HKEK reshapes futures and renews CEO contract
18 June 2018 Hong Kong
Image: Shutterstock
The Hong Kong Exchanges and Clearing Limited (HKEX) has planned to reshape its range of stock futures contracts.
HKEK said it will introduce seven new stock futures contracts on 3 July and five new stock option classes on 16 July.
The stock exchange has invited applications for market makers for the new options and futures. The Commission levy for the new stock futures will be waived for the first six months from the start of trading.
HKEX added that stock futures and options trading volumes at HKEX were up 115.1 per cent and 74.4 percent respectively in the first five months of this year compared with the same period last year. It also said that it will discontinue trading in eight stock futures contracts.
No new contract months will be introduced for trading with immediate effect, while contract months without open positions and trades for five consecutive trading days will be suspended.
Contract months with open positions will be available for trading until expiry.
The news comes as HKEX also announced the renewal of the contract of Charles Li Xiaojia, the association’s CEO.
Li Xiaojia’s new contract is to run from October 2018 to October 2021 and is subject to the written approval of the Securities and Futures Commission.
Li Xiaojia joined HKEX in 2009 and became the CEO and an executive director in January 2010.
A spokesperson for HKEX said: “Charles Li has truly ridden a roller coaster of a career ride in recent years.”
He added: “Whereas most of the Chinese exchanges may not be noted for the colour of their leadership, Charles Li strikes a charismatic pose managing the HKEX forward as the gateway to the Chinese mainland in a trusted and historic financial centre.”
HKEK said it will introduce seven new stock futures contracts on 3 July and five new stock option classes on 16 July.
The stock exchange has invited applications for market makers for the new options and futures. The Commission levy for the new stock futures will be waived for the first six months from the start of trading.
HKEX added that stock futures and options trading volumes at HKEX were up 115.1 per cent and 74.4 percent respectively in the first five months of this year compared with the same period last year. It also said that it will discontinue trading in eight stock futures contracts.
No new contract months will be introduced for trading with immediate effect, while contract months without open positions and trades for five consecutive trading days will be suspended.
Contract months with open positions will be available for trading until expiry.
The news comes as HKEX also announced the renewal of the contract of Charles Li Xiaojia, the association’s CEO.
Li Xiaojia’s new contract is to run from October 2018 to October 2021 and is subject to the written approval of the Securities and Futures Commission.
Li Xiaojia joined HKEX in 2009 and became the CEO and an executive director in January 2010.
A spokesperson for HKEX said: “Charles Li has truly ridden a roller coaster of a career ride in recent years.”
He added: “Whereas most of the Chinese exchanges may not be noted for the colour of their leadership, Charles Li strikes a charismatic pose managing the HKEX forward as the gateway to the Chinese mainland in a trusted and historic financial centre.”
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