In view of the increasing concern of the Hong Kong stock market, the demand for related hedging instruments is also rising. The Hong Kong Futures Exchange was earlier than1May 986.
Hang Seng index
Contract, and then return the Hang Seng Index option contract in March 1993. 1997, the trading volume of Hang Seng Index futures ranked sixth in the world. Stock index futures contracts are based on Hang Seng Index and its four sub-indices: real estate, public utilities, finance and industry and commerce. The contract is divided into four months, namely the current month, the next month and the last two quarters. The month is April, so the contract is divided into Hang Seng Index in April, Hang Seng Index in May, Hang Seng Index in June and Hang Seng Index in September. After the cash delivery of the April contract, the contract becomes a May contract, a June contract, a September contract and a 65438+February contract, and then repeats. The contract value is equal to the current settlement price of the contract multiplied by HK$ 50.
Small Hang Seng Index Futures
In order to meet the needs of retail investors who are interested in the Hong Kong stock market, the Hong Kong Futures Exchange will launch a small Hang Seng Index futures contract (referred to as "Little Finger") on June 5438+1October 9, 2000.
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.
superiority
(1) Design tailored for retail investors
On the one hand, small Hang Seng Index futures have the benefits of futures contracts, on the other hand, they are 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) low cost
Because the value of small HSI futures contracts is one fifth of that of HSI futures contracts, the margin requirements and commission fees are relatively low.
(3) Margin offset
The margin of small HSI futures contracts and HSI 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 contracts will be bought and sold through the electronic trading system of the Hong Kong Automatic 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 the clearing company
Small Hang Seng Index futures 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.