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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 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 31 members and 8 affiliate members in 28 countries. 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, 2007 the position of President and Vice President will be held by the Istanbul and Zagreb Stock Exchanges, respectively. The Governing Body of FEAS is the General Assembly, comprised of all 31 members plus 8 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, 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 ‘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, • the settlement cycle, and • trading rules and software. 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 first half of 2005 achievements and provides a summary of continuing programs into the second half of 2005. 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 trading information and experience on a specific topic(s) of interest to both exchanges. Almost all Federation members have now participated in this project, which will continue during 2006. During the 2006 12 new bilateral exchanges were approved and 5 out of those 12 had been completed by September of this year. 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 OCTOBER 2006 FEDERATION OF EURO-ASIAN STOCK EXCHANGES WORKING COMMITTEE During the Working Committee Meeting that was held in Chisinau, Moldova on May 16-17th 2006, reports were given from 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 on the Semi Annual Report, Revenue and Expense Analysis, Bilateral Initiatives, the Draft Financial Report and the 2006 Calendar of Events. Recommendations to the Executive Committee included 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 and hosted by the Ukrainian SE. Task Forces As a result of combining the Working Committees, 12 Task Forces were formed to carry out the mandates of the Executive Committee with the approval of the General Assembly. Due to the fact that some Task Forces completed the tasks assigned to them and some new task forces were formed, only the active Task Forces 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 a visiting group of trainers for members of the local media is being developed in addition to a 1-2 week program for journalism students from FEAS member countries. Two programs were already approved as proposed by the Task Force. The first program was held in Istanbul, Turkey in September 1-2, 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 December 15, 2005, in order to provide the previously developed training to the instructor group and participating members. It has been decided to have the program in three languages: English, Arabic and Russian. English to be held in Turkey, Arabic in Jordan or Egypt and Russian in Kyrgyzstan. Task Force 0406 – Regional Indices (Led by Tehran Stock Exchange) The Task Force is in the process of conducting a survey among FEAS members for the creation of the index and also completing negotiations with Dow Jones Indices. Task Force 0412 – Corporate Governance (Led by Karachi Stock Exchange) All members in the FEAS region place a strong emphasis on Corporate Governance. For this reason a task force was created to provide a vehicle for informing 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 February 15-16, 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. Task Force 0502 – FDC Implementation (Led by Istanbul Stock Exchange) The database will be upgraded to allow more space to add members, in addition members will be added who are participating in the FEAS Index. 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. 2006 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 • Hold the first meeting for Affiliate Members • Jointly hold a meeting with the OECD on Corporate Governance • Jointly hold a meeting with the WFE • Hold a Media Conference hosted by the Muscat Securities Market • Completion of the ongoing revenue analysis from 2001 through 2005. THE ORGANIZATION FEAS/OECD JOINT ROUNDTABLE FOR CORPORATE GOVERNANCE – FEBRUARY 15-17TH, 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 a shareholder and the board of stateowned 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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