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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010FEDERATION OF EURO-ASIAN STOCK EXCHANGESORGANIZATIONThe Federation of Euro-Asian Stock Exchanges(FEAS) was established with its Head Quartersin Istanbul on 16 May 1995, with 12 foundingmembers and has grown to 33 members and12 affiliate members in 29 countries as a notfor-profitorganization. Membership in theFederation is open to Exchanges in Europeand Asia and Affiliate Membership is open tothe Post Trade Institutions and DealerAssociations of Member Exchanges.The Governing Body of FEAS is the GeneralAssembly, comprised of all 33 members plus 12affiliate members, which meets once annually in amember country to discuss major issuesconcerning the operations of FEAS and in order todecide upon changes in the Charter and by laws,its annual budget and to approve its activity andFinancial Reports as well as the IndependentAuditors’ Report. The Executive Committee, madeup of 13 members, is responsible for thedevelopment of Federation policies, making majoradministrative decisions, as mandated by theGeneral Assembly, approving the content andscope of tasks assigned to the WorkingCommittee, and making recommendations to theGeneral Assembly.The administration of the Federation isentrusted to the Secretary General, who isappointed by the General Assembly and whoseoffice is situated at the Headquarters of theFederation. Secretary General is directly underthe authority of the President.PHILOSOPHYMISSION STATEMENTThe mission of FEAS is to help create fair, efficientand transparent market environments amongFEAS members and their operating regions.FEAS aims to minimize barriers to tradethrough the adoption of best practices forlisting trading and settlement and by promotinglinkages among members for cross-bordertrading.In accordance with the Mission Statement,5-year Strategic Objectives are set up tosystematically approach compliance with thelong term mission of the Federation. Theseobjectives are:Objective I: Promote good “corporategovernance” for exchanges, brokeragecompanies and listed companies. Facilitatetimely disclosure of material events to achievetransparency through effective dissemination ofinformation.Objective II: Encourage convergence amongFEAS Members in their: listing requirements,trading rules technical infrastructure andsettlement cycle.Objective III: Promote mechanisms forreliable, transparent and uninterruptedsecurities trading and settlement.Objective IV: Create greater recognition andvisibility for the region’s securities andinvestment opportunities both locally andinternationally.Objective V: Encourage the listing of“investment grade” securities in the respectiveHome markets of the Region.Objective VI: Encourage foreign investorparticipation in Member Markets.Objective VII: Promote linkages among theRegion’s: intermediaries, data vendors,settlement and custody institutions, exchanges;and also encourage cooperation amongRegion’s Regulators.Objective VIII: Promote and encourageresearch activities and training for FEASMembers and their personnel.Objective IX: Assist Members of FEAS toincrease financial literacy through publicawareness.DEVELOPMENT AND MARKETINGOF THE REGIONThis section highlights the activities of the TaskForces during 2009 while providing a summaryof continuing programs.BILATERAL INITIATIVES PROGRAMThe Federation supports a fully fundedBilateral visits Program to facilitate, on abilateral basis, the reciprocate visits ofpersonnel of FEAS members with each otherfor the purpose of exchange of, informationand experience on specific topics of interest toboth parties. Almost all Federation membershave now participated in this program, whichis to continue during 2010. During 2009,15 bilateral visits were approved and havebeen completed.WORKING COMMITTEEDuring the Working Committee Meeting thatwas held in Minsk, Belarus on June 5-6, 2009reports were given by the task forces includingMedia, Regional Indices, Market Principles andCorporate Governance, Affiliate Members,FEAS Data Center. Updates were also providedby the Secretariat on the status of the FEASPublications Report, Revenue and ExpenseAnalysis, Bilateral visits, Draft Financial Reportand the 2009 Calendar of Events. SecondWorking Committee meeting was held inNovember in Montenegro, prior to the GeneralAssembly. Reports were given by the taskforces including Media, Regional Indices,Market Principles and Corporate Governance,Affiliate Members, FEAS Data Center. Updateswere also provided by the Secretariat on thestatus of the FEAS Publications Report,Revenue and Expense Analysis, Bilateral visits,Draft Financial Report and the 2010 Calendarof Events.Task ForcesThis section highlights the activities of the TaskForces during 2009 while providing a summaryof continuing programsCONTACT INFORMATIONAs seen in the photo (from left to right)Ms. Ege Adalioglu, Assistant Secretary General - egea@feas.orgMr. Aril Seren, Secretary General – arils@feas.orgMrs. Susan Gogus, Assistant Secretary General - susang@feas.orgMs. Aydan Bal, Coordinator - aydanb@feas.orgE-mail secretariat@feas.orgWebsite www.feas.orgFEAS regionPAGE 22
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010FEDERATION OF EURO-ASIAN STOCK EXCHANGESIn 2005, decision was taken to combine the twoworking committees into one and to form, 8 TaskForces to carry out the mandates given by theExecutive Committee. Since then, some TaskForces have completed the tasks assigned tothem and some new task forces were formed, theexisting Task Forces are listed below:Task Force 0404 – Media (Led by MuscatSecurities Market)Following the Media Relations Task Force meetingheld on prior to the General Assembly in Budva,Montenegro on September 24, the TF participantsagreed on the following issues;1. Journalists from the member countries will beinvited to be present at the FEAS meetings tocover the events in local media. The aim is toincrease awareness for the Federation and thehosting exchange. In line with that, a MarketingExhibition will be organized, with a co-host duringthe General Assembly Meetings in Istanbul for the15th Year Anniversary of FEAS.2. A workshop for Media Relations took place inJanuary 2010, in Istanbul.3. Muscat Securities Market Forum was held inMuscat in November 20094. A FEAS movie was produced by the FEASSecretariat based on the EC decision for theproduction company.5. The Task Force will continue with its work inaccordance with the 2010 Activity Plan asapproved at the General Assembly Meeting inMontenegro.6. Muscat Securities Market Projects onencouraging the more advanced members ofFEAS to partner with less developed exchangeswithin FEAS to help foster their growth through theexperience and resources of the more advancedexchanges.Task Force 0406 – Regional Indices (Ledby Tehran Stock Exchange)As part of the Marketing plan for the FEASRegion, and following approval by GeneralAssembly, The FEAS Dow Jones IndexAgreement was signed in October, 2007.Three indexes were launched in June of 2009;a composite, and two regional sub-indexes.The Dow Jones FEAS Indexes are designed tounderlie index-linked investment products suchas funds and structured products. Dow JonesFEAS Composite Index currently includes anumber of component stocks of 11 of the 33member exchanges of the Federation of Euro-Asian Stock Exchanges.Task Force 0412 – Environmental andSocial Corporate Governance (Led byBucharest Stock Exchange)All members of FEAS, place a strong emphasison good Corporate Governance. A task forcewas created to provide a vehicle for membersto update the information contained in theCorporate Governance section of the RuleBook and to inform all member stockexchanges of international regulations andpractices regarding corporate governancewhich are gaining importance for a bettervaluation of stocks. At the same time, the issueof good Corporate Governance for StockExchanges has become important as StockExchanges are changing from Mutual Entitiesinto For-profit Companies. The Bucharest StockExchange hosted a conference on CorporateGovernance in June of 2005 and FEAS jointlyhosted roundtable meetings with the OECD onFebruary 15-16, 2006.The Belgrade Stock Exchange, in partnershipwith the IFC, published a CorporateGovernance Manual in 2007.FEAS Secretariat has conducted a survey anda glossary and the draft was discussed duringthe Working Committee in Baku. Half of themembers have filled out the survey and thereport was discussed General Assembly.Bucharest Stock Exchange has beenappointed as the new leader of the CorporateGovernance Task Force at the GeneralAssembly in Abu Dhabi.FEAS Secretariat held a workshop onEnvironmental and Corporate Governance onJanuary 2010 for the members where membersdiscussed ideas on CG processes withexperts.Also FEAS Secretariat co-organized a seminarwith UNPRI in January 2010, where the host ofthe seminar Istanbul Stock Exchange becameone of the signatories of UNPRI.Task Force 0501 – Affiliate Members(Led by ISE Settlement and Custody Bank,Takasbank)The fourth meeting of the Affiliate Task Forcewas held on October 21, 22, 2009 in Antalya,Turkey.Task Force 0502 – Technology(Led by Istanbul Stock Exchange)The database has been upgraded to allowmore space to add additional FEAS membersin addition to the capability to upload corporateactions of the participating exchanges. TheFDC will be instrumental in the development ofthe FEAS Index and promotion of members’daily trading data. This year additional memberexchanges will be implementing a feed into theFEAS Data Center from their respectiveexchanges.Task Force 0504 – Research andDevelopment (Led by the Istanbul StockExchange)This task force brings members together towork on joint research projects of generalinterest for FEAS members that will consolidatetheir experiences and knowledge. This TaskForce has recently conducted a study and apresentation on a model of Linkages betweenFEAS Member Exchanges, at FEAS WorkingCommittee prior to the General Assembly inMontenegro.Training Center ProjectIn accordance with the decision taken at theFEAS General Assembly, FEAS established aFEAS Training Center in Istanbul at the IstanbulStock Exchange FEAS Headquarters facilities.It is designed to provide members witheducational opportunities and trainingprograms for their personnel. The primary goalof the FEAS Training Center, with the FEASTraining Program, is to provide FEAS Memberswith a wide range of educational and trainingoptions with emphasis on Exchangemanagement whereby the Exchange Personnelwill have the opportunity to receive training inline with their interests and motives. Othertarget groups for training are Companies andMedia and the Personnel of listed. In line withthe Media Task force goal, the Media membersand the personnel of the stock exchanges willbenefit from Media Trainings in Muscat and inIstanbul.In November 2007, MSM Stock Exchange helda gathering in Muscat where all topics onMedia have been discussed and exhibited.In July 7-8, 2008 the FEAS Media RelationsWorkshop for FEAS members was held inIstanbul where they have discussed ‘’How tointeract with Media during times of crises’’.Several members and speakers from Turkishand Egyptian Media talked about the currentglobal crisis and its effects. Also, a trainingprogram will be designed in 2009 where thefirst topic will be based on private equity andinvestment of venture capital.On January 19-21, 2010, FEAS MediaRelations Workshop and GEAS Environmentaland Corporate Governance Workshop wereheld in Istanbul for FEAS members. Severalmembers and experts discussed the differentMedia Tools and the new era of theEnvironmental Corporate Governance.2009 Mandates:a. Continuation of Task Force Activitiesi. Media Task Force1. Training2. Exhibitionii. FEAS Index1. Investable Indexiii. Environmental Social and CorporateGovernance1. Trainingiv. Affiliate Members1. Conference2. Business Continuity Study for CSDAffiliate Membersv. FDC Implementation (Technology)1. Further implementation of FDC2. Development of Corporate Actionswebsitevi. Research and Development1. Closer coordination with members onregional approachvii. Rules and Regulation1. Revision of FEAS Rulebook2. Conference for CEOs of Exchangesand Regulatorsviii. Blue Chip Listing1. Survey and Report2. Training on Listing of Blue Chipsb. GEMS Trainingc. FEAS Publicationsd. Bilateral Programe. FEAS Movief. New Products/Marketing Conferenceg. Sponsor’s ConferencePAGE 23
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