Good afternoon ladies and gentlemen and welcome.

Joining me today to introduce FTSE/Xinhua China-25-Index Futures and Options are our Deputy Chief Operating Officer, Mr Gerald Greiner and two senior executives from FTSE Xinhua Index Limited. Ms Fredy Bush is Chief Executive Officer of Xinhua Finance and Co-chairman of FTSE Xinhua, and Mr Zhu Shan, Managing Director of FTSE Xinhua.

Hong Kong, currently the largest international capital formation centre for Mainland China enterprises, has not only served as a fund-raising centre for more than 300 Mainland enterprises, but has also been the springboard for investors looking to invest in the Mainland market.

HKEx continually reviews its markets to ensure they are responsive to the needs of investors.  Given the Mainland's continuing extraordinary economic growth, investors are interested in China-related investment instruments, particularly derivatives that are well suited to use as hedging and risk management instruments.

I am pleased to announce that we have signed a licensing agreement with FTSE Xinhua that allows us to offer futures and options contracts on the FTSE/Xinhua China-25 Index. When we introduce the new contracts on 23 May they will complement our existing equity and equity index products as well as our futures and options on individual stocks.

The FTSE/Xinhua China-25 Index is compiled and calculated by FTSE Xinhua to track the performance of the 25 largest and most liquid H shares and red chips listed on HKEx's Stock Exchange.

As a result of the growing interest among institutional investors and individuals alike in China-related products, we plan to continue to offer additional products to meet the needs of those investors.  FTSE/Xinhua China-25 Futures and Options are such products. We are not alone in seeing the potential of products based on this index. We understand that issuers are interested in developing other FTSE/XinhuaChina-25 Index products; products that are sure to complement our futures and options.

The China dimension of our stock market now generates about one half of HKEx's daily equity turnover, and many of this index's constituent stocks contribute substantially to that turnover. Over the course of the past 18 months, we have seen H-shares Index Futures develop into one of our most actively traded products and we are witnessing ever increasing interest in our H-shares Index Options. H-shares Index Futures set new records for daily turnover and open interest in the first quarter of this year, and daily turnover and open interest in the H-shares Index Options market have reached new all-time highs this month.

We believe that the FTSE/XInhua China 25 Futures and Options have great potential. It is important, however, to take a long-term view when introducing any new financial product.

New products often take some time to develop, so we do not have any specific volume or open interest targets in mind for FTSE/Xinhua China-25 Futures and Options.

Ms Fredy Bush will offer her remarks in a moment. And later, Mr Zhu Shan will explain the FTSE/Xinhua China-25 Index and last but not least, Mr Greiner will explain the specific features of the HKEx FTSE/Xinhua China 25 futures and options. We will be glad to take any questions you might have after the remarks and presentations.

Fredy, please.