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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 FEDERATION OF EURO-ASIAN STOCK EXCHANGES HISTORY The Federation of Euro-Asian Stock Exchanges (FEAS) was established on 16 May 1995 with 12 founding members and has grown to 32 members and 9 affiliate members in 29 countries as a not-for-profit organization. Membership in the Federation is open to security exchanges in Europe and Asia and Affiliate Membership is open to the Clearing and Settlement Depositories of Member Stock Exchanges. Until May, 2009 the position of President and Vice President will be held by the Istanbul and Cairo and Alexandria Stock Exchanges, respectively. The Governing Body of FEAS is the General Assembly, comprised of all 32 members plus 9 affiliate members, which meets once annually in a member country. 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. PHILOSOPHY MISSION STATEMENT The mission of FEAS is to create fair, efficient and transparent market environments, with little or no barriers to trade, within the operating regions of FEAS members. In order to facilitate the objectives of FEAS, members work toward the harmonization of rules and regulations and adoption of new technology, for trading and settlement. These actions further promote the development of the member markets and provide cross border trading opportunities for securities issued within FEAS member countries. 5-YEAR STRATEGIC PLAN In accordance with the Mission Statement, In accordance with the Mission Statement, 5-year Strategic Objectives are set up to systematically approach compliance with the long-term mission of the Federation. These objectives are: Objective I: Promote good ‘corporate governance’ for listed companies as indicated in the joint FEAS/OECD “Best Practices for the Development of Stock Exchanges in Transition Economies” guide. Facilitate timely disclosure of material events to achieve transparency through effective dissemination of information. Objective II: Achieve convergence among FEAS members in their: • listing requirements, • trading rules and software; and • the settlement cycle. Objective III: Promote mechanisms for reliable, transparent and uninterrupted securities trading and settlement. Objective IV: Create greater awareness and visibility for the region’s securities and investment opportunities. Objective V: Help promote the listing of ‘investment grade’ securities in the respective Home markets of the Region. Objective VI: Help create linkages among the region’s: • intermediaries, • data providers, • settlement and custody institutions, • stock exchanges; and also • make efforts to initiate cooperation among Region’s Securities Commissions. Objective VII: Promote and encourage research and training for FEAS members and their personnel. REGIONAL DEVELOPMENT Regional development highlights the activities during the second half of 2006 and provides a summary of continuing programs into the first half of 2007. BILATERAL INITIATIVES PROGRAM The Federation initiated in 2002 and fully funded a Bilateral Initiatives Program to facilitate, on a bilateral basis, the exchange of personnel of one FEAS member with another for the purpose of exchanging information and experience on specific topics of interest to both parties. Almost all Federation members have now participated in this project, which will continue during 2007. During the 2006 12 new bilateral exchange programs were approved and 9 out of those 12 had been completed by the end of the year. WORKING COMMITTEE During the Working Committee Meeting that was held in Chisinau, Moldova on 16-17 May 2006 reports were given by all of the task forces including Media, Regional Indices, Market Principles and Corporate Governance, Affiliate Members, FEAS Data Center and XBRL. Updates were also provided by the Secretariat on the status of the Semi Annual Report, Revenue and Expense Analysis, Bilateral Initiatives, Draft Financial Report and the 2006 Calendar of Events. Recommendations to the Executive Committee included the inclusion of a new member to the working committee and the new task forces mentioned above. The next working committee meeting will be held in Kiev, Ukraine on 3-4 May 2007 and will be hosted by the Ukrainian SE. CONTACT INFORMATION Contact Name Mr. Aril Seren, Secretary General E-mail secretariat@feas.org Website www.feas.org FEAS region PAGE 4
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 FEDERATION OF EURO-ASIAN STOCK EXCHANGES Task Forces In 2005, a decision was taken to combine the two working committees into one and to form, 12 Task Forces to carry out the mandates of the Executive Committee. Since then, some Task Forces have completed the tasks assigned to them and some new task forces were formed, there remain the following Task Forces which are listed below: Task Force 0404 – Media (Led by Muscat Securities Market) The object of this task force is to explore and develop means to enhance media interest in FEAS member countries by publishing reports on members. In order to do this, sub regional programs for a visiting group of trainers for members of the local media is being developed. Two programs have been approved as proposed by the Task Force. The first program was already held in Istanbul, Turkey in 1-2 September 2005. The purpose of this meeting was to draft a uniform curriculum for training the media. The second program was held in Muscat, Oman on 15 December 2005, in order to provide the previously developed training to the instructor group and participating members. At the 2006 General Assembly Meeting in Egypt it was decided that: 1. Training Programs should be done in 3 languages: Arabic, English and Russian for 2-3 days. 2. One Media Gathering should be designed in conjunction with the General Assembly. 3. The training program should be expanded to include Stock Exchanges PR, Personnel, and Investment Officers of Issuers. Task Force 0406 – Regional Indices (Led by Tehran Stock Exchange) The Task Force has conducted a survey among FEAS members for the creation of the index and is in the final negotiations with Dow Jones Indices on the Index Agreement. The Index is intended to be launched in 2007. Task Force 0411 – Market Principle (Led by Istanbul Stock Exchange) In conjunction with the World Federation of Exchange’s effort to update their market principles, FEAS members worked to contribute ideas and information to this end. The Task Force has updated the Market Principles to make it inclusive of both WFE and FEAS ideas. This new document was proposed and approved at the General Assembly in Shiraz, Iran in September and now is a section of the FEAS Rule Book. Task Force 0412 – Corporate Governance (Led by Karachi Stock Exchange) All members in the FEAS region, place a strong emphasis on good Corporate Governance. A task force was created to provide a vehicle for members to update the information contained in the Corporate Governance section of the Rule Book and to inform all member stock exchanges of international regulations and practices regarding corporate governance. The Bucharest Stock Exchange hosted a conference on Corporate Governance in June of 2005 and FEAS jointly hosted roundtable meetings with the OECD on 15-16 February 2006. Task Force 0501 – Affiliate Members (Led by ISE Settlement and Custody Bank, Takasbank) Affiliate members have designed and are in the process of implementing both new web pages on the FEAS web site and new pages in the FEAS Semi Annual Report. The second Affiliate Task Force meeting was held in Cairo on October 31st. The members discussed the newly published leaflet “Global Recommendations and Standards on Clearing and Settlement Issues”. It was decided to expand the last section of “Global Recommendations and Standards on Clearing and Settlement Issues” by developing FEAS Affiliate Recommendations. Task Force 0502 – FDC Implementation (Led by Istanbul Stock Exchange) The database has been upgraded to allow more space to add additional FEAS members. The FDC will be instrumental in the development of the FEAS Index so this year a group from FEAS and the Istanbul SE will travel to member exchanges in order to implement the FEAS Data Center at their respective exchanges. Task Force 0503 – XBRL (Led by Abu Dhabi Securities Market) XBRL: Extensible Business Reporting Language is a language for the electronic communication of business and financial data, it provides benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. The efforts of this task force will go toward promoting and educating members about XBRL. Task Force 0504 – Research – (Led by the Istanbul Stock Exchange) This task force will bring members together to work on joint research projects of general interest for FEAS members that will consolidate their experiences and knowledge. 2007 Mandates: •Publication and Distribution of the Semi Annual Report in March/April and September/October • Hold a conference with Issuers, Brokers & Mutual Fund Managers in conjunction with the launching of the FEAS Index • Completion of the ongoing Revenue Analysis from 2002 through 2006. • The Ukraine Stock Exchange will host the 2007 Spring Working Committee Meeting. • The Montenegro Stock Exchange will host a conference. • The Belgrade Stock Exchange will host the 13th Annual General Assembly Meeting and 16th Executive Committee Meeting in Serbia on 6-9 September 2007. • Takasbank will host a Fund Managers Seminar in September in Istanbul, Turkey. • The Serial Seminars for members of the media will continue. THE ORGANIZATION FEAS/OECD JOINT ROUNDTABLE FOR CORPORATE GOVERNANCE – 15-17 FEBRUARY 2006 – ISTANBUL, TURKEY The main objectives of the sixth Eurasia Roundtable was to support corporate governance improvements in the region by: (i) assessing recent corporate governance developments and future reforms in Eurasian countries; (ii) discussing ways to increase securities regulators’ and the judiciary’s effectiveness in the enforcement of corporate governance rules, and (iii) considering effective enforcement of the corporate governance framework through alternative dispute resolution mechanisms. The two Roundtables (Eurasia and South East Europe) met jointly to consider for the first time the recently adopted OECD Guidelines on Corporate Governance of State-Owned Enterprises. The Guidelines were be presented and experts from OECD member countries and representatives from the two Roundtables exchanged their experiences with a view toward supporting efforts to improve SOE governance in the region, particularly in relation to the role of the state as shareholder and the board of state-owned enterprises. This meeting also addressed the role of banks in corporate governance, an issue of particular relevance to both Roundtables. Finally, with the release of the White Paper in 2003, the South East Europe Roundtable has now entered the second phase of its program, focusing on implementation of the White Paper recommendations and priorities. This sixth meeting sought to support further corporate governance improvements in the region by addressing i) recent developments and future reforms aimed at implementation and enforcement of the recommendations of the White Paper in the region overall and in greater detail in the specific case of Croatia; ii) the responsibilities of securities regulators in the enforcement of corporate governance rules; and iii) the private sector’s role in corporate governance enforcement. PAGE 5
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