MSCI China Free Index Futures

Jimmy HoDerivatives Business Unit, HKEx

22 March 2001

Content

• Market Demand for China Concept Product

• Special Features of MSCI CFI Futures

• Benefits of Trading MSCI CFI Futures

• Highlights of the Contract Specifications

Market Demand for China Concept Product

• Worldwide Focus on China

• Need for Effective Trading and Hedging Tool

• Funds Focusing on Asia and China Markets

• Institutional and Retail Investors

Special Features of MSCI CFI Futures

• “Investable” China Equities

• Global Market Coverage

• Global Brand Name & Benchmark

• Facilitate Portfolio Management

• Flexibility

Benefits of Trading MSCI CFI Futures

• Efficient Execution

• Efficient Use of Capital

• Low Transaction Costs

• Clearing House Guarantee

Highlights of the Contract Specifications

Underlying Index MSCI China Free Index

Contract Months Spot month, the next calendar month, andthe next two (2) quarters months

Contract Multiplier HK$100 per Index point

Contract Value (at Index level of 2,200) HK$220,000

Minimum Fluctuation 0.1 Index point

Trading Hours (Hong Kong time) 9:45 a.m. – 12:30 p.m.2:30 p.m. – 4:15 p.m.

Settlement Method Cash settled in Hong Kong dollars

Last Trading Day The Business Day immediately precedingthe last Business Day of the Contract Month

Commission Rate Negotiable

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