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期货和衍生品行业监管动态

SFC Proceeds with Position Limit Increases for Key Stock Index Derivatives
(2025/4/30)

The Securities and Futures Commission (SFC) today published consultation

conclusions on the proposed increases of position limits for exchange-traded

derivatives based on the three major stock indices in Hong Kong (Note 1).

Respondents to the consultation which ended on 28 March 2025 have shown

strong support for the proposal, noting that the changes will facilitate market liquidity,

hedging efficiency and further market growth. The SFC received a total of 25

submissions from both local and overseas market participants, including market

makers, asset managers, industry associations and other stakeholders.

The SFC will now proceed to implement the proposal after considering the

feedback, the historical and potential market growth, as well as utilisation of the limits

by market participants. To this end, it will amend the Securities and Futures

(Contracts Limits and Reportable Positions) Rules, as well as the Guidance Note on

Position Limits and Large Open Position Reporting Requirements.

“The SFC is committed to fostering an adaptive and robust regulatory framework

that not only safeguards the integrity of our financial markets but also supports their

developments,” said Mr Rico Leung, the SFC’s Executive Director of Supervision of

Markets. “The enhancements will reinforce Hong Kong’s position as a leading global

risk management centre; in parallel, we will maintain vigilant oversight and rigorous

monitoring of our market operations.”

Subject to the legislative process, the new position limits are expected to take

effect in July 2025.

Note:

1. Under the proposal, the position limits for the futures and options contracts of

Hang Seng Index, Hang Seng China Enterprises Index and Hang Seng TECH Index

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