Hong Kong Futures Exchange

Hong Kong Futures ExchangeType| Futures exchange

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Location| Central, Hong Kong
Owner| Hong Kong Exchanges and Clearing

Hong Kong Futures Exchange (HKFE) is a futures exchange in Hong Kong. Established in 1976, it offered a variety of options and futures contracts, linked to stock market indices, stocks, short-term interest rates, and foreign exchange. HKFE is a subsidiary of Hong Kong Exchanges and Clearing Limited.

## Contents

* 1 History
* 2 See also
* 3 References
* 3.1 Notes
* 3.2 Sources

## History

The HKFE went bankrupt in 1987 during the October 1987 global stock market crash when Sino Group chairman Robert Ng, who had been speculating in futures through two Panamanian-registered companies, suffered paper losses of HK$1 billion, but then refused to pay, claiming to be protected by the limited liability of the companies through which he had traded.[1] Trading was also halted on the Hong Kong Stock Exchange for four days.[2] An investigation by the Commercial Crime Bureau of the Royal Hong Kong Police revealed that Ng had avoided required margin calls through collusion with one of his brokers.[1] However, in the end, no charges were laid against Ng because the colonial government of Hong Kong felt that prosecuting him would pose a risk to overall market stability.[3] Instead, a deal was worked out which saw Ng repay HK$500 million, with Hong Kong taxpayers providing the rest of the funds needed by the Exchange through a government bailout.[2]

On 6 March 2000, a new parent company Hong Kong Exchanges and Clearing for the HKFE, the Stock Exchange of Hong Kong Limited, and Hong Kong Securities Clearing was formed.[clarification needed]

## See also

* List of futures exchanges

## References

### Notes

1. ↑ 1.0 1.1 Studwell 2007, p. 116
2. ↑ 2.0 2.1 "Remembrance of Things Past: Hong Kong's market collapse of 20 years ago is worth recalling during the present turmoil", Asia Sentinel, 2007-10-23, http://www.asiasentinel.com/index.php?option=com_content&task=view&id=788&Itemid=256, retrieved 2009-06-05
3. ↑ Studwell 2007, p. 117

### Sources

* Studwell, Joe (2007), Asian Godfathers: Money and Power in Hong Kong and Southeast Asia, Atlantic Monthly Press, ISBN 9780871139689, https://archive.org/details/asiangodfathers00joes

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Economy of Hong Kong

History|

* Seamen's strike of 1922
* Black Saturday (1983)
* Four Asian Tigers
* Ting Hai effect
* 1997 Asian financial crisis
* Stock disasters in Hong Kong
* Brand Hong Kong
* Positive non-interventionism
* Tai-pan
* Poverty Campaign: Speak Up
* Pearl River Delta

Currency|

* Hong Kong dollar
* Hong Kong Mint
* Hong Kong Note Printing
* Banknotes of the Hong Kong dollar
* Coins of the Hong Kong dollar

Industry and Business|

* List of companies of Hong Kong
* Agriculture and aquaculture in Hong Kong
* Hong Kong Export Credit Insurance Corporation

Government agencies|

* Hong Kong Trade Development Council
* Hong Kong Monetary Authority
* Inland Revenue Department
* Agriculture, Fisheries and Conservation Department

Employment and Tax|

* Employment in Hong Kong
* Estate Duty Ordinance
* Goepfert case
* Inland Revenue Ordinance
* Partnership taxation
* Profits tax
* Rates (tax)
* Salaries tax
* Minimum Wage Ordinance
* Stamp Duty Ordinance
* Stamp duty
* Goods and Service Tax

Infrastructure
and Transport|

* Port of Hong Kong
* Hong Kong–Zhuhai–Macau Bridge

Rankings|

* International rankings of Hong Kong

Finance and Banking|

* Hong Kong Exchanges and Clearing
* The Stock Exchange of Hong Kong
* Hong Kong Futures Exchange
* Securities and Futures Commission
* Linked exchange rate
* Red chip
* H share
* Electronic Payment Services
* Growth Enterprise Market
* Hong Kong Mercantile Exchange
* Hang Seng Index
* Hang Seng China Enterprises Index
* Hang Seng China-Affiliated Corporations Index
* CSI Cross-Straits 500 Index

Agreements|

* CEPA
* Ship Registration in Hong Kong
* Outward Processing Arrangement

Energy|

* List of power stations in Hong Kong

Other|

* Water supply in Hong Kong
* Individual Visit Scheme
* Economic freedom
* Four big families of Hong Kong

* See also: Economy of Macau
* Economy of Asia

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