Hong Kong Exchanges and Clearing Limited (HKEx) has published the 15^th edition of its quarterly publication, Exchange. This edition features:

• an article on the implementation of corporate governance reforms in Hong Kong, which help strengthen market quality and Hong Kong's position as an international financial centre and a premier capital formation centre for Mainland enterprises;
  
  
• HKEx's major initiatives for 2005;
  
  
• articles on HKEx's plans for new products and the expansion of the stock options market;
  
  
• an overview of the network consolidation for HKEx's major market systems, which resulted in cost savings from the start of this year for Participants which use the securities market trading system;
  
  
• key market statistics for last year, when HKEx's markets set several new records;
  
  
• an update on HKEx's warrant market, which led the world in turnover in 2003;
  
  
• HKEx's conclusions on its consultation on the reduction of minimum trading spreads in the securities market;
  
  
• an introduction to the plan to renovate the Stock Exchange's Trading Hall; and
  
  
• a Chat Room with the HKEx's Head of Information Services, Roger Lee, who discusses his department's role and operations, some of its plans and projects this year and the next several years.

Online versions of all editions of the publication are available on the HKEx website (http://www.hkex.com.hk) in the Press Room section.