All affected SEOCH Participants shall arrange enough funding in their Designated Bank Accounts in order to settle the intra-day margin call within one hour after the intra-day margin call is issued or such shorter period as may from time to time be prescribed by SEOCH. Intra-day margin calls may only be satisfied by payment in cash denominated in Hong Kong Dollars.
Requirements to contribute to the Reserve Fund may only be satisfied by payment in cash denominated in Hong Kong Dollars. The settlement method of this additional contribution is similar to the Daily Cash Settlement Process described earlier in this chapter.
Operational Clearing Procedures for Options Trading Exchange Participants - DocsBay
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Operational Clearing Procedures for Options Trading Exchange Participants
Consolidated Reports. Securities Market. Derivatives Market. Clearing, Settlement and Depository. News Alerts. Updated 30 Dec Cookie Policy This website uses cookies. Special events like distribution in specie, offering of shares in another company, bonus warrants, change of domicile etc. Under such circumstances, the Exchange, which on its sole discretion and, on a case by case basis, will decide whether an adjustment is needed, and if so, the adjustment method.
Generally, the Exchange will not perform any capital adjustment on option positions for an ordinary cash dividend whether or not it is offered with a scrip alternative. For any other forms of cash distribution described by a company, such as a cash bonus, special dividend or extraordinary dividend, the Exchange will not perform any capital adjustment on option positions unless the value of the payment is 2 per cent or more of the share's closing price on the day of the announcement.
Under exceptional circumstances, the Exchange reserves its right to consider making capital adjustments on a case by case basis as it deems appropriate, after consultation with the Commission. For example, an exceptional circumstance may include a dividend payment described as a special dividend but which in essence is a regular payment arising from the normal course of business or an exceptionally large ordinary cash dividend payment involving a return of capital. For rights issues and bonus issues, the Exchange will perform an adjustment irrespective of its size in relation to the underlying market price.
In the case of a combined entitlement event, for example, a bonus issue plus a simultaneous special dividend, the Exchange will conduct a combined capital adjustment only if the special dividend in isolation is 2 per cent or more of the share's closing price on the day of the announcement. The Exchange will always perform an adjustment irrespective of the corporate action's effect on the underlying market price. In each case, the old exercise price of the option contract will be multiplied by this adjustment ratio to obtain the adjusted exercise price.
The corresponding adjusted contract size is obtained by dividing the old contract value by the adjusted exercise price. The old contract value is simply the product of the old exercise price and the old contract size. The decision as to whether or not an adjustment will be made to the terms of all existing options contracts, and the nature of that adjustment, will be announced no later than the tenth trading day after the company announcement is made.
For more details regarding capital adjustments, including their effect and effective day, please refer to the Operational Clearing Procedures. Subject to availability. Each option contract is generally listed with the same size as the board lot for the underlying stock, unless otherwise expressly specified by the Exchange. For example, if a board lot for a listed security currently contains shares, the option contract on that security, at the time of listing, will give the holder an option over shares.
However, subsequent capital adjustments on the underlying shares will render it necessary to adjust the contract size and the strike price of all unexpired series of that class to preserve the value of the options contract before the capital adjustment. The Exchange will announce the new codes assigned upon capital adjustments prior to the effective date. All contracts which undergo capital adjustment may have an adjusted contract size not necessarily equal to the current board lot size of the underlying share. Refer to Chapter 8 of the Operational Trading Procedures for details.
B3 Expiry The last trading day for spot month contracts is the second last business day of the month which is a trading day or such other day as may be specified by the Exchange. Option series for new contract months will become available for trading on the last business day of the month. Cheung Kong Holdings Ltd. Cheung Kong Infrastructure Holdings Ltd. China Merchants Holdings International Co. China Mobile Hong Kong Ltd. China Unicom Ltd. CLP Holdings Ltd. Hang Seng Bank Ltd. Henderson Land Development Co. Hong Kong and China Gas Co. Hongkong Electric Holdings Ltd. Hopewell Holdings Ltd.
HSBC Holdings plc. Huaneng Power International, Inc. Hutchison Whampoa Ltd. Johnson Electric Holdings Ltd. Legend Group Ltd. MTR Corporation Ltd. New World Development Co. PCCW Ltd. PetroChina Co. Shanghai Industrial Holdings Ltd. Sun Hung Kai Properties Ltd. Swire Pacific Ltd. We hereby request to rent a backup terminal from you today subject to the Operational Trading Procedures. We hereby declare that we have maintained an effective fax indemnity with you and request you to effect the cancellation of the above trade s. Fax No. Services Required Please tick the box for the appropriate service s required.
In such case, that particular client of the Options Exchange Participant may be margined on a net basis. To qualify for such margining, the Options Officer of the Options Exchange Participant must make a determination in writing that the 25 financial resources and the margin payment arrangement made by the client, NCP or Options Broker Exchange Participant justify such treatment. The Options Exchange Participant must notify the Exchange in writing directly in respect of every such determination made. Related documents. Business Process - information systems and it audit.
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