JUNE 2013 - FEAS

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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013 IRAQ STOCK EXCHANGE -On 2011 ISX price index closed on (103,11) points at the end of 1st trading session, and on (136,03) points at the end of last trading session. On 2012 ISX price index closed on (138,18) points at the end of 1st trading session, and it changed in so many directions, its minimum value was (113,99) points on 11/7/2012 trading session and its maximum was (138,18) on 3/1/2012 trading session. ISX price index finished its actions on 25/12/2012 closed session 125.02 points. The most important factors that affect ISX price index value are: A. Capital increases of listed companies were (638.410) billion shares feature (638.410) billion ID. which is the largest IPO volume since the market opening in 2004. B. Increases in capital through reserves and profits capitalization were (267.523) billion shares. The total number of new shares which were listed after the capital increases, reserves, and profits capitalization were (905.033) billion shares. C. Activity of many investment portfolios to develop distinguished investment portfolios and to increase the volume of the existing portfolios. D. Listed companies activity E. Many listed companies achieved a high level growth to their activities and to the profitability indicators which reflected positively on shares value. F. Iraqi, Arab and International economic and political developments effected indirectly on Iraqi and non-Iraqis investors and shareholders decisions. ISX index centesimal record is based on the fluctuation of shares prices for 48 listed companies. 2. shares price limits: 1. Share price of new listed companies is open and does not follow any limit in the 1st trading session only. 2. Up and down fluctuation of share prices must not exceed 10% of the last closing price. 3. After capital increase, shares are returned back to trading in ISX the entry price (EP) will be fixed according to previous capital (CAP*), previous close price (CP), nominate price (NP) and the new capital (CAP1) and cash dividend (CD) to determine the limit of prices for the first trading session. EP=(CAP*CP + CAP*NP/ CAP1) - CD Iraq Stock Plans 2013 1. Trading sessions: Organize (232) trading sessions in average of five sessions weekly, and supervised and accurate trading dealings according to the insiders rules and electronic trading instructions, and disclosure about transactions according to the effected ratios, special orders, financial solvency instructions and any other global instructions approved by ISC and ISX BOG. 2. Reports and Publications: Issuing (232) end-of-session daily reports, weekly trading report, (12) monthly reports, Annual report and companies guide on ISX Website www.isx-iq. net in addition to publishing listed companies financial statements. 3. Media and News agencies: Publishes daily, weekly, and monthly reports through Iraqi/ Arab news agencies continuously. Daily publishes of tickers on ISX and MUBASHER official websites during trading sessions which started on December, 2011. In addition to -End-of-session prices published by Bloomberg and Thomson Routers starting from January, 2012. 4. Electronic Systems: Electronic systems development under the supervision of NASDAQ OMX through X-Stream and in accordance with its advanced properties approved by ISX BOG. 5. Trade Monitoring: Monitoring, surveillance of trading limitations using Cap Formula T+0. Which is supposed to be changed to new clearing and settlement Cap Formula T+2 instead of current formula T+0 after the ISC approval of the Custodian Banks regulations, despite the issuance of ISC approval we have not received any request to develop this service. 6. Inspection and Surveillance: Inspection plans for all brokerage firms to check files and documents integrity. 7. Brokerage firms Subsidiaries: Electronic trading between ISX and AL-Rabee firm subsidiaries in Erbil and Sulaymaniya has been on a daily basis. To encourage and attract investment in ISX and in order to make the company’s public relations office in Istanbul / Turkey a regional office of the firm after obtaining ISC approval, this office is going to work electronically in accordance with the registration decision issued by Turkey. 8. Listing Companies: Encouraging the nonlisted companies to be listed. 9. Disseminating Awareness of Investment: Holding workshops to educate and encourage investment in ISX. 10. Conferences: Represent ISX in relevant conferences locally and globally. 11. Erbil Stock Exchange: To start the electronic connectivity in accordance with the agreement that have been updated on 17/12/2012, ISX prepared a detailed plan for the purpose of training ESX employees and brokers technically and administratively. 12. ISX Will organize electronic trading through: A. Regular Market: as currently being on listed companies shares, according to Listing instructions No. (6) for 2010. B. 2nd Market (Non-Regular Market): Also known as parallel market, will include listed companies whom non-compliant with instructions No. (6) for 2010. These companies are: AL-Hamraa for Insurance. AL-Khair for Financial Investment. AL-Ayaam for Financial Investment. AL-Ameen for Financial Investment. Bain Alnahrin Investment. AL-Batek Investment. AL-Khaima for Financial Investment. AL-Ameen Estate Investment. Modern Chemical Industries. Kirkuk for Producing. AL-Ahlyia for Agricultural. All these companies will be transferred from regular market to 2nd market because of the decline in (number of tickets annually executed, trading volume, and number of trading days based on instructions No. (15) for 2011. Brokerage firms Currently there are a total of 46 licenses brokers who are active on the ISX. Brokers are licensed and regulated by the ISC. Key Information Contacts Iraq Association of Securities Dealers www.iasd-iq.org Iraq Central Bank www.cbiraq.org PAGE 48
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013 ISTANBUL GOLD EXCHANGE Osman Sarac Chairman Istanbul Gold Exchange targets to stimulate local business and international attention with all other globally competitive enterprises which will provide Turkey to be a central hub for the gold business, due to its strategic position, as it lies in the heart of a major gold trade area, exposed to Middle East, Europe and Gulf States. For the integration of the Exchange to the international markets, there have been important steps since 2007. In March 2008 we have been an associate member to London Bullion Market Association, by May 2008 we have joined World Federation of Diamond Bourses, by February 2010, we are honored to be part of a large family with distinguished members, FEAS as an affiliate member. The Exchange became a member of the Kimberley Process Certification Scheme (KPCS), in August 2007, which aims to curb the flow of conflict diamonds, with 49 participants worldwide. The Turkish gold jewelry market has undergone a major revival since the early 1990s with the traditional and long-standing historical affinity for gold jewelry adjusted for modern tastes. Turkey is now the world’s fourth largest market for gold jewelry, third largest manufacturing centre and second biggest exporter. Istanbul Gold Exchange targets to stimulate local business and international attention with all other globally competitive enterprises which will provide Turkey to be a central hub for the gold business. The annual gold export from Turkey reached record levels in 2012. Due to the information received from Turkish Statistical Institute, it has reached US $ 16,3 billion, part of gold bars and other way of direct jewelry export to retailers, wholesalers abroad and sales to the tourists visiting Turkey last year. Due to Turkish Exporters Assembly, direct jewellery export reached to US $ 2,1 billion with a rise of 42% y-o-y. The rest of the export figures represents flow of gold bars from Turkey to other countries with an amount of US $ 14,2 billion with a rise of 528% y-o-y (In 2011 bullion export figures was US $ 2,26 billion). As a first spot trading gold exchange in the world. IGE was founded with the principle semi-electronic system trading floor. By 2009. a new screen-based fully electronic trading system has been launched with remote access in order to provide investors 24 hours trading. By August 2012, 24 hours internet based electronic system was introduced to the markets. Central Bank Statutory Reserves The Central Bank of Turkey, has announced a legislation for the statutory reserves for gold. Year Gold Silver Import (ton) Transaction (ton) Import (ton) Transaction (ton) 2002 128,9 143,06 139,1 216,73 2003 213,64 237,37 155,5 272,23 2004 250,93 280,81 209,5 318 2005 269,48 328,75 207,9 362,82 2006 192,72 247,48 107,4 277,41 2007 230,79 328,38 93,37 320,88 2008 165,9 337,03 73,6 151,71 2009 37,59 226,63 5,59 382,67 2010 42,49 115,19 19,69 388,67 2011 79,97 227,05 41,8 408,08 2012 120,78 312,1 142,2 437,2 Gold Figures The annual gold import of Turkey in 2012 was estimated at US $ 8,2 billion due to Turkish Statistical Institute, partially from gold bars and other way of direct jewelry import to retailers. Istanbul Gold Exchange members have realized as 120,8 tons of import with the amount of US $ 6,1 billion in the Exchange with a rise of 41,1 tons from 2011 which represented a rise of 51% y-o-y. The gold trading volume reached 312,1 tons with the amount of US $ 15,9 billion by 2012 with a rise of 85,1 tons from 2011 which represented a rise of 37% y-o-y. The annual silver import of Turkey in 2012 through Istanbul Gold Exchange members was 142,2 tons with the amount of US $ 141,7 million with a rise of 100,1 tons from 2011 which represented a rise of 237% y-o-y. The silver trading volume reached 437,2 tons with the amount of US $ 435 million by 2012, with a rise 29,1 tons from 2011 which represented a rise of 7% y-o-y. By the increase of gold prices since 2007 huge amount of gold came to the market as scrap and Turkey turned to be an exporter of gold in the market. The supply of scrap gold to the market continued in 2012 and an annual amount of 80-90 tons of gold was supplied to the market. In 2012 the gold demand by consumers through banking system saw high increases. By the recent years there is a raise of individual and corporate demand in gold and silver as investment and mutual funds and gold deposits tool in banking system as well as jewelry sector. Istanbul Gold Exchange is having a role of safeguard for gold funds and gold ETF which is listed in ISE. At the end of 2010 there were around 6.000 kilos of gold kept in the Exchange on the name of the 24 funds. At the end of 2011 the number of funds and the amount of gold kept in the Exchange vault rose also. By end of 2012, 10.637 kg of gold belonging to 2 Gold ETF, 47 Mutual funds were kept in the Exchange Vault. Due to the legislation banks have to present some percentage of their gold deposits (9- 11%) to Central bank accounts and optionally they may hold some percentage of their TL or forex deposits statutory reserves in gold. By November 2012, there is about US $ 9,1 billion gold deposits in banking system which represents around 180 tons of gold. The total gold held by Central Bank as gold and other assets’ statutory reserves is totaled around 240 tons which is mostly kept in Bank of England. By December 2012, Central Bank, statutory reserves of the banks started on schedule to be kept in IGE under the account of TR Central Bank. By December 2012, 547,56 kg of gold has been kept under the account of Central Bank in IGE vault. PAGE 49
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