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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010FEDERATION OF EURO-ASIAN STOCK EXCHANGESThomas KrantzWFE Secretary GeneralIn 2010, two exchange federations will becelebrating important anniversaries, apoint well worth noting. The WorldFederation of Exchanges (WFE) willcelebrate its 50th anniversary, while theFederation of Euro Asian StockExchanges (FEAS) will celebrate its 15thanniversary.The two sister exchange federations havea great deal in common, as well as theirseparate, distinct missions.The World Federation of Exchangesmission is categorized under 4 headings:• Quality: promote market standards andreliable statistics• Advocacy: working with policy-makers,regulators and government organizationsfor fair, transparent and efficient markets• Networking: bringing together exchangeexperts to improve markets• Development: helping newer, smallerexchanges to meet WFE standards.In achieving the objectives of its mission,WFE collaborates with seven regionalfederations. These regional federationshave similar objectives, but given thenature of economics and geography,much of their work remains specific andlocal. That is the great advantage of thesystem.FEAS is the Federation for Euro AsianExchanges. WFE has maintained closecollaboration with FEAS since itsfounding. The FEAS Secretariat has madeextensive use of WFE materials, adjustingand reapplying them in very appropriateways for the region in which it operates,and so continuously working with WFE toachieve its objectives. Special emphasishas been put on the development of themember exchanges to meet the WFEstandards. Frequent training opportunitiesfacilitated by FEAS through the meetings,publications, bilateral visits financed byFEAS, and collaboration on task forces,have enabled the member exchanges toachieve high standards in the operation ofregulated, public markets.WFE workshops, committee meetings,and the annual meeting, geared towardsnetworking among exchanges and capitalmarkets experts, have been open tomembers of regional federations, and allprofessional documentation outside thegovernance of WFE has been sent fordissemination by the FEAS secretariat.In support of good corporate governanceand responsible investment, WFE hasparticipated in the working of regionalfederations, among which FEAS had aprominent role. The alignment of work isprobably clearest in the standardization ofmarket statistics, which could not havebeen achieved without the collaborationbetween WFE and the regionalfederations.In summary, if WFE is the central core ofindustry information for exchanges, thecommon base to all, the regionalfederations extend the reach of thisinformation base far beyond what theWFE could do on its own. Together, thegroupings of exchange federations createa broad and deep interaction that is sovital for a healthy and prosperousexchange industry across the world.Today I congratulate the WFE’s sisterfederation, FEAS, on the occasion of thisanniversary. The work it hasaccomplished has enabled exchangemanagers to work far better across theregion on behalf of developing savings fornational investment, and FEAS itself hasalso created solid personal ties amongthese persons. That, too, advances thespread of knowledge quite efficiently.These are real achievements to note.I have every reason to expect that theseachievements will continue to be moreprofound going forward.To all FEAS exchanges, the WFESecretariat extends its cordial regards.PAGE 14