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Notice on the Implementation of HKEX’s Optimization of Minimum Client Margin Requirements for Derivatives and Stock Options (Phase 1)

2026-09-21 09:11 GF Securities (Hong Kong) Brokerage Limited

Dear Valued Clients,



In response to the margin policy optimization plan launched by Hong Kong Exchanges and Clearing Limited ("HKEX"), HKFE Clearing Corporation Limited (HKCC) and The SEHK Options Clearing House Limited (SEOCH) will implement the "Optimization of Minimum Client Margin Requirements (Phase 1)" starting from September 21, 2026 (Monday). As a Clearing Participant, our company will synchronously adjust the minimum client margin standards for relevant products.



1. Specific Adjustments to Margin Standards


Effective from the implementation date, the minimum client margin calculation for relevant products will be revised as follows:






2. Important Notes and Risk Disclosure


    

  1. Final Discretion on Margin Requirements: The above revisions only reflect the minimum standards stipulated by the exchange. To properly manage risks and comply with the regulatory requirements of the Securities and Futures Commission (SFC), our company reserves the final discretion to impose margin requirements higher than the above minimum standards on specific accounts, depending on factors such as individual clients' financial conditions, position concentration, and extreme market volatility.
    2. 

  2. Proper Management of Account Funds: With the changes in the margin multiplier and maintenance margin mechanism, the trigger conditions and sensitivity for Margin Calls or Force Liquidations will change. Please closely monitor your own positions and liquidity status, and ensure that sufficient funds are maintained in your account at all times.
    3. 

  3. Outlook for Phase 2 Optimization: According to HKEX's plan, subject to regulatory approval and market readiness, the Phase 2 optimization measures (which propose to further lower the initial margin multiplier to 1.1) are expected to be rolled out in March 2027. Our company will issue a separate notice at that time.
    4. 



3. Official Reference Documents


For detailed information regarding this policy revision, please refer to the following official documents published by HKEX:


    

  • HKEX Enhances Client Margin Framework to Strengthen Derivatives Market Efficiency
    https://www.hkex.com.hk/News/Market-Communications/2026/260622news?sc_lang=en
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  • GRM_FRM_004_HKFE_CMM_Circular_eng_vf_20260622.pdf
    https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/HKFE/2026/GRM_FRM_004_HKFE_CMM_Circular_eng_vf_20260622.pdf
    • 




Except for the above adjustments, the company's current risk management measures and other margin policies remain unchanged.



For any enquiries, please contact our Customer Service Department at: 40086 95575 / 852-37191288




GF Securities (Hong Kong) Brokerage Limited
September 18, 2026