HKEx to delist forex futures

Hong Kong Exchanges and Clearing (HKEx) will delist its one-day rolling currency futures contracts for euro, yen and sterling on May 21.

The move follows a series of reviews of the exchange’s derivatives contracts, which have already prompted a change in contract size for the one- and three-month Hong Kong interbank offered rate (Hibor) futures contracts and a cut in listing fees for derivative warrants.

“The delistings are the result of frequent reviews of our product portfolio to ensure that our products are meeting the needs and demands of the market-place in a cost-efficient manner,” said an HKEx official who requested anonymity.

The last trading day for the euro, yen and sterling contracts will be May 17.

The rolling forex contracts are among the exchange’s most poorly received products, with average daily volumes languishing at 17 contracts a day throughout 2001, compared with average daily volumes of 18,220 contracts for the established Hang Seng Index futures contracts.

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