For any futures exchange, launching new products is something of a gamble on investors' tastes. Regardless of the popularity of investment in the underlying instrument, there is no guarantee a new product will enjoy an active, liquid market. For example, stock futures, which were based on the price movement of individual stocks, were re-introduced on the Hong Kong Futures Exchange's (HKFE) automated trading system (ATS) in February last year. Despite the efforts of a market maker in entering prices on the ATS, the instruments have never enjoyed heavy turnover. An HKFE spokesman said: 'They have grown in popularity over the past few months but we would like to see more activity.' As part of its expansion programme, the HKFE will launch a contract based on one-month Hibor (Hong Kong interbank offered rate). It is scheduled to start trading on the ATS on October 20. One-month Hibor is an important benchmark for short-term Hong Kong dollar interest rates. The new contract has been designed to complement the actively-traded three-month Hibor contract, which was introduced to the ATS in September last year. Last month, an average of 3,193 three-month Hibor contracts were traded every day. The one-month contract has been set at $3 million compared with $1 million for the three-month Hibor. Its contract months are the spot month and the following five calendar months.