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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.
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