IF Hong Kong is to advance as an international financial centre, progress must be continuous. Most of the main regulatory building blocks are in place but there will be a constant need to modify, improve and carefully add appropriate rules. The decision by the Hong Kong Stock Exchange to push for greater disclosure of the financial performance of listed companies - whether local or from the mainland - is part of the process. The growing sophistication of investors in Hong Kong and China stocks has brought with it demands for a more international standard of acceptable corporate behaviour, demands which the exchange has heeded. This does not mean that Hong Kong must blindly follow the rules of the United States, the United Kingdom or anywhere else. The cultures of markets varies as much as those of countries. Foreign investors understand that standards of disclosure also will vary, but they have a right to expect that there will be a minimum. The exchange appears ready to oblige. The exchange has accused some anonymous merchant banks of shirking their duty in advising and supporting the mainland companies they have brought to the market. It is to be hoped that they now will prove equally obliging in keeping up acceptable standards and maintaining a hawk-like watch over their charges.