JUNE 2013 - FEAS

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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013 “TOSHKENT” REPUBLICAN STOCK EXCHANGE CAPITAL MARKET DEVELOPMENT AND ECONOMIC OUTLOOK Total turnover of securities market of Uzbekistan (both shares and corporate bonds) made up 2.09 trillion sums in 2012, which grew by 30.56% year-on-year, the Centre for Coordination and Control over Functioning of Securities Market said. According to the Center, the volume of deals with the securities at Uzbekistan Stock Exchange “Tashkent” made up 170.7 billion sums in 2012, Elsis-Savdo (OTC) - 36.2 billion sums and Inter-banking Trade System - 0.19 billion sums. It is worth to mention that number of deals at the secondary market in 2012 rose by 28.6% compared to 2011. The Center said that this shows active growth of trades with securities. At the same time, the volume of deals in the secondary market with participation of population jumped twice compared to 2011, which is evidence for interest of population to invest into stocks. Within 2012, the UZSE registered 917 deals with 227,993 million shares of 129 issuers for 110.5 billion sums and 80,500 bonds of four issuers worth 60.1 billion sums. Key Information Contacts State Property Committee www.spc.gov.uz Ministry of Finance www.mf.uz/eng National Bank of Uzbekistan http://eng.nbu.com/about/history/index.php State Central Securities Depository www.deponet.uz/english.shtml Portal of the State Authority www.gov.uz/en CONTACT INFORMATION Contact Name Mr. Jasur Saidahmedov E-mail int.relations@uzse.uz Website www.uzse.uz PAGE 86
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013 TURKISH DERIVATIVES EXCHANGE (TurkDEX) 2012, a difficult year for Turkish capital markets. Isinsu Kestelli Chairperson The year 2012 has been a year in which the world had difficulties to stipulate growth and felt the effects of the global crisis deeply. In Turkey, despite the goal of a 4% growth rate, a growth rate of below 3% was recorded at the end of the year. On the other hand although the EU, Turkey’s main trading partner, is still struggling due to the Euro Crisis, Turkey has been able to keep the inflation and unemployment rate at one digit numbers, reducing the current deficit and public borrowing rate. 2012 has been also a difficult year for the Turkish capital markets. As a result the trading volume of TurkDEX decreased for the first time of its history. Compared to 2011, in 2012 the total trading volume decreased by 8.1% to 403.9 billion TRY. Among several issues affecting the trading volume negatively, we can specifically point out that the overall global risk appetite decreased and that the demand for index derivatives contracts at Turkdex reached its saturation point. On the other hand the number of members increased to 101 and the number of accounts increased to over 80.000 in 2012. Despite the decrease in trading volume, Turkdex remained as one of the top 30 derivatives exchanges according to FIA’s ranking. HISTORY AND DEVELOPMENT The Turkish Derivatives Exchange (TurkDEX) was formed as a self-governing joint stock corporation in 2002 through a resolution of the Cabinet based on the approval of the Capital Markets Board (CMB) of Turkey. The trading started on February 4th, 2005 right after the authorization of the CMB to operate as the first derivatives exchange in Turkey. The Exchange currently operates for a core product base of financial, equity and commodity futures contracts using an electronic trading platform. The Board of Directors is composed of one representative from the Istanbul Stock Exchange (ISE), two representatives from the Union of Chambers and Commodity Exchanges of Turkey, two representatives from the Association of Capital Market Intermediary Institutions of Turkey, three representatives from bank and brokerage house shareholders, one representative from TurkDEX (CEO) and one representative from the Izmir Commodity Exchange. TurkDEX offers an efficient, liquid and investor friendly electronic trading platform for the trading of futures contracts on interest rates, stock indices, foreign currencies and commodities. One of the main objectives of TurkDEX is to develop and provide financial instruments that help individuals and institutions to effectively manage their risks against price fluctuations. Currently, 15 different derivative instruments, namely; currency futures contracts (TRY/US$, TRY/EUR and EUR/US$), interest rate futures contracts (Benchmark Treasuries), equity index futures contracts (TurkDEX-ISE 30 Stock Index, TurkDEX-ISE 100 Stock Index and TurkDEX-ISE 30-100 Index Spread), cotton futures contracts, wheat futures contracts, gold futures contracts (TRY/gram and US$/ounce), base load electricity futures contracts and live cattle futures contracts are traded on TurkDEX’s entirely electronic trading platform. With its electronic trading platform, TurkDEX provides access to traders wherever they are located, subject to applicable local laws and regulations. PAGE 87
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JUNE 2013 - FEAS

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