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It was June 2001, seven months after the launch of AMS/3 by Hong Kong Exchanges and Clearing (HKEx). The development of AMS/3, the third generation of HKEx''s electronic trading system, was the biggest project undertaken by HKEx thus far. It was designed as a tool for HKEx to compete with other established and technologically advanced stock exchanges. Despite the size and complexity of the project, AMS/3 was launched on schedule. Now, HKEx''s challenge is to devise a strategy to steer HKEx towards becoming a global exchange with the right products and the right strategic partners, as well as to create sustainable competitive advantages to anchor Hong Kong''s position as one of the most important financial centres in the world. This case study is about strategic management of stock exchanges. It aims to illustrate the development trends in stock exchanges around the world, components of an electronic trading system and competitive forces within the stock exchange industry.