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Mks/Eqd/43/20 編號 Ref. No.: MKS/EQD/43/20 日期 Date: 24/12/2020 香港期貨交易所有限公司 ( 香港交易及結算所有限公司全資附屬公司) HONG KONG FUTURES EXCHANGE LIMITED (A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited) 通告 CIRCULAR Subject: Liquidity Provider Program for Hong Kong Stock Futures in 2021 Enquiry: Mr Wallace Chan (Email: [email protected]; Tel: 2211 6139) Hong Kong Futures Exchange Limited (the “Exchange”) is pleased to announce the incentive programs for Hong Kong Stock Futures contracts in 2021. The programs are designed for market participants to support the liquidity development of stock futures through participation as a liquidity provider (“LP”). LP is a person performing liquidity providing activities (i.e. an Exchange Participant (“EP”) or the entity or individual who has entered into a liquidity providing arrangement with an EP) and commits to meeting the quoting obligations assigned. The Exchange now invites applicants to act as LPs for 31 selected HK Stock Futures contracts (detailed obligations can be found in Attachment I). LPs will be entitled to the following incentives, subject to fulfilment of its obligations: Trading fee waiver (please refer to the trading fee table below); Waiver of monthly sub-licence fees for up to two OAPIs, subject to a maximum amount of HK$5,200 per month per HK Stock Futures contract; and Waiver of the one-off fee (i.e. HK$50,000) for an increase in the Central Gateway throughput rate (“Securities Throttle”) by one standard Securities Throttle rate per contract. There is no cap on the number of LPs for HK Stock Futures who are entitled to the abovementioned incentives. However, the fee waiver of Securities Throttle will be granted on a first-come-first served basis and subject to the availability of the fee waiver quota set by the Exchange for all LPs and MMs (Note: EP is required to complete an application form for the increase of throughput rate.) 2 Subject to fulfilment of the obligations1, LPs / MMs in HK Stock Futures will be entitled to a trading fee waiver (except for stock futures on Tracker Fund of Hong Kong and Hang Seng China Enterprises Index ETF2). Below is a summary of the trading fee schedule for HK Stock Futures: Trading Fee Per Contract (in HK$) Nominal Value Per Contract Tier ^ From 4 Jan 2021 to 31 Dec 2021 (in HK$) House / Client LP / MM 1 >$25,000 $3.00 nil 2 >$10,000 – $25,000 $1.00 nil 3 $10,000 $0.50 nil ^The tier level of each stock futures contract is reclassified on an annual basis to adjust for any substantial change in the nominal value due to market development, or as and when there are capital adjustments to the underlying stock. The current tier level is specified in the “Products – Listed Derivatives – Single Stock” section of the HKEX website. Application Procedure and Existing LPs Arrangement The LP programs for 2021 are now open for application. Interested parties should contact Mr. David Lutz ([email protected]) or Ms. Emily Huang ([email protected] ) for application details. Unless otherwise specified, all existing appointments of LPs will be terminated on 31 December 2020. Existing LPs who are interested to join the program in 2021 are required to submit an application. Wong Pak Chung Co-Head Equities Product Development Markets Division This circular has been prepared in English with a Chinese translation. If there is any inconsistencies between the two versions, the English version shall prevail. 1 If the LP / MM fails to fulfil its liquidity providing / market making obligations in a month , following the end of that month, the LP / MM will be required to pay the standard fees applicable to the contracts traded that month. 2 LP / MM will be required to pay the standard fee for stock futures on Tracker Fund of Hong Kong and Hang Seng China Enterprises Index ETF for the contracts traded. 3 Attachment I LP Obligations for HK Stock Futures LP will be required to provide CQ in any of the 31 HK Stock Futures contracts below: Stock Underlying Stock Assigned Minimum Max Minimum Intended Code Contract % Trading Bid/Ask Quote Commencement Months Hours Spread Quantity Date3 Coverage (contracts) 5 HSBC Holdings Plc. 10 388 Hong Kong Exchanges and Clearing Ltd. 10 4 times the 700 Tencent Holdings Ltd. best bid / 10 offer spread 939 China Construction Bank Corporation Spot and 10 of the 941 China Mobile Ltd. next 10 70% underlying calendar 1398 Industrial and Commercial Bank of China Ltd. stock or 10 month 2318 Ping An Insurance (Group) Company of China, Ltd. HK$0.15, 10 2822 CSOP FTSE China A50 ETF whichever is 10 greater 2823 iShares FTSE A50 China Index ETF 10 3188 China AMC CSI300 Index ETF 10 27 Galaxy Entertainment Group Ltd. 5 175 Geely Automobile Holdings Ltd. 5 386 China Petroleum & Chemical Corporation 20 788 China Tower Corporation Ltd. 5 883 CNOOC Ltd. 20 914 Anhui Conch Cement Company Ltd. 5 1299 AIA Group Ltd. 4 times the 5 1810 XiaoMi Corporation best bid / 5 offer spread 1876 Budweiser Brewing Company APAC Ltd. 5 of the Spot and 1918 Sunac China Holdings Ltd. underlying 5 next 1928 Sands China Ltd 70% stock or 5 calendar 0.5% of 2007 Country Garden Holdings Company Ltd. month 5 Quotation 2018 AAC Technologies Holdings Inc 2 bid, 2382 Sunny Optical Technology whichever is 2 2628 China Life Insurance Company Ltd. greater 20 3333 China Evergrande Group 5 3690 Meituan Dianping 5 3968 China Merchants Bank Co., Ltd. 10 9618 JD.com, Inc 5 9988 Alibaba Group Holdings Limited 5 9999 NetEase, Inc. 5 Note: LP shall not be required to fulfil liquidity providing requirements during the first five minutes of each morning trading session. 3 If the appointment commences later than the first Business Day of a calendar month, the liquidity providing requirements in the first month of its appointment will be pro-rated based on the number of Business Days in which the appointment is in effect over the total number of Business Days in that month. .
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