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Equity Index Products

KOSPI200 Futures

SPECIFICATION

SPECIFICATION
Underlying Asset KOSPI 200 Index
Contract Size KOSPI 200 Index times KRW 250,000
Tick Size & Value 0.05 point, representing a value of KRW 12,500
Contract Months March, June, September and December
Margin* Initial Margin Rate : 8.1%
Maintenance Margin Rate : 5.4%
Trading Hours
(Korean Standard Time)
Single Price Auction: 08:00 ~ 09:00 and 15:35 ~ 15:45
09:00 ~15:45 (Mon-Fri)
09:00 ~15:20 (Last trading day)
Last Trading Day Second Thursday of the contract month
Final Settlement Day The following day of the last trading day
Settlement Method Cash settlement
Daily Price Limit ±8%/±15%/±20% of the previous closing price
Circuit Breakers When the lead month contract hits ±5% of the previous closing price for 1 minute, and the difference between the current price and the theoretical price is ± 3% or more, the trading of all contracts are halted for next five minutes. For the next ten minutes following the cooling-off period, orders are collected and then matched at a single price. As well, the futures and options markets are automatically suspended if the stock market is halted. Trading in the stock market is halted for twenty minutes if the KOSPI falls 10% or more from the previous closing value and this continues for one minute or longer
Listing Date May 3, 1996

Margin (Kospi200 Futures/
Kospi200 Options)

Preliminary Margin : KRW 15 million

Preliminary margin for Kospi futures is a deposit established by a customer with a member firm.
The customer should deposit at least more than the preliminary margin either before the first order since the account open, or
before a new order placed after the noon of the following business day after closing all open positions. Preliminary margin can be
substituted by usable securities.

Posting the value of substitutes securities

Posting the value of substitutes securities
Securities Value
Government bond, Municipal bond
& Financial Debenture of Govt.
85~90% for market value
Corporate bonds 75~90%
Stocks traded on Korea Exchange
& KOSDAQ
70%
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Initial Margin

  • Kospi200 futures
    8.1% of the full value of contracts
  • Kospi200 options
    Margin Requirement for Buyer : None
    For the sell orders of options: the larger of (a), (b), and (c) (the whole amount can be deposited with substitute securities, at the member’s discretion)
    (a) [multiplier x (theoretical price of option adjustment margin* - base price of option customer margin) x 30%] * The theoretical price when the underlying asset’s base price goes up or down as much as the twice of the customer
    margin rate
    (b) [multiplier x (theoretical price of option margin - base price of option customer margin)]
    (c) Minimum margin amount per contract

Maintenance Margin

  • Kospi200 Futures / Kospi200 Options sellers
    5.4% of the full value of contracts