Hong Kong Futures Exchange

Hong Kong Futures Exchange

Hong Kong Futures Exchange

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Description:
Hong Kong Futures Exchange (HKFE) was a futures exchange in Hong Kong. Established in 1976, it offered a variety of option and futures contracts, linked to stock market indices, stocks, short term interest rates, and foreign exchange.

History

The HKFE went bankrupt in 1987 during the October 1987 global stock market crash when Sino Group chairman Robert Ng, who had been speculating in futures through two Panamanian-registered companies, suffered paper losses of HK$1 billion, but then refused to pay, claiming to be protected by the limited liability of the companies through which he had traded. Trading was also halted on the Hong Kong Stock Exchange for four days. An investigation by the Commercial Crime Bureau of the Royal Hong Kong Police revealed that Ng had avoided required margin calls through collusion with one of his brokers.

On 6 March 2000, the HKFE merged with the Stock Exchange of Hong Kong, and together with Hong Kong...
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