General definition
In view of the increasing concern of the Hong Kong stock market and the increasing demand for related hedging instruments, the Hong Kong Futures Exchange launched the Hang Seng Index Futures Contract as early as May 1986, and then launched 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. It 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 April contract, the contract becomes May contract, June contract, September contract and 65438+February contract, and then goes back and forth. The contract value is equal to the current settlement price of the contract multiplied by HK$ 50. The contract delivery date of the current month is the penultimate trading day of each month. The settlement date is the last trading day of each month.
dictionary definition
The English-Chinese Dictionary of Securities Investment by the Commercial Press explains: Hang Seng Index Futures. Futures contracts with Hang Seng Index as the trading variety. Each point of Hang Seng Index represents HK$ 50, and both parties to the transaction settle according to the market index at the time of liquidation or contract expiration, and there is no physical delivery.