HKEx foresees HK depositary share scheme by Q3

HONG KONG Jan 16 (Reuters) - Hong Kong Exchanges and Clearing Ltd (0388.HK), Asia's largest listed bourse operator, foresees the launch of a much-touted local depositary receipts programme in 2008's third quarter.

The programme, which lets foreign firms list stock in Hong Kong, is one among a swathe of measures floated over the past year to enhance the bourse's competitiveness and further its ambition of becoming a truly global stock market.

The third-quarter timeframe was outlined in presentation materials handed out on Wednesday ahead of a speech by Paul Chow, HKEx's chief executive officer. Executives declined to comment on how firm that target or expectation was.

Initial public offerings by major Chinese firms have propelled turnover and revenue for HKEx for years, but a slowing pipeline of share floats from the world's fourth largest economy has prompted local officials to begin looking for fresh sources of growth. (Reporting by Rita Chang)