Chatroom - Hong Kong Exchanges and Clearing Limited

Introduction of HSI Volatility Index Futures Set for 20 February
VHSI Futures Contract Summary
Item Contract Terms
Underlying Index HSI Volatility Index
Contract Multiplier $5,000 per index point
Minimum Fluctuation 0.05 index point (or $250)
Contract Months Spot month and the next two calendar months
Trading Hours 9:15 am - 12:00 noon and 1:30 pm - 4:15 pm
14 Exchange • January 2012
9:15 am - 12:00 noon and 1:00 pm - 4:15 pm (Effective 5 March 2012)
(Expiring contract month closes at 4:00 pm on the Last Trading Day)
There is no afternoon trading session on the eves of Christmas, New Year and
Lunar New Year.
Last Trading Day 30 calendar days prior to the second last Business Day of the next month
Final Settlement Price The average of quotation of VHSI taken at 1-minute intervals between 3:30 pm
and up to 4:00 pm on the Last Trading Day
Transaction Costs Exchange Fee $10.00
Commission Levy $0.60
Commission Rate Negotiable
Note: HSI Volatility Index (the Index) is published by Hang Seng Indexes Company Limited (HSIL), which has contracted with Standard & Poor’s
Financial Services LLC (S&P) to maintain and calculate the Index. Standard & Poor’s and S&P are trademarks of S&P and have been licensed
for use by HSIL. VIX ® is a trademark of Chicago Board Options Exchange, Incorporated (CBOE) and S&P has granted a license to HSIL, with
permission from CBOE, to use such mark for purposes relating to the Index. The Index is not owned, sponsored, endorsed or promoted by S&P
or CBOE and neither S&P nor CBOE makes any representation regarding the advisability of investing in products that are based on such Index
or otherwise relying on such Index for any purposes and neither S&P, CBOE nor HSIL shall have any liability for any errors or omissions in the
Index or any values thereof.
Test Helps Market Participants Prepare
for RMB-traded Derivatives
HKEx welcomed the response to the market readiness test it organised in January 2012 to help its Exchange
Participants (EPs) and Clearing Participants (CPs) prepare their systems and operations for RMB-traded futures
and options.
The test covered buying, selling and post-transaction activities with RMB-traded index futures, index options and
stock options via HKATS, the trading system for HKEx’s derivatives market, and DCASS, the market’s clearing
and settlement system. After the test, 44 EPs and 43 CPs which trade index futures and index options declared
they are ready to trade those products in RMB, and 26 EPs and 25 CPs from the stock options market reported
readiness to trade stock options in RMB.
EPs and CPs which did not join the market readiness test in January can still verify their internal systems via the
HKATS testing environment and its mock RMB-traded futures and options contracts.
HKEx plans to introduce RMB-traded stock options, index futures and index options but there are no rollout dates
at this point. Access to RMB-traded futures and options will only be granted to Participants which have set up
RMB designated bank accounts with the relevant clearing houses.