Hong Kong Futures and Options
A wide range of products help on managing risk and increasing returns
Investors can trade futures on HSI, H-share index, RMB currency futures etc to effectively hedge their risk.
Specification and Margin Requirement
Types and Details of Futures Contracts
| Contract | Contract Size | Min Fluctuation | Trading Hours (HK +GMT0800) |
|---|---|---|---|
| Hang Seng Index Futures | HK$50 per index pt | 1 index pt | 09:15-12:00; 13:00-16:30*; 17:15-03:00 |
| Mini-Hang Seng Index Futures | HK$10 per index pt | 1 index pt | 09:15-12:00; 13:00-16:30*; 17:15-03:00 |
| H-shares Index Futures | HK$50 per index pt | 1 index pt | 09:15-12:00; 13:00-16:30*; 17:15-03:00 |
| Mini-H-shares Index Futures | HK$10 per index pt | 1 index pt | 09:15-12:00; 13:00-16:30*; 17:15-03:00 |
| Hang Seng TECH Index Futures | HK$50 per index pt | 1 index pt | 09:15-12:00; 13:00-16:30*; 17:15-03:00 |
| CES China 120 Index Futures | HK$50 per index pt | 0.5 index pt | 09:15-12:00; 13:00-16:30#; 17:15-03:00 |
| USD/CNH Futures | US$100,000 | RMB0.0001 (4 decimal places) |
08:30-18:30^; 19:15-03:00 |
| Mini USD/CNH Futures | US$20,000 | RMB0.0001 (4 decimal places) |
08:30-18:30^; 19:15-03:00 |
| MSCI China A-50 Connect Index | US$25 | 0.2 index pt | 09:00-16:30; 17:15-03:00# |
| Hong Kong Stock Futures |
Board lot size of the underlying shares## | HK$0.01 | 09:30-12:00; 13:00-16:00 |
*Last trading time on Last Trading Day for Spot Month Contract: 16:00.
^Additional Terms and Conditions - click to open.
#Last trading time on Last Trading Day for Spot Month Contract: 15:00.
##Relevant information regarding contract multiplier of individual stock futures can be found in the list of stock futures: https://www.hkex.com.hk/Products/Listed-Derivatives/Single-Stock/Stock-Futures?sc_lang=en
Margin Requirement
Please refer to HKEx website for more details.
EFL will adjust margin requirements from time to time based on market conditions. Currently the margin requirement for HKEx USD/CNH Futures is 10% higher than that of Hong Kong Futures Exchange.
Deposit Requirement
- Sufficient Margin should be deposited into the bank account of "Emperor Futures Limited" ("EFL") before trading.
- If the Client deposits cheque into the bank account of "Emperor Futures Limited", he/she can place order only if his/her cheque has been cleared.
- Failure of the client, for whatever reason, to deposit full amount of addition margins before the prescribed time would result in strict settlement of the client's position(s) in whole or in part by EFL at any market price(s) at EFL absolute discretion without prior notice to client.
- Even the margin level fell below or equal to 50% of the necessary margin, would result in strict settlement of the client's position(s) in whole or in part by EFL at any market price(s) at EFL absolute discretion without prior notice to client and before issuing margin call. Client has the entire responsibility to bear aforesaid risk.
Trading Hours
| Trading Session | Trading Hours | |
|---|---|---|
| T session | Pre-Market Opening PeriodNote2 | 08:45 – 09:15 |
| Morning Session | 09:15 – 12:00 | |
| Pre-Market Opening SessionNote2 | 12:30 – 13:00 | |
| Afternoon Session | 13:00 – 16:30 Note3 | |
| T+1 sessionNote1 | AHFT Session | 17:15 – 03:00 Note4 |
Note 1: There is no T+1 Session trading if it falls to a Hong Kong public holiday/ a half-day trading in the HKEx securities market/ a bank holiday in both the UK & US/ a typhoon signal 8 or above or a black rainstorm warning is in effect after 12noon on a business day.
Note 2: Pre Market Opening Period is not applicable to Mini H-shares Index Futures.
Note 3: Last trading time on Last Trading Day for Spot Month Contract: 16:00.
Note 4: Trading products are included HSI, HHI, MHI, MCH.
Trading Information
- Client may contact your Account Executive or place order via online trading platform. Once an order is placed on the trading platform, client may contact Account Executive Customer Service Department to amend or cancel that unexecuted order instruction. Any transaction concluded via Customer Service Department will be charged a commission according to company's standard rates. Any order instructions placed via Customer Service Department will be reflected on the trading platform in real time, client can amend or cancel that order in the same way before the transaction is executed. The client acknowledge that it may not be possible to amend or cancel his instructions or orders once given.
- he commission, levy, and trading fee would not be deducted from your cash balance in trading account, until the next trading day and before 9:00am.
- Please be kindly reminded to place enough margin deposit before placing order. For the margin requirement, generally our company would apply the margin requirement according to HKEx, you can check the latest margin requirement in HKEx website. And our company reserves the rights to charge a higher margin requirement before notifying clients. Margin call will be issued when the Net Asset Vaue ("NAV") of Client's account is less than 80%^ of the Initial Margin. The amount of Additional Margin shall be an amount that would sufficiently restore the NAV to full amount of Initial Margin as required by our company. Failure of the client, for whatever reason, to deposit full amount of addition margins before the prescribed time or the NAV of Client's account is less than 50%^ of the Initial Margin, would result in strict settlement of the client's position(s) in whole or in part by our company at any market price(s) at our absolute discretion without prior notice to client.
- If you have forgotten your login password to the trading platform, please send the duly completed and signed “Change of Particulars Form” to us. We will reset your password as soon as possible and send it to you by post or e-mail.
- Here are the order types:
Normal Order
Normal Order is a limit order with specified price and quantity. If the order is not immediately matched, it will stay as a queued order until the market closes for the day.
Fill-AND-Kill Order(Not applicable in AHFT session)
"Fill and Kill" order is a limit order that will be immediately matched with as many contracts available in the market as possible and the remaining unmatched quantity will be cancelled.
Auction Order
An order where a bid or offer price is not specified and is entered into the Hong Kong Automated Trading System (HKATS) during the pre-market opening period for execution at the *Calculated Opening Price (COP). When investors enter an auction order, they are prepared to buy or sell at the COP. Depending on market conditions, not all auction orders may be matched on market opening. As a result, unmatched auction orders will be converted to limit orders at *COP, or the best bid price or the best ask price after the market reopens.
Good-till-cancel (GTC)**
“Good-till-cancel” is a limit order with specified price and quantity. It will remain effective until the order is matched or the contract is expired.
Date**
“Date” is a limit order with specified price, quantity and expiry date. It will remain effective until the order is matched, the order is expired or the contract is expired (which ever earlier). - Day trade definition:
A day trade is establishment and closure of a futures or options position within the same T session or within the same T+1 Session.
^Our company has the right to change at any time as deemed necessary.
*A COP (Calculated Opening Price) is calculated during the pre-market opening period and serves as the market opening price for the corresponding product. A COP will be calculated only if the highest bid price of the Limit Orders entered into HKATS is greater than or equal to the lowest ask price of the Limit Orders. For more information, please visit HKEx website.
**This order type may not be matched successfully when the opening price deviated from the last close price or when the market fluctuates.
After Hours Trading Information
Order Placing Procedure
If Client wish to place an order for both normal trading hours (T Session) and After Hour Futures Trading Session (T +1 Session) through telephone, the Client should notify the relevant Account Executive at the time of order placing, otherwise such order will be deemed to be valid for T Session only. If Client places such order through the trading system, the Client should check the [T +1] option when Client placing the order.
Prices may fluctuate regardless of whether Client trades in T +1 Session. Client’s failure to maintain the level of margin prescribed (and as amended from time to time) by the Company at any time (including T Session and T +1 Session) may result in the Company’s forced liquidation without prior notice to the Client and the Client has to bear the associated risks and losses. Client should maintain sufficient margin and pay attention to the associated risks. Client should refer to the Company’s website for the Company’s Futures Margin Call Policy.
The daily cut-off time for client deposits will remain the same. Client deposits made during T +1 Session will be processed under the current deposit handling procedures. The Client should note that client deposits made in T +1 Session may not be processed immediately. Therefore, even if the Client has made deposit timely during T +1 Session, the deposit may not be counted in level of margin set by the Company, and the Company may still force liquidate Client’s positions and/or refuse Client’s buy or sell orders in accordance with the Company's Futures Margin Call Policy.
Order Placing Information
Client should select “T+1”option when placing orders in order to make the orders to be valid in T+1 session. (“T+1”option is only available on SP Trader Version R8.492 or later version, please visit Emperor Capital Group website or press Here to download the latest SP trader) Please refer the details:
| T+1 box | Order Type | T Session | T+1 Session | Next Day T Session |
|---|---|---|---|---|
| ╳ | Day Order | Enable | Inactivated | - |
| ╳ | GTC / GTD | Enable | Inactivated | Enable |
| ✓ | Day Order | Enable | Enable | - |
| ✓ | GTC / GTD | Enable | Enable | Enable |
Trade Registration and Clearing and Settlement
Trades will be registered as AHFT trades and cleared and settled on the following trading day.
Daily and Monthly Statements
Trades transacted in the T+1 Session will be reported as T+1 trades in daily and monthly statements.
Price Limit Up/Down Mechanism
Trading (for all contract months) will be allowed only within the price limit range during T+1 Session. Sell orders with a price below 95 per cent of the last traded price for the spot month contract in the regular trading session (9:15 am to 12 noon and 1 pm to 4:15 pm) and buy orders with a price above 105 per cent will not be allowed.
Example:
Buy Limit: 21,000
Last Traded Price*: 20,000
Sell Limit: 19,000
*Spot Month on Last Trading Day- Next Month Futures contract will be the reference.
