Cap. 571 sub. leg. Y

Securities and Futures (Contracts Limits and Reportable Positions) Rules(Cap. 571, section 35(1))(Enacting provision omitted—E.R. 1 of 2012) [1 April 2003] L.N. 12 of 2003(Format changes—E.R. 1 of 2012) 1. (Omitted as spent—E.R. 1 of 2012) 2. Interpretation (1) In these Rules, unless the context otherwise requires— adequate financial capability (充足財政能力)— (a) in relation to a clearing participant—means any of the clearing participant or its holding company having—(i) a net asset value of not less than $5 billion as set out in its latest audited financial statements; or(ii) a qualifying credit rating; and (b) in relation to an exchange participant or an affiliate of an exchange participant—means any one of the exchange participant, the affiliate of the exchange participant or their holding company having—(i) a net asset value of not less than $5 billion as set out in its latest audited financial statements; or(ii) a qualifying credit rating; (L.N. 149 of 2023) affiliate (聯屬公司), in relation to an exchange participant, means any corporation belonging to the same group of companies as the exchange participant; (L.N. 44 of 2017)constitutive documents (組成文件), in relation to a fund, means the principal documents governing the establishment of the fund; (L.N. 228 of 2015; L.N. 149 of 2023) contract multiplier (合約乘數)— (a) in relation to a stock index futures contract or a stock index options contract specified in item 4, 5 or 21 in Schedule 1 that has an index as an underlying index—means the cash value of one point of the index or otherwise as specified by the Futures Exchange Company to be the “contract multiplier” for the contract in its contract specifications set out in the rules of the Futures Exchange Company; or (b) in relation to a stock index futures options contract specified in item 4, 5 or 21 in Schedule 1 that has a stock index futures contract as an underlying contract—means the cash value of one point of the stock index futures contract’s underlying index or otherwise as specified by the Futures Exchange Company to be the “contract multiplier” for the stock index futures options contract in its contract specifications set out in the rules of the Futures Exchange Company; (L.N. 149 of 2023) exchange traded fund (交易所買賣基金) means an open-ended fund the shares or units of which are listed or traded on a recognized stock market; (L.N. 228 of 2015; L.N. 149 of 2023)fund (基金) means a collective investment scheme; (L.N. 149 of 2023)HKFECC (期貨結算公司) means the recognized clearing house known as HKFE Clearing Corporation Limited; (L.N. 149 of 2023)Listing Rules (《上市規則》) means the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited made by the Stock Exchange Company; offering document (要約文件), in relation to a fund, means a document— (L.N. 149 of 2023) (a) inviting participation in the fund by prospective shareholders or prospective unit holders of the fund; and (b) containing information relating to the establishment or administration of the fund; (L.N. 228 of 2015; L.N. 149 of 2023) open-ended fund (開放式基金) means a fund the shares or units of which may be repurchased or redeemed at the request of any of its shareholders or unit holders— (a) at a price calculated wholly or mainly by reference to the net asset value of the fund; and (b) in accordance with the frequency for repurchase or redemption, requirements and procedures set out in the offering document or constitutive documents of the fund; (L.N. 149 of 2023) prescribed limit (訂明上限), in relation to a futures contract or a stock options contract, means the limit on the number of contracts prescribed for it under section 5;reportable position (須申報的持倉量) means an open position in futures contracts or stock options contracts the number of which is in excess of the reporting level of such a contract; (L.N. 149 of 2023) reporting level (須申報水平) means— (a) in the case of a futures contract specified in column 2 of Schedule 1—the number of contracts specified opposite to it in column 4 of that Schedule; and (b) in the case of a stock options contract specified in column 2 of Schedule 2—the number of contracts specified opposite to it in column 4 of that Schedule; (L.N. 149 of 2023) scheme property (計劃財產), in relation to a fund, means the property under the fund; (L.N. 149 of 2023)SEOCH (期權結算公司) means the recognized clearing house known as The SEHK Options Clearing House Limited; (L.N. 149 of 2023) specified contract (指明合約) means— (a) a stock index futures contract that has one of the following indices as an underlying index—(i) Hang Seng Index;(ii) Hang Seng Index (Gross Total Return Index);(iii) Hang Seng Index (Net Total Return Index);(iv) Hang Seng China Enterprises Index;(v) Hang Seng China Enterprises Index (Gross Total Return Index);(vi) Hang Seng China Enterprises Index (Net Total Return Index);(vii) Hang Seng TECH Index;(viii) Hang Seng TECH Index (Gross Total Return Index);(ix) Hang Seng TECH Index (Net Total Return Index); (b) a stock index options contract that has one of the indices referred to in paragraph (a)(i), (ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) as an underlying index; or (c) a stock index futures options contract that has a stock index futures contract referred to in paragraph (a) as an underlying contract; (L.N. 149 of 2023) specified percentage (指明百分率) means 300%; (L.N. 44 of 2017; L.N. 149 of 2023)stock index futures options contract (股票指數期貨期權合約) means a stock index options contract that has a stock index futures contract as an underlying contract; (L.N. 149 of 2023)sub-fund (子基金), in relation to an umbrella fund, means a separate part of the scheme property of the umbrella fund where assets of the part belong exclusively to the part and can be used to discharge the liabilities of, or the claims against, the part only; (L.N. 149 of 2023)umbrella fund (傘子基金) means a fund the constitutive documents of which provide for the division of its scheme property into separate parts. (L.N. 149 of 2023)(9 of 2012 s. 55; L.N. 149 of 2023)(2) For the purposes of these Rules, a reference to control, in relation to futures contracts or stock options contracts, is to be construed as a reference to control of such futures contracts or stock options contracts, either directly or indirectly. (L.N. 149 of 2023)(3) For the purposes of these Rules, each sub-fund of an umbrella fund is to be regarded as separate from the umbrella fund and any of the other sub-funds of the umbrella fund. (L.N. 149 of 2023)(4) For the purposes of these Rules, a unit holder of a fund constituted as a trust is not to be regarded, only by virtue of the unit holder holding one or more units in the fund, as holding or controlling futures contracts or stock options contracts in respect of the fund. (L.N. 149 of 2023) 3. Application These Rules apply to futures contracts and stock options contracts that are traded through the facilities of a recognized exchange company in accordance with the rules of the recognized exchange company. 4. Restrictions on number of contracts held or controlled (1) No person, other than a person referred to in subsections (2) and (3), may hold or control futures contracts or stock options contracts in excess of the prescribed limit. (L.N. 44 of 2017) Note—For funds, see also section 7A. (L.N. 149 of 2023) (2) A person specified in section 4A may be authorized under the rules of the recognized exchange company concerned to hold or control futures contracts or stock options contracts in excess of the prescribed limit. (L.N. 44 of 2017)(3) A person may hold or control a futures contract or stock options contract in excess of the prescribed limit if the person is authorized by the Commission to do so under section 4B, 4C, 4D, 4E or 4F. (L.N. 44 of 2017; L.N. 149 of 2023)(4) The Commission may, under section 4B, 4C, 4D, 4E or 4F, authorize a person to hold or control a futures contract or stock options contract in excess of the prescribed limit— (L.N. 149 of 2023)(a) except in circumstances where holding or controlling the excess for which authorization is sought may be authorized under the rules of the recognized exchange company concerned as referred to in subsection (2);(b) only if the Commission is satisfied that the excess would not be prejudicial to the interest of the investing public having regard to the prescribed limit and the liquidity of the futures contract or stock options contract in question; and(c) by giving the person a notice of authorization in writing. (L.N. 44 of 2017)(5) An authorization granted under section 4B, 4C, 4D, 4E or 4F— (L.N. 149 of 2023)(a) subject to paragraph (b), is valid for the period (if any) that the Commission may specify in the notice of authorization given under subsection (4)(c);(b) may be withdrawn by the Commission, at any time, by at least 5 business days’ notice in writing to the person authorized and, where the person authorized is an affiliate of an exchange participant, also to the exchange participant; and(c) is subject to any reasonable conditions that the Commission may specify in the notice of authorization given under subsection (4)(c) and the Commission may, at any time, by at least 5 business days’ notice in writing to the person authorized and, where the person authorized is an affiliate of an exchange participant, also to the exchange participant, amend or revoke any condition or impose new conditions as may be reasonable in the circumstances. (L.N. 44 of 2017)(6)-(10) (Repealed L.N. 44 of 2017)(11) (Added L.N. 198 of 2007 and repealed L.N. 241 of 2007) 4A. Authorization under rules of recognized exchange company to hold or control contracts in excess of prescribed limit A person who may be authorized for the purposes of section 4(2) is—(a) a person registered with the Futures Exchange Company for the purpose of performing market making or liquidity providing activities in respect of futures contracts in accordance with its rules;(b) a person registered with the Stock Exchange Company for the purpose of performing market making or liquidity providing activities, in accordance with its rules—(i) in respect of stock options contracts; or(ii) in respect of exchange traded funds, where the person holds or controls futures contracts or stock options contracts in the course of hedging the risks arising from performing market making or liquidity providing activities;(c) an issuer of securities listed under Chapter 15A of the Listing Rules who holds or controls futures contracts or stock options contracts in the course of hedging the risks of positions previously acquired in such listed securities for the purpose of performing liquidity providing activities in respect of such listed securities; (L.N. 149 of 2023)(d) a related corporation of an issuer of securities listed under Chapter 15A of the Listing Rules, where the related corporation holds or controls futures contracts or stock options contracts in the course of hedging the risks of positions previously acquired in such listed securities for the purpose of performing liquidity providing activities in respect of such listed securities; or (L.N. 149 of 2023)(e) a clearing participant of HKFECC or SEOCH that clears futures contracts or stock options contracts for a person who is—(i) specified in paragraph (a), (b), (c) or (d); and(ii) authorized under the rules of the recognized exchange company concerned to hold or control futures contracts or stock options contracts in excess of the prescribed limit. (L.N. 149 of 2023)(L.N. 44 of 2017) 4B. Authorization by Commission to hold or control contracts in excess of prescribed limit in special circumstances Subject to section 4(4)(a) and (b), the Commission may authorize a person to hold or control a futures contract or stock options contract in excess of the prescribed limit if the Commission is satisfied that there are special circumstances which warrant the person holding or controlling the excess.(L.N. 44 of 2017) 4C. Authorization by Commission to hold or control contracts in excess of prescribed limit for purposes of facilitating provision of services to clients (1) Subject to subsection (2) and section 4(4)(a) and (b), the Commission may authorize an exchange participant or an affiliate of an exchange participant to hold or control a specified contract in excess of the prescribed limit by up to the specified percentage.(2) The Commission must not authorize an exchange participant or an affiliate of an exchange participant to hold or control a specified contract in excess of the prescribed limit unless the exchange participant satisfies the Commission that—(a) the exchange participant or the affiliate (as the case may be) has a relevant business need for holding or controlling the excess for which authorization is sought;(b) either the exchange participant or the affiliate has adequate financial capability to cover the potential risks arising from the excess; and(c) the exchange participant has effective internal control procedures and risk management systems to manage the potential risks arising from the excess.(3) In this section—relevant business need (相關業務需要), in relation to an exchange participant or an affiliate of an exchange participant, means a business need that requires the exchange participant or the affiliate to engage in hedging activities to facilitate the provision of services to its clients.(L.N. 44 of 2017) 4D. Authorization by Commission to hold or control contracts in excess of prescribed limit for purposes of index arbitrage activity (1) Subject to subsection (2) and section 4(4)(a) and (b), the Commission may authorize an exchange participant or an affiliate of an exchange participant to hold or control a specified contract in excess of the prescribed limit by up to the specified percentage.(2) The Commission must not authorize an exchange participant or an affiliate of an exchange participant to hold or control a specified contract in excess of the prescribed limit unless the exchange participant satisfies the Commission that—(a) the exchange participant or the affiliate (as the case may be) engages in index arbitrage activities, and will, if authorization is granted, hold or control the excess for the purposes of those activities;(b) either the exchange participant or the affiliate has adequate financial capability to cover the potential risks arising from the excess; and(c) the exchange participant has effective internal control procedures and risk management systems to manage the potential risks arising from the excess.(3) In this section— index arbitrage (指數套戥), in relation to an exchange participant or an affiliate of an exchange participant, means a trading strategy engaged in by the exchange participant or the affiliate— (a) involving—(i) the purchase (or sale) of a stock index futures contract; or(ii) the purchase (or sale) of a stock index call options contract together with the sale (or purchase) of a stock index put options contract, where both contracts have the same underlying index, expiry date and strike price; (b) in conjunction with the sale (or purchase) of some or all of the stocks comprised in the underlying basket of stocks used to compile the index underlying the stock index futures contract or the stock index options contracts; and (c) with a view to securing a profit from any difference in price between the stocks and the stock index futures contract or the stock index options contracts. (L.N. 44 of 2017) 4E. Authorization by Commission for asset manager to hold or control contracts in excess of prescribed limit for purposes of asset management activity (1) Subject to subsection (2) and section 4(4)(a) and (b), the Commission may authorize a person referred to in subsection (3) to hold or control a specified contract in excess of the prescribed limit by up to the specified percentage.(2) The Commission must not authorize a person referred to in subsection (3) to hold or control a specified contract in excess of the prescribed limit unless the person satisfies the Commission that—(a) the person has a need for holding or controlling the excess for which authorization is sought, for the purposes of the asset management activity for which the person is licensed or registered; and(b) the person has effective internal control procedures and risk management systems to manage the potential risks arising from the excess.(3) Subsection (1) applies to a person that—(a) is a licensed corporation that is licensed for, or a registered institution that is registered for, Type 9 regulated activity; and(b) in the course of that regulated activity, manages assets having a total value of not less than $80 billion.(L.N. 44 of 2017) 4F. Authorization by Commission for clearing participants (1) Subject to subsection (2) and section 4(4)(a) and (b), the Commission may authorize a person referred to in subsection (3) to hold or control a specified contract in excess of the prescribed limit by up to the specified percentage.(2) The Commission must not authorize a person referred to in subsection (3) to hold or control a specified contract in excess of the prescribed limit unless the person satisfies the Commission that—(a) the person has adequate financial capability to cover the potential risks arising from the excess; and(b) the person has effective internal control procedures and risk management systems to manage the potential risks arising from the excess.(3) Subsection (1) applies to a person that—(a) is a clearing participant; and(b) clears the specified contract for another person that has been authorized by the Commission under section 4C, 4D or 4E to hold or control the specified contract in excess of the prescribed limit.(L.N. 149 of 2023) 5. Prescribed limits For the purposes of section 4(1), the limit on the number of contracts that may be held or controlled is—(a) in the case of a futures contract specified in column 2 of Schedule 1, that specified opposite to it in column 3 of that Schedule; and(b) in the case of a stock options contract specified in column 2 of Schedule 2, that specified opposite to it in column 3 of that Schedule. 6. Notice of reportable positions (1) Subject to subsection (1A), any person who holds or controls a reportable position must lodge a notice in writing of that reportable position with the recognized exchange company concerned within one business day following— (9 of 2012 s. 56; L.N. 149 of 2023)(a) the day on which the person first holds or controls that reportable position; and(b) each succeeding day on which the person continues to hold or control that reportable position. Note—For funds, see also section 7A. (L.N. 149 of 2023) (1A) If the reportable position held or controlled by a person is in any holiday contract, the person must lodge a notice in writing of the reportable position with the Futures Exchange Company within one holiday contract trading day following—(a) the day on which the person first holds or controls the reportable position; and(b) each succeeding day on which the person continues to hold or control the reportable position. (L.N. 149 of 2023)(1B) For the avoidance of doubt, for the purposes of subsection (1A), section 71(1)(b) and (c) of the Interpretation and General Clauses Ordinance (Cap. 1) does not apply. (L.N. 149 of 2023)(2) A notice referred to in subsection (1) or (1A) must be accompanied by the following information—(a) the number of futures contracts or stock options contracts held or controlled by the person that comprise the reportable position in each relevant contract period (including contract month or contract week) or option series; and(b) subject to section 7A(5), if the reportable position consists of a position held or controlled for any other person—(i) the identity of each other person; and(ii) the number of futures contracts or stock options contracts held or controlled for the person’s own account (if applicable) and for each other person that comprise the reportable position in each relevant contract period (including contract month or contract week) or option series. (L.N. 149 of 2023)(3) In this section—holiday contract (假期合約) means a futures contract that is determined by the Futures Exchange Company to be a “holiday trading exchange contract” in accordance with the rules of the Futures Exchange Company;holiday contract trading day (假期合約交易日), in relation to a holiday contract, means a day determined by the Futures Exchange Company to be a day on which the holiday contract may be traded through the facilities of the Futures Exchange Company in accordance with the rules of the Futures Exchange Company. (L.N. 149 of 2023) 7. Compliance by certain persons (1) Subject to section 7A, in their application to a person holding or controlling futures contracts or stock options contracts for any other person, the prescribed limits and reporting levels apply separately to any futures contracts or stock options contracts held or controlled by the first person— (L.N. 149 of 2023)(a) for the first person’s own account; and(b) for each other person.(2) For the purposes of subsection (1), a person is not to be regarded as holding or controlling futures contracts or stock options contracts for another person if the first person has discretion in relation to those futures contracts or stock options contracts.(3) Subject to subsection (4), for the purposes of subsection (2), a person is to be regarded as having discretion in relation to futures contracts or stock options contracts the person holds or controls for another person if— (L.N. 149 of 2023)(a) the first person may originate orders to acquire or dispose of any of the futures contracts or stock options contracts under a general authorization from the other person, whether the authorization is pursuant to a written agreement, power of attorney or otherwise; and(b) such authorization enables the first person to make specific acquisitions or disposals without requiring further consent or instruction from the other person.(4) A clearing participant of HKFECC or SEOCH is not to be regarded as having discretion in relation to futures contracts or stock options contracts the clearing participant holds or controls for another person if the clearing participant’s power to acquire or dispose of the other person’s futures contracts or stock options contracts (as the case may be) may only be exercised in the event of a default in meeting any contractual obligation by the other person. (L.N. 149 of 2023)(5) This section does not apply in relation to futures contracts or stock options contracts held or controlled by a person in respect of funds. (L.N. 149 of 2023)(L.N. 35 of 2004; L.N. 149 of 2023) 7A. Compliance by persons with respect to funds (1) Subject to subsections (2), (3) and (4), in their application to a person holding or controlling futures contracts or stock options contracts in respect of one or more funds, the prescribed limits and reporting levels apply separately to any futures contracts or stock options contracts held or controlled by the person—(a) for the person’s own account; and(b) in respect of each fund.(2) Subject to subsections (3) and (4), in their application to a person holding or controlling futures contracts or stock options contracts in respect of one or more sub-funds of one or more umbrella funds, the prescribed limits and reporting levels apply separately to any futures contracts or stock options contracts held or controlled by the person—(a) for the person’s own account; and(b) in respect of each sub-fund.(3) For the purposes of section 4(1), a person who holds or controls futures contracts or stock options contracts in respect of one or more funds, or one or more sub-funds of one or more umbrella funds, and has discretion in relation to those contracts must, in applying the prescribed limits, ensure that none of the following exceeds the prescribed limits for such contracts—(a) the aggregate number of contracts the person holds or controls—(i) for the person’s own account; and(ii) in respect of all funds and sub-funds (as the case may be);(b) the number of contracts the person holds or controls for the person’s own account;(c) the number of contracts the person holds or controls in respect of each fund;(d) the number of contracts the person holds or controls in respect of each sub-fund.(4) For the purposes of section 6(1) or (1A), a person who holds or controls futures contracts or stock options contracts in respect of one or more funds, or one or more sub-funds of one or more umbrella funds, and has discretion in relation to those contracts, is to be regarded as holding or controlling a reportable position when the aggregate of the following reaches a reporting level—(a) the number of contracts the person holds or controls for the person’s own account;(b) the number of contracts the person holds or controls in respect of all funds and sub-funds (as the case may be).(5) If a person is regarded as holding or controlling a reportable position under subsection (4), a notice referred to in section 6(1) or (1A) must be accompanied by the following information—(a) the name of each fund and sub-fund (if applicable); and(b) the number of futures contracts or stock options contracts held or controlled for the person’s own account (if applicable) and in respect of each fund and sub-fund (if applicable) that comprise the reportable position in each relevant contract period (including contract month or contract week) or option series.(6) For the purposes of subsections (3) and (4), a person is to be regarded as having discretion in relation to futures contracts or stock options contracts the person holds or controls in respect of a fund or a sub-fund of an umbrella fund if—(a) the person may originate orders to acquire or dispose of any of the futures contracts or stock options contracts under a general authorization from the fund or umbrella fund (as the case may be), whether the authorization is pursuant to a written agreement, power of attorney or otherwise; and(b) the general authorization enables the person to make specific acquisitions or disposals without requiring further consent or instruction from the fund or umbrella fund (as the case may be).(7) For the purposes of subsection (6), if the fund or sub-fund of an umbrella fund does not have the status of a legal person under the law of the place under which it is constituted, a reference to general authorization in subsection (6)(a) or further consent or instruction in subsection (6)(b) is to be construed as a reference to such an authorization, consent or instruction from the legal person holding the legal title to the futures contracts or stock options contracts in respect of the fund or the sub-fund.(L.N. 149 of 2023) 8. Penalties Any person who, without reasonable excuse, fails to comply with section 4(1) or 6 commits an offence and is liable—(a) on conviction on indictment to a fine at level 6 and to imprisonment for 2 years; or(b) on summary conviction to a fine at level 3 and to imprisonment for 6 months. Schedule 1 [ss. 2(1) & 5(a)]Prescribed Limit and Reporting Level for Futures Contracts Item Futures contract Prescribed limit Reporting level 1. Stock futures contract on shares listed on a stock market operated by the Stock Exchange Company (L.N. 149 of 2023) 25 000 net long or short contracts for all contract months combined 1 000 open contracts for any one contract month 2. Three-Month Hong Kong Interbank Offered Rate futures contract Nil 1 000 open contracts for any one contract month; 4 000 open contracts for all contract months 3. One-Month Hong Kong Interbank Offered Rate futures contract Nil 1 000 open contracts for any one contract month; 4 000 open contracts for all contract months 4. (a) Stock index futures contract that has one of the following indices as an underlying index— 15 000 net long or short position delta limit for all contract periods (including contract months or contract weeks) combined (L.N. 69 of 2025) (a) For a stock index futures contract, for any one contract period (including contract month or contract week), 500 open contracts multiplied by the ratio of HK$50 per index point to the contract multiplier in relation to the stock index futures contract (i) Hang Seng Index; (ii) Hang Seng Index (Gross Total Return Index); (iii) Hang Seng Index (Net Total Return Index) (b) For a stock index options contract or a stock index futures options contract, for any one option series, 500 open contracts multiplied by the ratio of (b) Stock index options contract that has one of the indices referred to in paragraph (a)(i), (ii) and (iii) as an underlying index (c) Stock index futures options contract that has a stock index futures contract referred to in paragraph (a) as an underlying contract (L.N. 149 of 2023) HK$50 per index point to the contract multiplier in relation to the stock index options contract or the stock index futures options contract 5. (a) Stock index futures contract that has one of the following indices as an underlying index— 25 000 net long or short position delta limit for all contract periods (including contract months or contract weeks) combined (L.N. 69 of 2025) (a) For a stock index futures contract, for any one contract period (including contract month or contract week), 500 open contracts multiplied by the ratio of HK$50 per index point to the contract multiplier in relation to the stock index futures contract (i) Hang Seng China Enterprises Index; (ii) Hang Seng China Enterprises Index (Gross Total Return Index); (b) For a stock index options contract or a stock index futures options contract, for any one option (iii) Hang Seng China Enterprises Index (Net Total Return Index) (b) Stock index options contract that has one of the indices referred to in paragraph (a)(i), (ii) and (iii) as an underlying index series, 500 open contracts multiplied by the ratio of HK$50 per index point to the contract multiplier in relation to the stock index options contract or the stock index futures options contract (c) Stock index futures options contract that has a stock index futures contract referred to in paragraph (a) as an underlying contract (L.N. 149 of 2023) 6. Hang Seng China H-Financials Index futures contract 10 000 net long or short contracts for all contract months combined (L.N. 149 of 2023) 500 open contracts for any one contract month 7. (Repealed L.N. 149 of 2023) 8. Three Year Exchange Fund Note (EFN) futures contract 5 000 open contracts for any one contract month except that the limit for the spot month contract during the last 6 trading days is 1 000 open contracts 1 000 open contracts for any one contract month except that the reporting level for the spot month contract during the last 6 trading days is 200 open contracts (L.N. 149 of 2023) 9. (Repealed L.N. 149 of 2023) 10. HSI Dividend Point Index futures contract Nil 1 000 open contracts for any one contract month 11. HSCEI Dividend Point Index futures contract Nil 1 000 open contracts for any one contract month 12. HSI Volatility Index futures contract (L.N. 13 of 2013) 10 000 open contracts for any one contract month 1 000 open contracts for any one contract month 13. US Dollar vs Renminbi (Hong Kong) futures contract and options contract, Mini US Dollar vs Renminbi (Hong Kong) futures contract, and Renminbi (Hong Kong) vs US Dollar futures contract (L.N. 149 of 2023) 30 000 net long or short position delta limit for all contract months combined, provided that the position delta for the spot month US Dollar vs Renminbi (Hong Kong) futures contracts and the spot month US Dollar vs Renminbi (Hong Kong) options contracts combined during the last 5 trading days must not exceed 15 000 long or short 500 open US Dollar vs Renminbi (Hong Kong) futures contracts for any one contract month; 500 open US Dollar vs Renminbi (Hong Kong) options contracts for any one option series; 2 500 open Mini US Dollar vs Renminbi (Hong Kong) futures contracts for any one contract month; and 500 open Renminbi (Hong Kong) vs US Dollar futures contracts for any one contract month 14. (Repealed L.N. 149 of 2023) 15. (Repealed L.N. 149 of 2023) 16. (Repealed L.N. 149 of 2023) 17. Stock futures contract on shares or units of exchange traded funds (L.N. 149 of 2023) 25 000 net long or short contracts for all contract months combined 1 000 open contracts for any one contract month 18. (Repealed L.N. 149 of 2023) 19. (Repealed L.N. 149 of 2023) 20. (Repealed L.N. 149 of 2023) 21. (a) Stock index futures contract that has one of the following indices as an underlying index— 30 000 net long or short position delta limit for all contract periods (including contract months or contract weeks) combined (L.N. 69 of 2025) (a) For a stock index futures contract, for any one contract period (including contract month or contract week), 500 open contracts multiplied by the ratio of HK$50 per index point to the contract multiplier in relation to the stock index futures contract (i) Hang Seng TECH Index; (ii) Hang Seng TECH Index (Gross Total Return Index); (iii) Hang Seng TECH Index (Net Total Return Index) (b) For a stock index options contract or a stock index futures options contract, for any one option series, 500 open contracts multiplied by the ratio of HK$50 per (b) Stock index options contract that has one of the indices referred to in paragraph (a)(i), (ii) and (iii) as an underlying index index point to the contract multiplier in relation to the stock index options contract or the stock index futures options contract (c) Stock index futures options contract that has a stock index futures contract referred to in paragraph (a) as an underlying contract (L.N. 149 of 2023) 22. MSCI China A 50 Connect (USD) Index futures contract (L.N. 149 of 2023) 28 000 net long or short contracts for all contract months combined 500 open contracts for any one contract month 23. CES China 120 Index futures contract (L.N. 149 of 2023) 30 000 net long or short contracts for all contract months combined 1 500 open contracts for any one contract month 24. Hang Seng Mainland Banks Index futures contract (L.N. 149 of 2023) 15 000 net long or short contracts for all contract months combined 500 open contracts for any one contract month 25. MSCI China (USD) Index futures contract (L.N. 149 of 2023) 35 000 net long or short contracts for all contract months combined 500 open contracts for any one contract month 26. MSCI China Net Total Return (USD) Index futures contract (L.N. 149 of 2023) 53 000 net long or short contracts for all contract months combined 500 open contracts for any one contract month 27. MSCI Hong Kong Net Total Return (USD) Index futures contract (L.N. 149 of 2023) 8 000 net long or short contracts for all contract months combined 500 open contracts for any one contract month 28. Australian Dollar vs Renminbi (Hong Kong) futures contract (L.N. 149 of 2023) 12 000 net long or short contracts for all contract months combined 500 open contracts for any one contract month 29. Euro vs Renminbi (Hong Kong) futures contract (L.N. 149 of 2023) 12 000 net long or short contracts for all contract months combined 500 open contracts for any one contract month 30. Indian Rupee vs Renminbi (Hong Kong) futures contract (L.N. 149 of 2023) 30 000 net long or short contracts for all contract months combined 500 open contracts for any one contract month 31. Japanese Yen vs Renminbi (Hong Kong) futures contract (L.N. 149 of 2023) 12 000 net long or short contracts for all contract months combined 500 open contracts for any one contract month (Schedule 1 replaced L.N. 117 of 2011) Schedule 2 [ss. 2(1) & 5(b)]Prescribed Limit and Reporting Level for Stock Options Contracts Stock options Item contract Prescribed limit Reporting level 1. Stock options contract on shares listed on a stock market operated by the Stock Exchange Company (L.N. 149 of 2023) 250 000 open contracts per option class in any one market direction for all expiries combined (L.N. 69 of 2025) 1 000 open contracts per option class per expiry (L.N. 69 of 2025) 2. Stock options contract on shares or units of exchange traded funds (L.N. 149 of 2023) 250 000 open contracts per option class in any one market direction for all expiries combined (L.N. 69 of 2025) 1 000 open contracts per option class per expiry (L.N. 69 of 2025) 3-4. (Repealed L.N. 228 of 2015) (Schedule 2 replaced L.N. 117 of 2011)