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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ORGANIZATION The Federation of Euro-Asian Stock Exchanges (FEAS) was established with its head quarters in Istanbul on 16 May 1995 with 12 founding members, and it has grown to 34 members and 13 affiliate members in 30 countries as a not-for-profit organization. Membership in the Federation is open to exchanges in Europe and Asia as affiliate membership is available for post trade institutions and dealer associations in the same region. The governing body of FEAS is the General Assembly, comprised of all 34 member exchanges and 13 affiliate members. The Assembly meets once annually in a member country to discuss major issues concerning the operations of FEAS. The purpose of the meeting is to decide upon changes in the Charter and by laws, its annual budget and to approve its activity and financial reports as well as the Audit Report. The Executive Committee, made up of 12 members, is responsible for the development of Federation policies, making major administrative decisions, as mandated by the General Assembly, approving the content and scope of tasks assigned to the Working Committee, and making recommendations to the General Assembly. The administration of the Federation is entrusted to the Secretary General, who is appointed by the General Assembly and whose office is situated at the headquarters of the Federation. Secretary General reports directly to the President. MISSION STATEMENT The mission of FEAS is to help create fair, efficient and transparent market environments among FEAS members and in their operating regions. FEAS aims to minimize barriers to trade through the adoption of best practices for listing, trading and settlement. Federation also supports promoting linkages among members for crossborder trading. In accordance with the Mission Statement, 5-year Strategic Objectives are set up to ensure compliance with the long term mission of the Federation. These objectives are: Objective I: Promote good “corporate governance” for exchanges, brokerage companies and listed companies. Facilitate timely disclosure of material events to achieve transparency through effective dissemination of information. Objective II: Encourage convergence among FEAS Members in their: listing requirements, trading rules technical infrastructure and settlement cycle. Objective III: Promote mechanisms for reliable, transparent and uninterrupted securities trading and settlement. Objective IV: Create greater recognition and visibility for the region’s securities and investment opportunities both locally and internationally. Objective V: Encourage the listing of “investment grade” securities in the respective Home markets of the Region. Objective VI: Encourage foreign investor participation in Member Markets Objective VII: Promote linkages among the Region’s: intermediaries, data vendors, settlement and custody institutions, exchanges; and also encourage cooperation among Region’s Regulators. Objective VIII: Promote and encourage research activities and training for FEAS Members and their personnel. Objective IX: Assist Members of FEAS to increase financial literacy through public awareness. CONTACT INFORMATION As seen in the photo (from left to right) Ms. Ege Adalioglu, Deputy Secretary General - egea@feas.org Mr. Mustafa Baltaci, Secretary General – mustafa.baltaci@feas.org Mrs. Susan Gogus, Deputy Secretary General - susang@feas.org Ms. Aydan Bal, Coordinator - aydanb@feas.org E-mail secretariat@feas.org Website www.feas.org FEAS region PAGE 4
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 FEDERATION OF EURO-ASIAN STOCK EXCHANGES DEVELOPMENT AND MARKETING OF THE REGION FEAS PROJECTS AND ACTIvITIES This section highlights the summary of continuing programs and the activities of the Task Forces during 2010. BILATERAL INITIATIvES PROGRAM The Federation supports a fully funded bilateral visits Program to facilitate visits of personnel of FEAS members with each other for the purpose of exchange of information and experience on specific topics of interest to both parties. Almost all Federation members have now participated in this program, which is planned to continue during 2011. During 2010, 14 bilateral have been successfully completed. FEAS INDICES As part of the marketing plan for the FEAS Region, and following approval by General Assembly, the FEAS Dow Jones Index Agreement was signed in October 2007. Three indexes were launched in June 2009; a composite, and two regional sub-indexes. The Dow Jones FEAS Indexes are designed to underlie index-linked investment products such as funds and structured products. Dow Jones FEAS Composite Index currently includes a number of component stocks in 11 member exchanges. It is planned in 2011 that a blue chip investable index will be launched. REvENUE AND EXPENSE REPORT In line with the decisions of the 16th General Assembly, the FEAS Secretariat will conduct a revenue and expense survey in 2011 covering the financials of 2009 and 2010. This data will be combined with that of the same survey which was conducted in 2009 which covered the years of 2008 and 2007. WORKING COMMITTEE In 2010, members convened twice to hold working committee meetings. During the meetings in Amman on May19-21, 2010, reports were presented by the task forces including Media, Blue Chip Listing, Rules and Regulations, Affiliate Members, FEAS Data Center. Updates were also provided by the Secretariat on the status of the FEAS Publications, FEAS Marketing Exhibition and FEAS History Movie, Revenue and Expense Analysis Survey Changes, Bilateral visits, Draft Financial Report and the 2010, Corporate Governance, FEAS Index and Calendar of Events. Istanbul Stock Exchange hosted the working committee meetings in Istanbul on December 7, 2010, prior to the General Assembly. The members had the opportunity to canvass the task force activities through reports and presentations. The Secretariat provided the members with information on the latest activities mandated by the working committee participants. Task Forces There are eight task forces focusing on various sectoral topics. Each task force is steered by a member which is expected to provide guidance to task force members in producing studies on sector-related issues. The activities which have been undertaken by the task forces in 2010 are as follows: Task Force 0404 – Media (Led by Muscat Securities Market) - The FEAS Movie project has been completed. Following the approval by the President and the Secretary General, CD copies of the film have been sent to members. The FEAS Movie has also been uploaded on the FEAS Web site. - FEAS Documentary History Movie for the 15th Anniversary of FEAS has been produced for review and approval and will be sent to members after the meetings. - FEAS Marketing Exhibition was set up and the stands were kept open for all the participants of ISE Seminar and ISE Conference to be able to visit. - The educational booklet program that MSM has initiated continued with Nasdaq OMX Armenia and Toshkent SE. Kazakhstan SE will be the next one. - Depending on the resources of the hosting exchanges, Marketing Exhibitions will be taking place concurrently with General Assemblies, starting with Kazakhstan next year. -MSM training for journalists in Muscat has been announced on FEAS Web site and conducted. Task Force 0412 – Environmental and Social Corporate Governance (Led by Bucharest Stock Exchange) FEAS Secretariat organized a workshop on Environmental and Corporate Governance (ESG) in January 2010 in order for the members to discuss ideas on CG practices with international experts. Also FEAS Secretariat co-organized a seminar with UNPRI in January 2010, where the host of the seminar Istanbul Stock Exchange became one of the signatories of UNPRI. With those activities, the ESG Task Force has completed its mandated activities. The General Assembly then decided to convert the ESG Task Force into a project where the Secretariat will be responsible for updating members on the new developments regarding ESG. Task Force 0501 – Affiliate Members (Led by ISE Settlement and Custody Bank, Takasbank) Task Force formed a Subgroup at the workshop in September 2009 for analyzing the feasibility of establishing bilateral correspondent relationships between posttrade institutions in FEAS Region. Further activity of the Task Force will focus on further enhancing connectivity with other post trade institutions and creating a new plan to increase the awareness of the task force members. Task Force 0502 – Technology (Led by Istanbul Stock Exchange) The Technology Task Force decided to shed light on the value-addedness of the FEAS Data Center project which has been under consideration for some time. The Task Force leader has then put forward a suggestion that the project might be transformed into a historical database for daily trading data. Task Force 0504 – Research and Development (Led by the Istanbul Stock Exchange) This task force brings members together to work on joint research projects of general interest for FEAS members that will consolidate their experiences and knowledge. The Task Force has recently conducted a study and a presentation on a model of linkages between FEAS Member Exchanges, at FEAS Working Committee prior to the General Assembly in Istanbul. Task Force 0901 – Rules and Regulation (Led by the Bulgarian Stock Exchange) During the meeting in Istanbul, the Task Force (TF) outlined the proposed changes to update the FEAS Rule Book in order to make it compliant with the current European MiFID policies. The Task Force would be waiting the final MiFID revisions before finalizing these recommendations. Task Force 1001 –Dealers Associations Affiliate, (Led by TSKAPB) The Task Force has created a draft survey on the structure of SROs. This survey is similar to the one that IOSCO did previously, which implies that the findings will be comparable to the IOSCO findings and provide a benchmark for FEAS members and their local Dealer’s Associations (DA). The survey is intended to be conducted in 2011 with current FEAS DA Affiliate Members and potential affiliate members within the FEAS region. PAGE 5
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