are payable at the rate or of the amount prescribed from time to time pursuant to the Ordinance. Negotiable * Same as the FTSE/Xinhua China 25 Index Option Contract. Note: The FTSE/Xinhua China 25 Index Futures Contract is not in any way sponsored, endorsed, sold or promoted by FTSE/Xinhua Index Limited ( FXI ) or its licensors and none of them makes any warranty or representation whatsoever, express or implied as to the results to be obtained from the use of the FTSE/Xinhua China 25 Index Futures. All rights in and to the FTSE/Xinhua China 25 Index vest in FXI and/or its licensors as the case may be. SIF S - 12

13 Contract Specifications For Hang Seng China H-Financials Index Futures The following Contract Specifications shall apply to the Hang Seng China H-Financials Index Futures Contract: Underlying Index/Index Contract Multiplier Contract Months Minimum Fluctuation Maximum Fluctuation Contracted Price Contracted Value Position Limits Large Open Positions Hang Seng China H-Financials Index (the share price index of that name compiled, computed and disseminated by Hang Seng Indexes Company Limited) HK$50 per Index point Spot Month, the next calendar month, and the next two calendar quarter months (i.e. quarterly months are March, June, September, and December) One Index point Nil The price in whole Index points at which a Hang Seng China H-Financials Index Futures Contract is registered by the Clearing House Contracted Price multiplied by the Contract Multiplier Position delta for Hang Seng China H-Financials Index Futures of 10,000 long or short in all Contract Months combined 500 open contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant s own behalf; and 500 open contracts, in any one Contract Month, per Client Trading Hours 9:15 a.m. - 12:00 noon and 1:30 p.m. - 4:15 p.m. (Hong Kong time) (prior to 5 March 2012) 1:00 p.m. 4:15 p.m. (Hong Kong time) (on or after 5 March 2012) There is no afternoon trading session on the eves of Christmas, New Year and Lunar New Year. SIF S - 13

14 Trading Hours on 9:15 a.m. - 12:00 noon and Last Trading Day 1:30 p.m. - 4:00 p.m. (Hong Kong time) (prior to 5 March 2012) 1:00 p.m. 4:00 p.m. (Hong Kong time) (on or after 5 March 2012) There shall be no afternoon trading session if the Last Trading Day falls on Christmas Eve, New Year s Eve or Lunar New Year s Eve Trading Method Final Settlement Day Settlement Method Last Trading Day The Exchange s Automated Trading System (HKATS) The first Business Day after the Last Trading Day Cash settled contract for differences The Business Day immediately preceding the last Business Day of the Contract Month Final Settlement Price The Final Settlement Price for Hang Seng China H- Financials 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 China H-Financials Index compiled, computed and disseminated by Hang Seng Indexes Company Limited* taken at (i) five (5) minute intervals from five (5) minutes after the start of, and 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. 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 Fee Exchange Fee HK$5.00 The amount indicated above is subject to change from time to time. Levies Commission Levy and Investor Compensation Levy are payable at the rate or of the amount prescribed from time to time pursuant to the Ordinance. Commission Levy and Investor Compensation Levy are payable at the rate or of the amount prescribed from time to time pursuant to the Ordinance. The amounts indicated above are for reference only and are subject to change as prescribed pursuant to the Ordinance. No Investor Compensation Levy shall be payable for as long as an SIF S - 14

15 exemption notice published under section 25 of the Securities and Futures (Investor Compensation Levy) Rules is in force. Exchange Participants will be notified accordingly of the exemption notice (and its termination). Commission Rate Negotiable SIF S - 15

16 Contract Specifications For HSI Dividend Point Index Futures The following Contract Specifications shall apply to the HSI Dividend Point Index Futures Contract: Underlying Index/Index Contract Multiplier Contract Months Minimum Fluctuation Maximum Fluctuation Contracted Price Contracted Value Position Limits Large Open Positions HSI Dividend Point Index (the dividend index of that name compiled, computed and disseminated by Hang Seng Indexes Company Limited) HK$50 per Index point The three nearest December months. The Chief Executive may, in consultation with the Commission, introduce additional Contract Months for trading from time to time as he considers appropriate 0.01 Index point Nil The price in Index points, quoted to two decimal places, at which an HSI Dividend Point Index Futures Contract is registered by the Clearing House Contracted Price multiplied by the Contract Multiplier Nil 1,000 open contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant s own behalf; and 1,000 open contracts, in any one Contract Month, per Client Pre-Market Opening Period Trading Hours Nil 9:15 a.m. 12:00 noon and 1:30 p.m. 4:15 p.m. (Hong Kong time) (prior to 5 March 2012) 1:00 p.m. 4:15 p.m. (Hong Kong time) (on or after 5 March 2012) There is no afternoon trading session on the eves of Christmas, New Year and Lunar New Year. SIF S - 16

17 Trading Hours on Last Trading Day 9:15 a.m. 12:00 noon and 1:30 p.m. 4:15 p.m. (Hong Kong time) (prior to 5 March 2012) 1:00 p.m. 4:15 p.m. (Hong Kong time) (on or after 5 March 2012) There shall be no afternoon trading session if the Last Trading Day falls on Christmas Eve or Lunar New Year s Eve. Trading Method Final Settlement Day Settlement Method Last Trading Day Final Settlement Price Trading Fee Levies Commission Rate The Exchange s Automated Trading System (HKATS) The second Business Day after the Last Trading Day Cash settled contract for difference Two Business Days immediately preceding the last Business Day of the Contract Month The Final Settlement Price for HSI Dividend Point Index Futures Contracts shall be a number, rounded up to the nearest 2 decimal places if the figure in the third decimal place is 5 or above and rounded down to the nearest 2 decimal places if it is below 5, determined by the Clearing House and shall be the final value of the HSI Dividend Point Index compiled, computed and disseminated by Hang Seng Indexes Company Limited taken on the Business Day following the Last Trading Day. 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 Exchange Fee HK$3.00 The amount indicated above is subject to change from time to time. Commission Levy and Investor Compensation Levy are payable at the rate or of the amount prescribed from time to time pursuant to the Ordinance. Negotiable SIF S - 17

18 Contract Specifications For HSCEI Dividend Point Index Futures The following Contract Specifications shall apply to the HSCEI Dividend Futures Contract: Underlying Index/Index Contract Multiplier Contract Months Minimum Fluctuation Maximum Fluctuation Contracted Price Contracted Value Position Limits Large Open Positions HSCEI Dividend Point Index (the dividend index of that name compiled, computed and disseminated by Hang Seng Indexes Company Limited) HK$50 per Index point The three nearest December months. The Chief Executive may, in consultation with the Commission, introduce additional Contract Months for trading from time to time as he considers appropriate 0.01 Index point Nil The price in Index points, quoted to two decimal places, at which an HSCEI Dividend Point Index Futures Contract is registered by the Clearing House Contracted Price multiplied by the Contract Multiplier Nil 1,000 open contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant s own behalf; and 1,000 open contracts, in any one Contract Month, per Client Pre-Market Opening Period (Hong Kong time) Trading Hours Nil 9:15 a.m. - 12:00 noon and 1:30 p.m. - 4:15 p.m. (Hong Kong time) (prior to 5 March 2012) 1:00 p.m. 4:15 p.m. (Hong Kong time) (on or after 5 March 2012) There is no afternoon trading session on the eves of Christmas, New Year and Lunar New Year. SIF S - 18

19 Trading Hours on Last Trading Day 9:15 a.m. - 12:00 noon and 1:30 p.m. - 4:15 p.m. (Hong Kong time) (prior to 5 March 2012) 1:00 p.m. 4:15 p.m. (Hong Kong time) (on or after 5 March 2012) There shall be no afternoon trading session if the Last Trading Day falls on Christmas Eve or Lunar New Year s Eve. Trading Method Final Settlement Day Settlement Method Last Trading Day Final Settlement Price Trading Fee Levies Commission Rate The Exchange s Automated Trading System (HKATS) The second Business Day after the Last Trading Day Cash (Hong Kong dollar) settled contract for difference Two Business Days immediately preceding the last Business Day of the Contract Month The Final Settlement Price for the HSCEI Dividend Futures Contracts shall be a number, rounded up to the nearest 2 decimal places if the figure in the third decimal place is 5 or above and rounded down to the nearest 2 decimal places if it is below 5, determined by the Clearing House and shall be the final value of the HSCEI Dividend Point Index compiled, computed and disseminated by Hang Seng Indexes Company Limited taken on the Business Day following the Last Trading Day. The Chief Executive of the Exchange has the power under the Regulations for trading Dividend Futures Contracts to determine the Final Settlement Price under certain circumstances Exchange Fee HK$1.50 The amount indicated above is subject to change from time to time. Commission Levy and Investor Compensation Levy are payable at the rate or of the amount prescribed from time to time pursuant to the Ordinance. Negotiable SIF S - 19

20 Contract Specifications For HSI Volatility Index (VHSI) Futures The following Contract Specifications shall apply to the HSI Volatility Index Futures Contract: Underlying Index/Index Contract Multiplier Contract Months Minimum Fluctuation Maximum Fluctuation Contracted Price Contracted Value Position Limits HSI Volatility Index (the volatility index of that name compiled, computed and disseminated by Hang Seng Indexes Company Limited) HK$5,000 per Index point Spot Month, the next two calendar months 0.05 Index point Nil The price in 0.05 Index point at which an HSI Volatility Index Futures Contract is registered by the Clearing House Contracted Price multiplied by the Contract Multiplier 10,000 open contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant s own behalf; and 10,000 open contracts, in any one Contract Month, per Client Large Open Positions 1,000 open contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant s own behalf; and 1,000 open contracts, in any one Contract Month, per Client Pre-Market Opening Period Trading Hours Trading Hours on Last Trading Day Nil 9:30 a.m. 12:00 p.m. and 1:30 p.m. 4:15 p.m. (Hong Kong time) (prior to 5 March 2012) 1:00 p.m. 4:15 p.m. (Hong Kong time) (on or after 5 March 2012) There is no afternoon trading session on the eves of Christmas, New Year and Lunar New Year. 9:30 a.m. 12:00 p.m. and 1:30 p.m. 4:00 p.m. (Hong Kong time) (prior to 5 March 2012) SIF S - 20

21 1:00 p.m. 4:00 p.m. (Hong Kong time) (on or after 5 March 2012) There shall be no afternoon trading session if the Last Trading Day falls on Christmas Eve, New Year s Eve or Lunar New Year s Eve Trading Method Final Settlement Day Settlement Method Last Trading Day Final Settlement Price Trading Fee Levies Commission Rate The Exchange s Automated Trading System (HKATS) The first Business Day after the Last Trading Day of the Contract Month Cash (Hong Kong dollar) settled contract for difference 30 calendar days prior to the second last Business Day of the calendar month immediately following the Contract Month. If it is not a Business Day, the Last Trading Day shall be the immediately preceding Business Day. The Final Settlement Price for HSI Volatility Index Futures Contracts shall be a number, rounded down to the nearest two (2) decimal places, determined by the Clearing House and shall be the average of quotations of the HSI Volatility Index compiled, computed and disseminated by Hang Seng Indexes Company Limited taken at (i) one (1) minute intervals between 3:30 p.m. and up to 4:00 p.m. on the Last Trading Day; or (ii) one (1) minute intervals between 11:15a.m. and up to 11:45 a.m. on the Last Trading Day which falls on Christmas Eve, New Year s Eve or Lunar New Year s Eve. 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 Exchange Fee HK$10.00 The amount indicated above is subject to change from time to time. Commission Levy and Investor Compensation Levy are payable at the rate or of the amount prescribed from time to time pursuant to the Ordinance. Negotiable Note: HSI Volatility Index (the Index ) is published by Hang Seng Indexes Company Limited ( HSIL ), which has contracted with Standard & Poor s Financial Services LLC ( S&P ) to maintain and calculate the Index. "Standard & Poor's" and S&P are trademarks of S&P and have been licensed for use by HSIL. VIX is a trademark of Chicago Board Options Exchange, Incorporated ( CBOE ) and S&P has granted a license to HSIL, with permission from CBOE, to use such mark for purposes relating to the Index. The Index is not owned, sponsored, endorsed or promoted by S&P or CBOE and neither S&P nor CBOE makes any representation regarding the advisability of investing in products that are based on such Index or otherwise relying on such Index for any purposes and neither S&P, CBOE nor HSIL shall have any liability for any errors or omissions in the Index or any values thereof. SIF S - 21

22 Contract Specifications For IBOVESPA Futures The following Contract Specifications shall apply to the IBOVESPA Futures Contract: Underlying Index/Index Contract Multiplier Contract Months Minimum Fluctuation Maximum Fluctuation Contracted Price Contracted Value Position Limits Large Open Positions IBOVESPA (the share price index of that name compiled, computed and disseminated by BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros) HK$5 per Index point Two nearest even-numbered calendar months. The Chief Executive may, in consultation with the Commission, introduce additional Contract Months for trading from time to time as he considers appropriate 5 Index point 10% of daily settlement price of the nearest contract month determined by BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros on the previous Business Day. The price in whole Index points at which an IBOVESPA Futures Contract is registered by the Clearing House Contracted Price multiplied by the Contract Multiplier 25,000 open contracts 2,500 open contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant s own behalf; and 2,500 open contracts, in any one Contract Month, per Client Pre-Market Opening Period Trading Hours Nil 9:15 a.m. 4:15 p.m. (Hong Kong time) There is no trading after 12:00 p.m. on the eves of Christmas, New Year and Lunar New Year. The trading hours on those three days shall be 9:15 a.m. 12:00 p.m. (Hong Kong time) Trading Hours on Last Trading Day 9:15 a.m. 4:15 p.m. (Hong Kong time) There shall be no trading after 12:00 p.m. if the Last Trading Day falls on Christmas Eve, New Year s Eve or Lunar New SIF S - 22

23 Year s Eve Trading Method Final Settlement Day Settlement Method Last Trading Day Final Settlement Price Trading Fee The Exchange s Automated Trading System (HKATS) The second Business Day after the Last Trading Day Cash settled contract of difference The Last Trading Day determined by BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros (i.e. Usually the Wednesday closest to the 15 th calendar day of the Contract Month) If it is not a Hong Kong Business Day, the Last Trading Day shall be the immediately preceding Hong Kong Business Day. The Final Settlement Price for IBOVESPA Futures Contracts shall be a whole number, determined by the Clearing House and shall be the Final Settlement Price of the IBOVESPA futures at BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros. Exchange Fee HK$10.00 The amount indicated above is subject to change from time to time. Levies Commission Levy Investor Compensation Levy HK$0.60 Nil Commission Levy and Investor Compensation Levy are payable at the rate or of the amount prescribed from time to time pursuant to the Ordinance. The amounts indicated above are for reference only and are subject to change as prescribed pursuant to the Ordinance. No Investor Compensation Levy shall be payable for as long as an exemption notice published under section 25 of the Securities and Futures (Investor Compensation Levy) Rules is in force. Exchange Participants will be notified accordingly of the exemption notice (and its termination). Commission Rate Negotiable SIF S - 23

24 Contract Specifications For MICEX Index Futures The following Contract Specifications shall apply to the MICEX Index Futures Contract: Underlying Index/Index Contract Multiplier Contract Months Minimum Fluctuation Maximum Fluctuation Contracted Price Contracted Value Position Limits Large Open Positions MICEX Index (the share price index of that name compiled, computed and disseminated by Open Joint Stock Company Moscow Exchange MICEX-RTS ) HK$100 per Index point Two nearest quarter calendar months. The Chief Executive may, in consultation with the Commission, introduce additional Contract Months for trading from time to time as he considers appropriate 0.05 Index point nil The price in Index points, quoted to two decimal places, at which a MICEX Index Futures Contract is registered by the Clearing House Contracted Price multiplied by the Contract Multiplier 25,000 open contracts 2,500 open contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant s own behalf; and 2,500 open contracts, in any one Contract Month, per Client Pre-Market Opening Period Trading Hours Nil 9:15 a.m. 4:15 p.m. (Hong Kong time) There is no trading after 12:00 p.m. on the eves of Christmas, New Year and Lunar New Year. The trading hours on those three days shall be 9:15 a.m. 12:00 p.m. (Hong Kong time) Trading Hours on Last Trading Day 9:15 a.m. 4:15 p.m. (Hong Kong time) There shall be no trading after 12:00 p.m. if the Last Trading Day falls on Christmas Eve, New Year s Eve or Lunar New Year s Eve SIF S - 24

25 Trading Method Final Settlement Day Settlement Method Last Trading Day The Exchange s Automated Trading System (HKATS) The second Business Day after the Last Trading Day Cash settled contract of difference The Last Trading Day determined by Open Joint Stock Company Moscow Exchange MICEX-RTS (i.e. Usually The 15th calendar day of the Contract Month) If it is not a Hong Kong Business Day, the Last Trading Day shall be the immediately preceding Hong Kong Business Day. Final Settlement Price Trading Fee The Final Settlement Price for MICEX Index Futures Contracts shall be a number with 2 decimal places, determined by the Clearing House and shall be the final settlement price of the MICEX Index futures at Open Joint Stock Company Moscow Exchange MICEX-RTS. Exchange Fee HK$5.00 The amount indicated above is subject to change from time to time. Levies Commission Levy Investor Compensation Levy HK$0.60 Nil Commission Levy and Investor Compensation Levy are payable at the rate or of the amount prescribed from time to time pursuant to the Ordinance. The amounts indicated above are for reference only and are subject to change as prescribed pursuant to the Ordinance. No Investor Compensation Levy shall be payable for as long as an exemption notice published under section 25 of the Securities and Futures (Investor Compensation Levy) Rules is in force. Exchange Participants will be notified accordingly of the exemption notice (and its termination). Commission Rate Negotiable SIF S - 25

26 Contract Specifications For S&P BSE SENSEX Index Futures The following Contract Specifications shall apply to the S&P BSE SENSEX Index Futures Contract: Underlying Index/Index Contract Multiplier Contract Months Minimum Fluctuation Maximum Fluctuation Contracted Price Contracted Value Position Limits Large Open Positions S&P BSE SENSEX Index (the share price index of that name compiled, computed and disseminated by BSE Limited) HK$10 per Index point Spot Month and the next calendar month. The Chief Executive may, in consultation with the Commission, introduce additional Contract Months for trading from time to time as he considers appropriate 1 Index point nil The price in whole Index points at which an S&P BSE SENSEX Index Futures Contract is registered by the Clearing House Contracted Price multiplied by the Contract Multiplier 25,000 open contracts 2,500 open contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant s own behalf; and 2,500 open contracts, in any one Contract Month, per Client Pre-Market Opening Period Trading Hours Nil 9:15 a.m. 4:15 p.m. (Hong Kong time) There is no trading after 12:00 p.m. on the eves of Christmas, New Year and Lunar New Year. The trading hours on those three days shall be 9:15 a.m. 12:00 p.m. (Hong Kong time) Trading Hours on Last Trading Day 9:15 a.m. 4:15 p.m. (Hong Kong time) There shall be no trading after 12:00 p.m. if the Last Trading Day falls on Christmas Eve, New Year s Eve or Lunar New Year s Eve SIF S - 26

27 Trading Method Final Settlement Day Settlement Method Last Trading Day The Exchange s Automated Trading System (HKATS) The second Business Day after the Last Trading Day Cash settled contract of difference The Last Trading Day determined by BSE Limited (i.e. Usually the last Thursday of the Contract Month) If it is not a Hong Kong Business Day, the Last Trading Day shall be the immediately preceding Hong Kong Business Day. Final Settlement Price Trading Fee The Final Settlement Price for S&P BSE SENSEX Index Futures Contracts shall be a number with two decimal places, determined by the Clearing House and shall be the final settlement price of the S&P BSE SENSEX Index futures at BSE Limited. Exchange Fee HK$5.00 The amount indicated above is subject to change from time to time. Levies Commission Levy Investor Compensation Levy HK$0.60 Nil Commission Levy and Investor Compensation Levy are payable at the rate or of the amount prescribed from time to time pursuant to the Ordinance. The amounts indicated above are for reference only and are subject to change as prescribed pursuant to the Ordinance. No Investor Compensation Levy shall be payable for as long as an exemption notice published under section 25 of the Securities and Futures (Investor Compensation Levy) Rules is in force. Exchange Participants will be notified accordingly of the exemption notice (and its termination). Commission Rate Negotiable SIF S - 27

28 Contract Specifications For FTSE/JSE Top40 Futures The following Contract Specifications shall apply to the FTSE/JSE Top40 Futures Contract: Underlying Index/Index Contract Multiplier Contract Months Minimum Fluctuation Maximum Fluctuation Contracted Price Contracted Value Position Limits Large Open Positions FTSE/JSE Top40 Index (the share price index of that name compiled and computed by FTSE Limited and disseminated by FTSE Limited and JSE Limited) Note HK$10 per Index point Two nearest quarter calendar months. The Chief Executive may, in consultation with the Commission, introduce additional Contract Months for trading from time to time as he considers appropriate 1 Index point nil The price in whole Index points at which a FTSE/JSE Top40 Futures Contract is registered by the Clearing House Contracted Price multiplied by the Contract Multiplier 25,000 open contracts 2,500 open contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant s own behalf; and 2,500 open contracts, in any one Contract Month, per Client Pre-Market Opening Period Trading Hours Nil 9:15 a.m. 4:15 p.m. (Hong Kong time) There is no trading after 12:00 p.m. on the eves of Christmas, New Year and Lunar New Year. The trading hours on those three days shall be 9:15 a.m. 12:00 p.m. (Hong Kong time) Trading Hours on Last Trading Day 9:15 a.m. 4:15p.m. There shall be no trading after 12:00 p.m. if the Last Trading Day falls on Christmas Eve, New Year s Eve or Lunar New Year s Eve SIF S - 28

29 Trading Method Final Settlement Day Settlement Method Last Trading Day Final Settlement Price Trading Fee The Exchange s Automated Trading System (HKATS) The second Business Day after the Last Trading Day Cash settled contract of difference The Last Trading Day determined by JSE Limited (i.e. Usually the third Thursday of the Contract Month) If it is not a Hong Kong Business Day, the Last Trading Day shall be the immediately preceding Hong Kong Business Day. The Final Settlement Price for FTSE/JSE Top40 Futures Contracts shall be a whole number, determined by the Clearing House and shall be the final settlement price of the FTSE/JSE Top40 futures at JSE Limited. Exchange Fee HK$5.00 The amount indicated above is subject to change from time to time. Levies Commission Levy Investor Compensation Levy HK$0.60 Nil Commission Levy and Investor Compensation Levy are payable at the rate or of the amount prescribed from time to time pursuant to the Ordinance. The amounts indicated above are for reference only and are subject to change as prescribed pursuant to the Ordinance. No Investor Compensation Levy shall be payable for as long as an exemption notice published under section 25 of the Securities and Futures (Investor Compensation Levy) Rules is in force. Exchange Participants will be notified accordingly of the exemption notice (and its termination). Commission Rate Negotiable Note: All intellectual property rights in the index values and constituent list vest in FTSE and the JSE. "FTSE " is a trade mark of the London Stock Exchange Group companies, "JSE" is a trade mark of the JSE Limited. SIF S - 29

30 Contract Specifications For CES China 120 Index Futures The following Contract Specifications shall apply to the CES China 120 Index Futures Contract: Underlying Index/Index Contract Multiplier Contract Months Minimum Fluctuation Maximum Fluctuation Contracted Price Contracted Value Position Limits CES China 120 Index (the share price index of that name compiled, computed and disseminated by China Exchanges Services Company Limited)* HK$50 per Index point* Spot Month, the next calendar month, and the next two calendar quarter months (i.e. quarterly months are March, June, September and December) 0.5 Index point Nil The price at which a CES China 120 Index Futures Contract is registered by the Clearing House Contracted Price multiplied by the Contract Multiplier Position delta for CES China 120 Index Futures and CES China 120 Index Options combined of 30,000 long or short in all Contract Months combined, per Exchange Participant for the Exchange Participant s own behalf; and Position delta for CES China 120 Index Futures and CES China 120 Index Options combined of 30,000 long or short in all Contract Months combined, per Client Large Open Positions 1,500 open contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant s own behalf; and 1,500 open contracts, in any one Contract Month, per Client SIF S - 30

31 Trading Hours 9:15 a.m. 12:00 noon and 1:00 p.m. 4:15 p.m. (Hong Kong time) There is no afternoon trading session on the eves of Christmas, New Year and Lunar New Year. Trading Hours on Last Trading Day 9:15 a.m. 12:00 noon and 1:00 p.m. 3:00 p.m. (Hong Kong time) There shall be no afternoon trading session if the Last Trading Day falls on Christmas Eve, New Year s Eve or Lunar New Year s Eve. Trading Method Final Settlement Day Settlement Method Last Trading Day The Exchange s Automated Trading System (HKATS) The first Business Day after the Last Trading Day Cash (Hong Kong dollar) settled contract for difference The Business Day immediately preceding the last Business Day of the Contract Month If it falls on a Mainland China public holiday, the Last Trading Day will be the preceding Business Day which is also a business day in Mainland China. Final Settlement Price The Final Settlement Price for CES China 120 Index Futures Contracts shall be a number, rounded up to the nearest 1 decimal place if the figure in the second decimal place is 5 or above and rounded down to the nearest 1 decimal place if it is below 5, determined by the Clearing House and shall be the average of the values of the CES China 120 Index compiled, computed and disseminated by China Exchanges Services Company Limited taken at five (5) minute intervals between 1:00 p.m. up to 3:00 p.m. on the Last Trading Day.* 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 Fee Exchange Fee HK$10.00 The amount indicated above is subject to change from time to time. SIF S - 31