Hong Kong Exchanges and Clearing
Tel : 852 2522 1122
Fax : 852 2295 3106
Representatives
Chairman : Mr. C K Chow
Chief Executive : Mr. Charles Li
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Types of Securities Traded |
Name of Trading Systems (cash and derivatives)
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Trading Hours |
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Cash Market
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Cash Market |
Cash Market |
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Equity securities Depositary receipts Stapled securities Derivatives warrants Callable bull/bear contracts Listed equity linked instruments Exchange traded funds Unit trusts / mutual funds Bonds
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AMS/3, the Third Generation Automatic Order Matching and Execution System
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Trading is conducted on Monday to Friday (excluding public holidays) at the following times:
Auction Session
Continuous Trading Session Extended Morning Session from 12:00 to 13:00. (limited to selected products); Afternoon Session from 13:00 to 16:00
There is no Extended Morning Session and Afternoon Session on the eves of Christmas, New Year and Lunar New Year. There will be no Extended Morning Session if there is no Morning Session.
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Derivatives Market
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Derivatives Market |
Derivatives Market |
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Hang Seng Index Futures* Hang Seng Index Options (including Flexible Index Options) Mini Hang Seng Index Futures* Mini Hang Seng Index Options H-shares Index Futures* H-shares Index Options (including Flexible Index Options) Mini H-shares Index Futures |
Hong Kong Futures Automatic Trading Systems (HKATS) |
Pre-Market Opening Period 8:45 - 9:15 12:30 - 13:00 (*Applicable to HSI, MHI, HHI Futures)
Trading Hours 9:15 - 12:00 13:00 - 16:15
Trading Hours on Last Trading Day 9:15 - 12:00 13:00 - 16:00 |
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HSI Dividend Futures HSCEI Dividend Futures |
HKATS |
Trading Hours 9:15 - 12:00 13:00 - 16:15 |
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HSI Volatility Index Futures |
HKATS |
Trading Hours 9:30 - 12:00 13:00 - 16:15
Trading Hours on Last Trading Day 9:30 - 12:00 13:00 - 16:00 |
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Stock Futures Stock Options |
HKATS |
Trading Hours 9:30 - 12:00 13:00 - 16:00 |
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HIBOR Futures One-Month HIBOR Futures Three-Month HIBOR Futures |
HKATS |
Trading Hours 8:30 - 12:00 13:30 - 17:00
Trading Hours on Last Trading Day 8:30 - 11:00 |
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Three-year Exchange Fund Note (EFN) Futures |
HKATS |
Trading Hours 8:30 - 12:00 13:30 - 17:00
Trading Hours on Last Trading Day 8:30 - 11:00 |
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Gold Futures |
HKATS |
Trading Hours 8:30 - 17:00 |
Supervisory Body
The Securities and Futures Commission
Name of Clearing & Settlement Organization
Cash Market
Hong Kong Securities Clearing Company Limited (A subsidiary of HKEx)
Derivatives Market
Hong Kong Futures Exchange Clearing Corporation Limited (A subsidiary of HKEx)
Products: Index Futures and Options, HIBOR Futures, Stock Futures, EFN Futures and Gold Futures
SEHK Options Clearing House Limited (A subsidiary of HKEx)
Product: Stock Options
Settlement Cycle
Cash Market
All Exchange trades are required to be settled on T+2.
Derivatives Market
Margin Trading (Cash Settlement): T + 1
Physical Exercise of Stock Options: T + 2
Name of Central Securities Depository
Cash Market
Hong Kong Securities Clearing Company Limited (A subsidiary of HKEx)
Derivatives Market
Hong Kong Securities Clearing Company Limited (A subsidiary of HKEx)
(on exercise of stock options)
Commissions on Transactions levied by Exchange
Cash Market
A Trading Fee of 0.005% per side of the consideration of a transaction (rounded to the nearest cent) is payable to the Exchange. Also, a trading tariff of HK$0.50 is payable to the Exchange on each and every purchase or sale transaction.
Derivatives Market
HSI Futures and Options (including Flexible Index Options) - HK$10.00
H-shares Index Futures and Options (including Flexible Index Options) - HK$3.5
Mini HSI Futures - HK$3.5
Mini HSI Options - HK$2.00
Mni H-shares Index Futures - HK$2.00
HSI Dividend Futures - HK$3.00
HSCEI Dividend Futures - HK$1.50
Stock Futures - HK$ 3.50
Stock Options - HK$ 3.00 - Tier 1 / HK$ 1.00 - Tier 2
HIBOR Futures (1 Month and 3 Months) - HK$5.00
EFN Futures - HK$6.00
Gold Futures - US$1.3
Taxes on Dividends, Interests
NA
2011 Share ownership thresholds (%)
Individuals and corporations who are interested in 5% or more of any class of voting shares in a listed corporation
or directors and chief executives of a listed corporation must disclose their interest to the Exchange.
Short selling (Yes / No)
Yes
Short selling conditions (if any)
Covered short selling allowed on designated securities only