Investor Presentaiton
14.
Local institutions have not been active in the HSI futures or stock options
(contributing less than 10% of contract volume by product). However, they are
relatively more active in HSI options (contributing about a quarter of contract
volume) and have been the largest group of investor contributors (excluding
EPs) for HSI options trading since 2001/02.
Chart 3 - Percentage Contribution to Derivative Product Turnover by Investor Type
(a) HSI futures
(b) Mini-HSI futures
(%)
100
90
80
70
60
56
50
40
30
20
10
(%)
100
90
80
24
2000/01
EPs' principal trading
(%)
100
90
88
80
70
60
50
42
41
40
36
30
20
16
08
10
2001/02
2002/03
Overseas investors
Local retail investors
Local institutional investors.
(c) HSI options
74
64
19
16
2000/01
2001/02
EPs' principal trading
Overseas investors
Local retail investors
(d) Stock options
(%)
100
90
83
80
70
70
60
50
60
50
40
40
38
30
31
30
30
28
21
154
20
20
10
10
11
2000/01
2001/02
2002/03
EPs' principal trading
Overseas investors
Local retail investors
Local institutional investors
2002/03
Local institutional investors
06
2000/01
2001/02
2002/03
EPs' principal trading
Overseas investors
Local retail investors
Local institutional investors
15.
It is noteworthy that as in the cash market, overseas institutional investors have
an increasing participation in each of the major derivative products on HKEX
over the past three years (Chart 3).
Brokers' principal trading is more significant, and local institutional trading is less
significant, in the derivatives market than in the stock market.
16.
EPS' principal trading constitutes a significant proportion of derivatives market
turnover volume (19% for HSI futures and options and 73% for stock options
in 2002/03), but a relatively low proportion of stock market turnover value (3%
in 2002/03).View entire presentation