Futures and Options provides investors with a set of financial instruments to manage portfolio risk and to capture arbitrage opportunities
Hong Kong Futures and Options
System.String[]
Products and Contract Specifications
Learn more about the specifications of Hong Kong Stock Options Trading Services.
Contract Multiplier
HKD 50 per index point
Contract Multiplier
HKD 50 per index point
Contract Months
Short-dated Futures:
Spot Month, the next calendar month and the next two calendar quarter months
Long-dated Futures:
Following five December months
Min. Fluctuation
1 index point
Pre-Market Opening Period
08:45 - 09:15 and 12:30 - 13:00
Trading Hours
09:15 - 12:00, 13:00 - 16:30 and 17:15 - 03:00 (HKT)
Trading Hours on Last Trading Day
09:15 - 12:00 and 13:00 - 16:00 (HKT)
Settlement Method
Cash
Final Settlement Price
Average of quotations of the Hang Seng Index taken at five minute intervals during the Last Trading Day
Related Links
Trade with the best Futures and Options platform now. View service details, contract specs and information for Futures and Options.
Notes for Trading
Trading
 

What Futures & Options contracts can I trade through eFO SP?

Currently, you can trade Hong Kong Futures, Global Futures, and Options contracts through eFO SP.

NOTE: All Global Futures Products with position opened via our eFO SP System must also be squared off using the eFO SP System. (Unless the System does not provide such service)

 

How do I know if my orders have been routed and executed?

After placing an order, you will receive an order number as a confirmation. At the upper part of Order Book in Order Page, you can check and manage the status of your orders. For instances, you can cancel, change, activate, and inactivate your orders. This window is dynamically updated upon changes of the orders, e.g. when an order is fully executed, it will disappear from the window.

The lower part of Order Page is used to display details of contracts which have been executed during the trading day.

Note: DO NOT disconnect from eFO SP until you receive the reference number.

 

How long are my order instructions valid for?

The duration depends on the order types:

  1. A Fill and Kill (FAK) order means that the order now need to be filled as far as possible and the remainder of the order to be cancelled.
  2. A Fill or Kill (FOK) order will be totally cancelled if it is not immediately executed in full.
  3. A Today (Today) order will remain valid until the end of the same trade day unless the order instruction is cancelled.
  4. Good Till Cancel (GTC) order will remain valid unless the order instruction is cancelled.
  5. Date (DATE) order will remain valid until the end of the "specific" trade day unless the order instruction is cancelled

 

If I place an order through eFO SP, can I ask a Customer Service Officer to amend or cancel it?

Yes, if your order is placed online through eFO SP, you can ask a Customer Service Officer to amend or cancel it.

Orders placed by the Customer Service Officer will be displayed on Order Page and can be amended or cancelled through eFO SP.

 

Where can I view my Account Balance?

You can check your Account Balance at the Upper Portion of the Account Info page. Also, you can check your Account Position at its Lower Portion.

 

Will I receive contract notes and periodic statements from KGI?

You will receive contract notes and periodic statements sent by e-mail if you have open positions or transactions. Monthly statements are sent at the end of each month. You can also choose to have your statements delivered by the traditional method of posting.

 

What are the advantages of using the Futures/Options e-Statement Service?

You can monitor your KGI Trading Account more efficiently and receive your statements via e-mail to save you fees and time.

 

What is the transaction and settlement currency for all Global Futures Products?

The transaction and settlement currency for all Global Futures Products is USD.

 

Do I have to deposit sufficient USD before trading Global Futures Products?

No. However, you must have the equivalent amount of HKD in your Trading Account. You have to deposit USD or call us for a foreign exchange order on the following day (HKT) after the transaction is completed.

 

How do I register for the Futures & Options e-Statement Service?

To register for Futures & Options e-Statement Service, please complete the Electronic Services Application/Cancellation Form. This service is free of charge.

After submitting the Electronic form, please also mail a completed and signed hard copy by post to:

Client Data Management Department
KGI Asia Limited
41/F Central Plaza,
18 Harbour Road,
Wanchai,
Hong Kong

Please allow 2 business days (HKT) to process the registration.

Note: You must provide a valid e-mail address for the delivery of Futures & Options e-Statement.

 

After registration, when will I receive my first Futures & Options e-Statement?

You will receive your first Futures & Options e-Statement at your designated e-mail address on the morning of the following working day, after the ending of your first Futures & Options trading.

 

How do I open my Futures & Options e-Statement?

When you receive your Futures & Options e-Statement e-mail, open the attachment by entering your personal password, which is your KGI Futures & Options Trading Account Number (without hyphens). You are recommended to save your Futures & Options e-Statement for your own record.

Our Daily and Monthly Futures & Options e-Statements are in PDF, you are reminded to install Adobe Acrobat Reader(version 4.0 or above) in order to view them.

Note: For security reason, you must not disclose your personal password to anyone.

 

How do I save the Futures & Options e-Statement in my own storage?

You are recommended to save the Futures & Options e-Statement for your future reference. Please refer to the following procedures to keep a soft copy.

  1. Ensure that your mailbox or storage device has sufficient storage space.
  2. Right-click the attachment and choose the Save As option to save.

Your statement has been encrypted for security transmission. Therefore, you need to key in your personal password, that is your KGI Futures & Options Trading Account Number (without hyphen), every time you view your Futures & Options e-Statement.

 

How do I print the Futures & Options e-Statement from my mailbox?

You can print the Futures & Options e-Statement from the Adobe Acrobat window (not the browser window) by clicking the [printer] icon connected with your own printer.

 

How do I deregister the Futures & Options e-Statement Service and receive physical statements by post?

You can inform KGI in writing. Please specify your name, your KGI Futures & Options Trading Account number, the effective date to stop the Futures & Options e-Statement, and your request to receive physical Futures & Options Statement by post instead. Please sign and fax it to us at (852) 2878-6769 with attention to CDM Department or mail to:

Client Data Management Department
KGI Asia Limited
41/F Central Plaza,
18 Harbour Road,
Wanchai,
Hong Kong

 

What should I do if I do not receive my Futures & Options e-Statement on the next working day after trading?

KGI is committed to providing our clients with supreme quality services. Should you fail to receive your Futures & Options e-Statement after the ending of your Futures & Options trading, you can request free physical copies of your missing statement(s) by calling our 24-hour InvestLine at (852) 2878-5555, informing us of the date(s) of statement(s) you want. Please note that a service fee of HKD 25 per copy will be charged for Futures & Options e-Statements that were issued more than 3 months ago.

 

How do I deposit funds into my Futures & Options Trading Account?

You can deposit funds into your Futures & Options Trading Account by:

HSBC Bill Payment Service

Register at any ATM on HSBC and Hang Seng Bank networks in Hong Kong, or via HSBC Internet Banking (www.hsbc.com.hk) or phone banking services. Select KGI Asia Limited from HSBC payee list under the bill payment category and input your personal KGI 11-digit Payment Number.

Note: When making a payment, please ensure entering the correct account type under the "Bill Type" (01 Cash Account, 02 Margin Account, 21 Futures Account)

HKD Deposits into Futures / Index Options Account

You can deposit cash and cheques to KGI bank account at an HSBC branch/ATM in Hong Kong, or via Internet Banking/Phone Banking Services.

Bank Name: HSBC (Hong Kong)
Account Name: KGI Futures (Hong Kong) Ltd - Client Money
Account Number: 511-770448-002

PPS Services

You can use PPS by Phone or Internet services to deposit HKD into your KGI Trading Account. In general, the deposited amount will be available for use the next business day.

i) PPS by Phone:
For registration of PPS account, you have to bring your ATM card or credit cards with ATM functions to one of the PPS Registration Terminals. PPS Registration Terminals are located at designated Circle K Convenience Stores and PCCW Shops. Please go to "
PPS registration terminal location" to look for the list of terminal locations.

If it is your first time to use PPS by Phone to deposit HKD into your KGI Trading Account, you first have to call 18011 (in English) to register your merchant code and 11-ditgit Payment Number. Each account is only required to be registered once. Thereafter for bill payment, please call 18031 (in English) to make deposit into your KGI Trading Account. For user guidelines of bill payment by phone, please refer to "
How to use PPS by Phone".

Details of KGI merchant name and merchant code and bill type are as follows:

Merchant Name

Merchant Code

Bill type

KGI Futures (Hong Kong) Limited

6086

---

ii) PPS by Internet Services:
You can refer to "
PPS Website" "New to PPS by Internet" "How to set up/ change PPS internet Password" to know about setting up your password.
For user guidelines of bill payment by Internet services, please refer to "
New to PPS by internet".

Online Bank Bill Payment Services (exclude HSBC, Hang Seng and CMB Wing Lung Bank)

You can use Bill Payment Service of the following banks to deposit HKD into your KGI Trading Account.

Bank Name

Bank of China (HK)

Bank of Communications

China Construction Bank

Chong Hing Bank

Citibank

CITIC Bank International

Dah Sing Bank

DBS Bank (HK)

Fubon Bank

Shanghai Commercial Bank

Standard Chartered Bank (HK)

The Bank of East Asia

OCBC Wing Hang Bank

Details of KGI merchant name, bill type and bill account no. are as follows:

Merchant Name

Bill Type

Bill Account No.

KGI Futures (Hong Kong) Limited

---

KGI 11-digit Payment Number

 

Other Deposit Methods

You can also deposit cash and cheques into any of the KGI bank accounts at a Bank branch or an ATM.

  1. Wherever applicable, please be sure to fax your fund deposit documents (form, pay-in slip, ATM advice, etc.) to our Operations Department (852) 2878-4932 or e-mail it to ops.service@kgi.com before 17:00 (HKT)* on your deposit day, stating clearly your KGI Trading Account name and account number.

Deposited amount will be credited to your KGI Trading Account only after the bank confirmation.

Note:

  1. Funds deposited after 18:00 (HKT) Friday each week will only be credited to your KGI Trading Account the next business day after 09:00 (HKT)*, and subject to the bank confirmation.
  2. Please do not submit fund deposit documents (i.e. pay-in slip, ATM advice, etc) through any Investment Representatives or Customer Service Officers.

*Excluding Saturdays, Sundays and Public Holidays

 

What are the cut-off times on order entries?

To ensure the smooth processing of your order entries, please note the following schedule:

Order Type

Action

Time (HKT)

#08:45
-
Up to 09:10^

#After Cutoff
-
Up to 09:13^

#After Cutoff
-
09:15

09:15
-
12:00

12:00
-
12:30

#12:30
-
Up to 12:55^

#After Cutoff
-
Up to 12:58^

#After Cutoff
-
13:00

13:00
-
16:30*

16:30
-
17:15

17:15
-
03:00

Limit

New

Amend

Cancel

At-Auction

New

Amend

Cancel

*(Spot Month Contract) Closing time on Last Trading Day is 16:00 (HKT)
#The time slots only applies to Hang Seng Index Futures, Mini-Hang Seng Index Future, H-shares Index Futures, Mini H-shares Index Futures and Hang Seng TECH Index Futures only
^
Random cutoff start from 9:09 a.m.; Random cutoff start from 9:12 a.m.; Random cutoff start from 12:54 p.m.; Random cutoff start from 12:57 p.m.

For details, please refer to the following link:
https://www.hkex.com.hk/Services/Trading/Derivatives/Overview/Trading-Mechanism/Pre-Market-Opening-Period?sc_lang=en

 

What is Stop Limit order?

Usage:
Buy Order
When the market price is larger than or equal to the stop price, then the Buy Order will be placed in the market.

Sell Order
When the market price is less than or equal to the stop price, then the Sell Order will be placed in the market.

Note:
eFO SP will use Previous Close Price as reference if the Market does not have Last Price.

 

What is the Volatility Control Mechanism (VCM)?

The VCM is applicable during Continuous Trading Session (CTS) except the first 15 minutes of the morning and afternoon CTS, the last 15 minutes of the afternoon CTS and the After-Hours Futures Trading session. It is applicable to the spot and next calendar month index futures contracts with HSI or HSCEI as their underlying index (currently 8 futures contracts). If the futures contract is ±5% away from the last traded price 5-minute ago, a 5-minute cooling-off period will be triggered. During the cooling-off period, the affected contract will only be allowed to trade within a fixed band. Normal continuous trading will resume when the 5-minute cooling off period ends and the contract cannot be subject to the VCM again in the same trading session.

For details, please refer to the following link: http://www.hkex.com.hk/vcm/en/index.htm

 

What instruments are covered under VCM?

For the derivatives market, the VCM will cover HSI Futures (HSI), Mini-HSI Futures (MHI), H-shares Index Futures (HHI) and Mini H-shares Index Futures (MCH) spot month and the next calendar month contracts (currently 8 futures contracts).

 

What is Large Open Position (LOP) Reporting?

Any person who beneficially holds or controls open positions of Futures/Options contract in excess of the reporting level as prescribed by the Rules 628 and 633 of the Hong Kong Futures Exchange Limited, regardless the positions are held by individual accounts or corporate accounts, is responsible for filing a Large Open Position Report with HKFE/SEHK.

 

What are the reporting levels and position limits of Futures/Options contract and other derivative products?

The following table is for reference only. For the latest announcement about the reporting levels and position limits of Futures/Options contract and other derivative products, please refer to HKFE website as below:

https://www.hkex.com.hk/eng/market/dv_tradfinfo/lop.htm

Products

LOP / Reporting Level

Position Limits

Hang Seng Index Futures (HSIF)

500 open contracts, in any one Contract Month

10,000 position delta for HSIF, HSIO (including Flexible Index Options), MHIF and MHIO combined in all Contract Months. The position delta for MHIF or MHIO contracts shall not at any time exceed 2,000

(The position delta of one MHIF Contract will have a value of 0.2 and the position delta of one MHIO Contract will be one-fifth of the position delta of the corresponding series in the HSIO Contract)

Hang Seng Index Options (HSIO)

500 open contracts, in any one series

Mini-Hang Seng Index Futures (MHIF)

2,500 open contracts, in any one Contract Month

Mini-Hang Seng Index Options (MHIO)

2,500 open contracts, in any one series

H-shares Index Futures (HHIF)

500 open contracts, in any one Contract Month

12,000 position delta for HHIF, HHIO (including Flexible Index options), MCHF & MCHO combined in all Contract Months. The position delta for MCHF or MCHO shall not at any time exceed 2,400

(The position delta of one MCHF or MCHO Contract will have a value of 0.2)

H-shares Index Options (HHIO)

500 open contracts, in any one series

Mini H-shares Index Futures (MCHF)

2,500 open contracts, in any one Contract Month

Mini H-shares Index Options (MCHO)

2,500 open contracts, in any one series

 

Is there a time limit for reporting LOP?

Yes, you shall file a LOP report to HKFE/SEHK no later than 12:00 noon of the next business day after the positions are opened or accumulated.

 

Shall investor continue to file a LOP report if he/she holds positions in excess of the Reporting Level?

Yes, investor shall continue to file a LOP report for as long as he/she holds or controls positions in excess of the Reporting Level.

For reportable positions arising from trading in the after-hour trading session, investor should combine the positions with trades transacted in the regular trading session on the following business day and report his/her LOP accordingly.

 

How to report LOP held or controlled by a single ultimate beneficial owner (UBO) in more than one individual and/or corporate account?

All positions held or controlled by a single UBO in more than one individual and/or corporate account must be reported in aggregate.

 

Who is responsible for reporting?

The duty to report lies with the persons in control of the reportable positions, that is to say the transaction originators and the beneficial owners of the positions.

 

How to report Large Open Position (LOP)?

You can choose to submit the LOP report to HKFE/SEHK directly or through your broker. You may instruct any of your brokers to report your LOP to HKFE on your behalf if positions are held by you with more than one broker.

After-Hours Futures Trading
 

Can I place order(s) during After-Hours Futures Trading session (AHFT session) for Hang Seng Index Futures, Mini Hang Seng Index Futures, H-shares Index Futures, Mini H-shares Index Futures, Hang Seng Index Options, Mini Hang Seng Index Options and Hang H-shares Index Options?

Yes. KGI is one of the Participants of AHFT services.

 

What is the Price Limit Mechanism for AHFT session?

The price limit up/down is 5% during AHFT session.

  1. NO sell order of price below 95% and NO buy order of price above 105% of the last traded price of the spot month contract in the regular trading session will be allowed.
  2. Trading (for all contract months) will be allowed only within the price limit range during AHFT session.

 

How do I place order(s) during AHFT session?

You need to click the "T+1 box" to place order(s). Clicked "T+1 box" means you are willing to participate AHFT session. Otherwise, the order(s) would be available for regular trading session only.

 

What are the features of the "T+1 box" for all order types?

T+1 Box

Order Type

T session

T+1 session

Next Day T session

Today

Enabled

Inactivated

-

GTD

Enabled

Inactivated

Enabled

GTC

Enabled

Inactivated

Enabled

Today

Enabled

Enabled

-

GTD

Enabled

Enabled

Enabled

GTC

Enabled

Enabled

Enabled

 

When will I receive the statement of the trades executed in AHFT session?

Trades completed in AHFT session would be reported as T+1 trades in your statement on the following business day. Thus, all trades completed during AHFT session will be cleared together with trades completed in the regular trading session on the following business day. The market price and P/L in the statement would be calculated using the closing price in the regular trading session.

 

Is there AHFT session on Last Trading Day?

On the last trading day, AHFT session for other month contracts remains unchanged. However, there is no AHFT session available for the spot month contracts. The trading hours for the spot month contracts end at 16:00 (HKT).

You should note that the expired spot month Futures and Options would stay in client account until the next business day. You should prepare advance margin for trading other month contracts in AHFT session.

 

When is AHFT session not available?

AHFT session is not held by HKEX on the following days:

  1. Hong Kong Public holiday
  2. Half day trading days (i.e. Christmas Eve, New Year Eve, Chinese New Year Eve)
  3. Common Bank holidays in UK and US
  4. Typhoon Signal No 8 (or above) and / or Black Rainstorm Warning is hoisted before 12:00 (HKT) on the trading days
Share your investment experience