_ Introduction to Small Hang Seng Index Futures (MHI)
The Hong Kong Futures Exchange will launch a small Hang Seng Index futures contract (small futures index) on June 9, 2000 to meet the needs of retail investors interested in the Hong Kong stock market. In order to cooperate with the small Hang Seng Index futures, a small Hang Seng Index option was also launched on June 165438+ 10/8, 2002.
This uniquely designed small Hang Seng Index futures contract is designed according to the index-related index of futures contracts in the futures exchange, namely Hang Seng Index. The contract multiplier of the small futures contract index is one-fifth of the Hong Kong dollar per point or the Hang Seng Index futures contract. Therefore, when the Hang Seng Index futures price is around 65,438+07,500, the value of the small Hang Seng Index futures contract will be HK$ 65,438+075. Like Hang Seng Index futures contracts, small Hang Seng Index futures contracts will also be settled in cash.
For some local retail investors who don't want to take too much risks and need fine-tuning hedging, small Hang Seng Index futures will be the best hedging tool for their investment and risk management.
_ Advantages of Small Hang Seng Index Futures (MHI)
1, suitable for retail investors
Small Hang Seng Index Futures (MHI) is designed for retail investors. Small Hang Seng Index Futures (MHI) not only has the benefits of futures contracts, but also is designed for investors who don't want to take too much risks. Its small contract value allows experienced and novice investors to participate in indexes of different performance levels including 33 constituent stocks in a small scope.
2, the investment cost is low
Since the value of small Hang Seng Index Futures (MHI) contracts is one fifth of that of Hang Seng Index Futures contracts, the margin requirements and commission fees are relatively low.
3. Deposit offset
The margin of small Hang Seng Index futures contracts and Hang Seng Index futures contracts can offset each other by 100%, making the portfolio more flexible.
4. Electronic trading platform
Like other products of the Exchange, small Hang Seng Index Futures (MHI) contracts will be bought and sold through the trading system. All orders are matched according to the priority order of price and time, and the buying, selling and clinching price information of orders are transmitted immediately to provide customers with the most favorable price.
5. Performance guarantee of clearing company
Small Hang Seng Index Futures (MHI) contracts are registered, settled and guaranteed by Hong Kong Futures Clearing Company Limited (HKCC), which is wholly owned by the Futures Exchange. As an opponent of all open contracts, HKSCC will effectively eliminate the risks of clearing company participants. This guarantee will not shift the financial responsibility of clearing company participants to his customers. Therefore, investors should be cautious when choosing brokers to buy and sell.