USD/CNH Futures Incentive Programs, Applications Due 13 May
Summary
Hong Kong Futures Exchange Limited announced Cash Liquidity Provider Incentive Programs for USD/CNH Futures, Mini USD/CNH Futures, and USD/CNH Options; a Cash Active Trader Program for USD/CNH Futures; and an Open Interest Incentive Program for USD/CNH Futures, all running from 1 June 2026 to 31 May 2028. Applications for the LP Programs and OIIP close on 13 May 2026, while the Cash AT Program application deadline is 6 May 2026. Participants may only enroll in either the Cash AT Program or OIIP, not both.
“Applicants who wish to participate in the LP Programs are required to submit their applications on or before 13 May 2026.”
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What changed
HKEX has introduced three new incentive programs for its USD/CNH currency derivatives products. The Liquidity Provider Programs for USD/CNH Futures, Mini USD/CNH Futures, and USD/CNH Options will operate from 1 June 2026 through 31 May 2028. The Cash Active Trader Program and the Open Interest Incentive Program for USD/CNH Futures will run concurrently on the same timeline. Existing LPs for Mini USD/CNH Futures and USD/CNH Options will have their appointments extended under revised terms, requiring signature of new appointment letters. Participants are limited to either the Cash AT Program or OIIP but not both programs simultaneously.
Firms and traders seeking to participate in USD/CNH futures and options markets should note the two distinct application deadlines: 6 May 2026 for the Cash Active Trader Program and 13 May 2026 for both the Liquidity Provider Programs and the Open Interest Incentive Program. Market participants currently acting as LPs for Mini USD/CNH Futures or USD/CNH Options must execute new appointment letters to maintain their status through May 2028.
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.
Hong Kong Futures Exchange Limited (the "Exchange") is pleased to announce the Cash Liquidity Provider Incentive Programs for USD/CNH Futures, Mini USD/CNH Futures, USD/CNH Options (together "LP Programs") from 1 June 2026 to 31 May 2028, Cash Active Trader Program for USD/CNH Futures ("Cash AT Program") from 1 June 2026 to 31 May 2028, and the Open Interest Incentive Program ("OIIP") for USD/CNH Futures from 1 June 2026 to 31 May 2028.
The LP Programs for USD/CNH Futures are now open for application. Applicants who wish to participate in the LP Programs are required to submit their applications on or before 13 May 2026.
The appointment of the existing Cash Liquidity Providers ("LPs") for Mini USD/CNH Futures and USD/CNH Options contracts will be extended on the revised terms to 31 May 2028. Existing LPs are required to sign new appointment letters for the extension.
The Cash AT Program for USD/CNH Futures is now open for application. Applicants who wish to participate in the Cash AT Program starting from 1 June 2026 are required to submit their applications by 6 May 2026.
The OIIP is now open for application. Applicants who wish to participate in the OIIP starting from 1 June 2026 are required to submit their applications on or before 13 May 2026.
Applicants can only participate in either the Cash AT Program or OIIP, but not in both programs.
香 港 期貨交易所有 限公 司
Enquiry: Mr. Vincent Wang (Email: VincentWang@hkex.com.hk; Tel: 2840-2082) ( 香港交易及結算所有限公司全資附屬公司) 通告 CIRCULAR HONG KONG FUTURES EXCHANGE LIMITED 編號 日期 Subject: Incentive Programs for Currency Derivatives Products Ms. Hailey Lau (Email: HaileywtLau@hkex.com.hk; Tel: 2211-6965) FIC/002/26 23/04/2026 Ref. No.: Date: (A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)
Interested parties should contact Mr. Steven Mak (StevenMak@hkex.com.hk), Ms. Mercy Liu (MercyLiu@hkex.com.hk) and Mr. Narendra Hegde (NarendraHegde@hkex.com.hk) for application and enquiry. Kevin Fan Head of FIC Product Development This circular has been prepared in English with a Chinese translation. If there is any inconsistency between the two versions, the English version shall prevail.
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Source document text, dates, docket IDs, and authority are extracted directly from HKFE.
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