Page 64 - 期货和衍生品行业监管动态（2025年2月刊）

期货和衍生品行业监管动态

market development.

To facilitate hedging activities of market participants, the proposals will lift the

current position limits for the futures and options contracts by 50% to 15,000 position

delta for Hang Seng Index, 108% to 25,000 position delta for Hang Seng China

Enterprises Index, and 43% to 30,000 position delta for Hang Seng TECH Index

(Note 1).

These will enable Hong Kong’s derivatives markets to keep pace with the growth

in the market capitalisations of major stock indices and trading volumes of their

constituents over the past years, without introducing additional risks to the markets.

“The relaxation of position limits will not only allow market participants to enjoy

greater flexibility in managing positions, but also promote the liquidity and efficiency

of both the derivatives and broader markets,” said Ms Julia Leung, the SFC’s Chief

Executive Officer. “We believe the proposal will help bolster the Hong Kong financial

market’s competitiveness while striking the right balance by maintaining a robust

regulatory framework to manage systemic risks.”

The public is invited to comment on the SFC’s proposals by 28 March 2025 via

its website (www.sfc.hk), by email to position-limit@sfc.hk, by post or by fax to 2521

7917.

Note:

1.For futures and options contracts, delta is the ratio of their theoretical price

change against the change in price of the underlying asset. A futures contract has a

fixed delta value of 1, whereas an options contract has a variable delta value between

0 and 1.

https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?

refNo=25PR25

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