Hang Seng Index Futures (HSIF)
A Hang Seng Index Futures contract is a commitment to participate in the overall price movement of the local stock market, as measured by the underlying Hang Seng Index which is calculated by using the weighted market capitalisation of 43 selected constituent stocks listed on the Stock Exchange of Hong Kong. There are four others: Sub-indices - Finance, Utilities, Properties and Commerce & Industry. The contracts are traded in the futures market but are related to the stock market.
Commodity Name Hang Seng Index Futures (HSIF)
Location Hong Kong
Exchange Hong Kong Futures Exchange Limited
Contract Multiplier HK$50 per index point*
Contract Months Spot Month, the next calendar month, and the next two calendar quarterly months (i.e. quarterly months are March, June, September, and December)
Minimum Fluctuation One index point
Maximum Fluctuation Nil
Contracted Price The price in whole index points at which a Hang Seng Index Futures Contract is registered by the Clearing House
Contracted Value Contracted Price multiplied by Contract Multiplier
Position Limits Position delta for Hang Seng Index Futures, Hang Seng Index Options, Mini-Hang Seng Index Futures and Mini-Hang Seng Index Options combined of 10,000 long or short in all Contract Months combined provided the position delta for Mini-Hang Seng Index Futures or Mini-Hang Seng Index Options shall not at any time exceed 2,000 long or short in all Contract Months combined. For this purpose, the position delta of one Mini-Hang Seng Index Futures Contract will have a value of 0.2 and the position delta of one Mini-Hang Seng Index Option Contract will be one-fifth of the position delta of the corresponding series in the Hang Seng Index Option Contract.
Large Open Positions 500 net long or net short contracts, in any one Contract Month, per Exchange Participant for the Exchange Participant's own behalf; and 500 net long or net short contracts, in any one Contract Month, per Client.
Pre-Market Opening Period
Hong Kong Time   8:45am - 9:15am
  1:00pm - 1:30pm
Trading Hours
Hong Kong Time   9:15am - 12:00 noon
    1:30pm - 4:15pm
Trading Hours on Last Trading Day
Hong Kong Time   9:15am - 12:00 noon
    1:30pm - 4:00pm#
# The closing time shall be adjusted automatically to correspond with the closing time of the underlying cash market, as it may be set from time to time.
Trading Method The Exchange's Automated Trading System (HKATS)
Final Settlement Day The first Business Day after the Last Trading Day
Settlement Method Cash settled contract of difference
Last Trading Day The Business Day immediately preceding the last Business Day of the Contract Month
Final Settlement Price The Final Settlement Price for Hang Seng Index Futures Contracts shall be a number, rounded down to the nearest whole number, determined by the Clearing House and shall be the average of quotations of the Hang Seng Index taken at five (5) minute intervals during the Last Trading Day and compiled, computed and disseminated by HSI Services Ltd*. The Chief Executive of the Exchange has the power under the Regulations for trading Stock Index Futures Contracts to determine the Final Settlement Price under certain circumstances.
Trading Fees & Levies
(Per Contract Per Side)
Exchange Fee   HK$10.00
SFC Levy   HK$0.80
Total   HK$10.80
* Same as the Hang Seng Index Options contract

Note: The Hang Seng Index Futures Contract and the Mini-Hang Seng Index Futures Contract are fungible. Positions in these two Exchange Contracts will be netted automatically (in the case of House and Registered Trader accounts) or may be closed out (in the case of Client account) in accordance with the Clearing House Rules.
The above information is subject to change based on market conditions.