Hong Kong Exchanges and Clearing Limited (HKEX) today announced enhancements to the client margin framework at its derivatives clearing houses.

The changes are 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.

Currently, client initial margin requirements are set with reference to clearing house (CH) margin levels.

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.