MXJ Futures Temporary Margin Increase for Labour Day 2026
Summary
HKFE Clearing Corporation Limited will temporarily increase margin levels for MSCI AC Asia ex Japan Net Total Return Index (MXJ) futures contracts during the Labour Day 2026 holiday period. The elevated margins take effect after the close of business on 29 April 2026 and revert to normal levels after the close of business on 1 May 2026. Current Maintenance margin of USD 6,011 per lot increases to USD 6,809; Initial margin rises from USD 5,650 to USD 6,400 per lot. Participants are required to ensure adequate client margin deposits and operational arrangements are in place throughout the holiday period.
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What changed
The Clearing House has decided to temporarily increase margin levels for MXJ futures contracts to manage potential market risks during the Labour Day holiday period when some major markets remain open. The temporarily increased margin levels apply from after the close of business on 29 April 2026 until the close of business on 1 May 2026, at which point normal margin levels are restored. Maintenance margin is increased from USD 6,011 to USD 6,809 per lot; Initial margin from USD 5,650 to USD 6,400 per lot; and Client Margin from USD 7,514 to USD 8,512 per lot.
Affected clearing participants should review their liquidity arrangements and client margin coverage ahead of the holiday period, ensuring backup staff are available to manage settlement obligations since key personnel may be on vacation. Failure to meet settlement timelines constitutes an event of default under HKCC Rule 509. Participants should also note that for Capital-Based Position Limit assessment, normal margin rates apply rather than the temporary holiday rates.
What to do next
- Ensure that your staff are fully aware of the temporary increase in the margin levels and make necessary arrangement with your designated bank
- Give advanced notice to your clients regarding these arrangements where appropriate and ensure that adequate margin deposits from your clients are maintained during the holiday period
- Ensure that your backup staff are familiar with the operational and monitoring procedures to adequately monitor your exposure and fulfill the payment obligations to the Clearing House on time
Penalties
Any failure in meeting the settlement timelines is an event of default under HKCC Rule 509.
Archived snapshot
Apr 24, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
All markets operated by the Hong Kong Futures Exchange will be closed for business on 1 May 2026, except MSCI Futures and Options and Currency Futures and Options . In order to assure 1 that safeguards are in place against potential market risks that may arise during the aforesaid period when some of the major markets are open, the Clearing House has decided to temporarily increase the margin levels of MSCI AC Asia ex Japan Net Total Return Index ("MXJ") futures 2 contract after the close of business of T session on 29 April 2026. The temporarily increased margin levels for MXJ are as follows:
The margin levels of MXJ futures contract will be restored to the normal levels after the close of business on 1 May 2026.
Holiday Trading Participants are eligible to trade Holiday Trading Products (i.e. MSCI Futures and Options and 1 Currency Futures and Options) during Holiday Trading Day(s). The spread margin rate will remain unchanged during this period. 2 For the purpose of the Capital-Based Position Limit (CBPL) assessment and the necessary additional margin 3 calculation, the normal margin rates instead of the temporarily increased holiday margin rates will be applied. A tailor- made risk parameter file carrying the normal margin rates can be downloaded from the HKEX website after the close of business on 29 April 2026: http://www.hkex.com.hk/-/media/HKEX-Market/Services/Clearing/Listed-Derivatives/Risk-Management/Reports-and- Data-Download/Simulated-RPF-for-Holiday-Margin/holidayrpf_May26.zip
香 港 期貨結算有限 公司 MXJ Current Level 6,011 per lot 5,650 per lot 7,514 per lot
(香港交易及結算所有限公司全資附屬公司) Temporarily 6,809 per lot 6,400 per lot 8,512 per lot Clearing House Client Margin 通告 CIRCULAR Increased Level HKFE CLEARING CORPORATION LIMITED 編號 日期 ORM/CRC/121/2026 Maintenance (USD) (USD) Initial (USD) Margin Subject: Risk Management Arrangements in respect of Labour Day Enquiry: 2211-6901 24/04/2026 Ref. No.: Date: (A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)
Please ensure that your staff are fully aware of the temporary increase in the margin levels and make necessary arrangement with your designated bank. You are also strongly advised to give advanced notice to your clients regarding these arrangements where appropriate and ensure that adequate margin deposits from your clients are maintained during the holiday period. The Clearing House considers it appropriate to remind you of the importance of having proper arrangement in place before and after the holiday period as those days are normal settlement days. In case of any key staff on vacation before and after the holiday period, please ensure that your backup staff are familiar with the operational and monitoring procedures to adequately monitor your exposure and fulfill the payment obligations to the Clearing House on time. Any failure in meeting the settlement timelines is an event of default under HKCC Rule 509. Please refer to the circular issued on 20 March 2026 (Reference No.: ORM/CRC/089/2026) for more details on the payment obligations of the Participant and the consequence of the delay or failure in meeting the obligations. Sally Tai Vice President Operations Risk Management Operations Division
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Source document text, dates, docket IDs, and authority are extracted directly from HKEX.
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