Download - FEAS

More documents

Recommendations

Info

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 FEDERATION OF EURO-ASIAN STOCK EXCHANGES AFFILIATE MEMBER MEETING – 13-14 APRIL 2006 – ISTANBUL, TURKEY The first meeting of FEAS (Federation of Euro-Asian Stock Exchanges) Affiliate Members Task Force convened by Takasbank, was held on April 13/14, 2006 in Istanbul. The meeting began with the opening speech of Mr. Emin Çatana, the President and CEO of Takasbank and the agenda was set forth for discussion. During the first day the following items were decided upon: • It was decided that STP, CCP and the taxation of capital gains issues would be taken into the agenda of the incoming meetings of this task force. • It was decided that the existing international standards and best practices related to settlement and custody issues will be gathered in one leaflet and will be presented to all FEAS members. The organization needed for this subject will be coordinated by FEAS Secretariat and Takasbank. • It was decided that the questionnaires prepared by the international organizations (IOSCO- CPSS-, AGC, Thomas Murray, etc) will be answered in detail and all of the answers will be shared in FEAS website. • The pages for the affiliate members in the FEAS website will be updated by all members and for the sake of sharing information at the highest level, the updates will be continuously done. • The information about the affiliate members to be published in FEAS publications will be sent to FEAS Secretariat until the 15th day of the following month. • Promotion of the implementation of international standards in securities transactions was decided. • It was decided that the next meeting of the Affiliate Members Task Force would be combined with the FEAS General Assembly planned to be held in November 2006 at Egypt. (1 day before) WORKING COMMITTEE MEETING – 16-17 MAY 2006 – CHISINAU, MOLDOVA The first working committee meeting of 2006 was held in Chisinau, Moldova on the 16-17 May, 2006 at the invitation of the Moldovan Stock Exchange. The Working Committee focused on issues mandated by the General Assembly in 2005 and the Secretariat prepared a report to participants. 12TH GENERAL ASSEMBLY MEETING – NOVEMBER 1-4, 2006 – CAIRO/SHARM EL SHEIKH, EGYPT The 12th Annual General Assembly of FEAS was held in Sharm El Sheikh, Egypt on November 3rd at the invitation of the Cairo and Alexandrian Stock Exchanges. In addition the Affiliate Task Force Meeting, the 15th Executive Committee meeting and a Working Committee meeting were held prior to the General Assembly on November 1 and 2. There was also a Post GA Seminar held on the 4th of November with presentations given by FEAS Sponsors: Auerbach Grayson, OMX and Tata. Main decisions and topics of discussion included: • acceptance of the following new members • Belarusian Currency and Stock Exchange • Dubai International Financial Exchange • Dubai Financial Market • Iran Central Securities Depository; • adoption of the proposed 2007 mandates for the Working committee; • extension of the FEAS bilateral exchange program between members; • adoption of the 2007 budget, audited statements and the 2006 year-end forecast; • elections of Working Committee Chair • elections for the Vice President and President positions of FEAS; • review of the 2006 accomplishments including the status of special projects with the OECD, the SECI and the Revenue and Expense Analysis; and • adoption of the dues restructuring for 2007, among other topics. NEW MEMBERS BELARUSIAN CURRENCY AND STOCK EXCHANGE The Belarusian Currency and Stock Exchange submitted their application on the 10th of August 2006; the application was submitted by Ms. Olga Blusson and approved by Mr. Tsekhanovic Patel. The Belarusian Currency and SE came into existence on March 4th 1993 and commence operations on March 24th that same year. The market capitalization of the BCSE exceeds US$ 3.6 million by the end of 2005 and the number of members of the BCSE is 53. In addition, the BCSE produces one quarterly and one annual and publication. IRAN CENTRAL SECURITIES DEPOSITORY Affiliate Member Iran Central Securities Depository was nominated on August 21, 2006 by the Tehran Stock Exchange. PUBLICATIONS & INFORMATION FEAS Library: The Library can be accessed through the Publications drop down menu on the main page at www.feas.org or through this link http://www.feas.org/Library.cfm. The FEAS Library is open to experts and organizations with financial market related material. If you would like to make a submission to the FEAS Library, please send your electronic files and links to the FEAS secretariat at secretariat@feas.org. FEAS Semi Annual Report: This publication of semi-annual activities of the Federation and its members began in 1997 and is now available electronically on the website: http://www.feas.org/Publications.cfmGet=Year book&Top=Pubs. FEAS Website: The new FEAS website was launched on 31 July 2002 and can be found at www.feas.org. The new site now contains a more concentrated emphasis on FEAS member data with profile pages (including statistics, holidays, market policies and practices and direct links to their sites), Excel downloads for all statistical data and cross member comparisons on policies, practices and statistical data, and a News Center with headlines from member markets. Newsletter: A monthly publication which includes general secretariat news, statistical stock, bond and other volume comparisons on monthly, year-todate and prior period bases, in addition to market cap, currency, number of companies traded and index statistics. Quarterly supplemental publications include quarterly statistical analysis, press releases of FEAS members and headlines of FEAS activities. Archived copies of the newsletter can be found on our website: http://www.feas.org/Publications. SUBSCRIBE To subscribe for the electronic version of FEAS publications, please go to www.feas.org and click on subscribe. Subscriptions include monthly notifications of statistics and newsletter updates, as well as advance notice of FEAS events and activities. PAGE 6
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 FEDERATION OF EURO-ASIAN STOCK EXCHANGES Aril Seren Secretary General of FEAS and Senior Vice Chairman of the Istanbul Stock Exchange The 5-year statistical comparison shows that markets are providing better listings with greater transparency, and that market forces continue to push toward share quality versus post-privatization quantity. SPONSORS Please visit our sponsor sites. Sponsors can be seen on the FEAS website at: http://www.feas.org/Contributors.cfm. 2006 Contributors to FEAS are: Auerbach Grayson and Company: www.agco.com Finans Asset Management: www.djist.com, www.nfist.com Fortis: www.fortis.com.tr Is Investment: www.isinvestment.com Kardemir AS: www.kardemir.com Klimasan AS: www.klimasan.com.tr OMX: www.omxgroup.com Tata Consulting Services: www.tcs.com Tayburn Kurumsal: www.tayburnkurumsal.com 2005 REGIONAL PERFORMANCE Following the admittance of the Central Depositories and Custodies of existing members to membership, the FEAS region has been further refined. The FEAS region is represented by 31 exchange members and 8 affiliate members in 28 countries. Since 2001 FEAS member markets have continued to reorganize their traded companies to a regional total of 8,238, and market capitalization has continued to grow to a level of US$ 601.5 billion in 2005 with a remarkable increase from US$ 115.3 billion in 2001 or by 421.6%. The market capitalization has increased by 65.9% in 2005 in comparison to US$ 362.6 billion in 2004.* The 5-year statistical comparison shows that markets are providing better listings with greater transparency, and that market forces continue to push toward share quality versus post-privatization quantity. The regional performance in 2005 has reached its highest since the negative impact of global events which took place in 2001. The trading volumes in the stock segment have witnessed phenomenal growth over the last few years, by 70.3% and 350.2% as compared to 2004 and 2001. It was also the biggest growth among the three trading segments (Stocks, Bonds, Other). Bonds ranked second in growth as compared to 2004 by 36.3%, other turnover increased by 27.2% and ranked third. Other volume is represented by such instruments as derivatives, T-bills, currency, repo/reverse repo, etc. In addition, the improvement in the value of FEAS markets can be seen through the positive results in the adjusted annualized return on member indices. Within the first half of 2005 closing value of 19 FEAS member indices, adjusted on an annual basis for currency fluctuations, only two posted net losses, while one member exceeded 300% for the year. 2006 CALENDAR • 15-16 FEBRUARY FEAS/OECD JOINT ROUNDTABLE FOR CORPORATE GOVERNANCE ISTANBUL, TURKEY • APRIL 13-14 AFFILIATE MEMBER MEETING ISTANBUL, TURKEY • MAY 16-17 WORKING COMMITTEE MEETING CHISINAU, MOLDOVA • JUNE 16 CORPORATE GOVERNANCE TASK FORCE MEETING BUCHAREST, ROMANIA • NOVEMBER 1-4 15TH EXECUTIVE COMMITTEE MEETING AND 12TH ANNUAL GENERAL ASSEMBLY CAIRO/SHARM EL SHEIKH, EGYPT * For individual member statistics, please go to the Member Profile sections in the following pages. FEAS REGION 2006-MARKET CAPITALIZATION VS STOCK VOLUME (US$ millions) FEAS REGION 2006 MONTHLY VOLUME (US$ millions) FEAS REGION 5-YEAR VOLUME COMPARISON (US$ millions) 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 Jan Feb Mar Apr May Jun 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 Jan Feb Mar Apr May Jun 1,600,000 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 2002 2003 2004 2005 2006 Q2 Market Cap. Monthly Stock Volume Stocks Bonds Other Stocks Bonds Other PAGE 7
Page 1 and 2: FEDERATION OF EURO-ASIAN STOCK EXCH
Page 3: FEDERATION OF EURO-ASIAN STOCK EXCH
Page 23: SEMI ANNUAL REPORT OCTOBER 2006 app
Page 58 and 59:
FEDERATION OF EURO-ASIAN STOCK EXCH
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
Page 104 and 105:
Page 106 and 107:
Page 108 and 109:
Page 110 and 111:
Page 112 and 113:
Page 114 and 115:
Page 116 and 117:
Page 118 and 119:
Page 120 and 121:
Page 122 and 123:
Page 124 and 125:
Page 126 and 127:
Page 128:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
Page 167 and 168:
Page 169 and 170:
Page 171 and 172:
Page 173 and 174:
Page 175 and 176:
Page 177 and 178:
Page 179 and 180:
show all

Download - FEAS

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?