Hong Kong Exchange (HKEX) Announced Update to Client Margin Requirement – 1) Reduce Derivatives Clearing House Client Initial Margin & Maintenance Margin for Stock Options from Current 1.33x to 1.2x (21/9/26) & 1.1x (Target 2027 March), and 2) Increase Client Maintenance Margin (Derivatives, Except Stock Options) from 0.8x to 1x (21/9/26)
22nd June 2026 | Hong Kong
Hong Kong Exchange (HKEX) has announced update to client margin requirement – 1) Reduce derivatives clearing house client initial margin & maintenance margin for stock options from current 1.33x to 1.2x (21/9/26) & 1.1x (Target 2027 March), and 2) Increase client maintenance margin (Derivatives, except stock options) from 0.8x to 1x (21/9/26). Announcement (22/6/26): “Hong Kong Exchanges and Clearing Limited (HKEX) is today (Monday) pleased to announce enhancements to the client margin framework at its derivatives clearing houses, aimed at improving capital efficiency, lowering funding costs for market participants and supporting the long-term development of Hong Kong’s derivatives market. Under the revised arrangements, the client margin multiplier and client maintenance margin will be adjusted in two phases to ensure market readiness and facilitate a smooth transition under prevailing market conditions. Phase 1 is planned for 21 September 2026, while Phase 2 is targeted for March 2027, subject to regulatory approval … … The phased approach supports an orderly transition, enabling market participants to adjust their systems and risk management practices in a measured manner, while at the same time promoting market stability and continuity. Participants will continue to have the discretion to apply higher client margin requirements based on client risk profiles, product characteristics and prevailing market conditions. The revised client margin framework will also bring Hong Kong’s client margin multiplier more closely in line with those of other major international markets, supporting the continued development of its listed derivatives market. These enhancements also support HKEX’s ongoing efforts to deepen and broaden its derivatives ecosystem to meet the evolving needs of investors and risk managers. Looking ahead, HKEX remains fully committed to further enhancing its market infrastructure and clearing arrangements to support product innovation and the efficient deployment of capital across its listed derivatives market.” More info below:
“ Hong Kong Exchange (HKEX) Announced Update to Client Margin Requirement – 1) Reduce Derivatives Clearing House Client Initial Margin & Maintenance Margin for Stock Options from Current 1.33x to 1.2x (21/9/26) & 1.1x (Target 2027 March), and 2) Increase Client Maintenance Margin (Derivatives, Except Stock Options) from 0.8x to 1x (21/9/26) “
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HKEX Chief Operating Officer, Vanessa Lau: “We are delighted to present these adjustments to our client margin framework, the latest in our microstructure enhancements as part of HKEX’s ongoing commitment to elevate the vibrancy, resilience and competitiveness of Hong Kong’s markets. Building on earlier enhancements to margin collateral arrangements, the revised framework strengthens collateral efficiency whilst maintaining robust risk controls. It supports more efficient use of capital, lowers costs and enables market participants to better manage their hedging, trading and portfolio activities, further strengthening Hong Kong’s position as an international risk management centre.”
Hong Kong Exchange (HKEX) Announced Update to Client Margin Requirement – 1) Reduce Derivatives Clearing House Client Initial Margin & Maintenance Margin for Stock Options from Current 1.33x to 1.2x (21/9/26) & 1.1x (Target 2027 March), and 2) Increase Client Maintenance Margin (Derivatives, Except Stock Options) from 0.8x to 1x (21/9/26)
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