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Hong Kong Futures Exchange:Three-year Exchange Fund Note Futures Contracts Commence Trading On 19 November

Date 09/11/2001

Hong Kong Futures Exchange (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited, announced today (Friday) that the amendments to the Rules of HKFE, and the Rules of HKFE Clearing Corporation Limited, a wholly-owned member of the HKEx Group, in relation to the Three-year Exchange Fund Note Futures contracts have been approved by the Securities and Futures Commission. The Three-year Exchange Fund Note Futures contracts would commence trading on Monday, 19 November, when the rule amendments will take effect.

The contract months available for trading at the launch will be March 2002, June 2002, September 2002 and December 2002.

With effect from the commencement of trading on Monday, 19 November, the minimum margin to be collected by an Exchange Participant from its clients in respect of their dealings in the Three-year Exchange Fund Note Futures contracts will be as follows.

Margin Rate

Initial Margin

(HK$)

Maintenance Margin

(HK$)

Full Rates

11,000 per lot

8,800 per lot

Spread Rates

1,650/lot/side

1,320/lot/side

HKFE emphasised that the above were minimum rates and Exchange Participants should set their margin requirements according to their clients' individual circumstances.

Investors and Exchange Participants are also reminded that if there is an substantial increase in price volatility of the underlying securities prior to the launch that makes the recommended margin rates inadequate, adjustments may be made and a separate notice will be provided as soon as practicable.