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HK bourse sells 1st futures tracking volatility in Asia
Source: Bloomberg News |
February 21, 2012, Tuesday
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Print Edition
Print Edition
HONG Kong's stock market yesterday started selling the first futures tracking volatility in Asia.
Futures on the HSI Volatility Index, which tracks expected equity-market volatility over the next 30 days, are the first of their kind based on an Asian market, said Calvin Tai, head of trading at the Hong Kong Exchanges & Clearing Ltd. The Osaka Securities Exchange Co will begin offering futures on Japan's Nikkei Stock Average Volatility Index on Monday, the bourse said.
Ten trades comprised of fifteen contracts, each worth HK$5,000, passed across the exchange on the first day, according to data compiled by Bloomberg News. All were February futures contracts, closing at HK$24.50 (US$3.16).
Volatility index futures have been trading in the US since 2004 and Europe from 2005. The products were created as alternatives to so-called variance swaps, derivatives in which investors take a position on how much a stock or index will move with a bank or dealer instead of via a public exchange.
Futures on the HSI Volatility Index, which tracks expected equity-market volatility over the next 30 days, are the first of their kind based on an Asian market, said Calvin Tai, head of trading at the Hong Kong Exchanges & Clearing Ltd. The Osaka Securities Exchange Co will begin offering futures on Japan's Nikkei Stock Average Volatility Index on Monday, the bourse said.
Ten trades comprised of fifteen contracts, each worth HK$5,000, passed across the exchange on the first day, according to data compiled by Bloomberg News. All were February futures contracts, closing at HK$24.50 (US$3.16).
Volatility index futures have been trading in the US since 2004 and Europe from 2005. The products were created as alternatives to so-called variance swaps, derivatives in which investors take a position on how much a stock or index will move with a bank or dealer instead of via a public exchange.
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