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Hong Kong Exchange broker for non-US Citizens


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Hong Kong Exchange broker for non-US Citizens

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  #1 (permalink)
Brisbane, Queensland, Australia
 
Experience: Intermediate
Platform: Sierra Chart
Trading: HSI (HKEX), ES, CL, GC, 6E, 6B
 
Posts: 7 since Nov 2017
Thanks: 1 given, 5 received

President Trump's Executive Order restricting trading/investing in Chinese companies also includes futures contracts on Chinese/Hong Kong indices for US Citizens. Due to this my broker (AMP Futures) has stopped offering the Hang Seng Index (HSI) that I trade on the Hong Kong Exchange.
Does anyone know any other US based brokers that are maintaining this exchange for non-US citizens not technically impacted by the Executive Order?
An account can be opened with a Singapore based broker however commissions are x4 times that of AMP Futures.

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  #2 (permalink)
Auckland, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP/CQG
Trading: Whatever moves in my timezone
 
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How were you advised of this by AMP?

There is nothing on their web site and they still list HKFE as a valid exchange with details on the vsrious contracts they offer.

On Friday I was still getting Live data, although I did not trade last week due to work.

I am surprised that I have not been notified as I have traded HKFE instruments with AMP recently.

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  #3 (permalink)
Brisbane, Queensland, Australia
 
Experience: Intermediate
Platform: Sierra Chart
Trading: HSI (HKEX), ES, CL, GC, 6E, 6B
 
Posts: 7 since Nov 2017
Thanks: 1 given, 5 received



steve2222 View Post
How were you advised of this by AMP?

There is nothing on their web site and they still list HKFE as a valid exchange with details on the vsrious contracts they offer.

On Friday I was still getting Live data, although I did not trade last week due to work.

I am surprised that I have not been notified as I have traded HKFE instruments with AMP recently.

Hi Steve,
I received no notification. I went to place a trade yesterday and received an error saying ‘insufficient margin’. Error said the trade required USD500,000 to execute. I contacted AMP trade desk and was sent the link below. I then asked why this impacts me as a non-US citizen and was told that disabling all HKEX trading was an AMP Compliance decision (I assume it’s not economical with relatively low trade volume of their non-us customers).

Live market data still works (provided by CQG), you just can’t execute trades.

I have contacted a number of other alternate brokers but without luck so far. I can setup an account with Phillip Futures Singapore however would need to maintain one platform for charting with SierraChart and another to execute trades. Their commissions are about 4 times that of AMP (not so much competition there) which does not suit my intraday strategy.

So far the best option appears to be the Hang Seng CFD through IC Markets with a 7 points spread (no commission) until AMP allow live trading again or I find another US Broker and maintain the AMP connection for live level 2 market data.

https://support.ampglobal.com/hc/en-us/articles/360061778393-Hong-Kong-HKEX-Trading-has-been-Disabled

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  #4 (permalink)
Auckland, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP/CQG
Trading: Whatever moves in my timezone
 
Posts: 1,883 since Sep 2009
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As usual AMP's support/communication is less than ideal.

I can not even find the URL you included from their main web site.

I searched/reviewed:
https://news.ampfutures.com
https://forum.ampfutures.com/AMPforum

and there is no reference to it. Why do they need so many different news/forum/support web pages????

Even in the link you have given, AMP's link to the White House directive returns a 404 error!!!!

Like you, I cannot think of a better alternative as my CFD provider (CMC) is also a 7 tick spread.

Looks like I will cancel the CQG data feed for HKFE on 31st if we can't trade off it and just fall back on Eurex trading.

Thanks for the info

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  #5 (permalink)
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srk159 View Post
I received no notification. I went to place a trade yesterday and received an error saying ‘insufficient margin’. Error said the trade required USD500,000 to execute.

Holy shit... that's like murder bail money LOL...

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  #6 (permalink)
Melbourne, Land of Oz
 
Experience: Advanced
Platform: Sierra Chart, CQG
Broker: CQG
Trading: HSI
 
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Oh bloody hell! That sucks.

My first thought is interactive brokers. Which doesn't fill me with joy but at least they are cheap.


A 7 point spread cfd is effectively 4-5 times amp brokerage.

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  #7 (permalink)
Auckland, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP/CQG
Trading: Whatever moves in my timezone
 
Posts: 1,883 since Sep 2009
Thanks: 3,347 given, 1,516 received


Trembling Hand View Post
Oh bloody hell! That sucks.

My first thought is interactive brokers. Which doesn't fill me with joy but at least they are cheap.


A 7 point spread cfd is effectively 4-5 times amp brokerage.

I don't have a relationship with IB. Have you verified that they are still offering HKFE or have they withdrawn it like AMP?

I guess the difficulty for AMP and IB is that even though a trader may live in NZ or Australia for example, AMP and IB have no full proof way of easily knowing if that person is a US citizen (who just happens to be living overseas) so it is probbaly easer for their compliance departments just to shut down all access to HKFE.

Prediction is very difficult, especially about the future - Niels Bohr, Danish Physicist
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  #8 (permalink)
Melbourne, Land of Oz
 
Experience: Advanced
Platform: Sierra Chart, CQG
Broker: CQG
Trading: HSI
 
Posts: 169 since Jun 2011
Thanks: 14 given, 243 received


steve2222 View Post
I don't have a relationship with IB. Have you verified that they are still offering HKFE or have they withdrawn it like AMP?

I guess the difficulty for AMP and IB is that even though a trader may live in NZ or Australia for example, AMP and IB have no full proof way of easily knowing if that person is a US citizen (who just happens to be living overseas) so it is probbaly easer for their compliance departments just to shut down all access to HKFE.

No I don't think so. I'm on holidays so cannot check at the moment but I'm pretty sure IB will be fine. If you're an Aust citizen you aren't opening an account with US IB but Australian IB company.

They have many different locally incorporated companies through out the world. I did check their website and no announcement yet that I could find.

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  #9 (permalink)
Auckland, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP/CQG
Trading: Whatever moves in my timezone
 
Posts: 1,883 since Sep 2009
Thanks: 3,347 given, 1,516 received

Well .... much to my surprise US citizens and us non US citizens trading through a US broker don't make up much of the trading activity on the HKFE!!!

I expected volumes to be some what off today (Monday), but in fact HHI is trading at 172% of the 15 day average volume and HSI at 153%.

Guess HKFE won't be too worried about the ban on US citizens (and us non US citizens).

Prediction is very difficult, especially about the future - Niels Bohr, Danish Physicist
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