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Contract Specifications for Hang Seng Index Futures (HSI)

EXCHANGE Hong Kong Exchange and Clearing Limited (HKEx)
PRODUCT SYMBOL HSI
UNDERLYING STOCK INDEX Hang Seng Index
TRADING HOURS Hong Kong Time
Pre-Market Opening Period:
8.45 am – 9:15 am & 1:00 pm – 1:30 pm
8.45 am – 9:15 am & 12:30 pm – 1:00 pm (Effective 5 March 2012)
Trading Hours:
9.15 am – 12.00 pm & 1.30 pm – 4.15 pm
9.15 am – 12.00 pm & 1.00 pm – 4.15 pm (Effective 5 March 2012)
(Expiring contract month closes at 4.00 pm on the Last Trading Day)
There is no afternoon trading session on the eves of Christmas, New Year and Lunar New Year.
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
CONTRACT SIZE The price in whole Index points at which a Hang Seng Index Futures Contract is registered by the Clearing House.
CONTRACT MONTHS Spot, next calendar month & next two calendar quarter months
TICK SIZE (Minimum Fluctuation) HK$50 per one index point
LAST TRADE DATE The Business Day immediately preceding the last Business Day of the Contract Month
SETTLEMENT TYPE Financial Settlement
POSITION LIMIT 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 POSITION 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.

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