衍生产品市场交易研究调查2010(英文版).pdf

Research Corporate Development DERIVATIVES MARKET TRANSACTION SURVEY 2010/11 November 2011 CONTENTS Page 1. Introduction 1 2. Key findings 3 3. Figures and tables 7 3.1 Distribution of trading by transaction purpose 7 3.2 Distribution of trading by investor type 9 3.3 Distribution of overseas investor trading by origin 15 3.4 Retail online trading 18 Glossary 20 Appendix 1. Response rate 21 Appendix 2. Representativeness of the responded sample relative to target respondents. 22 Appendix 3. Contract size and notional value of products under study 23 Appendix 4. Survey methodology 24 DERIVATIVES MARKET TRANSACTION SURVEY 2010/11 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. Classifi