Contract Specifications

Notes:

*The market volatility control mechanism applies to the nearest two months of futures contracts. When a transaction reaches a price that is ±5% of the reference price from five minutes prior, a cooling-off period is triggered. During the five-minute cooling-off period, trading is restricted to within ±5% of the reference price, after which normal trading resumes. (This can be triggered multiple times.)This mechanism does not apply during the following periods:The last 15 minutes of the morning and afternoon trading sessions,
The final 15 minutes of the afternoon session, and
The T+1 session.
This mechanism applies to the Mini and Standard Hang Seng Index, Mini and Standard H-shares Index, and HTI.

*The symbol # before the product name represents physical delivery futures or futures options, and the symbol $ represents cash-settled futures or spot options.

* Acceptable order types: Limit
*Links: HKEx Exchange Regulations; Trading Quantity Limit and Reportable Trading Amount Download; Market Volatility Control Mechanism; After-hours Trading (AHT).
*For single stock futures, if there is a contract adjustment, positions must be closed out before 11:30 AM on the last trading day before the adjustment benchmark date. HKEx Stock Futures Contract Rules.
*Market Volatility Control Mechanism (official website explanation).
*Additional margin will be charged for U.S. dollar gold futures starting two trading days before the last trading day.
*Order Placement Notes: (Explanation of pre-opening session on official website):
1. Pre-opening: 30 minutes before the market opens (HSI, MHI, HHI, MCH, HTI) / 15 minutes before the market opens (MTW) until 5 to 6 minutes (random) before market opens, the exchange accepts orders.
2. During the pre-opening session: From 5 to 6 minutes (random) before market opens until market open, the exchange does not accept orders, cancellations, or amendments.
3. The first trade match occurs 1 minute before the market opens.
4. No orders, cancellations, or amendments will be accepted between 12:00 and 12:30 PM.
5. Products without a pre-opening session only accept orders after the market opens.
6. T+1 session does not have a pre-opening session, with futures price limits of 5% for indices and 7% for currencies. On Hong Kong public holidays, or if there is no PM session, or if both the U.S. and London are on a bank holiday, there will be no T+1 session.
7. On Christmas Eve, New Year's Eve, and Lunar New Year's Eve, there is no afternoon session or T+1 session. Half-day trading for stock index futures and options, dividend futures, HSI Volatility Index futures, BRICS market futures, and currency futures will close at 12:30 PM.
*Protection Mechanism: 'Error Trade' – If a trade deviates from the reference price, it can be reported within 10 minutes. A fee of HKD 3,000 will be charged for each reported error trade. After the exchange receives the error trade report, it will immediately publish related information in the trading system, indicating that the trade may be canceled. If both parties do not agree to cancel the trade within 10 minutes after the information is released, the "HKATS Error Trade Review Committee" will decide whether to cancel the trade within 10 minutes (unless circumstances prevent this). More detailed explanations can be found in the official document.
*Market Price Protection Mechanism: Market Volatility Control Mechanism; Price Limit and Dynamic Price Limit Mechanism (English only, Appendix 5, 6) – Sample explanation; Short-term Suspension Mechanism.
*(Final Settlement Price) (official announcement link):
1. HSI, HHI, HTI – The average of the index points quoted at the following times on the last trading day, rounded down to the nearest whole index point:
(i) Every 5 minutes from 5 minutes after the start of continuous trading on the HKEx until 5 minutes before the end of the continuous trading session, and
(ii) At the market close on HKEx.
2. MTW – The average of the MSCI Taiwan Index at 1-minute intervals and at market close during the last 25 minutes of continuous trading on the Taiwan Exchange on the last trading day.
3. MCA – The average of the following on the last trading day: (1) Index points every 15 seconds during the two hours before the spot market close, and (2) The closing index points.
4. MCN – The official closing price on the last trading day.
5. MID – The average of the MSCI Indonesia Index at 1-minute intervals and at market close during the last 30 minutes on the last trading day.
6. MND – The official closing value of the base index on the last trading day, rounded to two decimal places.
*(Official RMB Settlement Price) The USD/RMB (Hong Kong) spot exchange rate announced by the Treasury Markets Association at around 11:30 AM on the maturity date.
*Options Seller Margin: Premium Market Value + MAX (Futures Initial Margin / 2, Futures Initial Margin – Out-of-the-money Amount / 2).
*Day trading positions will be forcibly liquidated 30 minutes before the product's market close to above the initial margin. Customers should avoid placing closing orders 30 minutes before the market close. If a customer performs a closing action after this time, they are responsible for any duplicate orders! Cash-settled products do not accept day trading orders on the last trading day.