HKEx releases bulls and bears



Hong Kong Exchanges and Clearing (HKEx) plans to allow callable bull and bear contracts (CBBCs) by June and has invited potential issuers to submit draft documentation by May 2.

CBBCs, like derivative warrants, are tied to the performance of underlying assets and will be issued as bull or bear contracts depending on market participants' views. However, unlike warrants, if the underlying asset price of a CBBC reaches a specified call price, the contract will be immediately called.

Gerald Greine

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