HKEx lays out RMB futures plan
Hong Kong Exchanges and Clearing (HKEx) has received regulatory
approval to launch the first exchange-traded currency futures settled in
Renminbi currency futures will be offered by HKEx during Q3 this year,
subject to member readiness. The new products will require delivery of US
dollars by the seller and payment of the final settlement value in renminbi by
the buyer upon maturity. Margin, trading and settlement fees will be charged in
renminbi and contracts will be quoted in US dollars or renminbi.
The contact size is US$100,000 and trading fees will be RMB 8 per contract,
The final settlement price of the contracts will be determined by the
USD/CNY(HK) fixing published by the Treasury Market Association (TMA) at 11:15
on the last trading day (two business days before the final settlement date).
The exchange will begin testing for RMB readiness from 30 June and will
announce a date for the launch of currency futures in due course.