香港交易所-产生产品市场交易调查2009-11.pdfVIP

Research Corporate Development DERIVATIVES MARKET TRANSACTION SURVEY 2008/09 November 2009 CONTENTS Page 1. Introduction 1 2. Key findings 3 3. Figures and tables 6 3.1 Distribution of trading by transaction purpose 6 3.2 Distribution of trading by investor type 8 3.3 Distribution of overseas investor trading by origin 14 3.4 Retail online trading 17 Glossary 19 Appendix 1. Response rate 20 Appendix 2. Representativeness of the responded sample relative to target respondents . 21 Appendix 3. Contract size and notional value of products under study 22 Appendix 4. Survey methodology 23 DERIVATIVES MARKET TRANSACTION SURVEY 2008/09 1. INTRODUCTION The Derivatives Market Transaction Survey (DMTS) has been conducted annually since 1994 (by Hong Kong Futures Exchange on its market prior to 2001). The main objective of the survey is to track trading composition by investor type and by trading purpose in HKEx’s derivatives market, which comprises futures and options contracts. The survey provides key information on the relative contribution to the overall market turnover and to each major product by the main investor types ⎯ local and overseas, retail and institutional, and Exchange Participants’ (EPs’) own trading (see classification chart below). Retail online trading statistics in the overall derivatives market have been obtained since the 2001/02 survey. Comparison of the findings with those of the past surveys is performed to reveal any changes in trading pattern.