Hong Kong Exchanges and Clearing Limited (HKEx) has published the 18th edition of its quarterly publication, Exchange. This edition features a new design, but the goal is the same.  Exchange continues to offer a wide range of articles aimed at further strengthening HKEx's communication with market participants and others interested in HKEx and its operations. Highlights of the October 2005 edition include:

• a discussion of key aspects of HKEx's derivative warrant market and some areas of recent concern among market participants;
  
  

• a review of the developments of the Growth Enterprise Market;
  
  
• a survey of selected second boards around the world and the experience of those markets;
  
  
• a Chat Room conversation with the heads of the Listing Division's four departments, who discuss several topics, including the processing of listing applications, the monitoring of listed issuers' compliance with the Listing Rules, the enforcement of the Listing Rules and the work of the policy and support team;
  
  
• an overview of HKEx's policy and procedures for handling enquiries and complaints;
  
  
• an introduction to the marking-to-market procedures of the securities market's clearing house; and
  
  
• a feature on the "China Stock Markets Web" section of the HKEx website, which provides information on companies listed in Hong Kong, Shanghai and Shenzhen.

Online versions of all editions of the publication are available on the HKEx website in the Press Room section.