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Assignment 2 Chapter 8

Major Futures Exchanges Margin Requirements &


Types of Underlying Assets
Hatem Hassan Zakaria

A. Futures contract
A. Definition
a futures contract (more colloquially, futures) is a standardized contract between two
parties to buy or sell a specified asset of standardized quantity and quality for a price
agreed upon today (the futures price) with delivery and payment occurring at a specified
future date, the delivery date, making it a type of derivative instrument. The contracts are
negotiated at a futures exchange, which acts as an intermediary between the two parties.
The party agreeing to buy the underlying asset in the future, the "buyer" of the contract, is
said to be "long", and the party agreeing to sell the asset in the future, the "seller" of the
contract, is said to be "short".
While the futures contract specifies a trade taking place in the future, the purpose of the
futures exchange institution is to act as intermediary and minimize the risk of default by
either party. Thus the exchange requires both parties to put up an initial amount of cash
(performance bond), the margin.
Additionally, since the futures price will generally change daily, the difference in the
prior agreed-upon price and the daily futures price is settled daily also (variation margin).
The exchange will draw money out of one party's margin account and put it into the
other's so that each party has the appropriate daily loss or profit. If the margin account
goes below a certain value, then a margin call is made and the account owner must
replenish the margin account.
This process is known as marking to market. Thus on the delivery date, the amount
exchanged is not the specified price on the contract but the spot value (i.e. the original
value agreed upon, since any gain or loss has already been previously settled by marking
to market).

A closely related contract is a forward contract. A forward is like a futures in that it


specifies the exchange of goods for a specified price at a specified future date. However,
a forward is not traded on an exchange and thus does not have the interim partial
payments due to marking to market. Nor is the contract standardized, as on the exchange.
Unlike an option, both parties of a futures contract must fulfill the contract on the
delivery date. The seller delivers the underlying asset to the buyer, or, if it is a cashsettled futures contract, then cash is transferred from the futures trader who sustained a
loss to the one who made a profit. To exit the commitment prior to the settlement date,
the holder of a futures position can close out its contract obligations by taking the
opposite position on another futures contract on the same asset and settlement date. The
difference in futures prices is then a profit or loss.

Future contracts are also agreements between two parties in which the buyer agrees to
buy an underlying asset from the other party (the seller). The delivery of the asset occurs
at a later time, but the price is determined at the time of purchase.

Terms and conditions are standardized.

Trading takes place on a formal exchange wherein the exchange provides a place
to engage in these transactions and sets a mechanism for the parties to trade these
contracts.
There is no default risk because the exchange acts as a counterparty, guaranteeing
delivery and payment by use of a clearing house.

The clearing house protects itself from default by requiring its counterparties to
settle gains and losses or mark to market their positions on a daily basis.
Futures are highly standardized, have deep liquidity in their markets and trade on
an exchange.
An investor can offset his or her future position by engaging in an opposite
transaction before the stated maturity of the contract.

Example: Future Contracts

Let's assume that in September the spot or current price for hydroponic tomatoes is $3.25
per bushel and the futures price is $3.50. A tomato farmer is trying to secure a selling
price for his next crop, while McDonald's is trying to secure a buying price in order to
determine how much to charge for a Big Mac next year. The farmer and the corporation
can enter into a futures contract requiring the delivery of 5 million bushels of tomatoes to
McDonald's in December at a price of $3.50 per bushel. The contract locks in a price for
both parties. It is this contract - and not the grain per se - that can then be bought and sold
in the futures market.
In this scenario, the farmer is the holder of the short position (he has agreed to sell the
underlying asset - tomatoes) and McDonald's is the holder of the long position (it has
agreed to buy the asset). The price of the contract is 5 million bushels at $3.50 per bushel.

B. Types of Futures contracts Underlying assets

Depending on the type of underlying asset, there are different types of futures contract
available for trading. They are

Individual stock futures.


Stock index futures.
Commodity futures.
Currency futures.
Interest rate futures.
A. INDIVIDUAL STOCK FUTURES

Individual stock futures are the simplest of all derivative instruments.


B. STOCK INDEX FUTURES.
Understanding stock index futures is quite simple if you have understood individual stock
futures. Here the underlying asset is the stock index. For example the S&P CNX Nifty
popularly called the nifty futures. Stock index futures are more useful when speculating
on the general direction of the market rather than the direction of a particular stock. It can
also be used to hedge and protect a portfolio of shares. So here, the price movement of
an index is tracked and speculated. One more point to note here is that, although stock
index is traded as an asset, it cannot be delivered to a buyer. Hence, it is always cash
settled.
Both individual stock futures and index futures are traded in the NSE.

C. COMMODITY FUTURES
Its the same as individual stock futures. The underlying asset however would be a
commodity like gold or silver. In India, Commodity futures are mainly traded in two
exchanges 1. MCX (Multi commodity exchange) and NCDEX (National commodities
and derivatives exchange). Unlike stock market futures where a lot of parameters are
measured, the commodity market is predominantly driven by demand and supply.
The term commodity is a very broad term and it includes

Bullion gold and silver


Metals Aluminum , copper, lead, iron, steel, nickel, tin, zinc
Energy-crude oil, gasoline, heating oil, electricity, natural gas
Weather- carbon
Oil and oil seeds crude palm oil, kapsica khali,refined Soya oil, Soya bean
Cereals- barley, wheat, maize
Fiber- cotton, kapas
Species-cardamom, coriander, termuric etc
Pluses chana
Others- like potatoes, sugar, almonds, gaur
D. CURRENCY FUTURES.

The MCX-SX exchange trades the following currency futures:

Euro-Indian Rupee (EURINR),


Us dollar-Indian rupee (USDINR),
Pound Sterling-Indian Rupee (GBPINR) and
Japanese Yen-Indian Rupee (JPYINR).
E. INTEREST RATE FUTURES.

Interest rate futures are traded on the NSC. These are futures based on interest rates. In
India, interest rates futures were introduced on August 31, 2009.The logic of underlying
asset is the same as we saw in commodity or stock futures in this case , the underlying
asset would be a debt obligation debts that move in value according to changes in
interest rates (generally government bonds). Companies, banks, foreign institutional
investors, non-resident Indian and retail investors can trade in interest rate
futures. Buying an interest rate futures contract will allow the buyer to lock in a future
investment rate.
5

FROM WEATHER TO TERROR..!!


Weather influences everyones lives. Right from daily lives to agriculture to corporate
earnings everything gets affected if the weather is not favorable. For example lets
assume that this year cold winter is expected in most parts of the United States. What
happens is that the price of heating oil goes up. Heating oil futures are traded in
commodity markets depending on weather forecasts.
The fear of terrorist strikes had even made Pentagon think of creating a futures market to
help predict terrorist strikes. Their theory was that possibility of terror strikes in a
particular area for example possibility of a terror strike in New York would be traded as
if it was a commodity. Higher the price, higher the possibilities of a terror strike. This
way they thought, would help them in finding potential threats.
Or take another example the assassination of Israel prime minister futures which
would be available for trade as a commodity. Higher the price, the more likely the event.

1. Derivatives - Futures vs. Forwards

Futures differ from forwards in several instances:


A. A forward contract is a private transaction - a futures contract is not. Futures
contracts are reported to the future's exchange, the clearing house and at least one
regulatory agency. The price is recorded and available from pricing services.
B. A future takes place on an organized exchange where the all of the contract's
terms and conditions, except price, are formalized. Forwards are customized to
meet the user's special needs. The future's standardization helps to create liquidity
in the marketplace enabling participants to close out positions before expiration.
C. Forwards have credit risk, but futures do not because a clearing house guarantees
against default risk by taking both sides of the trade and marking to market their
positions every night. Mark to market is the process of converting daily gains and
losses into actual cash gains and losses each night. As one party loses on the trade
the other party gains, and the clearing house moves the payments for the
counterparty through this process.

D. Forwards are basically unregulated, while future contract are regulated at the
federal government level. The regulation is there to ensure that no manipulation
occurs, that trades are reported in a timely manner and that the professionals in
the market are qualified and honest.

2. Characteristics of Futures Contracts


In a futures contract there are two parties:
A. The long position, or buyer, agrees to purchase the underlying at a later date or at
the expiration date at a price that is agreed to at the beginning of the transaction.
Buyers benefit from price increases.
B. The short position, or seller, agrees to sell the underlying at a later date or at the
expiration date at a price that is agreed to at the beginning of the transaction.
Sellers benefit from price decreases.
Prices change daily in the marketplace and are marked to market on a daily basis.
At expiration, the buyer takes delivery of the underlying from the seller or the parties can
agree to make a cash settlement.

C. Initial Margin in Major Futures Exchanges


The percentage of the purchase price of securities (that can be purchased on
margin) that the investor must pay for with his or her own cash or marginable
securities.
Also called the "initial margin requirement."
In the futures market, margin has a definition distinct from its definition in the stock
market, where margin is the use of borrowed money to purchase securities. In the futures
market, margin refers to the initial deposit of "good faith" made into an account in order
to enter into a futures contract. This margin is referred to as good faith because it is this
money that is used to debit any day-to-day losses.
When you open a futures contract, the futures exchange will state a minimum amount of
money that you must deposit into your account.
7

This original deposit of money is called the initial margin. When your contract is
liquidated, you will be refunded the initial margin plus or minus any gains or losses that
occur over the span of the futures contract. In other words, the amount in your margin
account changes daily as the market fluctuates in relation to your futures contract. The
minimum-level margin is determined by the futures exchange and is usually 5% to 10%
of the futures contract. These predetermined initial margin amounts are continuously
under review: at times of high market volatility, initial margin requirements can be
raised.
The initial margin is the minimum amount required to enter into a new futures contract,
but the maintenance margin is the lowest amount an account can reach before needing to
be replenished. For example, if your margin account drops to a certain level because of a
series of daily losses, brokers are required to make a margin call and request that you
make an additional deposit into your account to bring the margin back up to the initial
amount.
Let's say that you had to deposit an initial margin of $1,000 on a contract and the
maintenance margin level is $500. A series of losses dropped the value of your account to
$400. This would then prompt the broker to make a margin call to you, requesting a
deposit of at least an additional $600 to bring the account back up to the initial margin
level of $1,000.
Word to the wise: when a margin call is made, the funds usually have to be delivered
immediately. If they are not, the brokerage can have the right to liquidate your position
completely in order to make up for any losses it may have incurred on your behalf.
Leverage: The Double-Edged Sword
In the futures market, leverage refers to having control over large cash amounts of
commodities with comparatively small levels of capital. In other words, with a relatively
small amount of cash, you can enter into a futures contract that is worth much more than
you initially have to pay (deposit into your margin account). It is said that in the futures
market, more than any other form of investment, price changes are highly leveraged,
meaning a small change in a futures price can translate into a huge gain or loss.

Futures positions are highly leveraged because the initial margins that are set by the
exchanges are relatively small compared to the cash value of the contracts in question
(which is part of the reason why the futures market is useful but also very risky). The
smaller the margin in relation to the cash value of the futures contract, the higher the
leverage. So for an initial margin of $5,000, you may be able to enter into a long position
in a futures contract for 30,000 pounds of coffee valued at $50,000, which would be
considered highly leveraged investments.
You already know that the futures market can be extremely risky and, therefore, not for
the faint of heart. This should become more obvious once you understand the arithmetic
of leverage. Highly leveraged investments can produce two results: great profits or
greater losses.
As a result of leverage, if the price of the futures contract moves up even slightly, the
profit gain will be large in comparison to the initial margin. However, if the price just
inches downwards, that same high leverage will yield huge losses in comparison to the
initial margin deposit. For example, say that in anticipation of a rise in stock prices across
the board, you buy a futures contract with a margin deposit of $10,000, for an index
currently standing at 1300. The value of the contract is worth $250 times the index (e.g.
$250 x 1300 = $325,000), meaning that for every point gain or loss, $250 will be gained
or lost.
If after a couple of months, the index realized a gain of 5%, this would mean the index
gained 65 points to stand at 1365. In terms of money, this would mean that you as an
investor earned a profit of $16,250 (65 points x $250); a profit of 162%!
On the other hand, if the index declined 5%, it would result in a monetary loss of $16,250
- a huge amount compared to the initial margin deposit made to obtain the contract. This
means you still have to pay $6,250 out of your pocket to cover your losses. The fact that a
small change of 5% to the index could result in such a large profit or loss to the investor
(sometimes even more than the initial investment made) is the risky arithmetic of
leverage. Consequently, while the value of a commodity or a financial instrument may
not exhibit very much price volatility, the same percentage gains and losses are much
more dramatic in futures contracts due to low margins and high leverage.

Pricing and Limits


contracts in the futures market are a result of competitive price discovery. Prices are
quoted, as they would be in the cash market: in dollars and cents or per unit (gold ounces,
bushels, barrels, index points, percentages and so on).
Prices on futures contracts, however, have a minimum amount that they can move. These
minimums are established by the futures exchanges and are known as "ticks." For
example, the minimum sum that a bushel of grain can move upwards or downwards is a
quarter of one U.S. cent. For futures investors, it's important to understand how the
minimum price movement for each commodity will affect the size of the contract in
question. If you had a wheat contract for 5,000 bushels, the minimum price movement
would be $12.50 ($0.0025 x 5,000).
Futures prices also have a price change limit that determines the prices between which
the contracts can trade on a daily basis. The price change limit is added to and subtracted
from the previous day's close and the results remain the upper and lower price boundary
for the day.
Say that the price change limit on silver per ounce is $0.25. Yesterday, the price per
ounce closed at $5. Today's upper price boundary for silver would be $5.25 and the lower
boundary would be $4.75. If at any moment during the day the price of futures contracts
for silver reaches either boundary, the exchange shuts down all trading of silver futures
for the day. The next day, the new boundaries are again calculated by adding and
subtracting $0.25 to the previous day's close. Each day the silver ounce could increase or
decrease by $0.25 until an equilibrium price is found. Because trading shuts down if
prices reach their daily limits, there may be occasions when it is NOT possible to
liquidate an existing futures position at will.
The exchange can revise this price limit if it feels it's necessary. It's not uncommon for
the exchange to abolish daily price limits in the month that the contract expires (delivery
or "spot" month). This is because trading is often volatile during this month, as sellers
and buyers try to obtain the best price possible before the expiration of the contract.

10

In order to avoid any unfair advantages, the CTFC and the futures exchanges impose
limits on the total amount of contracts or units of a commodity in which any single
person can invest. These are known as position limits and they ensure that no one person
can control the market price for a particular commodity.

Commodity Futures
Client Margin

Product
Gold Futures

Full Rate

Clearing House
Margin

Initial

Maintenance

(US$)

(US$)

(US$)

4,810

3,850

3,850

1,450

1,160

1,160

(/lot)
Spread Rate
(/spread)

Currency Futures
Client Margin

Product
USD/CNH Futures

Full Rate

Clearing House
Margin

Initial

Maintenance

(RMB)

(RMB)

(RMB)

15,510

12,410

12,410

9,310

7,450

7,450

3,110

2,490

2,490

(/lot)
Spread Rate
(/spread)
Spot Month Charge
(/lot)

11

Index Futures
Client Margin

Product
Hang Seng Index Futures

Full Rate

Clearing House
Margin

Initial

Maintenance

(HK$)

(HK$)

(HK$)

93,750

75,000

75,000

18,750

15,000

15,000

18,750

15,000

15,000

3,750

3,000

3,000

41,250

33,000

32,950

12,400

9,900

9,900

8,250

6,600

6,590

2,480

1,980

1,980

12,930

10,340

10,340

3,880

3,110

3,110

2,230

1,780

1,780

2,680

2,140

2,140

4,570

3,650

3,650

5,490

4,380

4,380

24,660

19,730

19,730

7,400

5,920

5,920

18,690

14,950

14,950

5,610

4,490

4,490

(/lot)
Spread Rate
(/spread)
Mini-Hang Seng Index Futures

Full Rate
(/lot)
Spread Rate
(/spread)

H-share Index Futures

Full Rate
(/lot)
Spread Rate
(/spread)

Mini-H-share Index Futures

Full Rate
(/lot)
Spread Rate
(/spread)

CES China 120 Index Futures

Full Rate
(/lot)
Spread Rate
(/spread)

HSCEI Dividend Point Index Futures

Full Rate
(/lot)
Spread Rate
(/spread)

HSI Dividend Point Index Futures

Full Rate
(/lot)
Spread Rate
(/spread)

HSI Volatility Index Futures

Full Rate
(/lot)
Spread Rate
(/spread)

IBOVESPA Futures

Full Rate
(/lot)
Spread Rate
(/spread)

12

S&P BSE Sensex Index Futures

Full Rate

16,510

13,210

13,210

4,960

3,970

3,970

28,970

23,180

23,180

8,700

6,960

6,960

16,390

13,110

13,110

4,920

3,940

3,940

(/lot)
Spread Rate
(/spread)
FTSE/JSE Top40 Futures

Full Rate
(/lot)
Spread Rate
(/spread)

MICEX Index Futures

Full Rate
(/lot)
Spread Rate
(/spread)

Interest Rate Futures


Client Margin

Clearing House
Margin

Initial

Maintenance

(HK$)

(HK$)

(HK$)

11,350

9,080

8,570

3,410

2,730

2,580

272

217

207

1,030

822

779

Product
Three-year Exchange Fund Note (EFN)
Futures

Full Rate
(/lot)
Spread Rate
(/spread)

One-Month HIBOR Futures

Full Rate
(/lot)

Three-Month HIBOR Futures

Full Rate
(/lot)

13

Stock Futures
Client Margin

Clearing House
Margin

Initial

Maintenance

(HK$)

(HK$)

(HK$)

2,840

2,270

2,270

852

681

681

822

658

621

247

198

187

3,760

3,010

3,010

1,130

903

903

229

183

183

69

55

55

355

284

284

107

86

86

420

336

336

126

101

101

807

645

645

243

194

194

366

293

293

110

88

88

373

298

298

Product
iShares FTSE A50 China Index ETF Futures

Full Rate
(/lot)
Spread Rate
(/spread)

Aluminum Corporation of China Ltd. Futures

Full Rate
(/lot)
Spread Rate
(/spread)

China AMC CSI 300 index ETF Futures

Full Rate
(/lot)
Spread Rate
(/spread)

Bank of China Ltd. Futures

Full Rate
(/lot)
Spread Rate
(/spread)

Bank of Communications Co. Ltd. Futures

Full Rate
(/lot)
Spread Rate
(/spread)

The Bank of East Asia Limited Futures

Full Rate
(/lot)
Spread Rate
(/spread)

BOC Hong Kong (Holdings) Ltd. Futures

Full Rate
(/lot)
Spread Rate
(/spread)

China Construction Bank Corporation Futures Full Rate


(/lot)
Spread Rate
(/spread)
China Communications Construction Co.
Limited Futures

Full Rate
(/lot)

14

Spread Rate

112

90

90

3,620

2,900

2,750

1,090

870

825

2,070

1,660

1,570

621

498

471

1,230

984

921

369

296

277

9,190

7,360

7,350

2,760

2,210

2,210

9,697

7,766

7,756

2,912

2,332

2,332

1,430

1,150

1,140

429

345

342

2,100

1,680

1,680

630

504

504

474

379

379

143

114

114

933

746

746

280

224

224

933

747

747

280

225

225

(/spread)
China Mobile Limited Futures

Full Rate
(/lot)
Spread Rate
(/spread)

China Unicom (Hong Kong) Limited Futures

Full Rate
(/lot)
Spread Rate
(/spread)

CITIC Limited Futures

Full Rate
(/lot)
Spread Rate
(/spread)

Cheung Kong (Holdings) Limited Futures


(CKH - Multiplier = 1,000)

Full Rate
(/lot)
Spread Rate
(/spread)

Cheung Kong (Holdings) Limited Futures


(CKA - Multiplier = 1,055)

Full Rate
(/lot)
Spread Rate
(/spread)

China Life Insurance Co. Ltd. Futures

Full Rate
(/lot)
Spread Rate
(/spread)

CLP Holdings Limited Futures

Full Rate
(/lot)
Spread Rate
(/spread)

China Merchants Bank Co. Ltd. Futures

Full Rate
(/lot)
Spread Rate
(/spread)

CNOOC Limited Futures

Full Rate
(/lot)
Spread Rate
(/spread)

Cathay Pacific Airways Limited Futures

Full Rate
(/lot)
Spread Rate
(/spread)

15

China Petroleum & Chemical Corporation


Futures

Full Rate

938

750

750

282

225

225

2,960

2,370

2,370

888

711

711

587

470

446

177

141

134

79

63

63

24

19

19

362

290

272

109

87

82

2,310

1,850

1,850

693

555

555

1,150

913

913

345

274

274

2,070

1,650

1,650

621

495

495

1,130

904

904

339

272

272

1,243

994

994

373

299

299

3,380

2,710

2,580

(/lot)
Spread Rate
(/spread)

CSOP FTSE China A50 ETF Futures

Full Rate
(/lot)
Spread Rate
(/spread)

China Telecom Corporation Ltd. Futures

Full Rate
(/lot)
Spread Rate
(/spread)

Esprit Holdings Limited Futures

Full Rate
(/lot)
Spread Rate
(/spread)

FIH Mobile Limited Futures

Full Rate
(/lot)
Spread Rate
(/spread)

Power Assets Holdings Limited Futures

Full Rate
(/lot)
Spread Rate
(/spread)

Hong Kong Exchanges and Clearing Limited


Futures

Full Rate
(/lot)
Spread Rate
(/spread)

HSBC Holdings Plc. Futures

Full Rate
(/lot)
Spread Rate
(/spread)

The Hong Kong and China Gas Company


Limited Futures (HKG - Multiplier = 1,000)

Full Rate
(/lot)
Spread Rate
(/spread)

The Hong Kong and China Gas Company


Limited Futures (HKE - Multiplier = 1,100)

Full Rate
(/lot)
Spread Rate
(/spread)

Henderson Land Development Company


Limited Futures (HLD - Multiplier = 1,000)

Full Rate
(/lot)

16

Spread Rate

1,020

813

774

3,718

2,981

2,838

1,122

894

851

1,350

1,080

1,010

405

324

303

828

662

662

249

199

199

6,520

5,220

5,220

1,960

1,570

1,570

6,972

5,582

5,582

2,096

1,679

1,679

325

260

260

98

78

78

1,290

1,030

1,030

387

309

309

1,543

1,232

1,232

463

370

370

973

778

778

292

234

234

617

493

493

186

148

148

(/spread)
Henderson Land Development Company
Limited Futures (HLB - Multiplier = 1,100)

Full Rate
(/lot)
Spread Rate
(/spread)

Huaneng Power International, Inc. Futures

Full Rate
(/lot)
Spread Rate
(/spread)

Hang Seng Bank Limited Futures

Full Rate
(/lot)
Spread Rate
(/spread)

Hutchison Whampoa Limited Futures (HWL - Full Rate


Multiplier = 1,000)
(/lot)
Spread Rate
(/spread)
Hutchison Whampoa Limited Futures (HWA - Full Rate
Multiplier = 1,069)
(/lot)
Spread Rate
(/spread)
Industrial and Commercial Bank of China Ltd. Full Rate
Futures
(/lot)
Spread Rate
(/spread)
Li & Fung Limited Futures (LIF - Multiplier = Full Rate
2,000)
(/lot)
Spread Rate
(/spread)
Li & Fung Limited Futures (LIB - Multiplier = Full Rate
2,392)
(/lot)
Spread Rate
(/spread)
MTR Corporation Limited Futures

Full Rate
(/lot)
Spread Rate
(/spread)

New World Development Co. Ltd. Futures


(NWD - Multiplier = 1,000)

Full Rate
(/lot)
Spread Rate
(/spread)

17

New World Development Co. Ltd. Futures


(NWA - Multiplier = 1,062)

Full Rate

655

524

524

198

157

157

2,010

1,610

1,610

603

483

483

1,330

1,070

1,070

399

321

321

1,640

1,310

1,240

492

393

372

7,290

5,840

5,840

2,190

1,760

1,760

7,338

5,878

5,878

2,204

1,772

1,772

3,240

2,590

2,590

972

777

777

3,860

3,090

3,050

1,160

927

915

(/lot)
Spread Rate
(/spread)

Ping An Insurance (Group) Co. of China Ltd.


Futures

Full Rate
(/lot)
Spread Rate
(/spread)

PetroChina Company Limited Futures

Full Rate
(/lot)
Spread Rate
(/spread)

PICC Property and Casualty Co. Limited


Futures

Full Rate
(/lot)
Spread Rate
(/spread)

Sun Hung Kai Properties Limited Futures


(SHK Multiplier = 1,000)

Full Rate
(/lot)
Spread Rate
(/spread)

Sun Hung Kai Properties Limited Futures


(SKA Multiplier = 1,007)

Full Rate
(/lot)
Spread Rate
(/spread)

Swire Pacific Limited "A" Shares Futures

Full Rate
(/lot)
Spread Rate
(/spread)

The Wharf (Holdings) Ltd. Futures

Full Rate
(/lot)
Spread Rate
(/spread)

18