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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
Osman Birsen
President of FEAS & Chairman and
CEO of the Istanbul Stock Exchange
Boosted by upcoming EU accession for
some European members and increasing
oil prices for some Asian members, our
markets continue to strengthen every year.
This year, FEAS is celebrating its 11th
anniversary.
For the second year running, FEAS has
produced two semi annual reports in April
and October. As you will remember, the
initial and continued aim of transitioning
from an annual to semi annual publication
is two-fold. First, through providing two
publications rather than just one, the market
performances of FEAS members are
reflected in an updated fashion. Second,
the environments (both political and
economic), within which those markets
operate, are brought to the attention of
the readers more timely and concisely.
Throughout 2006, the FEAS region has
persevered with a strong desire for
continued growth in world economies
as seen in 2005. The outstanding
performance of the securities markets in
2006 is evidenced in the consolidated
regional statistics on the adjoining pages.
The individual statistics of each of our
members are available in the member
profile section.
The Federation, as a globally recognized
regional institution, is growing and maturing
together with its members towards its goals.
Founded 11 years ago by 12 regional
exchanges, FEAS now has a total number of
31 stock exchange members from 28
different countries and 8 affiliate members.
FEAS is growing in membership with
additional Securities Exchanges and
Affiliates. FEAS welcomed the new
memberships of the Bahrain Stock
Exchange, Iraq Stock Exchange and
Montenegro Stock Exchange at its 11th
General Assembly meeting held in Shiraz,
Iran in September 2005, and this year
we look forward to adding to our
membership the Belarusian Currency and
Stock Exchange and a new affiliate member,
namely, the Central and Security Depository
of Iran. We are pleased to include special
sections for our new members in this issue
of the semi annual report and we look
forward to reporting their achievements in
our following issues.
As we have now completed our eleventh
year of operation, most of you are well aware
of our accomplishments to date. Those that
were particularly noteworthy are; the
implementation of the FEAS Data Center
(FDC) to standardize and promote cross
market statistics and the initiation and
planned implementation (2006) of the FEAS
Index for better visibility. There were special
activities that promoted the growth of stock
exchange operations such as bilateral visits,
training programs, the joint ISE/FEAS
development project and international
associations with organizations such as the
World Bank, World Federation of Exchanges
and the Organization for Economic
Cooperation and Development (OECD).
So far in 2006, FEAS has jointly hosted one
meeting and one conference; one of which
was the Corporate Governance Roundtable
jointly hosted with the OECD and the second
was the Working Committee Meeting held in
Chisinau Moldova, jointly hosted by the
Moldovan Stock Exchange. In November
2006, FEAS will host the 12th General
Assembly Meeting in Sharm El Sheikh, Egypt
jointly with the Cairo and Alexandrian Stock
Exchanges; the first Affiliate Member
Meeting, in addition to a Working Committee
Meeting and Executive Committee Meeting,
will also be held in Cairo.
FEAS is striving to place greater importance
on regional development over the next 5
years. Our continued commitment to our 5-
year strategic plan is designed to achieve
the objectives specified within the mission of
the Federation and to attain a greater role in
the competitive global market environment.
Our focus over the next 5 years will be on the
area of promoting corporate governance,
facilitating timely disclosure, achieving
effective dissemination of information,
attaining regional convergence in listing
requirements, settlement, trading rules and
software, creating greater awareness and
visibility for the region’s stocks and
investment opportunities, promoting the
listing of ‘investment grade’ companies in
the region’s markets and creating linkages
among the region’s intermediaries, data
providers, settlement and custody institutions
and stock exchanges, while encouraging
cooperation among securities commissions.
Looking at the individual future outlook of our
markets, as covered in the member profile
pages, one can see that there continues to
be work toward the challenges of member
markets in providing competitive and viable
financing options to both the government
and private sectors, while enhancing
operations through technology and
expanding services to market participants.
Our efforts continue to focus on the areas of
increased transparency through expense in
infrastructure and developing regulations to
promote stronger corporate governance.
I would like to take this opportunity to extend
my heartfelt thanks for their contributions to:
Auerbach Grayson and Company Inc.,
Finans Asset Management, Is Investment,
Kardemir AS, Klimasan AS, Fortis, OMX, Tata
Consulting and Tayburn Kurumsal. We hope
that you will take a moment to visit our
contributor section in the FEAS website at
www.feas.org and read their articles in the
following pages.
In closing, I want to commend the efforts of
all our Task Force members in achieving our
regional objectives through their commitment
and the Secretariat for its success in
maintaining our cohesive organization. As we
close our 11th year anniversary, I am happy
to say that our formula for achievement will
be applied toward our development for the
future.
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