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Research&CorporateDevelopmentDERIVATIVESMARKETTRANSACTIONSURVEY2008/09November2009DERIVATIVESMARKETTRANSACTIONSURVEY2008/09CONTENTSPage1.Introduction....................................................................................................................12.Keyfindings...................................................................................................................33.Figuresandtables..........................................................................................................63.1Distributionoftradingbytransactionpurpose......................................................63.2Distributionoftradingbyinvestortype................................................................83.3Distributionofoverseasinvestortradingbyorigin.............................................143.4Retailonlinetrading............................................................................................17Glossary.....................................................................................................................19Appendix1.Responserate.................................................................................................20Appendix2.Representativenessoftherespondedsamplerelativetotargetrespondents.21Appendix3.Contractsizeandnotionalvalueofproductsunderstudy.............................22Appendix4.Surveymethodology......................................................................................23DERIVATIVESMARKETTRANSACTIONSURVEY2008/0911.INTRODUCTIONTheDerivativesMarketTransactionSurvey(DMTS)hasbeenconductedannuallysince1994(byHongKongFuturesExchangeonitsmarketpriorto2001).ThemainobjectiveofthesurveyistotracktradingcompositionbyinvestortypeandbytradingpurposeinHKEx’sderivativesmarket,whichcomprisesfuturesandoptionscontracts.Thesurveyprovideskeyinformationontherelativecontributiontotheoverallmarketturnoverandtoeachmajorproductbythemaininvestortypes⎯localandoverseas,retailandinstitutional,andExchangeParticipants’(EPs’)owntrading(seeclassificationchartbelow).Retailonlinetradingstatisticsintheoverallderivativesmarkethavebeenobtainedsincethe2001/02survey.Comparisonofthefindingswiththoseofthepastsurveysisperformedtorevealanychangesintradingpattern.ClassificationofExchangeParticipants’derivativestradingonHKExThesurveyquestionnairesweremailedtoallFuturesEPs(FEPs)andStockOptionsEPs(SOEPs)inthetargetpopulation1.Outofthe195questionnairessentout,175completedquestionnaireswerereceived,representinganoverallresponserateof90%.Therespondedsamplerepresented99%intotalcontractvolumeofthetargetpopulation.(SeeAppendix1.)ThesurveycoverstransactionsduringJuly2008toJune20092inthemajorHKExfuturesandoptionsproducts,namelyHangSengIndex(HSI)futures,HSIoptions,Mini-HSIfutures,H-sharesIndex(HHI)futures,HHIoptionsandstockoptions.Thesetogethercontributedabout99%ofthetotalturnovervolumeoftheHKExderivativesmarketduringthestudyperiod.“Marketturnover”(or“marketvolume”)inthisreportreferstothetotalturnovervolumeoftheproductsunderstudy.Otherderivativeproductswhichindividuallycontributedlessthan1%ofHKEx’stotalderivativesturnoverduringthesameperiodwereexcluded.TheseproductswereMini-HHIfutures,HangSengChinaH-FinancialsIndexfutures(suspendedsince24December2008),FTSE/XinhuaChina25Indexfuturesandoptions(suspendedsince31and24December2008respectively),HIBORfutures,Three-yearExchangeFundNotefutures,stockfutures,goldfutures(launchedon20October2008),andMini-HSIoptions.1ThetargetpopulationconsistsofalltheEPswithtradingduringthestudyperiodexcludingthosethatceasedtheiroperationsbeforethestartofthefieldwork.(SeeAppendix4forsurveymethodology.)2Referredtoastheyear2008/09throughoutthereport;thesameconventionisusedforthepastsurveys.Participants’derivativestradingonHKExAgencyPrincipalIndividualInstitutionalMarketmakerProprietarytradingLocalLocalOverseasOverseasUSUKTaiwanMainlandChinaJapanRestofEuropeSingaporeAustraliaOthersRestofAsiaDERIVATIVESMARKETTRANSACTIONSURVEY2008/092In2008/09,marketturnover(productsunderstudyonly)was103millioncontracts,comparedto106millioncontractsin2007/08.Thedecreaseinmarketturnovermainlyreflectedadecreaseof13%instockoptionsturnovervolume—from59millioncontractsin2007/08to51millioncontractsin2008/09—slightlyoffsetbyavolumeincreaseinotherproductsunderstudy,exceptforHSIoptions.Nevertheless,stockoptionsremainedthedominantcontributortoderivativesmarketturnover(49%,downfrom56%in2007/08).ThecontributionfromHHIfutureshasbeengrowingsteadilyfrom9%in2004/05to14%in2008/09.(SeeFigure1.)Figure1.Contractvolumeandpercentageoftotalbyproductunderstudy(2004/05–2008/09)44%34%25%19%22%11%11%11%5%4%5%5%7%6%9%9%10%11%13%14%1%2%2%2%29%39%47%56%49%0204060801002004/052005/062006/072007/082008/09Contractvolume(million)StockoptionsHHIoptionsHHIfuturesMini-HSIfuturesHSIoptionsHSIfutures103,001,728contracts20,105,625contracts34,291,273contracts56,557,369contracts105,681,108contractsNote:Numbersmaynotaddupto100%duetorounding.Duetothedominanceofthestockoptionsmarketsegmentbycontractvolume,theoveralltradingpatternoftheHKExderiv