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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
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010FEDERATION OF EURO-ASIAN STOCK EXCHANGESAftab Ahmad ChaudhrySecretary GeneralSouth Asian Federation of ExchangesIt is heartening to note that the Federationof Euro-Asian Stock Exchanges (FEAS) iscelebrating 15th anniversary of itsfoundation. The journey of 15 years hasbeen quite remarkable for the Federationand it has grown from strength to strengthduring all these years. It is quite good toknow that FEAS has now beentransformed into a vibrant organizationproviding a platform for enhanced cooperation,mutual consultations andsharing of experiences amongst a largenumber of its member stock exchanges.The regional bodies of the exchangesenable their members to build networkeffect with the other exchanges andenable them to leverage their potential,domain knowledge and experience tohelp attract foreign investments andunlock the potential of their individual andcombined markets. After the recent spellof global recession and economicmeltdown, greater cooperation amongstthe markets is now, more than ever, theneed of the hour and it has becomeimperative to draw from the strengths ofthe diversified and efficient markets so asto achieve the common goal of theintegration of the markets and a unifiedsystem of market regulation. As thechallenge before all nations is torestructure and reshape their markets tobe more competitive, broad-based, andrelevant to their domestic economies,therefore the bodies like FEAS can play avery active role in connecting thesedisparate markets and help achieve thesort of harmonization which results in thebroadening of the investment options forthe investors.Financial markets in FEAS region areexperiencing intense growth and diversity.Some of the fast growing emerging andfrontier markets are located in this regionbesides having one of the most dynamicand enterprising professional communitywell conversant with the nuances oftrading, technology and operations. FEASexchanges, besides having led in thecreation of new markets and financialproducts, have also introduced severalrounds of reforms in the recent period,which have given a big boost to thegrowth of the financial services industry.There is a major spurt in the region interms of institutions, intermediaries andinvestors each reinforcing with oneanother-making FEAS region as one ofthe most vibrant regions that is furtherpoised for attracting huge interest fromthe international investors.Whereas over the years, the FEAS hasbecome an important institution for thepromotion of cross border cooperation inthe exchange industry, and for developinga strategy for mutual cooperationamongst its constituent exchanges,however for the next phase of growth, it iscritical that FEAS reaches out to othersister organizations of exchanges such asthe South Asian Federation of Exchanges(SAFE) so as to discuss the ways ofpromoting inter regional cooperation. Asthe wave of consolidation has alreadymade many major exchanges to tie upwith some prominent regional exchangesof the World, so the mutual cooperationbetween FEAS and SAFE may also leadto some further inter regional linking up ofthe businesses of some of our memberexchanges. While it may take some timeto happen, but at the least the spirit ofcooperation can certainly lead us toimprove and standardize the operationsof our respective exchange industries. Thecloser interaction may also enable us tolearn from the experiences of each otherand implement the best practices for theindustry practitioners such as theintermediaries, the broker dealers, and thesecurity analysts etc. Furthermore, boththe sister organizations can also worktowards the development of the exchangeindustry specific human resource byinstituting programs for bilateral training &study visits to each other’s memberexchanges. SAFE is very keen to boostsuch a cooperation to ensure that bothFEAS and SAFE are positioned to reapthe benefits of our combined synergies.Towards this end, SAFE has alreadyproposed the signing of a MoU betweenour Federations so as to kick start theprocess of cooperation between us.Furthermore, SAFE is also willing toextend an “Affiliate Body” status to FEASso that FEAS members can participate inthe events and programs organized bySAFE, which are the best vehicles topromote cooperation and goodwillbetween our Federations and ourrespective Members. SAFE would keenlylook forward to further development in thisregard.At the end, I once again congratulateFEAS for completing 15 years of itspurposeful existence and wish it the bestduring the times ahead.PAGE 15
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