Hong Kong Exchanges and Clearing Limited (HKEx) has published the 10^th edition of its quarterly publication Exchange. This edition features:

• an overview of HKExs Consultation Paper on a Proposed Operating Model for a Scripless Securities Market as well as updates on HKExs market consultations on Third Party Clearing and the regulation of sponsors and independent financial advisers; 

• speeches by HKEx Chief Executive Paul Chow on strategic challenges facing HKEx and corporate governance in Hong Kong; 

• a Chat Room conversation with HKEx Chief Operating Officer Patrick Conroy, who discusses his return to Hong Kong and his work agenda; 

• details of H-shares Index Futures, which are scheduled to commence trading on 8 December 2003; 

• a study on the regions derivatives exchanges and some of the factors that have contributed to their success; 

• the introduction of a new section that highlights information available on the HKEx website; and 

• an examination of the power supply to HKExs key systems in the Snapshot section.

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