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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