Hong Kong Exchanges and Clearing Limited (HKEx) has published the 11^thedition of its quarterly publication, Exchange. This edition features:

• HKEx's main market quality initiatives in 2004;

• Highlights from the opening ceremony for HKEx's representative office in Beijing and the conference marking the 10th anniversary of the listing of H shares on the Stock Exchange;

• A Chat Room conversation with Head of Listing Richard Williams, which includes some of his observations on listing matters based on his experience in Hong Kong and London;

• An overview of submissions to HKEx's market consultation on a proposed operational model for scripless securities clearing and settlement.

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