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HKEX Futures Margin Holiday Arrangement

Dear Clients, all markets under the Hong Kong Stock Exchange will be closed from December 25th to 26th, 2025, except for MSCI futures and options and currency futures and options. As some major markets will remain open during this period, the Clearing House has decided to implement the following risk management measures:

1. A mandatory intraday margin call adjustment will be conducted for all open contracts at approximately 12:30 PM on December 24th, 2025. Further intraday margin calls may be made as needed based on market conditions on the same day.

2. Margin levels for Hang Seng Index, Mini Hang Seng Index, Hang Seng China Enterprises Index, Mini Hang Seng China Enterprises Index, Hang Seng TECH Index, Hang Seng China Enterprises Dividend Point Index, MSCI China Net Total Return (USD) Index, and MSCI Asia ex Japan Net Total Return Index futures contracts will be temporarily increased after the close of the T-session on December 23rd, 2025 (margin for inter-month contracts will remain unchanged during this period). Margin levels will return to normal after the close of the T-session on December 26th, 2025. Details of the temporary margin requirements will be set out in a separate announcement to be issued on 18 December 2025.

3. The margin requirements for stock options will be temporarily increased after the close of business on 23 December 2025. Please refer to the appendix for the temporarily increased margin requirements for each option class.

See the Hong Kong Stock Exchange announcement for details

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