China’s futures clampdown hits Hong Kong warrants

Margin hikes and position limits on Shanghai-listed equity index futures are behind an 83% fall in volumes of Hong Kong-listed derivatives linked to A-shares, say traders

hong kong
Hong Kong: Collapse in warrant and CBBC volumes

Dealers have blamed China's equity futures clampdown for a dramatic 83% collapse in volumes of Hong Kong-listed derivatives linked to China A-shares.

Trading of warrants and callable bull/bear contracts (CBBCs), which provide investors with a leveraged investment in an underlying instrument – in this case China A-shares, via exchange-traded funds (ETFs) listed in Hong Kong – had surged since the country's stock market rally began at the start of the year.

Daily turnover of Hong Kong-listed

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