HKEX to offer MSCI Asia ex Japan index futures


Hong Kong Exchanges and Clearing Limited (HKEX) announced that it plans to introduce MSCI All Country (AC) Asia ex Japan Net Total Return Index (MSCI AxJ) Futures, the first regional stock index futures contract for HKEX, on Monday, 11 June 2018, pending regulatory approval.

HKEX’s MSCI AxJ Futures will be first futures contract traded on an exchange in Asia that is linked to this index.

The MSCI AC Asia ex Japan index is a well-established benchmark that tracks the performance of 11 Asian equity markets and includes Hong Kong- and US-listed Mainland enterprises. The net total return feature incorporates net dividends after taxes.

There are 11 Exchange Traded Funds linked to the MSCI AxJ, one of which is listed in Hong Kong.

MSCI’s All Country Asia ex Japan index is a key benchmark for the world’s asset managers and we look forward to being the first exchange in Asia to offer MSCI AxJ futures,” said Li Gang, HKEX’s Co-head of Market Development, “Our MSCI AxJ Futures will be supported by liquidity providers to allow fund managers and other investors to get Asian equity exposure quickly and efficiently for risk management or other purposes.

This product builds on our mission to extend and deepen our value proposition by offering equity and FICC (fixed income, currency and commodities) products with Mainland and international relevance”, added Mr Li.

We are pleased that HKEX chose MSCI for the launch of new equity index futures based on the MSCI AC Asia ex Japan Index, which is an important flagship index and used by investors around the world as a fund benchmark and as the basis of various exchange traded products. HKEX is one of the leading derivatives exchanges in Asia, and we are excited to support their continued growth,” concluded Theodore Niggli, head of the MSCI Asia Pacific Product Management group.

Key Features of HKEX’s MSCI AxJ Futures Contract

Underlying Index

MSCI All Country Asia Ex Japan Net Total Return Index

Trading Currency

US dollar

Contract Multiplier

US$100 per index point

Minimum Fluctuation

0.01 index point (or US$1)

Contract Months

Nearest five calendar quarterly months

Trading Hours

8:30 am – 4:30 pm (Day Session);
5:15 pm – 1:00 am (After-hours Trading Session)

Last Trading Day

The third Friday of the month; if it falls on a Hong Kong public holiday, the Last Trading Day will be the preceding Business Day which is also a business day in Hong Kong

Final Settlement Price

Official closing value of the Underlying Index on the third Friday

Underlying Index

MSCI All Country Asia Ex Japan Net Total Return Index

 Margin rates will be announced in due course.

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HKEX to offer MSCI Asia ex Japan index futures

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