SFC proposes to relax position limits for key exchange-traded derivatives
The Securities and Futures Commission (SFC) today launched a consultation proposing to increase the position limits for exchange-traded derivatives based on the three major stock indices in Hong Kong to keep pace with 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.
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 [email protected], by post or by fax to 2521 7917.
中文版本
證監會建議放寬主要交易所買賣衍生工具的持倉限額
為緊貼市場發展，證券及期貨事務監察委員會（證監會）建議提高以香港三大股票指數為基礎的交易所買賣衍生工具的持倉限額，今天就建議展開諮詢。
為利便市場參與者對沖風險，有關建議會將恒生指數、恒生中國企業指數和恒生科技指數的期貨及期權合約的現有持倉限額，分別提高50%、108%及43%至15,000、25,000及30,000份對沖指定資產價格轉變風險的持倉。
這將使香港衍生工具市場跟上主要股票指數的市值及其成分股的成交量在過去數年的增長，同時不會對市場帶來額外風險。
證監會行政總裁梁鳳儀女士表示：“放寬持倉限額不僅讓市場參與者在管理持倉時更加靈活，亦促進衍生工具及整體市場的流動性和效率。我們相信，有關建議將有助提升香港金融市場的競爭力，同時維持穩健的監管框架以管理系統性風險，因而取得了適當的平衡。”
證監會歡迎各界在2025年3月28日或之前，透過證監會網站（www.sfc.hk）或以電郵（[email protected]）、郵寄或傳真（2521 7917）的方式，就上述建議提出意見。