Hong Kong Exchanges and Clearing Limited (HKEx) has published the ninth edition of its quarterly publication Exchange. This edition features: 

• an overview of HKExs joint consultation paper with the Securities and Futures Commission on the regulation of sponsors and independent financial advisors;
   
• background information on trading spreads and the market infrastructure for clearing and settlement, which will be the subjects of upcoming market consultations;
   
• a Chat Room conversation with Paul Chow, Chief Executive of HKEx, on the latest developments at the company and the way forward;
   
• a study on the custody of investors shares in Hong Kong and overseas; and
   
• the introduction of the Snapshot section, which makes its debut with a tribute to the Stock Exchanges recently retired Teletext terminals.

Online versions of all editions of the publication are available on HKEx's website (http://www.hkex.com.hk), under the Publications & Information Products of Corporate section.