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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010FEDERATION OF EURO-ASIAN STOCK EXCHANGESElvira Maria SchamannSecretary GeneralFIABThe Ibero-American Federation ofExchanges- FIAB joins with joy the 15°Anniversary of FEAS, and congratulatesall FEAS directors, management and stafffor the success they reached in such ashort time.We have seen FEAS’ constant growthsince its first years, in order to becometoday a regional organization that clearlyfulfils its objectives, reaching 29 countries,and which represents, in the internationalarena, exchanges and securitiesinstitutions from such an importantgeographic, economic and cultural area.The mission that regional Federationshave within their own geographic zonestowards their members, extendsinternationally in many diverse fields–standardization of statisticsmethodology, standardization of marketbest practices, corporate governance,etc- and the cooperation among them, aswell as with the World Federation ofExchanges, has become extremelyrelevant.In this sense, FIAB and FEAS have set atradition of cooperation since long timeago. Not only the exchange of information–statistics and news- has been regularthrough the internet, but also theSecretaries General of both organizationshave had the opportunity to attendseveral meetings organized by theirFederations, as well as by the WFE, andupdate personally their Federation’s workin progress.Worth mentioning this last year was theparticipation of FEAS Secretary General,Mr. Aril Seren, in the FIAB Annual Meetingheld in Lima, jointly with the WFEEmerging Markets Conference. Mr Serenjoined as panelist for the session“Developing markets experience in thecrisis environment; a focus on post-crisisprojects and markets growth” andpresented a very comprehensive andinteresting report on FEAS membersreaction to the crisis and their prospects.With special emphasis, post crisisopportunities and challenges foremerging securities markets will certainlybe reflected in the Federations agendasand strategic priorities. That is why wehope that the cooperation among FIABand FEAS will go on, even with moreweight, in the future.Finally, we wish FEAS success continuing,both regionally and internationally, in theyears to come and, once more, weextend to the sister Federation ourcongratulations for the excellent workdone all along this first 15th FEASAnniversary.PAGE 16
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010FEDERATION OF EURO-ASIAN STOCK EXCHANGESEmin S. Catana, Ph.D.ChairmanFEAS Affiliate Members Task ForcePresident and CEOTakasbankIt is my pleasure to congratulate the 15thanniversary of the foundation ofFederation of Euro-Asian StockExchanges (FEAS). After 15 years ofremarkable success, FEAS wastransformed from a stock exchangesfederation into a mutual cooperationplatform embracing all capital marketinstitutions operating in the FEAS region.The success of FEAS in years is theevidence of the good timing for theestablishment of FEAS. Today, FEASbecame a momentous regionalassociation by increasing the number ofits members as well as by enlarging itsarea.In the course of time, through itsactivities, FEAS links with the industryfrom around the region and works closelywith the post-trade institutions which arethe integral parts of the securities marketsas much as stock exchanges. Then, theFEAS membership included the posttrade institutions as its affiliate members.The crucial element for providing a safeand efficient clearing and settlementsystem is to create an environment whereregulatory and technical infra-structure ismostly consistent for the market playersat international level. As a result, all localcapital markets have to re-structure andre-shape their infra-structure in order toachieve harmonization among marketsand hence, increase cross-border tradingvolume. Organizations like FEAS play avery crucial role in helping to achievethe level of harmonization needed forlocal capital markets. This level ofharmonization is tried to be achievedthrough the studies made in meetings.The inclusion of post trade institutions toFEAS family should be expected tocomplement all the hard work that theStock Exchanges have endeavored toaccomplish, since the inception of thisorganization, for the sake of FEASmarkets. This initiative brought enrichedexpertise and knowledge into FEAS, inthe areas of clearing, settlement andcustody, which are key componentsof organized securities markets. Asproviding an efficient and productiveworking platform and betterunderstanding the needs and goals ofaffiliate members, a task force wasformed. Consequently, Takasbankassumed the convenorship of AffiliateMembers Task Force (TF) which startedstudying issues that will create addedvalue to FEAS markets.Contribution of FEAS to the securitiesindustry in the region and to its membersconsists of the harmonization of rules andregulations among the members’ marketsas well as the exchange of know-how andinformation relating to the securitiesorganizations. I am pleased to say that,affiliate members, as active andrespected participants of the InternationalSecurities Industry, are always excitedand ready to exchange views and ideason securities services with their peers atFEAS and to share the experience andknowledge that have been accumulatedin their markets and in the internationalmarkets.With the cooperation of the Affiliate TaskForce Members and the FEAS Secretariatprepared three leaflets named “GlobalRecommendations and Standards onClearing and Settlement Issues”,“International Corporate GovernancePrincipals for Clearing and SettlementInstitutions & CSDs Recommendationsand Best Practices” and “ BusinessContinuity and Disaster RecoveryStandards and Best Practices for posttradeinstitutions” and distributed them toall TF members in the TF meetings.Looking at the history of FEAS, it isclear that FEAS and its membershiphave made a significant contribution tothe efforts of harmonization of thesecurities transactions in the FEASregion. Implementation of theinternationally accepted standards andrecommendations in order to reduce thecauses of fragmentation and inefficienciesbased in market practice/regulatoryrequirements, tax procedures and issuesof legal certainty as well as centralcounter party practice and evaluation ofthe principles of “European Code ofConduct” were some of the topics thatwere studied in TF meetings. Within thecontext of studying on the adoption ofinternational standards already used inthe securities markets worldwide to theFEAS region and developing compliancewith European markets, FEAS AffiliateTask Force maintains its studies on thelatest developments in the post-tradeservice industry.As per date, the Affiliate Members TaskForce realized remarkable contributionsfor improving the post trade services inFEAS region, but in a world getting closerto global integration in financial areas,industry’s needs are both increasing andalso changing day by day. So, continuousefforts and contributions should be moreactively maintained in order to assist inthe mission of the FEAS for futuredevelopment and promotion of theindividual securities markets.Having enjoyed the honor of being amember of the FEAS family, we shallendeavor to take this excellentrelationship further ahead. Takasbanksincerely wishes to continue the goodand fruitful relationship it has enjoyed withFEAS in the future.I reiterate my sincere greetings to FEASfor completion of 15 years of operationand wish every success for the comingyears.PAGE 17
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