The listing of Hong Kong Exchanges and Clearing has been moved forward three months to June because of the stock market's recent bull run, according to sources. 'Strong responses to the several new share issues recently have indicated the local stock market is full of liquidity,' a source said. 'This is a perfect time to list the merged exchange.' The exchange, set up on Monday by merging the stock and futures exchanges and their clearing houses, will be introduced on the main board, indicating there will be no initial public offering. Last March, the Government proposed listing the new merged exchange in September this year. The merged entity, when listed, is likely to have the stock code 9000. HSBC, an adviser during the investigation into merging the exchanges, is also likely to act as the listing adviser, the sources said. To avoid a conflict of interest, the exchange will not vet its own listing documents. Instead, the Securities and Futures Commission will vet the flotation applications. Christopher Cheung Wah-fung, managing director of Christfund Securities, believed the merged entity should be listed as soon as possible. 'The new exchange should be listed in the near future to avoid missing strong market sentiment,' Mr Cheung said. 'The listing plan is also important to allow all brokers to cash in their benefit in the merger plan.' Under the new entity's merger terms, each stock broker seat holder will get 800,000 shares of the new exchange, while each futures broker seat holder will get 1.39 million shares. The brokers can alternatively choose a cash offer of $3.88 a share. Ninety-eight per cent of the two exchanges' brokers opted to receive shares in the new exchange with the expectation the shares of the merged entity will trade much higher than $3.88. Brokers expect the exchange's share price to go up to $7 or more per share after listing. The proposed exchange's listing will mark the completion of the Government's plan to modernise the local market structure. The reform has been necessary to head off the threat from overseas counterparts and electronic trading systems. Hong Kong's exchange will be the third in the world to float shares in its own market, following Australia and Sweden. Chairman Charles Lee Yeh-kwong said the exchange would consider a proposal made by the New York Stock Exchange to list the merged entity on Wall Street. However, he said a local listing would be sought first. Meanwhile, the Government has also added a name to the list of shareholder-director candidates, raising the total to 10, the sources said. On March 27, brokers are to elect six from the 10 candidates to the exchange's first board. Vincent Marshall Lee Kwan-ho of Tung Tai Securities is the 10th candidate, the sources said. Among the other candidates are James Sheridan, of investment bank Goldman Sachs, and Clifton Chiu Chi-cheong, of on-line brokerage TD Waterhouse. Also on the list are three former stock exchange council members - John Seto Gin-chung, Yue Wai-keung and Peter Wong Siu-hoi. Hong Kong Stockbrokers Association chairman Paul Fan Chor-ho and former chairman Dannis Lee Jor-hung are also among the candidates. The two futures brokers representatives are Henry Cheong Ying-chew, of Worldsec Futures, and Bill Kwok Chi-piu, of Wocom. The six shareholder directors will work with the eight Government-appointed directors and the exchange's chief executive - Kwong Ki-chi - to form a 15-member board.