Outgoing Hong Kong Exchanges and Clearing chief executive Paul Chow Man-yiu yesterday urged his successor, Charles Li Xiaojia, to work with the government and other stakeholders in drawing a comprehensive road map to the future of the local stock market. 'Such a road map should not be made by the stock exchange alone. You [Charles Li] have to work with other stakeholders such as the government, the Securities and Futures Commission, listed firms, professionals and financial intermediaries,' said Chow. He was replying to a question put by his successor at a Hong Kong Securities Institute lunch yesterday, on how to prevent disputes among stakeholders when carrying out market reforms. 'It needs a road map constructed by different stakeholders of the market. There are individual consultation subjects but we need an overall road map like the Ian Hay Davison report in 1987,' Chow said. The Davison report was prepared by a government-appointed committee to address the regulatory and market infrastructure problems after the 1987 market crash. It became the blueprint for the market that led to the creation of the SFC in 1989 and the introduction of electronic clearing and trading systems in the 1990s. Chow said the lack of an overall road map meant some projects had failed to gain support from all parties, leaving some reform plans uncompleted before he retires on January 15. 'There are always some things you cannot finish within your term and I have to leave them to Mr Li to complete,' he said. 'However, time is fast running out and Hong Kong should work on them quickly to ensure our competitiveness.' The unfinished projects include introducing a scripless market, revision of the outdated Companies Ordinance and toughening the penalties for failing to give price-sensitive information in a timely manner. 'I am happy to learn that the government is going to have several consultations over the next few months on these projects,' Chow said. But he is bearish about the controversial plan for quarterly reporting, after two consultations on the subject failed to lead to a successful introduction. Hong Kong is among the few markets that still allows listed firms to report results every six months. 'It is a worldwide trend to have quarterly reporting, but this is a controversial subject in Hong Kong as many companies oppose it. However, it is interesting that many firms [opposing it] are now expressing interest in listing in Shanghai, which requires quarterly reporting,' he said. In his final public speech to more than 100 brokers and fund managers yesterday, Chow highlighted the achievements of the local market.