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FEDERATION OF EURO-ASIAN STOCK EXCHANGES
SEMI ANNUAL REPORT
OCTOBER 2005

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
TABLE OF CONTENTS
Federation of Euro-Asian Stock Exchanges 3
Atos Euronext Market Solutions 10
Takasbank-ISE Settlement and Custody Bank, Inc. 12
GL TRADE 14
Dow Jones Indexes and STOXX Ltd. 16
TurkDEX 20
DenizBank Financial Services Group 22
Tata Consulting Services 26
World Federation of Exchanges 28
Tayburn Kurumsal 30
Is Investment 32
Stock Exchange Profiles
Abu Dhabi Securities Market 34
Amman Stock Exchange 38
Securities Depository Center (SDC) of Jordan 42
Armenian Stock Exchange 44
Baku Interbank Currency Exchange 48
Baku Stock Exchange 52
Banja Luka Stock Exchange 54
Belgrade Stock Exchange 58
Bucharest Stock Exchange 62
Bulgarian Stock Exchange 66
Cairo and Alexandria Stock Exchanges 70
Misr For Clearing, Settlement & Central Depository 74
Georgian Stock Exchange 75
Istanbul Stock Exchange 80
Takasbank-ISE Settlement and Custody Bank, Inc. 84
Karachi Stock Exchange 85
Central Depository Company of Pakistan Limited 89
Kazakhstan Stock Exchange 90
Kyrgyz Stock Exchange 94
Lahore Stock Exchange 98
Macedonian Stock Exchange 100
Moldovan Stock Exchange 104
Mongolian Stock Exchange 108
Muscat Securities Market 112
Palestine Securities Exchange 116
Sarajevo Stock Exchange 120
State Commodity & Raw Materials Exchange of Turkmenistan 122
Tehran Stock Exchange 126
Tirana Stock Exchange 130
“Toshkent” Republican Stock Exchange 134
Ukrainian Stock Exchange 138
Zagreb Stock Exchange 142
Member List 147
FEDERATION OF EURO-ASIAN STOCK EXCHANGES (FEAS)
I.M.K.B Building, Emirgan 34467 Istanbul, Turkey
Tel: (90 212) 298 2160
Fax: (90 212) 298 2209
E-mail: secretariat@feas.org
Web address: www.feas.org
Contacts: Mr. Aril Seren, Secretary General
Mrs. Susan Gogus, Assistant Secretary General
Ms. Sibel Yilmaz, Assistant Secretary General
The Federation of Euro-Asian Stock Exchanges Semi Annual Report
October 2005 is published by the Federation of Euro-Asian Stock
Exchanges.
All editorial material was collated and edited by the Federation of Euro-
Asian Stock Exchanges. The design, production and distribution was
coordinated by the Federation of Euro-Asian Stock Exchanges.
Designed by: Tayburn Kurumsal
Although every care has been taken to ensure the accuracy of the
information contained within the publication, the Secretariat cannot be
held liable for any inaccuracies, errors or omissions, nor held liable for
any actions taken on the basis of the information provided herein.
© The Federation of Euro-Asian Stock Exchanges
PAGE 1

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
Osman Birsen
President of FEAS & Chairman and
CEO of the Istanbul Stock Exchange
This year, FEAS is celebrating its 10th
anniversary and producing two semi annual
reports in May and October. The aim of
transitioning from an annual to semi annual
publication is two-fold. First, through
providing two publications rather than just
one, the market performances of FEAS
members will be reflected in a more up to
date fashion. Second, the environments
(both political and economic), within which
those markets operate, are brought to the
attention of the readers more timely and
concisely.
The FEAS region entered 2005 with a strong
desire for continued growth in world
economies. Boosted by upcoming EU
accession for some European members and
increasing oil prices for some Asian
members, our markets continue to
strengthen every year. The outstanding
performance in the first half of 2005 is
evidenced in the consolidated regional
statistics on the adjoining pages, as well as
the individual statistics of each of our
members, in the member profile section.
The Federation, as a globally recognized
regional institution, is growing and maturing
together with its members towards its goals.
Founded 10 years ago by 12 regional
exchanges, FEAS now has a total number of
31 stock exchange members from 27
different countries and 7 affiliate members.
FEAS is growing in membership with
additional Securities Exchanges and
Affiliates. FEAS now welcomes the new
memberships of the Bahrain Stock
Exchange, Iraq Stock Exchange and
Montenegro Stock Exchange at our 11th
General Assembly meeting held in Shiraz,
Iran on September 17, 2005. It is with great
pleasure that we welcome our newest
members and we look forward to their
contributions to our organization.
As we are half way through our eleventh year
of operation, most of you are well aware of
our accomplishments to date; those that
were particularly noteworthy are the
implementation of the FEAS Data Center
As our markets continue to step up to the
challenges of the global arena, the greater
importance will be to turn our focus toward
our vision for the future and to participate
in the regional development over the next
5-10 years.
(FDC) to standardize and promote cross
market statistics, initiation of FEAS Index
work for better visibility and for the
movement toward cross border trading and
the further harmonization of rules and
regulations in the FEAS Rule Book through
adoption of the FEAS Market Principles
parallel to WFE guidelines. There were
special activities that promoted the growth of
stock exchange operations such as bilateral
visits, training programs, the joint ISE/FEAS
development project and international
associations with organizations such as the
World Bank.
FEAS has jointly hosted two conferences this
year; one of which was the IT Conference
that took place in Sofia, Bulgaria, hosted by
the Bulgarian Stock Exchange, and the other
a Corporate Governance Seminar hosted by
the Bucharest Stock Exchange in Bucharest,
Romania.
FEAS is striving to place greater importance
on regional development over the next 5-10
years. Our continued commitment to our 5year
strategic plan is designed to achieve
the objectives specified within the mission of
the Federation and to attain a greater role in
the competitive global market environment.
Our focus over the next 5 years will
concentrate in the area of promoting
corporate governance, facilitating timely
disclosure, achieving effective dissemination
of information, attaining regional
convergence in listing requirements,
settlement, trading rules and software,
creating greater awareness and visibility for
the region’s stocks and investment
opportunities, promoting the listing of
‘investment grade’ companies in the region’s
markets and creating linkages among the
region’s intermediaries, data providers,
settlement and custody institutions and stock
exchanges while encouraging cooperation
among securities commissions.
Looking at the individual future outlook of our
markets, as contained in the member profile
pages, one can see that there continues to
be work toward the challenges of member
markets in providing competitive and viable
financing options to both the government
and private sectors, while enhancing
operations through technology and
expanding services to market participants.
The main effort continues to focus on the
areas of increased transparency through
expense in infrastructure and developing
regulations to promote stronger corporate
governance.
I would like to take a moment to extend my
heartfelt thanks for their contributions to:
Atos Euronext Market Solutions,
Computershare, DenizBank FSG, Dow Jones
Indexes, Is Investment, Garanti Securities,
GL Trade and STOXX Ltd, Takasbank, Tata
Consulting Services, TurkDEX, the World
Federation of Exchanges, and Tayburn
Kurumsal (also the publisher of this report).
We hope that you will take a moment to visit
our contributor section in the FEAS website
at www.feas.org and read their articles in the
following pages.
In closing, I want to commend the efforts of
all our members in achieving our regional
objectives through their commitment and the
Secretariat for its success in maintaining our
cohesive organization. As we close in on our
10th year anniversary, I am happy to say that
our formula for achievement will be applied
toward our development for the future.
PAGE 3

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
HISTORY
The Federation of Euro-Asian Stock
Exchanges (FEAS) was established on 16
May 1995 with 12 founding members and has
grown to 31 members and 7 affiliate members
in 27 countries. Membership in the Federation
is open to security exchanges in Europe and
Asia and Affiliate Membership is open to the
Clearing and Settlement Depositories of
Member Stock Exchanges. Until May, 2007
the position of President and Vice President
will be held by the Istanbul and Zagreb Stock
Exchanges, respectively. The Governing Body
of FEAS is the General Assembly, comprised
of all 31 members plus 7 affiliate members,
which meets once annually in a member
country. The Executive Committee, made up
of 12 members, is responsible for the
development of Federation policies, making
major administrative decisions, as mandated
by the General Assembly, approving the
content and scope of tasks assigned to the
Working Committee, and making
recommendations to the General Assembly.
PHILOSOPHY
MISSION STATEMENT
The mission of FEAS is to create fair, efficient
and transparent market environments, with
little or no barriers to trade, within the
operating regions of FEAS members. In order
to facilitate the objectives of FEAS members
work toward the harmonization of rules and
regulations and adoption of new technology,
for trading and settlement. These actions
further promote the development of the
member markets and provide cross border
trading opportunities for securities issued
within FEAS member countries.
5-YEAR STRATEGIC PLAN
In accordance with the Mission Statement, 5year
Strategic Objectives are set up to
systematically approach compliance with the
long-term mission of the Federation. These
objectives are:
CONTACT INFORMATION
Objective I:
Promote ‘corporate governance’ for listed
companies as indicated in the joint
FEAS/OECD “Best Practices for the
Development of Stock Exchanges in
Transition Economies” guide. Facilitate timely
disclosure of material events to achieve
transparency through effective dissemination
of information.
Objective II:
Achieve convergence among FEAS members
in their:
• listing requirements,
• the settlement cycle, and
• trading rules and software.
Objective III:
Promote mechanisms for reliable, transparent
and uninterrupted securities trading and
settlement.
Objective IV:
Create greater awareness and visibility for the
region’s securities and investment
opportunities.
Objective V:
Help promote the listing of ‘investment grade’
securities in the respective Home markets of
the Region.
Objective VI:
Help create linkages among the region’s:
• intermediaries,
• data providers,
• settlement and custody institutions,
• stock exchanges; and also
• make efforts to initiate cooperation among
Region’s Securities Commissions.
Objective VII:
Promote and encourage research and training
for FEAS members and their personnel.
Contact Name Mr. Aril Seren, Secretary General E-mail secretariat@feas.org Website www.feas.org
PAGE 4
FEAS region
REGIONAL DEVELOPMENT
Regional development highlights the activities
during the first half of 2005 achievements and
provides a summary of continuing programs
into the second half of 2005.
BILATERAL INITIATIVES PROGRAM
The Federation initiated in 2002 and fully
funded a Bilateral Initiatives Program to
facilitate, on a bilateral basis, the exchange of
personnel of one FEAS member with another
for the purpose of trading information and
experience on a specific topic(s) of interest to
both exchanges. Almost all Federation
members have now participated in this
project, which will continue during 2005.
During the 1st half of 2005 13 new bilateral
exchanges were approved and 8 out of those
13 have already taken place.
WORKING COMMITTEE
During the Working Committee Meeting that
was held in Tbilisi, Georgia on May 17th, 2005
report were given from all of the task forces
including Media, Regional Indices, Market
Principles and Corporate Governance. Two
new task forces were recommended being
Affiliate Members and FEAS Data Center.
Updates were also provided on the Semi
Annual Report, Trading Survey Report,
Revenue and Expense Analysis, Bilateral
Initiatives, Draft Financial Report and the 2005
Calendar of Events. Recommendations to the
Executive Committee included a new member
to the working committee and the new task
forces mentioned above.
In the joint Executive Committee (EC) held in
Tbilisi, Georgia on May 18th, 2005 directly
following the Working Committee (WC)
Meeting, approved all of the WC
recommendations. Minor changes to the
Charter were also approved and a circular
resolution was proposed by the EC to invite
all members to vote on the Affiliate
Membership of Misr for Clearing, Settlement
and Central Depository.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
Task Forces
As a result of combining the Working
Committees, 12 Task Forces were formed to
carry out the mandates of the Executive
Committee with the approval of the General
Assembly. Due to the fact that some Task
Forces completed the tasks assigned to them
and some new task forces were formed, only
the active Task Forces are listed below.
Task Force 0401 – Semi Annual Report
(2005 Completion)
The Yearbook has been changed from an
annual report to a semi annual report that will
include two pages per country in order to
highlight the economic and political
developments in each member’s respective
country. In addition the members’ pages have
been redesigned to include only the most
recent and up to date information. It was
agreed upon that the first publication would
be printed in the May and the second
publication would be available in electronic
format in October. The first publication has
been printed and is available on the FEAS
website at
http://www.feas.org/downloads/FEAS%2026
july05.pdf
Task Force 0402 – Post General Assembly
& Post Working Committee IT Training (Led
by FEAS Secretariat)
After the General Assembly Meeting in
Zagreb, Croatia, presentations were made by
two of the FEAS Sponsors Computershare
and Hewlett Packard. For the IT Conference
that was hosted by the Bulgarian Stock
Exchange; presentations by FEAS Members,
Consultancies and IT Vendors will be made.
Some of the vendors that will be presenting
include: Computershare, OMX Technology,
Options Industry Council, Symex Economics,
and Tata Consultancy Services. A Post-
General Assembly IT conference was also
held with presentations from Atos Euronext,
Tata and GL Trade.
Task Force 0404 – Media (Led by Muscat
Securities Market)
Two programs were proposed by the Task
Force. The first program was held in Istanbul,
Turkey in September. The purpose of this
meeting was to draft a uniform curriculum for
training the media. The second program was
suggested to be held in Muscat, Oman on
December 11-15th 2005, in order to provide
the previously developed training to the
instructor groups and participating members.
Task Force 0406 – Regional Indices (Led
by Tehran Stock Exchange)
At the WC Meeting in Tbilisi, Georgia Dow
Jones Indices gave a presentation on their
product offering and the proposed FEAS
Index and its specifications. The Task Force is
in the process of conducting a survey among
FEAS members and also negotiating with
Dow Jones Indices.
Task Force 0411 – Market Principle (Led by
Istanbul Stock Exchange)
In conjunction with the World Federation of
Exchange’s effort to update their market
principles, FEAS members are working to
contribute ideas and information to this end.
The Task Force has updated the Market
Principles to make it inclusive of both WFE
and FEAS ideas. This new document was
proposed and approved by the General
Assembly in Shiraz, Iran in September.
Task Force 0412 – Corporate Governance
(Led by Karachi Stock Exchange)
All members in the FEAS region place a
strong emphasis on Corporate Governance.
For this reason a task force was created to
provide a vehicle for informing all member
stock exchanges of international regulations
and practices regarding corporate
governance. The Bucharest Stock Exchange
hosted a conference on Corporate
Governance in June of 2005.
2004 Mandates:
• Publication and Distribution of the Semi
Annual Report in March/April and
September/October
• Hold an IT Conference hosted by the
Bulgarian Stock Exchange
• Hold a Media Conference hosted by the
Muscat Securities Market
• Create a Regional Index for FEAS
• Hold a Corporate Governance Conference
to be hosted by the Bucharest Stock
Exchange
• Work with the WFE to update Market
Principles
• Completion of the ongoing revenue analysis
from 2000 through 2004.
• Distribution, tabulation and reporting on the
results of the World Federation Trading Survey
with comparative results
FDC & SPECIAL PROJECTS
FEAS DATA CENTER (FDC)
A full system test was completed as of 1
September 2003 and the FDC began
implementation with the Macedonian SE in
September 2003. The system went live on
September 15th. Implementation of all
members will take a phased approach.
In 2005, Amman Stock Exchange plans to
implement the FDC.
The FDC includes market statistics, company
data, ratios, stock price information, exchange
rates and sector data contained in 14
predefined reports. To access the FEAS Data
Center (FDC) go to:
http://64.78.38.242/reports/countrylist.asp or
go to www.feas.org and click on the FEAS
Members drop-down menu.
OECD/ISE PRIVATE SECTOR
DEVELOPMENT (PSD)
The Federation, in conjunction with both the
ISE and the OECD, has jointly designed and
implemented a program entitled “Private
Sector Development” - a comprehensive
three-year program dealing with the
development of Small to Medium Enterprises
(SMEs), while enhancing the attractiveness of
the FEAS region through the development of
‘best practices’ for stock exchanges in
transition economies.
SME Development: Regional work as the
follow-up of the meeting entitled “Business
Incubation, Finance and Growth in Emerging
Markets” of 2002 was conducted. Emphasis
was given to the development of financing
models and methods for SME’s in Turkey,
which can be successfully applied to the
FEAS region. The project was finalized in a
meeting held in the spring of 2004.
Best Practices: This project deals with
strategies to promote the role of stock
exchanges in the ongoing financing needs of
member markets. A set of best practices for
the development of stock exchanges was
prepared and distributed in 2001. A total of 28
best practices were set forth as a basic set of
legal and market guidelines, which cover key
regulatory and institutional issues. A selfassessment
workshop on FEAS member
implementation of the best practices on
clearing, settlement custody, and registration
was held on 5-6 February 2003 in Almaty,
Kazakhstan. The working group made a
thorough evaluation of the assessment
methodologies developed by international
assessment organizations in order to come
up with a self-assessment method that targets
priorities applicable to the FEAS region. It was
decided that a draft questionnaire for selfevaluation
would be sent out to FEAS
members for their views. In 2004 the OECD
was asked to prepare a follow-up document
which can be used by FEAS members for self
evaluation of Best Practices Compliance. The
results of this survey will be published in the
self-evaluation report in 2005.
SECI MODEL
SECI is the UN project, the Southeast
European Cooperative Initiative, which targets
cooperation among securities markets of
Southern Europe, most of which are FEAS
members. The project is taken up by two
groups of securities markets, that is, the stock
exchanges and the regulators.
The SECI project is expected to be the
foundation of the FEAS common trading
platform. The initial stage of the SECI project
is the groundwork prepared by the Athens
and Istanbul Stock Exchanges. A MoU was
signed between regulatory bodies of the
Turkish and Greek capital markets in 2001,
and working groups from both exchanges
examined issues regarding technical links,
regulatory environment, and trading and
settlement procedures. Once all stages of
cooperation and linkages are implemented
between Athens and Istanbul, the other
exchanges of the region will be invited to join
the existing set up.
As a side product of SECI, another initiative
for creating a common stock index of Greek,
Turkish and Israeli blue chips exists. The three
most important exchanges of South East
Europe-South East Mediterranean held a
trilateral meeting for the first time with the
objective of discussing ways to promote
cooperation.
The Federation continues to work toward a
common trading platform within the region
and the SECI organization, which will pave the
way for organizational and structural efforts in
this area. As noted above FEAS members
have agreed on creating a regional index,
cross border trading is also being explored by
several member exchanges as a test for
further implementation across all FEAS
members.
PAGE 5

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
THE ORGANIZATION
IT CONFERENCE - BSE– 17-18 FEBRUARY
2005 – SOFIA, BULGARIA
This conference was hosted by the Bulgarian
Stock Exchange in Sofia, Bulgaria.
Presentations were divided into three different
panels: Achieving Operational Efficiency
through Technological Innovation and Global
Competition and Infrastructure Consolidation.
Within these panels, Mr. Vassil Golemanski,
Director, Bulgarian Central Depository, Mrs.
Canan Guven Okan, CIO, Istanbul Stock
Exchange, Mr. Remy Eisenstein, CEO, Symex
Economics, Mr. Torbjorn Berglund, Vice
President, OMX Technology, Mr. Otto E.
Naegeli, Board Member, Options Industry
Council, Mr. Jagdish Bhandari, Vice President,
Tata Consultancy and Mr. Ulf Axman, Senior
Sales Executive, Computershare presented. In
the last panel, Strategies for Efficient Regional
Co-operation, Cross-Boarder Trading and
Business Performance, Mr. Aril Seren, Secretary
General, FEAS, Mr. Marinko Papuga, General
Manager, Zagreb Stock Exchange, Mr. Evgeni
Zografski, CEO, Macedonian Stock Exchange
and Mr. George Draychev, CEO, Bulgarian
Stock Exchange discussed the topic and took
questions from the audience.
WORKING COMMITTEE MEETING – 17 MAY
2005 – TBILISI, GEORGIA
The first working committee meeting of 2005
was held in Tbilisi, Georgia on 17 May, 2005 at
the invitation of the Georgian Stock Exchange.
The Working Committee focused on issues
mandated by the General Assembly in 2004
and the Secretariat prepared a report to
participants.
EXECUTIVE COMMITTEE MEETING – 1 MAY
2005 – TBILISI, GEORGIA
The first executive committee meeting of 2005
was held in Tbilisi, Georgia on 18 May, 2005 at
the invitation of the Georgian Stock Exchange.
The Executive Committee concentrated on the
general issues of running FEAS and also on
minor Charter Amendments and finally the
proposal of a circular resolution for affiliate
membership of Misr for Clearing, Settlement and
Central Depository.
CORPORATE GOVERNANCE SEMINAR – 24
JUNE 2005 – BUCHAREST, ROMANIA
This conference was hosted by the Bucharest
Stock Exchange on 24 June, 2004 in Bucharest,
Romania. The Seminar’s topic was the
Implementation of Good Corporate Governance –
A common challenge for FEAS Countries. Keynote
addresses were given by Mr. Grabriela
Anghelache, President of Romanian National
Securities Commission, Mr. Sergiu Oprescu,
PAGE 6
Chairman of BSE Goard of Governors and Mr. Aril
Seren, Secretary General of FEAS. Country
Reports were presented for Romania by Mrs.
Angela Ene, Independent Consultant, Ardyan
Consulting, Ms. Narcisa Galina Fatu, Independent
Consultant, Bostina, Buzaianu & Associates; for
Egypt by Mr. Khaled Abd El Rahman, General
Manager Technical Office and Head of
Operations, Cairo & Alexandria Stock Exchanges;
for Bulgaria, Mr. Manu Moravenov, Director
Trading & Surveillance, Bulgarian Stock
Exchange. Panel discussions were held on The
Value of Corporate Governance Information to
Shareholders (participants: Mr. Aril Seren, Vice
Chairman, Istanbul Stock Exchange and Mrs.
Gratiela Lordache, Vice President of Finance,
Parliament Romania), Key Challenges for the
Corporate Governance of State Owned
Enterprises (participants: Mrs. Mathilde Mesnard,
OECD Paris (keynote address), Mr. Nicolae Viorel
Dinu, Councellor of the President, AVAS, Mr.
Dragos Neacsu, Secretary of State, Ministry of
Public Finance and Mrs. Petra Alexandru,
Executive Manager, Bucharest Stock Exchange.
NEW MEMBERS
BAHRAIN STOCK EXCHANGE
The Bahrain Stock Exchange submitted their
application on the 4th of July 2005; the application
was submitted by Mr. Amani Al Mahmeed and
approved by Ali Al Mansoor. The Bahrain SE
came into existence in 1987 and commenced
operation in 1989. The market capitalization of the
BSE exceeds US$ 12.7 billion and the number of
Bahraini public shareholding companies listed on
the BSE is 35. In addition, the BSE produces one
monthly, one quarterly and 4 annual publications.
IRAQ STOCK EXCHANGE
The Iraq Stock Exchange submitted their
application on the 2nd of August 2005; the
application was submitted by Mr. Taha A. Abdul
Salam. The Iraq SE was established on the 18th of
April, 2004 with the temporary law 74; this law
established both the Iraq Stock Exchange (ISX)
and the Iraq Security Commission (ISC). The ISX
commenced operation on 24th of June, 2004. In
this trading session only 15 companies were
registered, but the number was increased to 78
companies by the end of December 2004. As of
June 2005, the ISX index was at 56,626, there
were 58 companies that were being traded, the
Turnover Ratio was 2.5 and the volume of trade
was US$ 30 million.
MONTENEGRO STOCK EXCHANGE
The Montenegro Stock Exchange submitted their
application on the 12th of August 2005; the
application was submitted by Mr. Nedeljko
Suskavcevic and approved by Ms. Dejana
Suskavcevic and Mr. Saleta Durovic. The
Montenegro SE can into existence in 1993 and
commenced operation that same year. The
Montenegro Stock Exchange has 28 shareholders
and in the official market of the MSE, 14
companies’ shares are traded. There is currently
one index at MSE, the MOTSE index, which was
developed and initiated in March of 2003. The
MOTSE index encompasses the trailing prices of
the stocks of 29 companies from different sectors
that are traded on the MSE. The current level of
the MOTSE index is 306.4. In addition, the MSE
produces one monthly, one semi annual and 1
annual publication.
* Detailed pages on each new member will be available for the
May 2006 edition of the FEAS Semi Annual Report.
PUBLICATIONS & INFORMATION
FEAS Library:
The Library can be accessed through the
Publications drop down menu on the main page
at www.feas.org or through this link
http://www.feas.org/Library.cfm. The FEAS Library
is open to experts and organizations with financial
market related material. If you would like to make
a submission to the FEAS Library, please send
your electronic files and links to the FEAS
secretariat at secretariat@feas.org.
FEAS Semi Annual Report:
This publication of semi-annual activities of the
Federation and its members began in 1997 and is
now available electronically on the website:
http://www.feas.org/Publications.cfm?Get=Yearbo
ok&Top=Pubs.
FEAS Website:
The new FEAS website was launched on 31 July
2002 and can be found at www.feas.org. The new
site now contains a more concentrated emphasis
on FEAS member data with profile pages
(including statistics, holidays, market policies and
practices and direct links to their sites), Excel
downloads for all statistical data and cross
member comparisons on policies, practices and
statistical data, and a News Center with headlines
from member markets.
Newsletter:
A monthly publication which includes general
secretariat news, statistical stock, bond and other
volume comparisons on monthly, year-to-date and
prior period bases, in addition to market cap,
currency, number of companies traded and index
statistics. Quarterly supplemental publications
include quarterly statistical analysis, press
releases of FEAS members and headlines of
FEAS activities. Archived copies of the newsletter
can be found on our website
http://www.feas.org/Publications.cfm?Get=Newsle
tter&Top=Pubs
SUBSCRIBE
To subscribe for the electronic version of FEAS
publications, please go to www.feas.org and click
on subscribe. Subscriptions include monthly
notifications of statistics and newsletter updates,
as well as advance notice of FEAS events and
activities.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
Aril Seren
Secretary General of FEAS and
Senior Vice Chairman of the Istanbul Stock Exchange
SPONSORS
Please visit our Sponsor sites. Sponsors can be
seen on the FEAS website at:
http://www.feas.org/Contributors.cfm.
2005 Contributors to FEAS are:
Atos Euronext Market Solutions:
www.aemarketsolutions.com
Computershare Markets Technology:
www.computershare.com
DenizBank FSG:
www.denizbank.com
Dow Jones Indexes and STOXX Ltd.
www.stoxx.com
Is Investment:
www.isinvestment.com
Garanti Securities:
www.garantisecurities.com
GL Trade (Schweiz) AG:
www.gltrade.com
Takasbank:
www.takasbank.com.tr
Tata Consulting Services:
www.tcs.com
Tayburn Kurumsal:
www.tayburnkurumsal.com
2005 1ST HALF REGIONAL PERFORMANCE:
With the admittance of the Central Depositories
and Custodies of existing members to
membership, the FEAS region continues to grow
in both depth and breadth. The FEAS Region is
represented by 31 full and 7 affiliate members in
27 countries.
Since 2000 FEAS member markets have
continued to reorganize their traded companies to
a regional total of 7,989 in the first half of 2005,
yet market capitalization has reached its highest
FEAS REGION
1st HALF 2005-MARKET CAP. VS MONTHLY
STOCK VOLUME (US$ Millions)
500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
J F M A M J
Market Cap.
60,000
50,000
40,000
30,000
20,000
10,000
0
Monthly Stock Volume
In the first half of 2005, the market
capitalization in the FEAS region has
reached its highest level of US$ 442.7
billion with a remarkable increase from
US$ 115.3 billion in 2001 or by 284%.
level of US$ 442.7 billion with a remarkable
increase from US$ 115.3 billion in 2001 or by
284%. Even though it is only the first half of the
year 2005, the market capitalization exceeded the
2004 level US$ 362.6.* The 5-year statistical
comparison shows that markets are providing
better listings with greater transparency, and that
market forces continue to push toward share
quality versus post-privatization quantity. In
addition, it is nice to see that in 2005 that the
negative impact of global events which took place
in 2001 is steadily diminishing with a boost since
2001 for stock, bond and other volumes at 51.4%,
68% and 6.8%, respectively. This shows that the
traded company consolidations have in fact
improved liquidity and generated investor interest,
while providing indicators that growth is being
sustained in the region.
In 1st half of 2005, allocation of traded
instruments remain almost same as compared to
previous years, stocks turnover have already
reached their 2004 levels and ranked second,
promising a better second half, other turnover
reached US$ 672.9, ranked first. Other volume is
represented by such instruments as derivatives,
t-bills, currency, repo/reverse repo, etc.
In addition, the improvement in the value of FEAS
markets can be seen through the positive results
in the adjusted annualized return (1st half of 2005)
on member indices. Within the first half of 2005
out of the closing values for 19 FEAS member
indices, adjusted on an annual basis for currency
fluctuations, only three posted net losses, while
one member exceeded 140% for the year.
* For individual member statistics, please go to the Member
Profile sections in the following pages.
FEAS REGION
1st HALF 2005 MONTHLY VOLUME
(US$ Millions)
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
J F M A M J
Stocks Bonds Other
2005 CALENDAR
• 16-18 FEBRUARY
FEAS/BULGARIAN SE IT CONFERENCE
SOFIA, BULGARIA
• 17-18 MAY
WORKING COMMITTEE MEETINGS
TBILISI, GEORGIA
• 24 JUNE
FEAS/BUCHAREST SE CORPORATE
GOVERNANCE CONFERENCE
BUCHAREST, ROMANIA
• 1-2 SEPTEMBER
ROUND TABLE FOR MEDIA
ISTANBUL, TURKEY
• 17 SEPTEMBER
14TH EXECUTIVE COMMITTEE MEETING
AND 11TH ANNUAL GENERAL ASSEMBLY
SHIRAZ, IRAN
• 18 SEPTEMBER
POST GA IT CONFERENCE
SHIRAZ, IRAN
• 11 OCTOBER
FEAS/BAKU SE CAPITAL MARKETS
CONFERENCE AND 5TH ANNIVERSARY
BAKU, AZERBAIJAN
• 12 DECEMBER
FEAS/MUSCAT SM MEDIA CONFERENCE
MUSCAT, OMAN
FEAS REGION
5-YEAR VOLUME COMPARISON
(US$ Millions)
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
2001 2002 2003 2004 YTD 2005
Stocks Bonds Other
PAGE 7

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
OFFICIAL 1ST HALF 2005 STATISTICS
Jan-04 40,299.75 2,102.57 26,557.36 1,372.62 35,457.30 1,867.99 13,134.77 690.45 83,327.93 4,389.31 526.62 30.11 400,519.48
Feb-04 48,306.30 2,418.22 28,231.35 1,420.63 40,908.02 2,048.74 7,907.95 395.46 99,045.79 4,953.47 99.53 5.26 439,103.66
Mar-04 50,445.72 2,244.90 31,738.26 1,383.15 48,157.00 2,116.64 9,124.79 434.53 119,673.70 5,209.26 138.84 6.26 443,235.57
Apr-04 28,731.06 1,403.11 15,229.31 759.08 36,295.85 1,730.84 9,418.42 448.64 111,280.75 5,301.98 131.45 7.56 459,200.53
May-04 30,944.22 1,441.57 18,174.30 1,379.67 39,454.90 1,894.50 10,567.54 525.80 130,549.06 6,219.60 112.26 5.71 454,496.41
Jun-04 56,418.46 2,387.36 15,514.14 712.51 37,807.13 1,720.66 9,576.07 437.20 128,992.92 5,864.26 109.12 5.06 442,679.06
Total 255,145.52 2,001.39 135,444.7 1,197.42 238,080.20 1,898.36 59,729.53 485.38 672,870.16 5,343.78 1,117.81 9.34
PAGE 8
Total
Volume
(US$ Millions)
STOCKS
Average
Daily
Volume
(US$ Millions)
Total
Volume
(# Millions)
Average
Daily
Volume
(# Millions)
Total
Volume
(US$ Millions)
BONDS
Average
Daily
Volume
(US$ Millions)
Total
Volume
(# Millions)
Average
Daily
Volume
(# Millions)
STATISTICAL COMPARISON 2001 THRU YTD 2005-FEAS REGION
Total
Volume
(US$ Millions)
Average
Daily
Volume
(US$ Millions)
OTHER
Total
Volume
(# Millions)
Average
Daily
Volume
(# Millions)
Market
Capitalization
(US$ Millions)
STATISTICS YTD 2005 % CHANGE OVER
2001 2002 2003 2004 YTD 2005 2004 2003 2002 2001
# Companies Traded 7,019 7,319 7,653 7,927 7,989 0.8% 4.4% 9.2% 13.8%
Market Capitalization (US$ Millions) 115,320.9 138,160.5 229,310.4 362,559.7 442,679.1 22.1% 93.0% 220.4% 283.9%
Total Volume (US$ Millions-Stocks) 103,301.9 117,698.0 209,328.0 273,072.4 255,145.5 -6.6% 21.9% 116.8% 147.0%
Total Volume (# Shares Millions-Stocks) 23,975,171.3 34,011,908.8 59,229,462.7 69,745,071.2 135,444.7 -99.8% -99.8% -99.6% -99.4%
Average Daily Volume (US$ Millions-Stocks) 420.0 470.0 849.5 1,098.0 2,001.4 82.3% 135.6% 325.8% 376.6%
Average Daily Volume (# Shares Millions-Stocks) 96,691.9 134,973.7 240,772.6 280,106.1 1,197.4 -99.6% -99.5% -99.1% -98.8%
Total Volume (US$ Millions-Bonds) 39,755.6 90,141.0 170,925.0 314,918.2 238,080.2 -24.4% 39.3% 164.1% 498.9%
Total Volume (# Millions-Bonds) 155.0 9,785.2 45,351.0 101,091.7 59,729.5 -40.9% 31.7% 510.4% 38438.8%
Average Daily Volume (US$ Millions-Bonds) 163.4 358.4 683.6 1,259.7 1,898.4 50.7% 177.7% 429.6% 1061.7%
Average Daily Volume (# Millions-Bonds) 0.73 38.7 180.8 401.3 485.4 21.0% 168.4% 1153.1% 66090.3%
Total Volume (US$ Millions-Other) 627,338.4 486,362.6 711,623.3 1,102,770.8 672,870.2 -39.0% -5.4% 38.3% 7.3%
Total Volume (# Millions-Other) 15.9 1,000.5 1,894.8 1,982.8 1,117.8 -43.6% -41.0% 11.7% 6913.4%
Average Daily Volume (US$ Millions-Other) 2,503.4 1,928.7 2,846.5 4,376.6 5,343.8 22.1% 87.7% 177.1% 113.5%
Average Daily Volume (# Millions-Other) 0.065 4.48 8.38 8.05 9.34 16.1% 11.5% 108.5% 14259.3%
YTD 2005-FEAS REGION
VOLUME BY TYPE
Stocks Bonds
58%
20%
Other
22%
NUMBER OF COMPANIES TRADED VS MARKET CAP.
(US$ Millions)
Market Cap Companies Traded
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
2001 2002 2003 2004
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
YTD 2005
FEAS REGION VOLUME BY TYPE
2004
Stocks Bonds
65%
19%
Other
16%
2005 ANNUALIZED RETURN ON INDEX
Al Quds/Palestine
CASE 30/Egypt
ADSM/Abu Dhabi
ASE/Amman
GP/Muscat
Kazakhstan
Top-20/Mongolia
LSE 25/Lahore
BIFX/Sarajevo
KSE 100/Karachi
Belexfm/Serbia
ISE 100/Istanbul
CROBEX/Zagreb
BET/Romania
BSE/Bulgaria
TASIX/Uzbekistan
KSE Index/Kyrgyz
BIRS/Banja Luka
TEPIX/Tehran
-0.2
-4.5
-9.1
-11.0
141.5
101.8
85.8
73.7
61.5
40.5
37.7
25.5
21.0
19.5
10.6
9.5
7.3
6.2
3.6
*Indices are adjusted for currency fluctuations.
(Formula: 1+(return)=((1+%chg. index)/(1+%chg. currency))

Welcome to FEAS, your gateway
to the markets of tomorrow
Abu Dhabi Securities Market
Amman Stock Exchange
Securities Depository Center (SDC) of Jordan
Armenian Stock Exchange
Central Depository of Armenia (SRO)
Baku Interbank Currency Exchange
Baku Stock Exchange
Banja Luka Stock Exchange
Belgrade Stock Exchange
Bucharest Stock Exchange
Bulgarian Stock Exchange
Cairo and Alexandria Stock Exchanges
Misr For Clearing, Settlement & Central Depository
Georgian Stock Exchange
Istanbul Stock Exchange
Takasbank-ISE Settlement and Custody Bank, Inc.
Karachi Stock Exchange
Central Depository Company of Pakistan Limited
Kazakhstan Stock Exchange
Kyrgyz Stock Exchange
Lahore Stock Exchange
Macedonian Stock Exchange
Central Securities Depository of Macedonia
Moldovan Stock Exchange
Mongolian Stock Exchange
Muscat Securities Market
Palestine Securities Exchange
Sarajevo Stock Exchange
State Commodity & Raw Materials Exchange of Turkmenistan
Tehran Stock Exchange
Tehran Stock Exchange Services Company
Tirana Stock Exchange
“Toshkent” Republican Stock Exchange
Ukrainian Stock Exchange
Zagreb Stock Exchange

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
ATOS EURONEXT MARKET SOLUTIONS (AEMS)
Jean-Marc Bouhelier
Chief Executive Officer
On 22 July 2005, Euronext and Atos Origin
joined forces to create a 50:50 joint venture
“Atos Euronext Market Solutions (AEMS)
AEMS is the leading provider of IT solutions
for the financial markets. Our clients range
from some of the world’s largest derivatives
exchanges to some of the smaller emerging
market exchanges; from investment banks
requiring trading front ends right through to
settlement systems and supervisory
products. We provide technology for three of
the world’s largest derivatives exchanges,
some sixteen cash exchanges and more
than 1,000 institutions are connected to our
network. One of our goals is to be
recognized as global industry experts and
each of our business units is staffed by
experienced industry teams. Many of our
experts have themselves come from client
backgrounds and fully understand the
challenges our clients face in the fast
evolving financial services industry.
We understand that at the heart of every IT
expenditure decision-making process lies the
critical question of how to gain access to
leading and reliable technology at the best
possible cost, whilst minimizing any potential
risk to the business. This is where AEMS can
help.
CONTACT INFORMATION
PAGE 10
The mix of people, clients and product is
very compelling. I firmly believe that the
combination of excellent client service and
leading edge solutions at the right price
points will be the foundation of our future
success.
From the outset AEMS has turnover of some
EUR 360 million across sixteen countries and
we employ more than 1,200 staff around the
world. We have a diversified portfolio of
products, some of which, including NSC
and LIFFE CONNECT®, are recognised
market leaders for their superior functionality
and performance.
As Chief Executive Officer Jean-Marc
Bouhelier explains, “The mix of people,
clients and product is very compelling.
I firmly believe that the combination of
excellent client service and leading edge
solutions at the right price points will be the
foundation of our future success.“
Looking at the industry’s challenges,
Bouhelier identifies the adoption of electronic
trading and the rapid globalization of
financial markets as the two critical issues.
“The extensive use of technology by market
participants and the ever increasing number
of real time messages create significant
demand on the technology needed by our
customers to stay in the game. Our ability to
deliver those global infrastructures on
demand, at the right price levels and with the
right level of resiliency will help our
customers deliver value to their shareholders
in a climate where they face significant price
pressure from their own customers.”
Contact Name Eric Pezet E-mail eric.pezet@aemarketsolutions.com Website www.aemarketsolutions.com

Atos Euronext Market Solutions (AEMS)
is the leading provider of IT solutions
for trading, clearing and capital market customers via its worldwide market infrastructure
Our trading platforms process 160 million cash trades per year,
11 million derivative contracts per day
22 exchanges use our trading platforms including
three of the world's largest derivatives exchanges
More than 1,000 institutions are connected to the network
Our clearing business clears 1 billion contracts per year
The technology and industry knowledge
of the AEMS teams serves both major and emerging markets around the world
Among the FEAS, AEMS delivers solutions for 3 Exchanges:
the Amman Stock Exchange,
the Muscat Securities Market and
the Tehran Stock Exchange.
For Further Information, please contact:
Eric Pezet AEMS 6-8 boulevard Haussmann 75009 Paris France
Tel. +33 1 73 03 03 78 eric.pezet @aemarketsolutions.com

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
TAKASBANK-ISE SETTLEMENT AND CUSTODY BANK, INC.
Emin Catana
President and CEO
TAKASBANK IN GENERAL
Takasbank (ISE Settlement and Custody
Bank Inc) is incorporated as a non-deposit
taking banking institution and is authorized
by the Capital Markets Board of Turkey to
function as: the Central Securities Depository
of Turkey, the Clearing and Settlement
Institution for ISE markets, the Clearing
House for the Turkish Derivatives Exchange,
the National Numbering Agency of Turkey,
the Custodian for the Mutual Funds and
Pension Funds incorporated in Turkey.
Takasbank is owned by the ISE (26%) and
by the members of the ISE (20 banks and 70
brokerage houses with 40% and 34% stake
in the share capital, respectively).
Participants of Takasbank are the members
of the Istanbul Stock Exchange, clearing
members of the Turkish Derivatives
Exchange, institutional investors and issuers.
Services provided by Takasbank includes
safekeeping of physical securities, custody
and transfers of securities in book-entry
form, the execution of corporate actions, web
based monitoring service for investor subaccounts,
central clearing and settlement for
the ISE organized market (based on
multilateral netting), real time gross DvP
“member to member” settlement, settlement
and custody for foreign securities, cash
settlement and transfer facilities (domestic
and cross-border), Takasbank Money
Market, securities lending and borrowing,
cash credits, clearing house services for the
Turkish Derivatives Exchange and allocation
of ISIN for securities issued in Turkey.
Takasbank is an active member of
international organizations such as ANNA,
ISSA and is also member and user of the
PAGE 12
In 2005, Takasbank has become the
clearing and settlement center for all
transactions in spot/derivatives markets of
the organized markets in Turkey.
SWIFT communications network.
Currently equity investors’ holdings are
recorded in the sub-accounts of the
participants at Takasbank. Dematerialization
of securities is planned to be accomplished
by the 4th quarter of 2005. The Central
Registry Institution that is already set up with
65% shareholdership of Takasbank, will be
responsible for holding the register of the
dematerialized securities in Turkey.
On February 4th, 2005, the Turkish
Derivatives Exchange (TurkDEX)
commenced its operations with a variety of
contracts including commodities and
financial futures. Takasbank is appointed
and authorized as the Clearing House for
TurkDEX. Thus, Takasbank has become the
clearing and settlement center for all
transactions in spot/derivatives markets of
the organized markets in Turkey.
TAKASBANK AS THE CLEARING
HOUSE FOR TURKDEX
Takasbank acts as a buyer to every seller
and a seller to every buyer in each trade
executed at TurkDEX. In accordance with the
regulations, Takasbank guarantees the
derivatives market liquidity and safety with
the deposited margins and the Guarantee
Fund resources. Takasbank is the guarantor
for TurkDEX trades with a limited liability. This
liability is underlined in the 78-79th article of
TurkDEX regulations.
Takasbank’s main functions regarding with
the derivatives market and the Clearing
House Operations are as follows:
• Approval of clearing members.
• Central counterparty for TurkDEX trades.
• Limited guarantee with margins and
Guarantee Fund.
• Determination of collateral types and
operational procedures.
• Keeping position and collateral data on
either member or account basis.
• Mark to market daily.
• Monitoring collaterals and composition
check.
• Settlement of daily profit/loss.
• Announcement and monitoring of margin
calls (if any)
• Application of default process (if any)
• Liquidation of collaterals in case of default.
• Position/collateral transfers between
accounts.
• Corporate actions of collaterals deposited
against derivatives as margin.
• Management of the Guarantee Fund.
• Interest payment for cash margins and
the Guarantee Fund cash part.
• Training of clearing members.
The future functions that are under
development are:
• Clearing by T+1 (instead of T+0)
• Integration with the dematerialized system
(TurkDEX-Takasbank-Central Registry
Institution)
• Give-up (for the clearing members)
• Physical delivery feature for certain types
of contracts
• Analysis and development of options
contracts
Please see the May 2005 Edition of the FEAS
Semi Annual Report for detailed information
on clearing house functions of Takasbank for
TurkDEX.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
FIGURES RELATED TO THE FIRST SIX MONTHS CLEARING HOUSE ACTIVITY
Total Number of the Clearing Members
(end of July 2005): 53
Total Value of the Open Positions
(end of July 2005): USD 175 million
Breakdown of the total value of the open positions by type:
Total Value of the Collaterals
(end of July 2005): USD 31.3 million
Cash Government Debt Securities
74%
23%
6%
Breakdown of the total value of collaterals by the type of collateral:
CONTACT INFORMATION
Total Number of the Open Positions
(end of July 2005): 74,335
Breakdown of the clearing members by type: Number of Open Positions (Contracts)
Brokerage Houses Banks
39%
14%
FX Index Interest Rate
83%
11%
2%
1%
FX Equity
The first six months activity of 2005 at the
TurkDEX proved to be promising for the
future. Takasbank, as the Clearing House for
TurkDEX has once again assured its position
in the local and international markets as an
expert institution in clearing and settlement
activities. Together with all of its other
activities, Takasbank will continue to excel
in the clearing house services for TurkDEX.
Breakdown of the total value of the open positions by the origin of its holder:
Foreign Local
Total Value of the Guarantee Fund
(end of July 2005): USD 9.3million
Breakdown of the total value of the guarantee fund by the type of collateral:
Government Debt Securities Bank Letter of Guarantee Cash
Contact Name Mr. Osman Gunsel Topbas E-mail international@takasbank.com.tr Website www.takasbank.com.tr
80,000
60,000
40,000
20,000
4
0
/
2
0
60%
61%
8
1
/
2
0
4
0
/
3
0
8
1
/
3
0
20%
1
0
/
4
0
40%
19%
5
1
/
4
0
9
2
/
4
0
3
1
/
5
0
0
3
/
5
0
3
1
/
6
0
7
2
/
6
0
1
1
/
7
0
5
2
/
7
0
PAGE 13

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
GL TRADE
Ina Hanisch
Executive Vice President, Sales and Marketing
GL TRADE, A PROVIDER
COMMITTED TO THE
FINANCIAL COMMUNITY
GL TRADE is a leading software vendor with
23 offices worldwide and over 1,000
employees. The Group services more than
3,500 clients, including 500 international
financial institutions.
GL TRADE provides a full STP, GL
STREAM Front to Back Solution, a unique
network for the trading community, GL NET,
Market Data and Content in real time, a
Settlement suite and Professional Services.
With its innovative GL STREAM Front to
Back Solution, GL TRADE bolsters its
competitive edge.
GL STREAM Front to Back Solution is
comprehensive, modular and covers the
entire order flow from client connectivity,
order management, trading, market access
to post-trade management.
GL STREAM Front to Back Solution covers
all the steps of the order flow based on 5
lines: Client Connectivity, for a
comprehensive order capture solutions using
FIX, external networks, Internet and the GL
NET order routing network for any type of
executions -in Direct market Access or
through discretionary order routing- with
built-in client risk management (Retail,
Institutional Buy Sides or other Sell Sides).
Order Management, to suit any business
strategy from simple mono-site configuration
to a complete management of the sales to
dealer relationship using powerful rule-based
multisite order routing, with instant position
keeping and crossing automate to leverage
automatic internalization opportunities.
Trading, with an innovative trading system for
accuracy, control and VWAP performance,
advanced trading tools for Program Trading,
Index Arbitrage, Market Making and Fast
Trading, including full APIs-customization
services.
Market Connectivity, to trade electronically
on all types of markets: equities, derivatives,
options commodities with over 100 direct
connections worldwide, with a high level of
performance (2,000 orders/second) and
PAGE 14
With its innovative GL STREAM Front to
Back Solution, GL TRADE bolsters its
competitive edge.
market risk management capabilities to
regulate and control in real time traders
activity, including standardized APIs.
Post-Trade Management, to automate trade
allocation, netting, fees calculation with real
time confirmations (OASYS gateways),
matching and clearing.
A comprehensive offering:
International Order Routing network
GL NET, a secure, high-speed, proprietary
network provides well-established, costeffective
global connectivity to the largest
financial community. With over 550 key
financial institutions accessing more than a
100 equity, bond, commodity and derivatives
electronic markets around the world, GL NET
provides real-time market data and access
to trading via Direct Market Access or
discretionary order routing.
Market Data & Content
GL TRADE offers real-time market datafeed
and is the partner of major news providers:
AFP, DOW Jones Newswires, AFX, Standard
& Poors… available on all GLTRADE
workstations and client web-based trading
platforms.
Settlement & Back Office
For efficient Back Office management, GL
TRADE offers the adapted solution for cash
& securities, listed derivatives instruments as
well as OTC products. In-house or in ASP
Service Bureau, our full Back Office suites
provide real-time, advanced solutions for
financial players to manage efficiently their
capital activities.
Professional Services
With the increasing trend towards real time
electronic solutions, financial IT
infrastructures require major changes and
people to conduct these changes. With a
global network of people and resources,
GL TRADE is ready to assist clients anytime,
anywhere and covers technical and
development support, project management,
DBA expertise and knowledge sharing.
Introducing the new GL
STREAM Workstation
The imminent launch of the GL STREAM
Workstation marks the culmination of an
ambitious project to bring together in a
single integrated front end all the trading &
order management expertise of the GL
TRADE group.
The GL STREAM front- to back- global
trading solution has been an ambitious
project. GL TRADE has had to solve
numerous technological challenges,
incorporate significant acquisitions and also
keep pace with the markets’ natural
evolution.
These acquisitions have provided GL TRADE
with local expertise and useful exposure in
areas where it was looking for strong knowhow.
The major acquisition in November
2003 of various subsidiaries from UK
applications software company Misys
Securities Trading Systems (MSTS) and
more recently Davidge, a US-based
company specializing in smart order routing
and US market connectivity, are good
examples of the expertise GL TRADE has
acquired. Useful knowledge in agency and
market making business in the UK and US,
as well as how to transact extremely large
basket trades, gleamed from MSTS’ strength
in trading in Asia, has been gained.
The latest acquisition of Ubitrade, which
provides an automated back-office system
for listed derivatives, was the final step in
allowing GL TRADE to offer the only
complete solution on the market for
derivative players. GL TRADE is the only
company that provides an order
management (OMS) platform for derivatives
that is linked to a specialized back office
system.
It was logical to incorporate all this expertise
into GL STREAM, rather than to maintain
them in various stand-alone legacy products.
Doing this shows GL TRADE is serious in its
ambition to enhance its position as a global
provider of a genuine front- to back-solution.
It also shows that GL TRADE has been
willing to address one of the main challenges
in the trading area, which is to provide an allin-one,
flexible, fast, robust and
customisable solution for a wide range of
clients. The new GL STREAM Workstation
meets this challenge and represents a
significant step in the overall GL STREAM
solution.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
The Workstation is a reflection at the front
end of the whole seamless GL STREAM
front- to back-solution and represents the
concentration of all of GL TRADE’s expertise
into a single trading system. The Workstation
combines the previously separate OMS and
trading worlds into a single workspace and
sets a new standard for order flow
management. The creation of a single OMS
and trading technological environment helps
simplify the implementation of the GL
STREAM solution.
Many previously segregated features, such
as those found in MSTS or Davidge
products, are now available in a single
package to all GL TRADE customers
wherever they are located. This offers
numerous advantages.
GL STREAM Workstation is faster than the
legacy products at routing orders, trading
and then monitoring deal flow. It is also far
more powerful and flexible, giving clients the
ability to develop their businesses further in
the way that they want.
Both client and proprietary orders can now
be managed in a single window. The GL
STREAM Workstation can incorporate any
of the powerful functions offered by GL
TRADE, such as, sales to dealer workflow,
order allocation for differentiation between
client and proprietary orders, position
keeping and profit and loss reporting. It can
receive, transact and monitor exceptionally
large orders and it can carry out all of these
tasks across multi-asset classes with
dedicated tools for program and algorithmic
trading, basket trading or market making.
GL STREAM Workstation is a totally flexible
solution and sets the standard for a new
generation of front ends. However, as it is
built on the GL WIN architecture, which is
likely to remain the dedicated tool for many
trading specialists, it cuts the time clients
will need to spend familiarising themselves
with the platform.
In summary, GL STREAM Workstation
delivers a single functional environment at
the front end, which combines the vast array
of competence and expertise that GL TRADE
possesses. It delivers a solution that really
allows users to plug & play extremely
advanced trading and order management
tools, incorporating value-added modules,
such as those for program or algorithmic
trading and advanced market making
functionalities. It is suitable for all market
CONTACT INFORMATION
participants from the buy side to sell side,
from salespeople to traders, and compliance
officers and risk managers.
Looking to manage your order
flow with only one technology?
A true global provider to the financial
community
GL TRADE is what is called an ISV
(Independent Software Vendor). The Group
provides the financial community with
Trading & Order Management Software,
Settlement, Network, Market Data, Risk
Management solutions and Services to cover
the entire order flow from the Buy Side to the
Sell Side and to the back office.
GL TRADE was created 18 years ago and is
one of the pioneers in electronic trading
solutions. As a leader in its field GL TRADE
is the only provider to offer access to more
than 100 electronic cash and derivatives
markets worldwide and to offer a true front to
back office solution, GL STREAM.
Trading better and faster
Technology provided by GL TRADE offers
an enhanced access to derivatives and
equities markets and allows faster order
routing and market data transmission. The
development of technology improves
transparency and provides deeper liquidity.
Electronic solutions permit brokers to reduce
costs and operational risks on the markets
they trade on.
The main basic need whether you are a
broker or an exchange, is to maintain and
increase margins. Speed is essential and
can be achieved through for example;
automated trading, Fix messaging, Direct
Market Access offered by exchanges etc…
Connectivity is another important issue,
combining several data feeds into a single
trading strategy is crucial. In the mean time
technology has to remain flexible, in order to
react, adapt and integrate rapidly to new
standards.
GL TRADE provides access to over 100
markets worldwide. GL TRADE covers more
than 350 000 instruments and provides
dedicated trading systems for equities and
derivatives including clearing & settlement
solutions to answer derivatives post-trade
management and back office requirements.
GL TRADE also offers a “Smart order
routing” technology allowing brokers to
instantly decide where to trade more
efficiently.
Contact Name Mr. Umit Akbulut E-mail uakbulut@gltrade.ch Website www.gltrade.com
Anticipating markets trends
Even if Pit trading will one day disappear to
the benefit of electronic trading, we can say
that the environment itself is evolving
technically. The job of a trader who works at
a broker’s site is changing. Thanks to
sophisticated electronic trading tools traders
can devote more time in service to his clients
such as analysis and advice. Specific tools
have already been developed by GL TRADE
to address there specific needs.
The financial community will continue to
consolidate with mergers between
exchanges or mergers between brokers.
It will create new financial instruments and
trading opportunity and technology will
continue to adapt itself to bring new
investments facilities.
Growing power of the Buy Side
community
Buy-side clientele is increasingly powerful
and influential in the marketplace. GL
TRADE’s products are tailored to target this
market by offering specific order
management tools and continually adding
them to its product range.
Remaining closer to the clients’ needs
The structure of GL TRADE has been
designed to combine quick and effective
responses, close physical proximity, and to
bring together the resources and expertise of
a world-class group with a strong local
presence. Our objective is to offer our clients
the same commitment to excellence, tailored
to their particular needs, regardless of their
size or location.
GL TRADE (Switzerland) LTD with offices in
Geneva and Zurich, actively meets all Buy
sides and Sell sides needs throughout
Switzerland. Answering the specific and
evolving demands of GL TRADE’s clients
and prospects, our dedicated team of IT &
support specialists meet the Swiss quality
label standard. Since 2005 GL TRADE
(Switzerland) LTD is targeting the developing
Turkish market with promising results
expected.
PAGE 15

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
DOW JONES INDEXES AND STOXX LTD.
Lars Hamich
Managing Director
WHAT LIES BENEATH – THE
ESSENTIALS OF INDEX
PRODUCTION
INTRODUCTION TO DOW JONES
INDEXES AND STOXX LTD.
Dow Jones Indexes and STOXX Ltd. operate
as a globally integrated index provider.
Together, they develop, maintain, distribute
and market a comprehensive global family of
rules-driven and free-float weighted indexes.
The Dow Jones Indexes and Dow Jones
STOXX index family include a full range of
blue-chip and benchmark indexes, including
the Dow Jones Industrial Average, the Dow
Jones EURO STOXX 50, the Dow Jones
Global Titans 50 Index and the Dow Jones
STOXX Global 1800.
The Dow Jones and Dow Jones STOXX
blue-chip indexes are unique as they are
maintained at the global, regional, country
and sector levels; no other index provider
offers so many slices of the blue-chip
universe. At the benchmark level, Dow Jones
Indexes and STOXX Ltd. provide global,
regional and country indexes as well as size,
sector and style subindexes. The broadest of
these are the Total Market Indexes, which
represent 95% of the free-float market
capitalization of the covered markets,
including all developed markets and the
most relevant emerging markets.
In addition to that Dow Jones Indexes
calculate a range of specialty indexes such
as the Dow Jones AIG Commodity index and
the Dow Jones Islamic Market Indexes.
The latter were created for people who wish
to invest according to Islamic investment
guidelines. The indexes track Shari`ah
compliant stocks from around the world,
providing Islamic investors with
comprehensive tools based on a truly global
investing perspective. Certain businesses are
incompatible with Shari`ah Law. Thus,
stocks of companies in these businesses are
not considered suitable for Islamic investing.
Incompatible lines of business include
PAGE 16
Over the past several years the information
flow has improved substantially in both
quantity and quality.
alcohol, pork-related products, conventional
financial services (banking, insurance, etc.)
and entertainment (hotels, casinos/gambling,
cinema, pornography, music, etc.).
Shari`ah scholars also do not advise
investments in tobacco manufacturers or
defense and weapons companies. Special
care is taken to ensure that all securities
selected for the Dow Jones Islamic Market
Indexes are acceptable under Shari`ah Law.
To this end, a Shari`ah Board of Islamic
scholars has been created to counsel Dow
Jones Indexes on matters relating to the
Shari`ah compliance of the indexes' eligible
components.
The Dow Jones and Dow Jones STOXX
indexes are licensed to companies around
the world as underlying for investment
products. The market has chosen Dow
Jones STOXX indexes as the standard for
European equity index derivatives. The Dow
Jones EURO STOXX 50 underlies the largest
equity index derivative in Europe and the
second largest globally. Recently, Dow
Jones Indexes has licensed the Dow Jones
Turkey Titans 20 index to the Turkey based
asset management company Finansportfoy
to create the first exchange- traded fund in
the Turkish financial market place.
STOXX Ltd. is a joint venture of Deutsche
Borse AG, Dow Jones & Company and SWX
Swiss Exchange. Launched in 1998, in
advance of the European Monetary Union,
the introduction of the Euro and the creation
of the Eurozone, the Dow Jones STOXX
Indexes became Europe’s leading equity
indexes in a fast and impressive success
story.
Dow Jones Indexes is part of Dow Jones &
Company, which publishes the world’s most
vital business and financial news and
information. In addition to Dow Jones
Indexes, Dow Jones & Company (NYSE: DJ;
dowjones.com) publishes The Wall Street
Journal and its international and online
editions, Barron's and the Far Eastern
Economic Review, Dow Jones Newswires
and the Ottaway group of community
newspapers. Dow Jones is co-owner with
Reuters Group of Factiva, with Hearst of
SmartMoney and with NBC Universal of the
CNBC television operations in Asia and
Europe. Dow Jones also provides news
content to CNBC and radio stations in the
United States.
THE PRODUCTION PROCESS
Basically, an index is regarded as a number
that tells something about the current state
of a market for stocks, bonds or some other
instrument, be it foreign or domestic. For
those that have invested in an index fund,
the change in that number from day to day
closely represents the movements of their
portfolio.
Not many think much about what it takes to
produce that number, and the few that do
usually regard the process as a bit murky no
matter how clearly stated the index
methodology may be. Like an iceberg, the
visible part of an index misleads even
informed viewers about the immensity – and
the importance – of work that lies beneath
the surface.
The index provider faces a forever of daily
monitoring, research and auditing to keep all
its indexes before investors’ eyes. If an index
provider does not do this job well, its index
numbers sooner or later will be wrong, which
probably will cost investors some money
beyond what the market itself may inflict, and
in turn, investors will stop using indexes from
that provider. This is not a business model
the index provider wants to follow. To
illustrate the process, we focus on two
groups known as Index Support and
Production. Every index provider, though,
faces similar issues and challenges, which
demand enormous investments of resources
to handle.
The support group is responsible for
researching and recording all changes to the
components of a stock universe from which
hundreds, if not thousands, of indexes have

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
been derived. The group also notifies
licensees of these changes in great detail.
There are two main types of changes:
ongoing and periodic. Ongoing changes are
typically corporate actions. Throughout the
quarter, researchers scan news articles for
mention of index components. This
“corporate actions team” monitors 50,000
companies around the world and devotes a
significant portion of every morning to
ferreting out events affecting component
companies. There aren’t any data vendors
offering all the needed information, so this
group shoulders the responsibility.
The corporate actions team is looking for
mergers, acquisitions, spin-offs,
bankruptcies, delistings, stock dividends,
stock splits and cash dividends.
Stock splits are among the best known of
corporate actions. They tend to be fairly
straightforward and are virtually guaranteed
to take place on their pre-announced date.
Mergers and acquisitions are another story
entirely. From the time a merger or takeover
is announced, researchers collect every
document released on the topic and
regularly call the companies involved to
check on the status of the deal and as many
details as they can dig out. Regulatory
approval must be received before the deal
can go through, and some industries, such
as utilities, have their own regulatory
agencies that must approve the mergers.
Differing rules in foreign countries regarding
mergers can also complicate the monitoring.
Getting this information isn’t always easy.
Hostile takeovers in particular seem to bring
out some people’s stonewalling instincts.
CONTACT INFORMATION
And many times, poor communication can
be the source of difficulties. In emerging
markets, information can be hard to find, and
language barriers can throw up additional
hurdles.
At other times, the timing of a deal’s
completion can be elusive. A merger might
be delayed for months while approval is
sought from various quarters. Once that
approval is received, the merger can go
through in as little as 20 minutes.
In addition to hard-to-find information and
complicated corporate actions, bad data
from outside sources is an occasional fact of
life. Information is gathered from a variety of
sources and verifying each piece of data with
at least two sources is the rule.
Nonetheless, over the past several years the
information flow has improved substantially
in both quantity and quality. This change
could be chalked up to the spread of English
in the business world and the rise of the
Internet. Several years ago, for instance, the
Kuala Lumpur exchange was still using a
chalkboard to record the prices of its stocks.
Today it has a first-rate website that provides
more information than similar sites
maintained by some stock exchanges in
developed markets.
At Dow Jones Indexes and STOXX Limited,
customers are alerted to ongoing changes
via daily reports that are sent out by the
index support team, which is also in charge,
not surprisingly, of customer service. The
reports list upcoming changes to index
components for the next two weeks,
including ratings of how likely each corporate
action is to take place.
Contact Name Mr. Lars Hamich E-mail pr-indexes@dowjones.com Website www.djindexes.com
marketing@stoxx.com www.stoxx.com
Each corporate action or merger/acquisition
is given a 30-, 50-, 75- or 100-percent
probability rating.
Periodic changes also are made to indexes.
Most indexes are reviewed quarterly or
annually, meaning new components are
selected and shares outstanding are
updated. Dow Jones adjusts a company’s
shares immediately if it amounts to 10% or
more of the market capitalization; smaller
adjustments are accounted for during the
next review. The reviews are implemented at
the end of each calendar quarter, but the
review process kicks off in the second month
of the quarter.
A review basically begins by taking a
“snapshot” of the index components as they
exist on a specified date and comparing it to
the previous quarter’s snapshot to spot what
has changed. Deletions, name changes and
initial public offerings must be identified.
The changes that index support people have
researched, tracked and documented then
must be incorporated into the indexes being
calculated in real-time or at the end of each
day. The job of implementing changes falls
to the production group. Production also
implements routine changes such as stock
symbols, identification numbers such as
ISINs and switches in primary exchange
listings.
Production is as close as it gets to the index
fairy because it’s the main distribution hub
for all indexes created and marketed by Dow
Jones Indexes. The Dow Jones STOXX
indexes are calculated in Zurich and
distributed through the Deutsche Borse in
Frankfurt.
PAGE 17

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
TurkDEX (TURKISH DERIVATIVES EXCHANGE)
Hamdi Bagci
CEO
THE NEW ERA IN TURKISH
FINANCIAL MARKETS...
A MODERN MARKET ECONOMY
Turkey has been changing rapidly. Over the
last three years Turkey has grown by 25%
and decades of high inflation have ended.
The European Union (EU) accession process
has accelerated economic and legal reforms.
With its sound financial system and legal
infrastructure compatible with the best of
international standards, Turkey is a modern
market economy.
Turkey has vibrant a financial market. The
average daily trading volume of stocks and
bonds listed on the Istanbul Stock Exchange
was TRY 6,909 million in 2004. During that
period average daily volume of spot currency
trading was US$ 2,206 million. The free
movement of capital and favorable legal
environment encourages domestic and
international participation in Turkish financial
markets. Well over half of the stock market's
capitalization is held by international
investors.
A NEW DERIVATIVES EXCHANGE
Derivatives are the instruments that have
been employed for many years to facilitate
transfer of risk, price discovery, and enhance
liquidity by offering detailed public
information. Since the mid-1980s the number
of derivatives exchanges operating in both
industrial and emerging-market economies
has increased substantially. The derivatives
market recently experienced tremendous
economic growth and the will of integration
into international markets motivated the
establishment of a derivatives exchange in
Turkey. As a result, Turkish Derivatives
Exchange (TurkDEX) started operations by
listing derivatives contracts on February 4,
2005. TurkDEX is a self-governing, Capital
Markets Board of Turkey regulated, joint
stock corporation. It is headquartered in
Izmir, by the Aegean Sea, which is the third
biggest city in Turkey.
PAGE 20
The primary objective of TurkDEX is to
become a global risk management center
by providing derivatives tailored to meet
the needs of traders, hedgers and
investors.
The primary objective of TurkDEX is to
become a global risk management center by
providing derivatives tailored to meet the
needs of traders, hedgers and investors.
Elements of the microstructure of TurkDEX
such as the trading mechanism, the clearing
arrangements, the regulatory structure, and
the derivatives products to be traded, were
designed to offer a fully integrated financial
service both in national and international
markets.
TurkDEX uses an electronic-based trading
system which is more attractive to
businesses and investors thanks to its
improved access, reduced cost, and greater
transparency. By using an e-trading system,
TurkDEX will be able to draw business from
traders around the world. The trading system
guarantees maximum accessibility and
provides instant order entry and matching, in
addition to equal access for all participants
to satisfy their needs and expectations.
TurkDEX's system operates on Wide Area
Network (WAN) topology consisting of
permanent data lines between TurkDEX and
its members, providing them with the
capability to trade remotely.
TurkDEX offers investors the ability to
leverage the capital they invest by buying
securities on margin. In other words,
investors have the opportunity to buy / sell a
contract with a proportional deposit, socalled
margin which is relatively lower than
the contract value. In addition, spread
margining, which lowers the margin rates in
case of having long and short positions at
the same contract with different maturity
simultaneously, is available.
PRODUCTS
To a large extent, the success of a
derivatives exchange depends on the choice
of products to be traded. The main
categories of products preferred as
underlying asset of derivatives are
commodities, interest rates, currencies,
individual stocks, and stock indexes.
TurkDEX carefully designed its products
according to market needs. To date, seven
futures contracts are traded at TurkDEX.
These contracts are:
• Index Futures
- ISE 30 Stock Index Futures
• Interest Rate Futures
- 91 Day T-Bill Futures
- 365 Day T-Bill Futures
• Currency Futures
- TRY / US$ Futures
- RY / EURO Futures
• Commodity Futures
- Cotton Futures
- Wheat Futures
The derivative instruments traded on
TurkDEX will increase the utilization capacity
of the financial service sector by enabling
brokerage houses and banks to offer new
investment and hedging instruments. The
systemic risk in the financial system will be
lessened by allowing corporations to shift the
burdens of price risk to other parties. As an
innovator and customer oriented exchange,
TurkDEX will design and launch new futures
and options contracts as well, in order to
become the “financial product superstore”
of Turkey.
CLEARINGHOUSE
The clearinghouse of TurkDEX is Takasbank,
recognized by the UK SFA as an "Approved
Depository" & an "Approved Bank" and
complies with the "Eligible Foreign
Custodian" definition of the SEC as well.
Takasbank is the central clearinghouse of
Turkey since it executes the settlement and
clearing of the transactions in Istanbul Stock
Exchange (ISE).
Takasbank marks-to-market all open
positions daily to determine the necessary
margins. TurkDEX also has a guarantee fund
to safeguard against any non-fulfillment of
obligations of members to the clearinghouse
arising from exchange contract transactions.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MEMBERS
One of the greatest assets of TurkDEX is
its members. TurkDEX currently has 48
members, consisting of the largest
securities dealers and banks of Turkey
(see the table).
All trading members of TurkDEX are
clearing members as well, since they
meet the required financial adequacy
standards and other qualifications
specified by the exchange. They can
trade both for their own account and for
their clients' accounts.
TURKDEX: FACTS AND FIGURES
Within its first months of operation,
TurkDEX has witnessed remarkable
growth in open positions as there has
been strong investor demand in Turkey.
TurkDEX has recorded a trading volume
exceeding TRY 100 million (US$ 73
million) with more than 10,000 open
positions in a three month period. The
trading volume is growing steadily as
more investors are introduced with
TurkDEX products.
In order to educate market participants
TurkDEX continuously organizes training
programs in co-operation with the
Association of Securities Dealers and
Banks of Turkey. Many Turkish
universities are also providing courses
on derivatives. As a result, a sufficient
number of market professionals were
trained in a short period of time.
TurkDEX's aim to accelerate the growth
of the Turkish financial industry as a
whole marks the start of a new era by
constructing the missing part of it.
CONTACT INFORMATION
THE LIST OF THE MEMBERS
Acar Investment & Securities Inc. www.acar.com.tr
Ak Investment & Securities Inc. www.akyatirim.com.tr
Akbank Inc. www.akbank.com
Alternatif Investment & Securities Inc. www.ayatirim.com.tr
Ata Investment & Securities Inc. www.atayatirim.com.tr
Ata Online Investment & Securities Inc. www.ataonline.com.tr
Bender Investment & Securities Inc. www.bendersecurities.com
Delta Investment & Securities Inc. www.deltamenkul.com.tr
Deniz Bank Inc. www.denizbank.com
Deniz Investment & Securities Inc. www.denizyatirim.com
Deutsche Bank Inc. www.db.com
Dis Investment & Securities Inc. www.disyatirim.com.tr
Eczacibasi Investment & Securities Inc. www.emdas.com.tr
Egemen Investment & Securities Inc. www.egemen.com
Ekinciler Investment & Securities Inc. www.ekininvest.com
Ekspres Investment & Securities Inc. www.ekspresinvest.com
Evgin Investment & Securities Inc. www.evgin.com.tr
Finans Investment & Securities Inc. www.finansinvest.com
Finansbank Inc. www.finansbank.com.tr
Form Investment & Securities Inc. -
Garanti Bank Inc. www.garanti.com.tr
Gedik Investment & Securities Inc. www.gedik.com
GFC General Finance Securities Inc. www.gfc.com.tr
Hak Investment & Securities Inc. www.hakmenkul.com.tr
HC Istanbul Investment & Securities Inc. www.hcistanbul.com
Hedef Investment & Securities Inc. www.hedefmenkul.com
HSBC Bank Inc. www.hsbc.com.tr
Info Investment & Securities Inc. www.infomenkul.com.tr
Is Investment & Securities Inc. www.isyatirim.com.tr
Kocbank Inc. www.kocbank.com.tr
Nurol Investment & Securities Inc. www.nurolonline.com
Oyak Investment & Securities Inc. www.oyakyatirim.com.tr
Oyakbank Inc. www.oyakbank.com.tr
Oncu Investment & Securities Inc. www.oncumenkul.com.tr
Prim Investment & Securities Inc. www.prim.com.tr
Raymond James Investment & Securities Inc. www.prjs.com.tr
Sanko Investment & Securities Inc. www.sankomenkul.com
Standard Investment & Securities Inc. www.sekeryatirim.com.tr
Seker Investment & Securities Inc. www.sekeryatirim.com.tr
Tacirler Investment & Securities Inc. www.tacirler.com.tr
Taksim Investment & Securities Inc. www.taksimmenkul.com.tr
Taris Investment & Securities Inc. www.tarismenkul.com.tr
TEB Investment & Securities Inc. www.tebyatirim.com.tr
Turkish Foreign Trade Bank Inc. www.disbank.com.tr
Turkish Industrial Development Bank Inc. www.tskb.com.tr
Vakif Investment & Securities Inc. www.vakifyatirim.com.tr
Yapi Kredi Investment & Securities Inc. www.yapikrediyatirim.com
Yatirim Finansman Investment & Securities Inc. www.yatirimfinansman.com.tr
For an updated list please visit www.turkdex.org.tr
Contact Name Mr. Hamdi Bagci E-mail turkdex@turkdex.org.tr Website www.turkdex.org.tr
PAGE 21

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
DENIZBANK FINANCIAL SERVICES GROUP
Hakan Ates
President and CEO
THE RHYTHM OF OUR BUSINESS
DENIZBANK FINANCIAL SERVICES
GROUP
Following many years of success, DenizBank
became one of the foremost names in the
Turkish banking industry, earning a welldeserved
reputation for excellent service.
The DenizBank Financial Services Group
consists;
Banking
• DenizBank
• DenizBank AG
• DenizBank Moscow
• EuroDeniz Off-Shore Bank
Investment Banking and Brokerage
• DenizYatirim Securities
• EkspresInvest
• TarisSecurities
• Deniz Investment Trust
• Deniz Portfolio Management
Leasing and Factoring
• DenizLeasing
• DenizFactoring
IT Services
• Intertech
FROM DENIZBANK TO THE DFS GROUP
DenizBank became one of the foremost
names in the Turkish banking industry,
earning a well-deserved reputation for
excellent service. After DenizBank was
acquired by Zorlu Holding in September
1997, a revitalization program was initiated
that encompassed the hiring of new
personnel and opening branches under the
new corporate identity. This was achieved
under the guidelines of a five-year strategic
plan where all targets were successfully met.
Expansion was supported by the acquisition
of a number of branch offices from SDIFcontrolled
banks, as well as several financial
companies including Tarisbank, which
merged into DenizBank by the end of 2002.
Additionally, DenizBank established and/or
acquired financial companies that included
banks in Austria, Russia and the Turkish
Republic of Northern Cyprus in addition to
factoring, leasing, investment and brokerage
companies to complement its existing
banking products and services.
PAGE 22
DenizBank became one of the foremost
names in the Turkish banking industry,
earning a well-deserved reputation for
excellent service.
In addition to DenizBank, the DFS Group has
ten domestic and three international financial
subsidiaries, a financial services branch in
Dortmund, Germany, as well as an overseas
banking unit in Bahrain and in the Turkish
Republic of Northern Cyprus. They are:
DenizYatirim Securities, EkspresInvest, Deniz
Investment Trust, Deniz Portfolio
Management, TarisSecurities, DenizLeasing,
DenizFactoring and Intertech on the
domestic side and DenizBank AG,
DenizBank Moscow and EuroDeniz Off-
Shore Bank Ltd. on the international side.
With major operations, financial control and
accounting functions centralized, the DFS
Group has successfully transformed
DenizBank's branch offices into marketing
centers thereby optimizing the number of
employees and improving operational
efficiency.
The DFS Group possesses a service network
that reaches all segments of the society
throughout Turkey. It also has a solid
standing in the Internet environment which
provides customers, both individual and
corporate, with the facility to conduct
financial transactions remotely from
anywhere in the world.
With adherence to the highest ethical
business practices and corporate
governance principles, the DFS Group has
created sustainable, multi-faceted
relationships with corporate and retail clients
focusing on small and medium-size
establishments, exporters, private companies
and individuals. The DFS Group also has
some niche markets such as ship finance,
tourism, agricultural lending, foreign
construction projects and medicare.
DenizBank and its financial institutions have
adopted the best practices in corporate
governance and international business.
Consequently, the DFS Group is ready to
comply with EU norms and already has
operations in a number of EU countries,
through DenizBank AG, its subsidiary based
in Vienna, Austria. The Group also has a
subsidiary in Russia, another important
trading partner for Turkey, rendering all
complementary services to DenizBank,
Istanbul.
DenizBank's IPO was a landmark event in
Turkey's capital markets, which had been
lackluster for some time.
ZORLU HOLDING
The history of Zorlu Holding goes back to the
early 1950s when it was established as a
home-based producer of textiles. It later
grew into a dynamic group of industrial
companies, globally recognized for high
quality. Zorlu Holding is now one of the
largest and most extensive industrial
conglomerates in Turkey. With a total of 65
companies, Zorlu Holding has 15 large-scale
industrial concerns operating in the
international arena and three energy plants
providing employment for 27,000 people.
Currently, Zorlu Holding concentrates on four
major business areas:
• Home textiles and polyester yarn
• Electronics, consumer durables and
information technology
• Financial services
• Energy production
Having steadily grown in the area of home
textiles during the 1980s, the TAC brand of
the Zorlu Holding Textiles Group has
become the leading brand in the Turkish
home textiles industry. In 1994, the Holding
acquired Vestel Electronics and in 1996
began operations in the energy sector
through Zorlu Energy. The Holding further
increased the number of companies under
its management as it ventured into the
financial services sector in 1997 with the
acquisition of DenizBank.
DENIZBANK AT A GLANCE
Following another year of favorable results,
the total consolidated assets of DenizBank
reached US$ 6,031 million at the end of
2004, an increase of 26% over the 2003
figure which was US$ 4,802 million. By the
end of the year, the Bank's net worth stood
at US$ 667 million, recording an increase of
42% over US$ 471 million posted in 2003.
The capital adequacy ratio of DenizBank was
as high as 17.8%, with its free capital ratio,
one of the best in the Turkish banking
system at 7%. DenizBank currently has 199
branches nationwide in addition to an
Internet Branch and a Call Center.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
CORPORATE BUSINESS
DenizBank continued corporate marketing
activities and initiated a new marketing
approach specifically designed to focus on
the needs of customers in different
segments.
In 2004, following restructuring, the Bank's
corporate business was divided into three
segments to allow for specialization and
diversification of products and services
catering to their specific needs. These
segments include: Corporate Banking
serving companies with annual turnover of
more than US$ 25 million; Commercial
Banking serving companies with annual
turnover of between US$ 2 million and US$
25 million and; Small Business Banking
serving companies with less than US$ 2
million annual turnover.
Corporate Banking: Following segmentation
and redefining target customers in the
corporate banking segment, approximately
1,350 large-scale companies were retained
in the portfolio; the smaller ones that
remained were transferred to the commercial
banking portfolio. Specialized corporate
banking services were initiated at six
branches and three new corporate branches
were opened.
Commercial Banking: The Commercial
Banking Group serves their customers out of
eight regional directorates and 126 branch
offices across the country. With a staff of 260
sales and marketing specialists, the Bank
allocates considerable funds for commercial
segment customers.
SME Banking: Thanks to efficient workflow
and the scorecard, a typical SME credit
application is approved within 48 hours. The
SME Credit Group started operations
evaluating only 50-60 credit applications a
day but this number increased to 600 daily in
the following three months. As a pioneer in
the SME segment in Turkey, DenizBank aims
at further diversifying its loan book into small
and medium-size companies as it develops
additional products and services able to
cater to the business needs of this segment.
RETAIL BANKING
Retail Marketing: To achieve maximum
customer satisfaction and optimize on
operational costs, a number of new
consumer products were launched during
2004, some of them for the first time in
Turkey.
CONTACT INFORMATION
These products include:
• Alo-Kredi; a type of a consumer loan
granted on the phone without requiring the
borrower to visit a DenizBank branch and
without a third-party's guarantee
• Express limit, an additional installment loan
facility on credit cards, that can be utilized
for durable good purchases at member
merchants via POS terminals
• A 4-month grace period for consumer
loans
• Special credit terms for the employees of
certain institutions like the Central Bank,
Turkish Industrialists and Businessmen
Association member companies and The
Scientific and Technical Research Council of
Turkey (Tübitak)
• A number of cross-selling campaigns were
organized for existing DenizBank customers:
mutual fund investors, direct deposit
customers, employees of companies
receiving their salaries through DenizBank
and credit cardholders without overdue
problems
• A number of campaigns, like additional
installments, cash rebates, customized
reward and postponed payment were
organized in order to increase the turnover of
DenizBank credit cards
• DenizBank started issuing the Bonus Visa
Card in addition to the Bonus Master Card
• Repo, T-bills trading and mutual fund
transactions were added to ATMs' functions
Credit Cards: DenizBank credit card
applications are processed through the
online real-time workflow system, which
serves to increase the pace of operations
and approvals. All applications are
processed through a scorecard-based
approval system which facilitates limit
allocations and performance monitoring.
Always aiming at delivering the best available
service to cardholders, DenizBank is
continuously improving its technological
infrastructure and enhancing its card
processing systems.
The market share (by volume) is 3.22% by
year-end 2004.
Bonus Card: Bonus Card is the first multibranded
chip based credit card in Turkey,
offering both installments and rebate
rewards. There are 35,000 partner merchants
taking place in the Bonus program which
offer installments and cash rebates to Bonus
cardholders.
DenizBank Contact Center +90 212 444 0800 E-mail info@denizbank.com Website www.denizbank.com
Direct Sales: Direct Sales consists of;
• Consumer Loans
• Overdraft Facility
• Bill Payment Orders
• Mutual Funds
• Insurance Services
• Life and non-life insurance products
Alternative Distribution Channels: Through
DenizBank's alternative distribution channels
customers may access a large number of
services without the need to visit a branch
office. In addition to routine banking
transactions, these services also include
investment products which DenizBank
customers can utilize through the Internet
Branch, ATMs, Kiosks and the Contact
Center. Through these channels they can
buy and sell mutual funds, government
bonds and Treasury bills. Customers can
also change foreign currency and buy
prepaid GSM cards through alternative
distribution channels. Additionally, debit card
applications can be made through all four of
these channels.
In 2004, DenizBank pioneered an other first
in Turkish banking. In addition to applications
through branches and the website,
customers can now apply and register online
for Internet banking services by simply
calling the Contact Center.
In an effort to promote the use of alternative
distribution channels, customers are given
DenizYildizi (SeaStar) via @cikDeniz, Contact
Center and Kiosks, in proportion to their
usage of the channel. SeaStar entitles the
customer to certain privileges or benefits in
their relationship with the Bank.
@cikDeniz Internet Branch: In operation
since 1999, DenizBank's Internet Branch
@cikDeniz has capabilities for modular
transactions and information search facilities.
Through this innovative medium, the Bank's
customers can conduct all banking and
investment transactions online. These
transactions include making utility payments
and money transfers, placing direct debit
orders via credit cards, merging of accounts,
enabling the upgrading, canceling and
resizing of stock orders, as well as
communicating with Contact Center
personnel.
PAGE 23

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
TATA CONSULTING SERVICES
S. Ramadorai
CEO and Managing Director
OUR OFFERINGS FOR YOUR
MARKETPLACES
Over the last couple of years, the securities
markets industry worldwide is undergoing
unprecedented changes leading to
redefining of business models and
competitive strategies for many
marketplaces.
Introduction of new products and value
added services, regulatory changes,
diversification, demutualization, and
emergence of new players are some of the
key business drivers for the new generation
exchanges and CSD organisations. With the
growing volume in trade, various strategies
are being implemented to reduce the related
risks. Many markets are shortening the
settlement cycles and also entering into
cross border alliances to grow beyond their
national boundaries. The Federation of Euro
Asian Stock Exchanges has also embarked
on the common cross border trading
platform under the SECI project wherein
investors will be able to reach every stock
exchange from a single trading platform.
Technology has played an integral role in the
transformation of securities business
worldwide. Driven by the quantum leaps in
technology, the roles of technology providers
have evolved from providing traditional
solutions and system integration, to
providing value-added products and
services. Technology providers have been
closely engaged not only in business
automation but also in achieving overall
operational efficiency and cost reduction for
the marketplaces.
Extensive experience gained in executing
various mission critical exchange and CSD
solutions, continuous research and analysis
of the best practices in securities industry
and a thorough understanding of the
potential needs of the leading exchanges
and CSD organisations, helps experienced
technology providers such as TCS to assess
the current and future needs of the
marketplace.
The key highlight of our assessment is that
marketplaces, in future, will require product
based solutions compared to bespoke
development to quickly respond to market
requirements and achieve competitive
advantage.
PRODUCT BASED OFFERINGS
To illustrate how the product based offerings
can help you in realize your business
objectives, take a look at 3 key aspects of
the exchange marketplace and the
challenges – both business and
technological, posed in them. These 3
aspects are:
1. Trading (exchanges)
2. Post-trading (clearing, settlement,
depository organisations)
3. Broker-dealer operations (large brokerage
houses / market intermediaries)
1. Trading
After witnessing the online screen-based
transformation of the traditionally open outcry
trading, exchange businesses now need to
PAGE 26
With years of providing IT solutions behind
it, TCS specializes in developing financial
products that are customized and adaptable
to the changing landscape of securities
markets.
gear up for the next challenge – the
challenge of coping with the future
expectations. This is more evident in case of
emerging economies looking for attracting
local as well as international trading
community. The exchanges are expected to
offer trading platform for a variety of financial
instruments. Regulatory changes affecting
the trading business are expected to be
implemented harmoniously with minimum
impact. The exchange trading systems must
be flexible, scalable, reliable and should offer
high performance to meet these business
and technological challenges.
TradeX
TCS’ trading system product – TradeX offers
a complete solution to meet these
challenges. TradeX comprehensively
addresses 4 key concepts of trading namely:
• ‘What’ - Instruments available for trading
• ‘Where’ - Trading floors and markets
• ‘Who’ - Trading participants and user
hierarchy
• ‘How’ - Trading rules
‘What’
TradeX supports trading in equities, equity
derivatives, fixed income instruments,
commodities, commodity derivatives and
also offers a flexible framework to manage
these diverse financial instruments.
‘Where’
TradeX, with its configurable market
hierarchy set up, enables you to introduce
new trading floors, markets and trading
sessions. Trading sessions can be run
multiple times and can be extended. TradeX
offers variety of trading models such as
order driven matching, true quote driven
trading model for market markers, hybrid
matching and negotiated trade reporting.
TradeX also offers variety in matching
algorithms and priority of matching. New
rules and algorithms for validating and
matching the incoming orders and new order
type combinations can be added with
minimal impact.
‘Who’
TradeX provides for flexible multi-level user
hierarchy wherein user categories and
hierarchies can be configured as well as
extended based on market needs, regulatory
conformance and prevalent business
practices in your region. You an also assign
different roles, business privileges and
access controls to these defined users.
‘How’
TradeX works as per the trading parameters
set by your operations staff which can be
changed to quickly adapt to changing
business requirements such as change in
circuit filter levels and changes in trading tick
size. These parameters can also be set at
various levels such as global level and
instrument level.
In the absence of sophisticated stand alone
risk management and on-line monitoring and
surveillance systems, we believe that the
exchange trading systems themselves have
to provide for essential levels of risk
containment and surveillance measures.
TradeX provides for basic risk management
features such as limits and warning alerts
based on order value, turnover value and
exposure value. It also automatically triggers
various disciplinary actions in case of
violations. Circuit filter freezes can be defined
at instrument level for pro-active market
monitoring and surveillance.
For exchanges running multiple markets, it is
essential to avoid duplication of their
infrastructure, hardware, maintenance costs
and operations staff and have an integrated
view of the market – both from business and
technology side. This view is available in
TradeX wherein traders have a single trading
terminal for trading in all markets. TradeX is
also easy to administer for exchange
operations staff as there is a common
repository of users and instruments available
for trading on the exchange. It also helps you
to take a holistic view of the market
happenings and assess the risks.
On the technological side, the acid test of
the exchange trading systems is in checking
their ability to provide high performance and
quick response to transactions. Using
TradeX, a trading system prototype was
developed for a large Asian stock exchange.
It successfully demonstrated high
performance requirements such as:
• Peak up to 8,000 orders/second in single
security
• Peak of 20,000 orders/second
• Order response time to be < 1 second for
95% of orders
Further, TradeX architecture is layered,
componentised, platform independent and
scalable. This helps the exchanges in
introducing new functionality with lower
system impact cost in critical areas such as
user testing, redeployment and migration of
the system. TradeX also provides a unified
view of the deployed system infrastructure
and also for a consolidated monitoring of
various critical resources through its Optimax
layer.
2. Post-Trading
Today, exchanges, clearing houses and
settlement organizations are witnessing a
variety of business models in the area of
clearing and settlement services. An
exchange can provide both trading and
clearing services while settlement is provided
by another agency or the clearing and
settlement being provided by a single
organization or vertical integration of all
services or the horizontal integration model
and emergence central counterparty clearing
and so on.
In short, post-trading infrastructure needs to
be geared up for change in the combination
of its business model in either of the
directions. Further, to stay competitive and
cost-effective, the CSD organizations have
started offering various value added services
such as registrar services, collateral services,
securities lending and borrowing. Shortening
of settlement cycles is also posing systemic
challenges in addition to operational ones. It
is becoming imperative for the CSD systems
to be flexible to handle combinations of
settlement models as well as settlement
cycles. An integrated platform across a
range of securities and market segments

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
provide a unified view of the risk
management and cross margining
opportunities. If real time response is the
buzzword for exchange trading systems, STP
compliance and real time linkages with key
participants like trading system, payment
systems have become the business
necessities of CSD systems today. CSD
participants are actively opting for the
convenience offered by browser based CSD
systems and the standardization of interface
messages like SWIFT and XML. Lastly, the
CSD systems are expected to be scalable,
reliable and extendable to cater to such
evolving business situations.
eClearSettle
TCS’ eClearSettle is a comprehensive
product for clearing and settlement for the
equities, fixed income and derivatives
segments. eClearSettle provides an
integrated platform for a global range of
financial instruments that include equity,
fixed income and derivative instruments. It
also has multi-market capability and
supports linkages to multiple exchanges.
eClearSettle offers various components for
clearing, settlement, depository, registrar and
risk management services to adapt to
business model you have chosen for offering
post-trading services. These components
can be deployed independently or as an
integrated system. It also offers value added
services like securities lending and
borrowing, collateral management, central
counterparty services and services for OTC
settlement. You can configure the
parameters of clearing and settlement
schedules such as settlement cycle, type of
settlement and settlement models as per
your needs.
In addition, the payment systems, external
clearing house or depository can be linked
up on real-time mode. eClearSettle also
possesses STP capabilities for achieving
greater efficiency in your post-trading
operations. It complies with international
practices such as G30, IOSCO
recommendations and choice of
internationally recognized messaging
standards such as SWIFT, XML and
ISO15022.
eClearSettle works on a user-friendly browser
based interface which allows CSD
participants to conveniently access the
system anywhere in the world. The integrated
reporting module of eClearSettle enables you
and CSD participants to generate various
useful reports. The reports module, powered
by Crystal report features, allows you to
customize the information and layout of the
report. You can see the reports in PDF, RTF
and HTML formats and also directly
despatch them to the desired persons using
the email interface already provided in the
system.
eClearSettle is based on state-of-the-art
technology thus protecting you from
obsolescence and cost of technology
upgradation. Further, the architecture is
layered and component based. It helps you
to scale up your operations as and how you
need it. You can also introduce new features
with lower system impact.
3. Broker-Dealer Operations
Considering large brokerage institutions
offering brokerage services in a multi-market,
multi-instrument environment, the important
concerns of these brokerage houses are:
CONTACT INFORMATION
• Improvement in business performance
• Sustained operational efficiency
• Lower processing costs
• Need for a rule based solution that offers
high degree of flexibility in handling various
operational intricacies of local as well
international market practices.
Additionally, deploying effective internal risk
management measures as well as providing
multiple access channels and compliance
with multiple messaging interfaces are the
vital business challenges for these firms.
This is being addressed by our eIBS suite of
products, namely:
• eIBS Matrix – the brokerage front office
product
• eIBS Precision – the clearing and
settlement back office product.
The eIBS suite of products embeds a rules
engine which allows the users to define their
own business rules to quickly react to market
changes. To illustrate, eIBS Matrix provides
for centralised risk management both at preexecution
and execution level. One can
parameterise the risk profile of the user and
monitor risk limits and alerts on real time
basis. eIBS suite of products are compliant
with standard messaging and offer the much
needed STP capabilities by providing an online
interface with the payment systems and
CSD organisations. In addition, one can also
integrate news, streaming data and
important market data into eIBS Matrix.
eIBS Precision
eIBS Precision has rules based settlement
scheduling for settlement operations in
different markets and instruments. It also
offers configurable brokerage schemes (e.g.
special brokerage schemes may apply to
relationship based clients). Besides acting as
a back office desk for standard clearing and
settlement operations through multiple
access channels, eIBS Precision offers
integrated modules for client servicing which
includes collateral management, corporate
actions, billing and accounting. It also offers
extensive and configurable MIS reporting
facilities for regulatory reporting and internal
MIS.
eIBS Matrix
eIBS Matrix is a single window order routing
platform for multi-market, multi-instrument
environment. It offers trading facility to both
offline and online clients. Offline clients can
trade through the Trader Work Station (TWS),
while the online clients can trade either
through highly secure and reliable internet
trading platform or can use the call center
facility (Operator Work Station). Besides this,
eIBS Matrix also offers offline order placing
facility to Internet clients. It also provides for
various business functionalities desired in
brokerage operations like arbitrage, basket
trading, portfolio management, advanced
trading strategies, on-line charting and online
calculators.
On the technology front, we feel that
brokerage solutions would need to be more
robust, reliable and scalable to sustain the
dynamic business situations. The
architecture of eIBS suite of products
possesses all these technical capabilities.
Contact Name Mr. Jagdish Bhandari E-mail jagdish.bhandari@tcs.com Website www.tcs.com
CONSULTING OFFERINGS
The market intermediaries, exchanges, and
CSD organizations play a formidable role in
shaping up the securities markets policies of
the country as well as of the region. While
doing so, it is becoming imperative to look at
the experiences and practices of other
markets and adopt the best-in-class models
that suit the local needs. TCS’ business
consultants can help you in blending the
best of both the worlds and arrive at a
winning strategy in the areas of exchanges,
clearing and settlement organizations,
depositories, brokerage firms, mutual funds
and others.
Our financial services consulting practice is
spearheaded by industry specialists having
an expertise in global capital markets and
possess the experience of architecting
mission critical solutions for international
players. We provide an array of consulting
services focused on customers’ business,
processes, systems and operations.
From the concept stage to the
implementation stage, we have enabled
marketplaces in North America, Europe, Asia
Pacific and Middle East to achieve
operational efficiency, chart out growth
strategies, develop new business models
and adapt to changing business
environment.
ABOUT TATA CONSULTANCY
SERVICES
For over a decade, TCS has been very
closely engaged in the financial markets
domain. Besides providing mission-critical
and high performance solutions to our global
customer base, we have also designed
specialised solutions that have transformed
the business operations of leading financial
powerhouses. Our valued customers include
new generation exchanges, CSD
organisations, central market surveillance
and regulatory bodies, brokerage houses in
the both matured markets like North
America, Europe, Canada as well as
emerging markets like the Middle East,
Africa. Closer home, we have been
instrumental in transforming the securities
marketplace in the Indian subcontinent.
Additionally, TCS participates in important
industry initiatives of securities industry and
is carrying out collaborative research in the
financial service area with institutions such
as Harvard Business School, University of
Massachusetts and University of Chicago.
Established in 1968, TCS, a part of TATA
group, is Asia’s largest and one of the
world's leading global information technology
(IT) services, business process outsourcing
and consulting organizations. Besides the
financial services business, TCS also caters
to the IT needs of diverse businesses like
banking, insurance, manufacturing, life
sciences and healthcare, telecom, retail and
consumer goods, s-governance,
transportation, energy and utilities. The
pioneer of the flexible global delivery model
for IT services, we offer a comprehensive
range of technology driven business
solutions.
PAGE 27

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
WORLD FEDERATION OF EXCHANGES
Thomas Krantz
Secretary General
THE SIGNIFICANCE OF THE
EXCHANGE INDUSTRY
At the Heart of the World Economy
Since the end of the 1980s, regulated securities
and derivatives exchanges have come to play a
major new role in international finance. That
role is qualitatively different from anything seen
since World War II. Quantitatively, the markets
operated by exchanges have grown to a scale
unimagined before, positioning them at the
heart of the world economy. This remains true
despite current macroeconomic difficulties
covering large parts of the world. The active
confrontation of buy and sell orders on a public
market determines corporate asset values in a
manner that is fair and visible to all.
Exchanges have made this business growth
possible, and the size of their industry has
changed their position within the international
economy. They have done this by:
• aligning their corporate strategies with
the business potential
• adapting the rules for trading access and
listing of securities
• training their staff and investing in
infrastructure
• boosting the commerce of finance with
new telecom and computer technologies
• providing stimulus for trading and
improved risk management through
derivatives markets
• supporting pension and retirement
savings schemes
• participating in the reorientation of finance
from bank loans into securities
• promoting the increase in cross-border
investment and trading
This expansion in the work of regulated
exchanges coincided with a trend in the late
1990s leading many bourses to switch from a
business structure based on broker
cooperatives with member broker/bank
ownership to for-profit limited companies with
outside owners. For most of the Federation’s
members, business objectives changed with
this new governance form. The heightened
commercial feel of this industry also affected
those exchanges maintaining their mutual legal
form, and they have proven themselves to be
successful competitors. The dynamism of
these businesses is one reason for the
qualitative difference in the role of exchanges in
this century: the markets could not have grown
in scale to the extent they did, even considering
the current downturn, if their operations were
not of high quality, and recognized as being
the most efficient venue for listing and trading
of securities and standardized derivative
instruments.
Exchanges are visibly identified with the
commercial spirit of the times. Exchanges
symbolize market capitalism. The level of their
activities gives an instant short-hand summary
of entire nations’ socioeconomic health. It is
PAGE 28
As a social responsibility, and as an
essential part of further business
development, exchange managers come
forward as leaders in public debates on
capital markets, and to correct inaccuracies
in the discussions about regulated bourses.
natural that these enterprises be managed as
dynamic businesses in their own right, enabling
them to meet the commercial demands of the
markets.
The Transformed Position of Exchanges
In December 1990, the World Federation of
Exchanges (formerly FIBV) counted 38
members. The total market capitalization of
equities listed on these bourses was US$ 9,400
billion, and the value of share trading for the
year hit US$ 6,211 billion.
By June 2003, the Federation had grown to 56
members. Total market capitalization had risen
to US$ 25,481 billion, after reaching a high
point in March 2000 of US$ 36,286 billion. The
value of share trading during 2002 fell back to
US$ 33,453 billion, compared to the previous
year’s US$ 41,225 billion, and on an annualized
basis stood at US$ 30,748 billion in June 2003.
While the business environment is difficult, the
charts show that the long-term growth trend of
increasing public reliance on capital market
financing remains intact. Like the underlying
growth in the economies themselves, this
upward trend remains subject to fluctuation.
This long-term trend translated into:
• growth in equity market capitalization over
the period of 171%
•growth in trading volumes of 395%
•acceleration in the annual turnover velocity
of shares from 66% to 121%, doubling the
liquidity provided on regulated exchanges.
Enhanced business profitability, privatizations,
IPOs, indexes and derivative products, and
cross-border trading fed this transformation.
The exchanges were key actors which adapted,
invested, participated and enabled this to take
place.
The Scale of Regulated Exchanges
By all measures, the health of an exchange is
vital to a market economy. As a percentage of
gross domestic product, the value of equity
market capitalization of Federation member
exchanges varied from a low of 9% to a high of
313% at the end of 2001, the last year for which
the IMF’s GDP statistics have been provided.
The global average market capitalization for
equities on members’ exchanges was 73% of
GDP in 2001. Moreover, these assets include
most of the world’s most highly prized
companies.
At the end of 1991, 25,980 foreign and
domestic companies were listed on member
exchanges. Ten years later, at the end of 2002,
this number had grown to 38,333. The world’s
corporations favor this source of funding, and
economic theory and practice confirm the
efficiency of this form of capital financing.
In 1999, companies and governments raised
new capital on Federation member exchanges
amounting to US$ 754 billion, and this
increased to US$ 896 billion in 2000 under
market conditions that were becoming less
favorable. The figures for fresh capital raised
have dropped steeply since, to US$ 342 billion
in 2001 and US$ 262 billion in 2002. But these
amounts remain very significant economically.
Economic reliance on exchanges is one of the
key changes in finance over the last decade.
Public policy makers, corporations, and the
saving public have come to appreciate the
importance of these figures as the historical
trend remains striking.
Moreover, in many parts of the world, exchange
index movements have come to be integrated
into the rhythm of daily life, every few minutes
on the radio, at regular intervals on television,
and constantly on the Internet. The capital
markets have given rise to considerable
expansion of the specialized printed press, too.
The names of broad equity market indices are
commonly recognized as being of social
importance. When the market moves more than
a few percent up or down, it is big national
news. When exchange trading is interrupted for
whatever reason, that too is major news.
Clearly, a different kind of financial business
has emerged on the scene. No other actor has
such an affect on the public mind, and that,
too, is meaningful.
This heightened reliance on public capital
markets has been taking place in many
countries around the world, involving by far the
greater part of the world’s economic life.
Exchanges’ centrality to social wealth creation
is established. Corporate treasurers need to
factor in their ability to tap this source of cash
by issuing securities, just as finance ministers
try to balance national budgets with their
privatizations of state-owned businesses.
Public awareness of the need to invest has
prompted great individual interest in equities
and related exchange-traded products, too.
A further benefit has been the broadening of
share ownership, and with it the loosening of
market forces for better corporate governance
practices.
Exchanges Establish Fair Rules for Efficient
Markets
Exchanges have a distinct, market-neutral
identity within the financial services sector.
They are not insurance companies, investment
firms, banks, or brokerages. They operate
regulated securities and derivative markets.
These markets establish asset values through
efficient price discovery, enabling the public to
know how much companies are worth
according to the latest news and economic
outlook.
Putting together rules, know-how and
technology for transparent trading of assets
worth three quarters of one year of the world’s
GDP is quite a responsibility; to meet that
challenge is to assist in building prosperity.
Regulated securities exchanges provide

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
solutions by creating greater efficiencies across
the public capital markets value chain, and
diffusing ever more complex and better quality
financial information to support the work of all
actors.
This essay now moves on to state some of the
business questions exchange operators face.
A financial market is highly sensitive to its
environment; operating an exchange is a
proportionately complex business. Regulation
helps make the markets more efficient, but
much also depends on human talent and
judgment, just as is the case elsewhere in the
financial services industry. Governments are
profoundly involved in matters of public
savings, as are the corporate issuers of
securities and the investors themselves;
together with them, operators of exchanges
must often fine tune rules to keep this business
model right. Today, the scope of this business
underscores the dual, simultaneous national
and international challenge that the functioning
of these markets represents.
For fair and transparent price discovery to
occur, the business of exchanges precedes the
instant of trade order execution and extends
well beyond. Even if by law or custom the
exchanges in every country do not operate
these diverse activities directly, their
involvement in them is extensive. The bundle of
related businesses is what builds a coherent,
secure market. The entire value chain must
function smoothly, including:
• writing the rules for market activity
• admitting intermediaries (banks or brokers) to
act on the central market
• assuring the ability in-house to follow
intermediaries’ positions, and so establish
enforcement of market rules
• admitting securities to listing
• assuring on-going disclosure of corporate
information
• setting up adequate IT and communications
systems facilities
• diffusing of market information to a wide
public
• trading
• assuring prompt and final clearing and
settlement of orders
• providing for securities registry, transfer
agent, and depositary activities
In addition to equities, Federation members
conduct nearly all of the world’s on-exchange
trading of government and corporate bonds,
derivative instruments, investment funds,
exchange-traded funds (ETFs), warrants, and
convertible bonds. Also in this commercial
environment, exchanges are extending further
into after-trading services in search of good
returns in related business fields.
The Business of Running Exchanges
Whether a for-profit company or a cooperative,
exchanges must serve their customers and
earn money to ensure business growth. This
means:
• improving staff operations and competency
• rewriting rules as know-how, technology,
products and opportunities gradually modify
the market and create new challenges
CONTACT INFORMATION
• scaling up IT and telecommunications
systems
• connecting markets to ever more players
• enhancing surveillance and control
functions. Actors, instruments, and types of
securities are growing in complexity, and
trading in them interacts more intensely, often
across borders.
• improving the information disclosed on
companies and market data
• leading improvements in how corporations
are governed
• addressing strong national and cross-border
competition
• investing reserves strategically
• assuring a good return on capital
• organizing programs for educating users
of the exchange business
A growing number of exchanges have
introduced the shares of their companies on
the markets they operate, emphasizing at the
same time the for-profit and public nature of
this industry.
With this mix of questions in mind, it is notable
that technologies and efficiencies at exchanges
have enabled them to lower unit costs
throughout the 1990s and afterwards. Up until
the end of 2002, total revenue growth was
strong over this period at 300%, and notably
lower than the 395% increase in annual trading
volumes. The benefits of scale and technology
were passed on to customers in lower charges
to clients.
Challenges for Exchange Managers
There is a public good in operating an
exchange, and managers certainly recognize
the importance of this. Bourses are not the only
segment of financial services to have this
distinction. However huge the markets relative
to the economy, in the end, exchanges are
about running regulated businesses. On
balance, one cannot have regulation without a
prosperous business environment, and one
cannot have a prosperous exchange without
clear rules and respect for them.
Intangibles matter to exchanges: their marketneutral
position, and the value of their
reputation for fairness and transparency in the
conduct of trading. Managers do their utmost
to enhance the quality of these assets, for they
are commercial elements central in running the
business.
The question is sometimes implied that the
quality aspects of the business, the assurance
of regulatory services, is not entirely compatible
with a for-profit environment. Yet all businesses
must assume costs of quality for goods and
services, whatever the industry. In many
jurisdictions exchanges are subject to particular
questioning on this point, while the economic
scale of this industry, and the market statistics,
demonstrate that market mechanisms are
functioning properly. Volume growth and
reduced bid-ask spreads underscore the
operating efficiency of exchanges.
Contact Name Mr. Thomas Krantz E-mail secretariat@world-exchanges.org Website www.world-exchanges.org
The size of the exchange industry is small
compared to the economic function of the
markets. Including consolidated companies,
Federation members at the end of 2002
employed 22 062 people, and operated off a
total capital base of US$ 13.4 billion.
The corporate size of exchanges is also small
compared to banks, insurance companies,
institutional brokerages and other investment
firms. Each has key financial functions to fulfill,
including in the capital markets. But given the
complex work of exchanges and their centrality
to economic life, their relative size often means
that these managers are not sufficiently heard
in public financial policy debates. The public
agenda may be too keyed to issues of banking
and insurance; but for successful
macroeconomic management, the figures in
this paper demonstrate the need for greater
focus on regulated exchanges. Their success
cannot be taken for granted, and the
experience of bourse managers must be drawn
upon and used as a key tool in devising public
policies.
Exchanges need independence and freedom
to operate within the rules of the regulatory
environment. There can be unintended
consequences of too much regulation that will
impede the market function. The goal to
pursue, the hard balance to find, will involve
unleashing the full benefit of an exchange
within the set rules of the local jurisdiction,
remembering that there will never be a situation
of zero risk for investors or issuers, and that
governments should not be aiming for that
objective. That simply is not what financial
markets are about, and even to imply that
would give a poor sense of this business.
In trying to take business off the bourse, many
other financial actors criticize the central role
exchanges fulfill. Some commentators
underplay the competitive pressures Federation
members feel as enterprises. In acting in this
way, they harm to price discovery on central
markets, undermining a mechanism that clearly
provides a social good.
Also, in some jurisdictions experimentation with
market structure has led to sharp falls in
trading, notable widening in bid-ask spreads,
or higher costs to final clients – all of these
being sure signs that the market has become
less efficient. Exchange managers must be
involved in regulatory planning, so that
adaptation to changing commercial conditions
in finance is taken into account. The investing
public and listed enterprises must not be
disadvantaged.
As a social responsibility, and as an essential
part of further business development,
exchange managers come forward as leaders
in public debates on capital markets, and to
correct inaccuracies in the discussions about
regulated bourses. Most recently, they have
been strengthening rules and helping to have
legislation enacted that will hold corporate
leaders to higher standards. Exchange
enforcement of market rules has been
reinforced, too. Together these measures will
renew and enhance the confidence needed
between public listed enterprises and investors.
PAGE 29

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
TAYBURN KURUMSAL
Ediz Usman
Partner & Client Relations Director
THE THREE FUNDAMENTAL
ASPECTS OF CORPORATE
COMMUNICATION
Just as competition is becoming the keynote
of every sector in today's business world, the
ability to institutionalize has become one of
the most important factors that enables a
company to survive. The economic
upheavals of the recent past and the
increasingly tougher competition in every
sector have made it absolutely clear that
institutionalization is essential if a company is
to endure, achieve stability, and grow strong
in the international arena.
In such an environment, there are three
fundamental aspects of corporate
communication to which attention must be
given: Branding, Reporting, and Marketing.
In their efforts to institutionalize themselves,
companies need to manage their branding
process effectively; to communicate their
corporate line, vision, mission, and financial
strength in the best way possible; and to
employ new and creative marketing
techniques. It is at this point that Tayburn
Kurumsal and Tayburn Tasarim come into
the picture as business partners that highly
experienced in corporate communication for
their clients.
TAYBURN GROUP
With a quarter of a century of experience in
international as well as European markets,
Tayburn is the biggest advertising agency in
Scotland and the tenth biggest in the United
Kingdom. It has been eleven years since we
began blending Tayburn's know-how with our
own knowledge of the local market and
putting them to work in the service of clients.
For more than a decade we have developed
and offered productive, high-quality, and
creative solutions for some of Turkey's
leading companies in the areas of annual
reports, branding, design, new media,
advertising, and marketing.
Thanks to our expert team, to the knowledge
and experience acquired on our own and
through Tayburn, to our customer focus, and
to our innovative and creative approach to
service, we are today Turkey's most soughtafter
service provider in the corporate
communication segment. Our service area
as Tayburn Kurumsal and Tayburn Tasarim
CONTACT INFORMATION
Understanding its customers and providing
them with high-quality and value oriented
service underlie Tayburn's fundamental
business approach.
is not limited to Turkey. Because of our
world-class know-how and quality of service,
we are also called upon by clients operating
in Europe and in neighboring countries. Our
own technological infrastructure makes it
easy for us to provide such clients with fast,
comprehensive service too.
Tayburn is also continuously developing itself
and keeping pace with change. Its goal is to
be a source of inspiration on all corporate
communication issues by making the best
possible use of the opportunities provided by
technology and offering service at the
highest international standards. Taking this
as its point of departure, Tayburn also serves
clients effectively and comprehensively on all
the new electronic platforms that technology
is constantly making available such as
custom-designing websites according to
their needs and preparing web-based
reports, applications, and other electronic
products.
VALUE ORIENTED
Everything that is done at Tayburn is for the
customer. Understanding its customers and
providing them with high-quality and value
oriented service underlie Tayburn's
fundamental business approach. Our
business is not limited to classical
advertising services: we offer high addedvalue
products and services that are
informed by our careful and thorough
understanding of each customer's unique
corporate communication requirements.
Nourished by our innovative spirit, our
approach to business also serves as our
guide as we give shape to our services in the
future. Each member of our team performs
his job with a passion for success. And so
long as this passion for success remains
fresh and enduring in our team Tayburn will
continue to expand its satisfied customer
base and achieve its corporate objectives.
Contact Name Mr. Ediz Usman E-mail info@tayburnkurumsal.com Website www.tayburnkurumsal.com
PAGE 30
Creative and integrated corporate
communication solutions
Since 1994, Tayburn Kurumsal and Tayburn
Tasarim have been providing its corporate
customers with the expertise, originality and
proven experience that they require for the
development and execution of whatever
creative communication solutions they may
be in need of.
The integrated and creative corporate
communication products and services that
we offer you fall under the following main
headings:
Reporting
Developing and producing printed and
electronic products aimed at enabling
companies to communicate clearly and
effectively with all their stakeholders
(shareholders, employees, suppliers,
customers)
• Annual reports and interim reports
• Environment and human resources reports
• Electronic annual reports
• Web reports
Branding
Corporate and consumer brand creation,
development, standardization and protection
• Logo design
• Full-service corporate identity creation and
development
• Brand launching and relaunching
• Corporate identity products
• Consultation services
Marketing
Developing, producing, and executing all the
advertising, promotional, and corporate
communication products and services that
corporate customers may need anywhere in
their product-service-customer cycles
• Campaigns
• Corporate publicity films
• Advertising films
• Advertisements (national/international)
• Web-based solutions
• Brochures, publicity kits, calendars and
date books
• Copy-writing and editorial services in
English, French, German, Italian, Russian,
Spanish, Turkish. (Other languages available
on request.)

‹stanbul Edinburgh London
inspiring solutions
Süleyman Seba Cad. Ac›su Sok. 1/15 Maçka 34357 ‹stanbul Turkey Telephone +90 212 227 0436 Fax +90 212 227 8857
Web site www.tayburnkurumsal.com www.tayburntasarim.com www.tayburn.co.uk

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
IS INVESTMENT
Ilhami Koc
General Manager
We believe the infancy stage of the capital
markets in Turkey is coming to an end. When
compared to emerging capital markets in
close geographical proximity to Turkey, we
can see that Turkey has come a long way
toward establishing a well-functioning,
transparent and safe market for domestic as
well as for international investors. Turkey,
which has been placed amongst emerging
countries category for a long time, is at last
starting to be accepted as a country that has
been experiencing a serious transformation
process on the way of European Union (EU)
membership in the last years. This positive
transformation has two fundamental reasons;
first one being that EU organization will
become a benchmark for Turkey in the near
future and the second one is declining
inflation in the last 3 years.
Is Investment was established in 1996 as a
subsidiary of Is Bank, its main shareholder
with 92% share, which has always held a
distinctive position in capital markets. Is Bank
has accomplished many firsts for the
establishment and development of the Turkish
capital markets; it has the highest number of
investors, manages the largest investor
portfolios and has handled the majority of
public offerings. Besides traditional brokerage
activities, Is Investment has diversified
financial services like corporate finance
activities, investment advisory and
international capital market activities.
Is Investment's Corporate Finance Department
offers a wide range of services including initial
and secondary public offerings of public and
private companies, public offerings of various
debt instruments, consultation services for
mergers & acquisitions, private equity, venture
capital projects and strategic planning and
restructuring.
While the Turkish domestic fixed income
market has been an investment paradise for
years due to the high public borrowing
requirement, in the recent years improving
macro fundamentals has nourished the
Turkish equity market into the strongest and
CONTACT INFORMATION
PAGE 32
Is Investment has all the means and tools
to become the foremost player in the
capital markets - not only in Turkey but
also internationally.
most liquid market of the region. We expect
Turkish markets to attain a deeper dimension
in terms of client profile as pension funds
grow and asset management services are
expanded to a wider range of clients.
Its large local investor network aside, Is
Investment is constantly looking to
broaden its existing client base in Europe
and United States (US) while concentrating
recently on developing a network in Middle
East and Middle Asia as well.
We have all the means and tools to become
the foremost player in the capital markets -
not only in Turkey but also internationally -
creating a benchmark to be followed by other
investment banks and brokerage houses
specifically in Middle East and the
Commonwealth of Independent States (CIS).
Our rep-office in Kazakhstan is the first step in
our quest for attainment of this goal.
Is Investment's International Capital Markets
Division, with its experienced staff, is the only
brokerage house in Turkey that is a member
of the International Securities Markets
Association. Is Investment is Turkey's premier
investment bank in international capital
markets, holding the largest transaction
volume in the primary and secondary markets.
In 2004 alone, Is Investment has had a
volume of over US$ 1 billion in the primary
markets.
Of this amount, about US$ 600 million were in
Turkish Treasury issuances and the remaining
US$ 400 million in other emerging markets,
with a majority in Russian and Kazakh credits.
Is Investment has also been granted comanager
ships on two of Turkish Treasury's
Eurobond issuances (9.5% notes due 2014
and 7.375% notes due 2025 with US$ 1.25
billion and US$ 2.0 billion issue sizes
respectively,) and on two corporate Eurobond
issuances, those of Petrol Ofisi in Turkey
(9.75% notes due 2009 for US$ 175 million)
and Intergas Central Asia in Kazakhstan
(6.875% notes due 2011 for US$ 250 million).
In total, Is Investment's participations in
2004 reached 27 issuances with an
aggregate size of US$ 17.0 billion, 7 of
which were in Turkish credits and 20 in
other Emerging Markets.
To cite some examples to its participations:
Gazprom, Sistema, Mega Phone, Russian
Standard Bank, Vimplecom and Alrosa in
Russia; Halyk Bank, TengizChevron Oil, ATF
Bank, Nur Bank, Center Credit in Kazakhstan;
and Cosan in Brazil. As for the secondary
markets, Is Investment has had a combined
transaction volume of more than US$ 3.0
billon in both 2003 and 2004. Of this amount,
about 90% of transactions were in fixed
income, while the rest were in world equity
markets. However, with a greater appetite for
risk and a diversification of assets, the share
of equity transactions appear to be on the rise
as the investor spectrum widens and the
market-awareness of clients improves.
International equity markets are among
investment instruments considered to be of
greatest risk, even more so lately with the
recent weakness in US markets. In the equity
markets, where daily fluctuations tend to be
high, practices such as closely monitoring the
stocks, instantaneously updating investors of
any nature of developments, and following
markets from pre-hours till the very late afterhours,
gain importance and priority, as they
make the greatest of difference for marketsavvy
clients. Owing to its wide network of
international trading houses, Is Investment is
informed on all developments instantly and
can transact on the spot with its electronic
trading platforms and foreign correspondent
network. Our investors may call us anytime
during the European and US international
stock markets' trading hours to receive
information on these markets and may
transact instantly on the phone. Our
commission rates for international equities
and fixed income securities are very
competitive among its peer-group companies.
For International Markets Contact Name Ms. Meltem Citci E-mail mcitci@isyatirim.com.tr
Mr. Ilkay Dalkilic idalkilic@isyatirim.com.tr
For Turkish Markets Contact Name Ms. Caglan Yazici E-mail cyazici@isyatirim.com.tr
For Almaty/Kazakhstan Rep. Office Contact Name Mr. Cengiz Macun E-mail cmacun@isyatirim.com.tr Website www.isinvestment.com

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
STOCK EXCHANGE PROFILES
Abu Dhabi Securities Market 34
UAE Economy 36
Amman Stock Exchange 38
Jordan Economy 40
Securities Depository Center (SDC) of Jordan 42
Armenian Stock Exchange 44
Armenian Economy 46
Baku Interbank Currency Exchange 48
Azerbaijan Economy 50
Baku Stock Exchange 52
Banja Luka Stock Exchange 54
Bosnia and Herzegovina Economy 56
Belgrade Stock Exchange 58
Serbia and Montenegro Economy 60
Bucharest Stock Exchange 62
Romanian Economy 64
Bulgarian Stock Exchange 66
Bulgarian Economy 68
Cairo and Alexandria Stock Exchanges 70
Egyptian Economy 72
Misr For Clearing, Settlement & Central Depository 74
Georgian Stock Exchange 75
Georgian Economy 77
Istanbul Stock Exchange 80
Turkish Economy 82
Takasbank - ISE Settlement and Custody Bank, Inc. 84
Karachi Stock Exchange 85
Pakistan Economy 87
Central Depository Company of Pakistan Limited 89
Kazakhstan Stock Exchange 90
Kazakhstan Economy 92
Kyrgyz Stock Exchange 94
Kyrgyz Economy 96
Lahore Stock Exchange 98
Macedonian Stock Exchange 100
Macedonian Economy 102
Moldovan Stock Exchange 104
Moldovan Economy 106
Mongolian Stock Exchange 108
Mongolian Economy 110
Muscat Securities Market 112
Oman Economy 114
Palestine Securities Exchange 116
Palestine Economy 118
Sarajevo Stock Exchange 120
State Commodity & Raw Materials Exchange of Turkmenistan 122
Turkmenistan Economy 123
Tehran Stock Exchange 126
Iran Economy 128
Tirana Stock Exchange 130
Albanian Economy 132
“Toshkent” Republican Stock Exchange 134
Uzbekistan Economy 136
Ukrainian Stock Exchange 138
Ukrainian Economy 140
Zagreb Stock Exchange 142
Croatian Economy 144
PAGE 33

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
ABU DHABI SECURITIES MARKET
Nizar Al Obaidly
Acting Director General
The Abu Dhabi Securities Market (ADSM)
showed remarkable growth during the first
half of 2005.
Since January 2005 to June 2005, the
number of listed companies increased from
35 companies to 43. The trading value rose
up to US$ 13.6 billion (AED 49.8 billion) for
the first half of 2005 and when compared to
the first half of 2004 was US$ 1.4 billion (AED
5.2 billion). The number of trades during the
first half 2005 increased to 202,000
compared to 29,500 during the same period
of the previous year. Likewise, the daily
average trading through June 2005 rose to
US$ 91.0 million (AED 334.4 million) from
US$ 9.6 million (AED 35.3 million) in second
half of 2004. Moreover, the market
capitalization in June 2005 was US$ 112
HISTORY AND DEVELOPMENT
Securities trading in the United Arab
Emirates dates back to the early 1960s
when public shareholding companies began
to come into existence in the country. It was
generally a generic and haphazard era
where the securities market had been
created and operated by the mediation of
brokerage firms.
Moreover, securities trading in such an
ill-ordered environment had created flaws
and imbalances in the market, and
particularly in the absence of a proper
mechanism to conclusively determining the
value of securities, supervision and control
of brokerage firms as well as a lack of
transparency and disclosure by the
companies whose shares constitute a part
of the market trading business.
This tremulous situation has had an adverse
impact in establishing a biased and unfair
policy for evaluating securities fairly, and
subsequently resulted in severe fluctuations
in the market. In view of this chaos, the
shares value had been at times overstated
which led to heavy consequences and
losses on the part of investors.
Having taken the above facts into
consideration as the issue of regulating the
PAGE 34
The market capitalization in June 2005 was
US$ 112 billion (AED 411 billion) higher
than the December 2004 figure of US$ 55.5
billion (AED 204 billion).
billion (AED 411 billion) higher than the
December 2004 figure of US$ 55.5 billion
(AED 204 billion).
All through the first half of 2005, the
advanced stocks of companies were 4.
Where as 35 stocks declined from 43 stocks.
The market capitalization of companies listed
at ADSM increased, so that, at the end of
June 2005 it reached US$ 11.2 billion (AED
411 billion) whereas in December 2004 the
Market capitalization was US$ 55.4 billion
(AED 203 billion). The market index on June
2005 rose to 5706.6. While in December
2004 the market index closed at 3070.9. By
adding the distributed dividends during the
first half of 2005, the increase was
approximately 90%.
securities market is, undoubtedly, of
significant importance with view to its crucial
role in the domestic economy. Plans have
been set up for organizing this market to
ensure the integrity and smoothness of
trading in securities and establish investors’
protection. The aforementioned items must,
of course be subject to the power of supply
and demand in compliance with the
principle of information transparency and
disclosure with respect to the companies
engaged in the business of securities
trading. Within this framework, intensive
efforts exerted with the promulgation of Law
No. (4) of 2000 concerning the
establishment of the UAE Securities &
Commodities Authority and subsequently
the establishment of the Securities Market.
FUTURE OUTLOOK
In the 2nd half of 2005, ADSM plans to:
• continue activities to support growth in
listings, turnover and liquidity:
• encouragement of listing for family
companies and foreign companies;
• increased system capacity to cope with
growing market volumes;
• enhance IT processes and information
distribution;
• enhance market standards:
• corporate governance;
• capital adequacy and surveillance of
brokers;
• broker education and qualification;
• further Enhance Registry and CSD
services;
• bond market initiatives;
• link trading with New Securities Market;
• strengthened laws, regulations and rules;
• commercial and capital market law.
• securities regulation.
• ADSM rules for listing, brokers and
trading.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
ABU DHABI SECURITIES MARKET
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 1,343.3 61.1 288.9 13.1
Feb-05 953.3 41.4 13.8 0.6
Mar-05 1,997.3 74.0 7,338.0 271.8
Apr-05 3,297.7 137.4 709.4 29.6
May-05 3,352.6 124.2 747.6 27.7
Jun-05 2,623.1 100.9 607.3 23.4
TOTAL 13,567.2 89.8 9,705.0 61.0
Bonds
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Other
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Market
Capitalization
US$ Millions Index
Jan-05 59,487.4 3,249.3
Feb-05 64,619.7 3,551.1
Mar-05 92,844.6 5,085.1
Apr-05 116,167.5 6,229.0
May-05 106,313.3 5,671.4
Jun-05 112,083.9 5,706.6
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
3,500
3,000
2,500
2,000
1,500
1,000
500
Stocks Index
0
Jan Feb Mar Apr May Jun
Contact Name Mr. Saeed Khaouri E-mail skhaouri@adsm.co.ae Website www.adsm.co.ae
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
120,000
100,000
80,000
60,000
40,000
20,000
0
Jan Feb Mar Apr May Jun
PAGE 35

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
ABU DHABI SECURITIES MARKET
ECONOMIC AND POLITICAL DEVELOPMENTS
Economic and Political Environment:
Its most affluent and powerful emirate, Abu
Dhabi, largely directs the development and
diversification of prosperous United Arab
Emirates (UAE), one of the more diversified
and open market economies of the Middle
East. Enormous hydrocarbon reserves,
including almost 10% of known global oil
deposits (97.8 billion barrels in 2004), and
the world's fifth largest gas reserves
(212 trillion cubic feet in 2004), following
Russia, Iran, Qatar and Saudi Arabia), are
the basis of the federation's wealth. However
one emirate, Abu Dhabi, possesses nearly
95% of all hydrocarbon deposits with Dubai
and Sharjah holding the majority of the
remainder. While continual federal budget
deficits might retard major development
projects in other nations, the estimated
US$ 350 billion foreign asset position of
Abu Dhabi's provides a large, independent
income stream equivalent to approximately
60% of the federation's annual GDP.
Having experienced the adverse impact of
low oil prices on a number of occasions,
most recently in 1998, the UAE is
aggressively diversifying the economy into
trade, tourism, and heavily subsidized
PAGE 36
agriculture and high technology industries.
The federal government has invested heavily
in aluminum production, tourism, aviation, reexport
commerce, and telecommunications
and the non-oil components of the economy
in 2003 accounted for more than two-thirds
of GDP and in excess of 30% of exports.
Government emphasis on education,
modern technological infrastructure, a
business-friendly climate, and comparatively
more freedom than other Gulf States has
maintained the Emirates' status as one of the
most dynamic economies in the region.
Economic Performance:
Due to high oil prices, GDP grew 7% in 2003,
up from only 1.9% in 2002, when oil prices
were depressed. In a testament to the
strength of the UAE diversification program,
non-oil GDP grew a whopping 5%, due to a
number of projects in construction, upstream
gas, and downstream oil services. Inflation,
as measured by the consumer price index
(CPI) increased slightly to 2.8% from 2.3%
due to higher oil prices. The fiscal balance
recorded a large surplus of 13.7% in 2003,
up from 10.8% in 2002.
Key Information Contacts
Abu Dhabi Chamber of Commerce and Industry www.abudhabichamber.ae
Central Bank of UAE www.uaecb.gov.ae
Ministry of Finance and Industry www.uae.gov.ae/mofi/
Ministry of Planning www.uae.gov.ae/mop
Ministry of Economy and Commerce www.uae.gov.ae/moec
UAE GDP, CPI AND INVESTMENT
(Annual Change in %)
Structural reforms are moving along at a
rapid clip. Dubai extended foreign ownership
of land and properties to certain real estate
developments and also launched several
new duty free zones. Abu Dhabi is moving
ahead to privatize its water and electricity
sectors by 2006.
The current account balance has been in
constant surplus in recent years and
continuing strength in the oil prices should
keep the current account in healthy surplus
for years to come. In 2003, this surplus
reached US$ 12.1 billion, or about 15.1% of
GDP. Trade has played a major role in the
UAE's economic growth and the free trade
zones of Dubai and Sharjah have been large
contributors. Both the trade balance and
current account have registered healthy
surpluses throughout the 1990s. 1
1 Economic and Political Overview, County Watch
Incorporated, 2005
1999 2000 2001 2002 2003
Real GDP (at factor cost) 4.4 12.3 3.5 1.9 7
Hydrocarbon -4.5 13.1 1.7 -8.1 13.8
Nonhydrocarbon 7.5 12 4 5 5.2
Consumer price index 2.1 1.4 2.8 3.1 2.8
Investment (in percent of GDP) 27.8 23.3 24.7 24.1 22.4
* IMF 2004 Article IV Consultation with UAE

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
ABU DHABI SECURITIES MARKET
UAE GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 3.0 7.6
Industry 52.0 41.8
Services 45.0 50.7
UAE MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
1998 1999 2000 2001 2002
Money Supply M1 (dirhams-billions) 28 30 34 39 47
Money Supply M2 (dirhams-billions) 99 110 127 156 174
Growth Rate M1 9.5% 8.9% 12.6% 15.8% 19.2%
Growth Rate M2 4.2% 115.0% 15.3% 23.2% 11.0%
Interest Rates
deposit rate 4.8% 4.6% E 4.4% E 4.0% E 7.74% E
lending rate 7.9% 7.5% E 7.5% E 7.5% E 14.5% E
Foreign Exchange Reserves (US$ millions) 9,077 10,675 13,523 14,146 15,219
Exchange Rate Period Average (dirhams/US$) 3.6725 3.6725 3.6725 3.6725 3.6725
Annual % Growth 0.04 0.00 0.00 0.00 0.00
E: Estimate * Economic Overview, Country Watch Incorporated, 2005
UAE EXPORTS, IMPORTS AND TRADE BALANCE
(US$ Millions)
1999 2000 2001 2002 2003
Exports 36.5 49.6 47.5 51.2 60.8
Of which: Crude oil 13.6 21.7 17.6 16.7 22.1
Imports, f.o.b. -27.9 -30.8 -33.5 -36.7 -41.7
Current account balance 0.9 12.2 6.5 3.5 6.9
In percent of GDP 1.6 17.3 9.4 4.9 8.5
Central bank reserves 10.9 13.8 14.3 15.3 15.1
In months of imports of goods and services 4.3 4.9 4.7 4.4 4.1
Total external debt 18.8 18.2 19.4 16.7 16.6
In percent of GDP 34 26 27.9 23.3 20.7
* IMF 2004 Article IV Consultation with UAE
PAGE 37

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
AMMAN STOCK EXCHANGE
Jalil Tarif
Chief Executive Officer
The Amman Stock Exchange (ASE)
performance during the first half of 2005 was
outstanding. The ASE price index closed at
7375 point at the end of June 2005, an
increase of 74% compared with 2004
closing. The ASE market value increased by
US$ 14.4 billion or by 78% compared with
the end of 2004, reaching JD 32.7 billion;
and representing 303% of the GDP. Trading
volume reached US$ 9.6 billion, an increase
of 350%, compared with the same period of
2004. The daily average number of
transactions reached about 8.9 thousand;
totaling 1.1 million during the first half of
2005, an increase of 119% over the same
period of last year. Finally, the turnover ratio
has doubled over the first six months to
reach 51.0%, compared with 25.5% for the
same period of year 2004.
The ASE will introduce a new sectoral
classification for the listed companies at the
ASE. The new classification is in line with the
classification adopted by Standard & Poor’s
and will contain three main sectors and 23
sub-sectors. As a result of this new
classification; the ASE has revised its main
indicators and statistics based on the new
classification and recalculated these figures
for the period 2002-2005.
HISTORY AND DEVELOPMENT
The Amman Stock Exchange (ASE) was
established in March 1999 as a non-profit,
private institution with administrative and
financial autonomy. It is authorized to
function as an exchange for the trading of
securities. The Exchange is governed by a
seven-member board of directors. An
executive manager oversees day-to-day
responsibilities and reports to the board.
The ASE membership is comprised of
Jordan’s 30 brokerage firms.
The history of securities trading in Jordan
traces its origins back to the 1930s. In 1976,
the Amman Financial Market was
established to create a regulated trading
market. More recently, as part of Jordan’s
move to upgrade its capital market, a new
Securities Law was enacted in 1997
separating the supervisory and legislative
roles from those of exchange operations.
As a result, the Jordan Securities
Commission (JSC) was created at the same
time as the ASE and the Securities
Depository Center (SDC) were established.
The JSC supervises the issuance of and
trading in securities and monitors and
regulates the market. The SDC oversees
clearing and settlement and maintains
ownership records.
PAGE 38
ASE's price index up by 74% in 2005 and
reached its all time high.
In order to reflect the market in a better way,
the ASE constructed a new price index
weighted by free float shares. This index
based on Dow Jones & STOXX
methodology. This index was given a base of
1000 points as of 2002 closing. The ASE
also introduced sub indices for the three
main sectors and the 23 sub-sectors.
During 2005, the ASE has organized a
number of training courses for financial
brokers in cooperation with the Jordan
Securities Commission. These courses aim
to provide the necessary qualified human
resources in view of the Jordanian capital
market’s needs for the recent increasing
demands on the licensed financial brokers.
The ASE also, continues developing its ways
of dissemination on line information. In this
regard, the ASE has launched its new
website in the beginning of this year at
www.exchange.jo, which won the Award of
the Best Financial Website in Jordan at the
Regional Website and Information
Technology Exhibition (WEBEX 2005) held in
Amman last May. The website, with its new
theme and layout, provides on-line market
depth, the company guide, and the ASE
circulars and companies’ disclosures. In
To provide a transparent and efficient
market, the ASE implemented internationally
recognized directives regarding market
divisions and listing criteria. It also adopted
procedures for improving regulatory
effectiveness.
On 26 March 2000 the ASE launched an
automated order-driven Electronic Trading
System. The new system is in compliance
with international standards and takes into
account the G-30 recommendations. This
system also offers brokers immediate
access to stock prices and orders and
enables members to trade remotely.
addition to a number of added features of
interest to investors. The ASE also signed
two agreements; one with local company to
broadcast on-line trading data through
mobile phones by SMS, and the other with
other local company to broadcast on line
market information via the internet.
In line with its keen interest in upgrading the
services it provides to its members to ensure
efficient, rapid and fair information access,
the ASE adopted new systems on its Intranet
Domino.doc. The new system enables the
ASE members to access their trading reports
and many other available documents in an
efficient way, thus saving time and effort of
the ASE members and any interested party
that would like to access the market
information.
Finally, the ASE enhanced its cooperation
with the local, Arab and international
institutions. In this regard; the ASE
participated and attended a number of
conferences, meetings and exhibitions
locally and abroad. It also has received a
large number of visitors and delegations
from inside and outside the country.
FUTURE OUTLOOK
During 2005 the ASE will:
• apply for a full membership in the World
Federation of Exchanges (WFE);
• upgrade the technical infrastructure;
namely; the electronic trading system, the
Wide Area Network (WAN) to accommodate
projects in the fields of surveillance systems
and automating communication with
brokers, issuers and the disaster recovery
site;
• implement new sectoral distribution, which
will be consistent with international
standards;
• improve information dissemination by
introducing new retail products;
• introduce and publish a new price index,
which is a free float weighted index that was
tested during 2003 and 2004; and
• redesign all publications and bulletins,
while concentrating on the monthly statistical
bulletin and the companies’ guide.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
AMMAN STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 864.5 48.0 139.4 7.7
Feb-05 838.2 44.1 127.8 6.7
Mar-05 1,401.2 60.9 223.3 9.7
Apr-05 1,983.9 104.4 249.7 13.1
May-05 1,504.5 71.6 222.1 10.6
Jun-05 2,978.7 135.4 370.7 16.9
TOTAL 9,571.0 77.4 1,333.1 10.8
Bonds
Jan-05 0.02 0.001 0.0007 0.00004
Feb-05 3.0 0.16 0.002 0.0001
Mar-05 0.20 0.009 0.0005 0.00002
Apr-05 0.02 0.001 0 0.0000003
May-05 0.0 0.0 0.0 0.0
Jun-05 0.0 0.0 0.0 0.0
TOTAL 3.3 0.03 0.003 0.00003
Other
Jan-05 0.0 0.0 0.0 0.0
Feb-05 0.0 0.0 0.0 0.0
Mar-05 0.0 0.0 0.0 0.0
Apr-05 0.0 0.0 0.0 0.0
May-05 0.0 0.0 0.0 0.0
Jun-05 0.0 0.0 0.0 0.0
TOTAL 0.0 0.0 0.0 0.0
Market
Capitalization
US$ Millions Index
Jan-05 21,500.0 4,976.6
Feb-05 21,876.0 5,025.6
Mar-05 24,226.7 5,514.4
Apr-05 29,663.0 6,813.4
May-05 29,103.3 6,657.0
Jun-05 32,763.9 7,374.7
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
3,000
2,500
2,000
1,500
1,000
500
Stocks Index
Contact Name Mr. Sami Hattab E-mail info@ase.com.jo Website www.exchange.jo
0
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
8,000 35,000
7,000 30,000
6,000
25,000
5,000
4,000
3,000
20,000
15,000
2,000
10,000
1,000 5,000
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
PAGE 39

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
AMMAN STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Economic and Political Environment:
King Abdullah II upon ascending to the
throne following his father's death in 1999,
has provided re-energized economic
leadership. King Abdullah, II bin Al-Hussein
has proven to be a steadfast proponent of
an invigorated program of economic reforms
that includes privatization, structural and
procedural changes that attract foreign
investment and enable foreign debt
restructuring and reduction. He also believes
that efforts should be continued to build a
modern Jordan that provides its men and
women with opportunities for a decent life
and ensures that the gains of development
are distributed equally among the people.
King Abdullah belongs to a new generation
of Western-educated Arab leaders. The
king's political agenda has been focused on
economic revival, greater political openness,
social justice and equality, in order to clearly
place Jordan actively on the regional and
international map. While keeping the warm
ties with the West nurtured by his father, he
has succeeded in improving ties with Syria
and the Palestinians and cementing links
with Saudi Arabia and Kuwait.
Key Information Contacts
Jordan Securities Commission www.jsc.gov.jo
Securities Depository Center www.sdc.com.jo
Jordan Investment Board www.jordaninvestment.com
Jordan Country Information www.jordan.jo
Central Bank of Jordan (CBJ) www.cbj.gov.jo
National Information Center www.nic.gov.jo
ECONOMIC RATIOS
Domestic
savings
PAGE 40
Jordan
Lower-middle-income group
Trade
Indebtedness
Investment
Economic Performance:
The real GDP growth by end of the first
quarter of 2005 was 7.7% compared to 7.5%
for 2004. The pickup was due to a huge
jump in exports as external demand grew,
especially from the United States. In the first
half of the year 2005, exports grew by 14.3%
to reach U$2.1 billion. Jordan conducts its
monetary policy with a fixed peg to the U.S.
dollar and believes that its trade
performance indicates that policy still
provides for good international
competitiveness of its exports. In the past
few years, it has also resulted in virtual
stability in the price level with inflation as
measured by both the GDP deflator and the
CPI. Meanwhile, CPI inflation in the first half
of 2005 was 2.1%, compared with 3.3% in
2004. As for the fiscal policy performance,
re-estimated figures indicate an increase of
9.6% in domestic revenues in 2004 as
compared to the anticipated level, and a rise
of 10.7% in public expenditure, putting the
fiscal deficit at US$ 413 million, or 3.9% of
the GDP.
Jordan's main export commodities are
phosphates, fertilizers, potash, agricultural
products and textiles. Its main imports
include crude oil, machinery, transport
equipment, food, live animals and
manufactured goods. In 2004, exports
(exports and re-exports) grew by 14.3%, and
imports increased by 31.3%. Foreign direct
investment (FDI) has been increased steadily
GROWTH OF INVESTMENT AND GDP
(%)
6
4
2
0
-2
-4
-6
-8
-10
-12
97
GDI GDP
in recent years. In the first quarter of the year
2005 it reached US$ 195 million compared
to US$ 480 million in 2004. Jordan's gross
international reserves have been rising
steadily over the past several years, and in
the first half of 2005, these reserves stood at
more than US$ 4.7 billion, equivalent to the
value of seven months' merchandise
imports. 1
Privatization has moved along quite well. The
centerpiece of the program was the sale of a
large minority ownership (along with
management control) in Jordan Telecom to
France Telecom. The government also sold
half of its holdings in the Arab Potash
Company in mid-October 2003 and a
majority of its stakes in its electricity
companies in the first half of 2004.
Furthermore, a new gas pipeline between
Egypt and Jordan has been completed by
the private sector, and is expected to be
extended to Lebanon, Syria, and Turkey.
Even the post office has been put out to
foreign management. Several public
enterprises are being restructured in 2004 to
be privatized in the year 2005. The flow of
privatization related funds is earmarked for
debt reduction and for funding of
development programs under the Plan for
Social and Economic Transformation.
1 Economic and Political Overview, County Watch
Incorporated, 2005
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
AMMAN STOCK EXCHANGE
JORDAN GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 3.0 6.4
Industry 25.0 25.0
Services 72.0 68.6
JORDAN MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
16
12
8
4
0
-4
EXPORT AND IMPORT LEVELS
(US$ Millions)
6,000
4,000
2,000
0
97
INFLATION
(%)
Exports Imports GDP deflator CPI
Exports
97
98 99 00 01 02 03
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (dinars-billions) 2,027 2,120 2,316 2,92 3,193
Money Supply M2 (dinars-billions) 7,435 7,866 8,419 9,466 10,571
Growth Rate M1 14.0% 4.6% 9.3% 26.0% 9.3%
Growth Rate M2 10.0% 5.8% 7.0% 12.4% 11.7%
Interest Rates
deposit rate 6.50% 5.00% 4.50% 2.50% 3.75%
lending rate 11.38% 10.45% 9.85% 8.92% 7.59%
Foreign Exchange Reserves (US$ millions) 2,762.6 2,578.4 3,494.6 4,739.5 4,824.3
Exchange Rate Period Average (dinars/US$) 0.709 0.709 0.709 0.709 0.709
Annual % Growth 0.0 0.0 0.0 0.0 0.0
6
4
2
0
-1
CURRENT ACCOUNT BALANCE TO GDP
(%)
5
4
3
2
1
0
-1
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* Economic Overview, Country Watch Incorporated, 2005
* World Bank reports
PAGE 41

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
SECURITIES DEPOSITORY CENTER (SDC) OF JORDAN AFFILIATE MEMBER
Samir Jaradat
Chief Executive Officer
The Securities Depository Center (SDC) has
made a qualitative leap in the Jordan Capital
Market by establishing a national center for
registry, depository and clearing and
settlement of securities. The SDC is an
integral part of a transparent, viable, fair, and
Role of the Depository
The Securities Depository Center of Jordan
(SDC) is a public utility institution established
in the Hashemite Kingdom of Jordan by
virtue of the Securities Law. The SDC
commenced operation in May 1999 and is
the only entity in Jordan that is legally
empowered to oversee the registration of
securities, deposit of securities, transfer of
ownership, safekeeping of securities and
clearing and settlement of securities
transactions.
The SDC is one of the most important
institutions in Jordan’s capital market as it
holds the ownership register of all public
shareholding companies. As a key
component in the modernization of the
capital market, the SDC implemented a
delivery-versus-payment (DVP) settlement
protocol. DVP, a globally recommended
settlement methodology that ensures the
simultaneous delivery of securities against
final payment of funds. Financial settlements
are currently conducted via the Central Bank
of Jordan’s Real Time Gross Settlement
System.
The SDC also developed the “Securities
Central Operation Registry Processing
Information Online (SCORPIO)” system.
CONTACT INFORMATION
PAGE 42
The SDC is an integral part of a transparent,
viable, fair, and efficient equities market in
Jordan that has inspired domestic and
international investor confidence and
contributed to the wealth of the nation.
efficient equities market in Jordan that has
inspired domestic and international investor
confidence and contributed to the wealth of
the nation. The SDC has implemented stateof-the-art
technology to perform its
responsibilities.
SCORPIO, an SDC-designed and
implemented system, is bilingual and it
provides a complete solution for the
registration, deposit and clearing and
settlement.
The SDC offers different services to investors
in securities including pledging services,
providing investors with statements of their
securities balances that show the securities
owned by them and their distributions
among members; in addition to providing
investors with the ability to freeze their
securities in the central registry.
Participation Criteria
The SDC's membership is composed of
public shareholding companies, public
issuers, brokers and custodians
Eligible Pledgee
Pledgees are not considered members
in that capacity
Issuers
Membership is obligatory for public
shareholding companies by virtue of the
Securities Law.
Size of Guarantee Fund
JD 29,468,000, US$ 41,844,560
Does the SDC act as a central
counter party
No
Memberships in other
International Organizations
The International Organization of
Securities Commissions (IOSCO)
Association of National Numbering
Agencies (ANNA)
Africa & Middle East Depositories
Association (AMEDA)
Federation of Euro-Stock Exchanges (FEAS)
Union of Arab Stock Exchanges
Legal Status
Public utility institution
Type of Commercial Entity
Not for profit
Regulated by
Jordan Securities Commission
Form of Securities
Dematerialized
Form of Settlement
Book Entry
Contact Name Mr. Samir Jaradat E-mail ceo@sdc.com.jo Website www.sdc.com.jo
Address The Securities Depository Center (SDC) 2nd Floor -Capital Market Building, Al-Mansour Bin Abi Amer Street
Al-Abdali Area, Al-Madina Al-Riyadiya District, Amman, The Hashemite Kingdom of Jordan
P.O.Box. (212465) Amman 11121 Jordan

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
ARMENIAN STOCK EXCHANGE
Yermonya Vardevanyan
Chairwoman
The year 2004 witnessed a remarkable 118%
increase in the value of exchange trading to
nearly US$ 1.6 million, while at the same
time, the number of securities traded went
up by over 77%. Securities issued by 101
listed companies were traded showing a
25% increase over 2003. At year-end, the
number of listed companies stood at 196,
with 20 new companies listed on the stock
exchange during 2004. Still, the number of
companies which delisted was rather high
too, this is primarily attributable to the
ongoing changes in the corporate ownership
structure.
Despite the fact that only equities continued
to be traded on Armenian Stock Exchange
(Armex) floor, an important agreement was
HISTORY AND DEVELOPMENT
Armenian Stock Exchange (Armex) is the
successor of the Association of Securities
Market Participants, which was established
in Armenia in 1997. In December 2000, it
was renamed to the Armenian Stock
Exchange, and on the 13th of February,
2001, it was officially registered by the
Securities Commission of the Republic of
Armenia as a self-regulatory organization
pursuant to the Law of the Republic of
Armenia “On Securities Market Regulation”.
Armex is the only stock exchange registered
in Armenia. As a voluntary association of
broker (dealer) companies and a selfregulatory
organization, Armex approves
rules and regulations covering a variety of
activities, including listing, trading,
information disclosure, as well as rules of
professional ethics. The self-regulation
principle provides each member company
with equal rights to participate in the
management of the stock exchange. The
supreme management body of Armex is the
General Meeting of Members, which elects
the Observers’ Board. The latter elects the
Chairman and appoints the Chief Executive
Officer of the Exchange.
PAGE 44
During 2004, Armex witnessed a
remarkable 118% increase in the value of
exchange trading to nearly US$ 1.6 million,
while at the same time, the number of
securities traded went up by over 77%.
reached with the Government on launching
exchange trade in long- and middle-term
Government bonds in April 2005. In this
respect, amendments to the existing trading,
clearing and settlement procedures, as well
as trading system modifications were
required. All of these above mentioned
changes are now near completion.
Throughout 2004, Armex carried on with its
efforts to provide market participants and the
general public with accurate, timely and
complete information regarding the activities
of the Armenian securities market, as always,
striving to keep Armex as transparent as
possible. Exchange trading statistics and
information on the most recent
developments and events was at all times
Armex is subject to regulation by the state.
The Securities Commission of the Republic
of Armenia is the competent state authority
to regulate the activities of the capital
market, including the stock exchange, in
Armenia. This is carried out through
approving legislative acts and other
regulatory documents, which are compiled
with reporting requirements.
At present the Armenian Stock Exchange is
focused on improving operations, as well as
trading procedures and regulations to foster
a fair and transparent securities market and
toward complying with worldwide industry
standards.
accessible both through the Armex official
website (www.armex.am), and local media.
Further steps were initiated to enhance
cooperation in the region: of significant
importance was the Memorandum of
Understanding signed with the Georgian
Stock Exchange in December 2004, which
aims to promote information exchange and
consolidate efforts in investor awareness and
education.
In 2005 Armex will endeavor to build on its
prior achievements while fostering those
positive trends that may be crucial to the
ultimate success of the Armenian capital
market.
FUTURE OUTLOOK
In 2005, Armex plans to:
• launch trading in government bonds;
• facilitate launch of trading in securities on
a non-covered basis;
• implement exchange trading in foreign
exchange;
• introduce the Armex index with publication
on a regular basis;
• establish Armex Training Center to
conduct educational seminars for trade
participants, broker/dealer community,
reporting companies and general public;
• develop and introduce capital adequacy
requirements for exchange member
companies; and
• Continue improving regulations and
practices towards compliance with WFE and
IOSCO recommendations.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
ARMENIAN STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 0.20 0.03 0.07 0.01
Feb-05 0.32 0.04 0.06 0.01
Mar-05 0.03 0.002 0.04 0.003
Apr-05 0.03 0.003 0.04 0.003
May-05 0.08 0.01 0.02 0.001
Jun-05 0.38 0.02 0.64 0.03
TOTAL 1.05 0.02 0.86 0.009
Bonds
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Other
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Market
Capitalization
US$ Millions Index
Jan-05 18.0 n/a
Feb-05 19.6 n/a
Mar-05 20.1 n/a
Apr-05 22.4 n/a
May-05 22.3 n/a
Jun-05 24.0 n/a
CONTACT INFORMATION
MONTHLY STOCK VOLUME
(US$ Millions)
Contact Name Mr. Armen Melikyan E-mail amelikyan@armex.am Website www.armex.am
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
25
20
15
10
5
PAGE 45

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
ARMENIAN STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Considering that, Armenia was part of the
former Soviet Union; it has made great
strides in privatizing and restructuring its
economy. Agriculture, which accounts for
40% of GDP and 31.5% of employment, was
thoroughly privatized in the early 1990s;
industrial entities began to be divested in the
mid-1990s, in a process that is ongoing.
Inflation (measured by GDP Price Deflator)
declined significantly after 1995, reaching
single digits by 1999.
During 2002 and 2003, Armenia's export
sector expanded at an impressive clip, along
with increases in capital investment and
income, as a result of fiscal belt-tightening,
policy reforms, and a subdued but stable
currency.
In the elections of 2003, Kochariam won
another term in office after two rounds of
voting.
Key Information Contacts
Securities Commission of the Republic of Armenia www.sca.am
Central Depository of Armenia www.cda.am
ECONOMIC RATIOS
Domestic
savings
PAGE 46
Armenia
Lower-middle-income group
Trade
Indebtedness
Investment
President Kochariam's nationalist party
(called the Republican Party of Armenia) won
31 seats and the plurality of the parliament.
The parliamentary elections coincided with a
referendum authorizing significant and
substantive changes to Armenia's
constitution; however the proposed
constitutional changes failed to achieve
popular support.
In August 2003, Armenia abolished the death
penalty and the sentences of 42 prisoners on
death row were commuted to life
imprisonment instead.
Meanwhile, bilateral relations between
Armenia and Azerbaijan continued to be
strained.
GROWTH OF INVESTMENT AND GDP
(%)
35
30
25
20
15
10
5
0
-5
97
GDI GDP
Economic Performance:
Robust and rapid economic expansion
continued in 2004 with real GDP growth of
10.1%, in line with growth of 13.9% in 2003.
Capital investment in construction, increase
in agricultural gross output, expansion of
service sector, as well as exports of metals
and diamonds drove GDP growth. Inflation
(as measured by the GDP deflator)
increased to 6.4% in 2003 from 2.6% in 2002
due mostly to a rise in prices of staple
goods. However, year 2004 saw significant
reduction in inflation rate to 2%. In 2004,
Armenian Dram, the official currency of the
Republic of Armenia, revaluated against US
Dollar by impressive 14.16%.
Fiscal policy remained tight in 2003.
The fiscal deficit remained the same in 2003
at 2.2%, reflecting no change from 2002.
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
ARMENIAN STOCK EXCHANGE
ARMENIA GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 40.0 37.0
Industry 25.0 21.9
Services 35.0 40.8
ARMENIA MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
30
20
10
0
-10
EXPORT AND IMPORT LEVELS
(US$ Millions)
1,200
1,000
800
600
400
200
0
97
98 99 00 01 02 03
INFLATION
(%)
Exports Imports GDP deflator CPI
Exports
97
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (dram-billions) 53 52 71 77 115
Money Supply M2 (dram-billions) 96 109 152 158 212
Growth Rate M1 19.6% -0.9% 36.7% 8.3% 49.2%
Growth Rate M2 36.7% 14.0% 38.6% 4.3% 34.0%
Interest Rates
deposit rate 47.0% 55.1% 24.4% 19.9% 14.8%
lending rate 48.5% 38.9% 31.6% 26.7% 21.1%
Foreign Exchange Reserves (US$ millions) 315 319 318 321 425
Exchange Rate Period Average (dram/US$) 504.92 535.06 539.53 555.08 573.35
Annual % Growth 2.87 5.97 0.84 2.88 3.29
20
15
10
5
0
-5
CURRENT ACCOUNT BALANCE TO GDP
(%)
0
-5
-10
-15
-20
-25
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* Economic Overview, Country Watch Incorporated, 2005
* World Bank reports
PAGE 47

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BAKU INTERBANK CURRENCY EXCHANGE
Farhad Amirbayov
General Manager
During the past year Baku Interbank
Currency Exchange (BBVB) stopped using
”on floor” auctions because of changed
conditions in the market. Further, after the
installation of new software allowing BBVB to
offer an electronic system for trading to all
banks, we were then able to not only give the
results of bargains, but also to support a
screen interface of BEST (BBVB Electronic
Trading System) in our native language.
When speaking in reference to the
development of the currency market in
HISTORY AND DEVELOPMENT
The Central Bank of Azerbaijan and the four
largest state banks of the Azerbaijan
Republic founded the Baku Interbank
Currency Exchange (Baki Banklarasi Valyuta
Birjasi - BBVB) on 26 July 1993. This year
marks a decade since the beginning of
activity in the financial market. Ever since the
onset of the activities of this central financial
institution, the BBVB has become an
innovative symbol of economic reforms for
the business public of Azerbaijan. Using
advanced information technology and
experiencing success in the creation of
universal trading platforms, the BBVB, by
volume of trade and number of financial
tools, has become the biggest exchange in
the Caucasian region.
The purposes of the BBVB are to:
• set up regular exchange trading to carry
out currency operations;
• determine the market exchange rate of
the Azerbaijan currency (manat) to foreign
currencies;
• create a mechanism for inter-state
settlements;
• maintain management and information
services for currency operations;
• settle transactions made at the BBVB
both in national and foreign currencies;
• organize and carry out exchange trading
and auctions with interbank credits; and
• conduct exchange trading with futures.
Main historical dates
• 18 October 1991: Declaration of
Independence of the Azerbaijan Republic
• 15 August 1992: Putting in circulation
national currency, Manat
• 21 June 1993: Establishment of the BBVB
• 26 August 1994: Beginning of regular
exchange trading in the currency market
PAGE 48
We are planning to offer the market this
year a spectrum of tools, created on the
basis of currency SWAP, which will help
banks to operate in short-term liquidity in
various currencies and currency positions.
Azerbaijan, it is necessary to take into
account the steady turnover growth of the
interbank market and exchange segment.
Growth of the currency market is not an
event in and of its own; it is directly
connected with the development of foreign
trade. The major factors which influence
such increases are the reduction of
commissions, development of information
technologies, introduction of new tools and
reliability of calculation systems. BEST has
sufficient technological potential for further
development so as to attract participants,
• 31 March 1995: First credit auction of the
National Bank at the BBVB
• 20 September 1996: First T-bill auction
• 22 January 1997: First exchange trading
in the BBVB Stock Department
• 30 August 1997: Beginning of trading in
the Organized Interbank Currency Market
(OICM)
• 25 September 1997: First trading in the
OICM by means of universal trading enetwork
of the BBVB
• 17 December 1997: Corresponding
emerging market membership status in FIBV
• 6 March 1998: Signing in Baku Protocol
on cooperation of BBVB with Istanbul Stock
Exchange
• 2 October 1998: Full member of FEAS
(Istanbul)
• 24 February 1999: Membership in the
Azerbaijan Commercial Chamber (Baku)
• 14 December 1999: Membership in the
Azerbaijan Commercial Banks Association
(Baku)
• 20 April 2000: Co-founder and
membership in the International Association
of CIS Exchanges (Moscow)
• 3 July 2001: Signing in Moscow
Arrangement on strategic cooperation of
BBVB with MICEX (Moscow Interbank
Currency Exchange)
• 27 March 2002: Start of e-system of
trades on Interbank credits–the Organized
Interbank Currency Market
• 9 July 2002: Start of Bourse E-System of
Trades (BEST)
• 24 November 2003: Signing in Almaty
agreement on mutual cooperation of BBVB
with KASE (Kazakhstan Stock Exchange)
• 16 June 2004: Signing in Baku agreement
on mutual cooperation of BBVB with BSE
(Bulgarian Stock Exchange).
including non-residents in addition to
increasing the number of tools to be used in
conjunction with BEST and also to increase
overall volume.
We are planning to offer the market this year
a spectrum of tools, created on the basis of
currency SWAP, which will help banks to
operate in short-term liquidity in various
currencies and currency positions.
FUTURE OUTLOOK
In 2005 BBVB plans to:
• modernize and reorganize BBVB Website;
• develop settlement and clearing services,
in particular software for management of
bank trading limits on credit and the
currency markets;
• improve risk management system in
realization of clearing operations;
• introduce the tool that will enable currency
swap in Bourse E-system of trade (BEST);
• develop Internet-technologies and
e-commerce;
• increase professional skills of Exchange’s
personnel;
• develop modern corporate governance
principles; and
• introduce the International system of
accounting in the field of GAAP (General
Accepted Accounting Principles).

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BAKU INTERBANK CURRENCY EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Bonds
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Other
Jan-05 80.3 4.2 0.08 0.004
Feb-05 84.3 4.2 0.08 0.004
Mar-05 108.6 5.2 0.11 0.005
Apr-05 50.8 2.4 0.05 0.002
May-05 29.5 1.4 0.03 0.001
Jun-05 66.2 3.2 0.07 0.003
TOTAL 419.7 0.16 0.42 0.0002
Market
Capitalization
US$ Millions Index
Jan-05 n/a n/a
Feb-05 n/a n/a
Mar-05 n/a n/a
Apr-05 n/a n/a
May-05 n/a n/a
Jun-05 n/a n/a
CONTACT INFORMATION
MONTHLY OTHER VOLUME
(US$ Millions)
120
100
80
60
40
20
0
Jan Feb Mar Apr May Jun
Contact Name Ms. Aynur Bayramli E-mail info@bbvb.org Website www.bbvb.org
5-YEAR OTHER VOLUME
(US$ Millions)
1,200
1,000
800
600
400
200
0
2001 2002 2003 2004 2005 1st half
PAGE 49

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BAKU INTERBANK CURRENCY EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Baku, Azerbaijan's capital and largest city
emerged more than 100 years ago as one of
the earliest centers of the international
petroleum industry. At the beginning of the
21st century, oil and gas activity remains the
engine of the Azerbaijani economy. Indeed,
oil exports accounted for 90% of all exports
in 2002. It appears that oil development in
the Azeri sector of the Caspian will fuel
economic development and income growth
for many years to come, especially after
official sanctioning of the Baku-Tbilisi-
Ceyhan (BTC) pipeline, which will pump
Azeri oil through Georgia and Turkey to the
Mediterranean terminal at Ceyhan, Turkey,
and related projects, which will inject an
estimated US$ 8 billion in investment over
the next few years.
In August 2003, the parliament of Azerbaijan
elected President Aliyev's son, Ilham Aliyev,
as the prime minister. The measure was
viewed as an attempt to secure a peaceful
political transition, in the event that the ailing
president were to become incapacitated.
President Aliyev was scheduled to run for a
third term in the presidential polls in October
2003, but withdrew from the election contest
due to health concerns. His supporters
transferred their efforts to his son, the new
Key Information Contacts
National Bank www.nba.az
State Committee for Securities www.scs.gov.az
Ministry of Finance www.maliyye.gov.az
National Depository Center www.mdm.az
International Bank of Azerbaijan www.ibar.az
National Bank of Azerbaijan www.nba.az
State Committee for Securities www.scs.gov.az
Ministry of Finance www.minfin-az.com
Ministry of Economic Development www.economy.gov.az
ECONOMIC RATIOS
Domestic
savings
PAGE 50
Azerbaijan
Lower-middle-income group
Trade
Indebtedness
Investment
Prime Minister Ilham Aliyev. The younger
Aliyev went on to win the election in a
landslide victory.
In December 2003, Heydar Aliyev died in a
United States hospital at the age of 80.
He was undergoing treatment for heart and
kidney problems.
In 2004, bilateral relations with Armenia
constituted one of the main issues facing
Azerbaijan's political landscape. The new
Azerbaijani president expressed his hope
that the Organization for Security and
Cooperation in Europe (OSCE) would
continue in its effort in forging a resolution to
the conflict in Nagornyy Karabakh.
On the domestic front, President Aliyev has
expressed confidence in the economic
growth of Azerbaijan in the next few years, as
well as the strengthening of democracy and
the improvement of human development
concerns. In these regards, he said, "Our
assuredness stems from the considerable
investments in Azerbaijan, the development
of democratic reforms, and the
implementation of social programs to
improve people's quality of life."
GROWTH OF INVESTMENT AND GDP
(%)
90
60
30
0
97
GDI GDP
Economic Performance:
Foreign direct investment in the petroleum
sector boosted GDP growth to 11.2% in
2003 compared to 10.6% in 2002. Consumer
price inflation has been restrained in recent
years, declining slightly to 2.2% in 2003 from
2.8% in 2002. Fiscally speaking, Azerbaijan's
deficit increased in 2003, to nearly 2%,
compared to 0.5% in 2002, but this was
primarily due to infrastructure-related
expenditures and an increase in pension
wages. Agricultural work still occupies some
40% of the Azeri workforce, and the
unemployment rate has remained low (at
1.4% in 2003). Although oil revenues
represent a large portion of Azerbaijan’s
economy, they have made inroads into this
problem, with non-oil economy growing
significantly in 2003. 1
1 Economic and Political Overview, County Watch
Incorporated, 2005
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BAKU INTERBANK CURRENCY EXCHANGE
AZERBAIJAN GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 22.0 22.3
Industry 33.0 17.7
Services 45.0 60.1
AZERBAIJAN MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
50
40
30
20
10
0
-10
-20
EXPORT AND IMPORT LEVELS
(US$ Millions)
3,000
2,000
1,000
0
97
98 99 00 01 02 03
INFLATION
(%)
Exports Imports GDP deflator CPI
97
Exports
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (manats-billions) 1,183 1,390 1,570 1,693 1,967
Money Supply M2 (manats-billions) 1,846 2,216 3,843 3,439 3,939
Growth Rate M1 -22.4% 17.5% 12.9% 7.9% 16.2%
Growth Rate M2 -15.2% 20.1% 73.4% -10.5% 14.5%
Interest Rates
deposit rate 14.0% 10.0% 10.0% 10.0% 7.0%
lending rate 14.1% 19.5% 19.7% 19.7% 17.4%
Foreign Exchange Reserves (US$ millions) 447 673 680 897 722
Exchange Rate Period Average (manats/US$) 3,869 4,120 4,474 4,657 4,861
Annual % Growth -2.92 6.49 8.59 4.08 4.39
15
10
5
0
-5
-10
CURRENT ACCOUNT BALANCE TO GDP
(%)
0
-5
-10
-15
-20
-25
-30
-35
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* Economic Overview, Country Watch Incorporated, 2005
* World Bank reports
PAGE 51

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BAKU STOCK EXCHANGE
Anar Akhundov
President
2004 was marked by several important
events in capital market of Azerbaijan such
as, in January 2004 the first placement of
corporate bonds took place at Baku Stock
Exchange (BSE) and was followed by a
number of other issues. Amendments made
to the Civil Code caused significant growth
of IPOs in the stock market as Decree of the
National Bank of Azerbaijan for all private
banks to increase the authorized capital to a
certain limit by the end of 2004 has assisted
the BSE to increase the volume of the stock
market significantly. As the result total
volume of corporate bonds issues made up
HISTORY AND DEVELOPMENT
The establishment of a stock exchange was
a necessary step in the creation of a
modern stock market in Azerbaijan. Due to
its geopolitical location Azerbaijan is an
important regional center of business
activity. In this respect the availability of a
stable and developed securities market
plays a substantial role in the raising of
investors' confidence in the economy of
Azerbaijan and the region.
The shareholders of the BSE are leading
Azeri and foreign banks and investment
companies. The share of one shareholder in
the capital of BSE is equal to US$ 61,250.
The supreme decision-making authority of
the BSE is the General Shareholders
Meeting.
The trading floor of the BSE is equipped with
30 computerized trading stations, 18 of
which belong to the shareholders of the
Exchange. The other 12 are available for
new members.
Legal bodies (banks, investment funds,
broker firms) involved in professional
activities in the securities market with special
license from the State Committee for
Securities under the auspices of the
President of the Azerbaijan Republic can
become members of the BSE.
PAGE 52
In 2004 BSE took first steps to increase
public awareness, through the issue of
information bulletins on regular basis,
these bulletins are disseminated among
companies involved in different financial
sectors.
US$ 14.5 million and IPOs represented
US$ 20.6 million.
In comparison with 2003 turnover of stock
market increased 6.5 times and reached
US$ 21.7 million in 2004.
Another important event was the launch of
the Notes of the National Bank - in
September 2004, National Bank of
Azerbaijan executed the first placement of
Notes and determined the interest rate at the
level of 4.6%.
FUTURE OUTLOOK
In 2005 BSE plans to increase number of
securities market participants, by involving
more investors and issuers. One of the most
important tasks of the BSE is to make the
capital market accessible at different levels
of investment and to strengthen the role of
the BSE as a financial source of the
Azerbaijan economy. In 2005 internal
regulations will be reviewed and developed
and listing requirements will be divided into
different levels in order to make them more
flexible.
In 2004 BSE took first steps to increase
public awareness, through the issue of
information bulletins on regular basis, these
bulletins are disseminated among
companies involved in different financial
sectors.
KEY INITIATIVES FOR 2005
Corporate securities market
• Development of multi-stage listing
requirements
• Improvement of commission fees flexibility
• Introduce of new financial instruments
Membership
• Increase the number of members
• Stimulation of market-makers institution
Investors
• Organization of a conference for
international investors
• Organization of trainings for local investors
Public Relations
• Establishment of contacts with new
markets
• Participation in WFE (World Federation of
Exchanges)
• Publication of an analytical review of the
securities market in Azerbaijan
Trading system
• Customization of the present trading
system
• Development of a depositary system

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BAKU STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 1.7 0.21 0.28 0.03
Feb-05 0.82 0.10 0.30 0.04
Mar-05 5.9 0.45 2.0 0.15
Apr-05 4.2 0.30 1.6 0.11
May-05 7.0 0.41 2.1 0.13
Jun-05 2.1 0.12 0.35 0.02
TOTAL 21.7 0.27 6.7 0.08
Bonds
Jan-05 6.5 3.3 0.03 0.02
Feb-05 10.0 3.3 0.05 0.02
Mar-05 17.1 3.4 0.08 0.02
Apr-05 10.5 1.2 0.05 0.01
May-05 18.3 2.3 0.08 0.01
Jun-05 14.0 2.0 0.07 0.01
TOTAL 76.4 2.6 0.36 0.01
Other
Jan-05 1.3 1.3 0.006 0.006
Feb-05 0.72 0.36 0.004 0.002
Mar-05 6.0 1.2 0.03 0.006
Apr-05 5.5 0.92 0.03 0.004
May-05 0.45 0.45 0.002 0.002
Jun-05 15.5 1.7 0.07 0.008
TOTAL 29.5 5.9 0.14 0.03
Market
Capitalization
US$ Millions Index
Jan-05 n/a n/a
Feb-05 n/a n/a
Mar-05 n/a n/a
Apr-05 n/a n/a
May-05 n/a n/a
Jun-05 n/a n/a
CONTACT INFORMATION
VOLUME BY TYPE MONTHLY STOCK VOLUME
(US$ Millions)
Stocks Bonds
76.4%
Contact Name Mr. Jamil Azimov E-mail j.azimov@bse.az Website www.bse.az
Other
29.5%
21.7%
7
6
5
4
3
2
1
0
Jan Feb Mar Apr May Jun
* Please refer to page 50 for the Azerbaijan country report.
PAGE 53

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BANJA LUKA STOCK EXCHANGE
Milan Bozic
CEO
2004 was a year of significant improvement
in the Banja Luka Stock Exchange (BLSE)
market performance. BLSE obtained an
important role in the transitional processes in
Bosnia and Herzegovina. The most important
results are related to an increase in turnover,
which amounted to US$ 65.3 million,
showing an increase of 50% in comparison
with 2003. During 86 trading days in 2004
there were over 80,000 transactions
concluded, which is 300% more than in
2003. Significant progress was also made in
regard to the structure of turnover. More than
45% of total turnover was achieved on the
official market, which is a consequence of
admitting to this market segment 3
companies and 13 Privatization Investment
Funds (PIFs). Total market capitalization also
increased from US$ 522.7 million on
December 31st, 2003 to US$ 1.3 billion on
December 31st, 2004. More than 60% of the
above mentioned amount is related to the
official market.
HISTORY AND DEVELOPMENT
The adoption of The Law on Securities in
1998 provided the necessary legal
framework to establish the capital market of
the Republic of Srpska and the Stock
Exchange. The National Assembly of the
Republic of Srpska appointed the first
members of Republic of Srpska Securities
Commission in 2000 as the highest authority
and supervisory body in the capital market
of the Republic of Srpska. In the beginning
of 2001 the Central Registry of Securities
was established in accordance with the Law
on Central Registry, which started with the
registration of securities from the
privatization process as the first market
material. All of these events have created
the necessary environment for the
establishment of the Stock Exchange.
On 9 May 2001, eight Banks and one
company trading in securities signed the
Contract that established the BLSE as the
first Stock Exchange in the Bosnia and
Herzegovina. In August 2001, the Republic
of Srpska Securities Commission issued a
working permit to the Banja Luka Stock
Exchange, which operates as non-profit,
self-regulatory, private organization.
PAGE 54
As a result of improvement of the financial
disclosure, the participations of foreign
institutional investors have significantly
increased, which indicates the
internationalization of the BLSE market.
During 2004, two BLSE indices were created.
The Stock Exchange Index of The Republic
of Srpska (BIRS), which includes 10
companies with the largest market
capitalization, indicated an increase of 15%
for an 8 month period. Total return on BIRS
for this period was over 20%. The
Privatization Investment Funds Index (FIRS)
includes 13 shares of Privatization
Investment Funds (PIFs). FIRS increased
from September 1st to December 31st, 2004
by 85%.
Positive growth indicates increasing
investor’s interest and confidence in the
BLSE, which is largely due to the BLSE’s
promotional and educational activities.
As a result of improvement of the financial
disclosure requirements (Financial
statements for Privatization Investment
Funds are disclosed on a monthly basis), the
participation of foreign institutional investors
has significantly increased, which indicates
On 5 March 2002, a contract for the transfer
of license between the Directorate for
Privatization and the BLSE was signed that
provided the BLSE with an electronic trading
system (BTS) developed by the Ljubljana
Stock Exchange.
The first Banja Luka Stock Exchange trading
session took place on 14 March 2002,
involving six Members that traded 20 listed
securities.
In September 2002, the Law on Takeover
came into force and thus further improved
the position of small shareholders and the
quality of corporate governance in the
Republic of Srpska.
On 21 January 2003, the first session of The
Listing Commission took place and stocks
of 13 Privatization Investment Funds were
admitted to the official market of the BLSE.
On May 2004, the Stock Exchange Index of
Republic of Srpska (BIRS) was established
as the first index in the Republic of Srpska.
the internationalization of BLSE market. We
are especially proud of the increasing
number of small local investors, which
indicates the success of the BLSE in
educational activities. This has not been an
easy task, bearing in mind that almost all
citizens had a reason not to believe in new
things such as investing in capital markets,
because of the frozen saving accounts issue.
An important result during 2004 was
participation in the privatization of more than
60 state owned companies. Finally, the BLSE
became a full member of FEAS in November
2004.
Note: Please note that there is a difference
between BLSE reported numbers in the
message from the CEO and the FEAS
statistics based on auction for state owned
capital and block transactions reported to
BLSE which are not included in the FEAS
statistics.
FUTURE OUTLOOK
In 2005 the BLSE plans to:
• install a new web information portal, which
will enable investors to access a large scope
of data, such as the macroeconomic
situation in Bosnia and Herzegovina, trading
information, financial statements and
ownership structure of the listed;
• encourage new listing of successful local
companies;
• continue with educational and promotional
activities;
• initialize creation of national corporate
governance standards;
• introduce new market instrument such as
long term governments bonds issued on the
basis of the frozen savings; and
• initiate continual trading with securities
listed on the official market.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BANJA LUKA STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 3.9 0.56 11.0 1.6
Feb-05 7.8 0.65 16.1 1.3
Mar-05 9.4 0.63 22.8 1.5
Apr-05 3.9 0.30 76.7 5.9
May-05 5.1 0.30 17.5 1.0
Jun-05 4.1 0.25 17.5 1.1
TOTAL 34.2 0.45 161.7 2.1
Bonds
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Other
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Market
Capitalization
US$ Millions Index
Jan-05 1,254.6 864.8
Feb-05 1,247.5 929.8
Mar-05 1,242.4 973.5
Apr-05 1,126.2 841.5
May-05 1,128.0 793.6
Jun-05 1,032.4 705.3
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
10
9
8
7
6
5
4
3
2
1
0
Stocks Index
Contact Name Mr. Nebojsa Vukovic E-mail blberza@blic.net Website www.blberza.com
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
1000
1,400
900
800
1,200
700
1,000
600
500
400
800
600
300
400
200
100
200
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
PAGE 55

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BANJA LUKA STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Bosnia and Herzegovina (BiH) is comprised
of two distinct entities – The Republic of
Srpska (RS), which accounts for one-third of
the population and contains mostly Serbs,
and the Federation of Bosnia and
Herzegovina (Federation), which accounts
for the other two-thirds of the population and
consists mostly of Muslims and Croats. Both
entities enjoy significant autonomy, with their
own police, army, and tax and customs
systems. There is also a tiny Northern district
controlled by both entities called Brcko,
which has its own tax laws.
BiH’s economy is well-diversified. Services
account for nearly three-fifths of GDP,
industry nearly a quarter and agriculture just
under one-fifth. The relative share of
agriculture is twice as high in the RS as in
the more urbanized Bosnia and Herzegovina
Federation.
Key Information Contacts
Republic of Srpska Securities Commission www.khov-rs.org
Central Registry of Securities www.crhovrs.org
Government of Republic of Srpska www.vladars.net
Central Bank of BiH www.cbbh.ba
Tax Administration of Republic of Srpska www.poreskaupravars.org
ECONOMIC RATIOS
Domestic
savings
PAGE 56
Bosnia & Herzegovina
Lower-middle-income group
Trade
Indebtedness
Investment
A lot of progress has been made at reducing
ethnic tensions and rebuilding basic
infrastructure and that provides a basis for
future growth. Real GDP has been buoyant
since the mid-1990s with the economy
recovering from its low war-era base.
In October 2002, Bosnia was scheduled to
hold its fourth presidential election within the
strictures of the tripartite system, which had
been established under the Dayton Accords.
The members of the presidency at the time
included Beriz Belkic (Muslim/Bosniak), who
became chairman on Feb. 14, 2002; Jozo
Krizanovic (Croat); and Zivko Radisic (Serb).
The October 2002 elections involved 52
parties and over 7,000 candidates and
marked a historic turning point because they
were run by the Bosnian authorities and not
the international apparatus resulting from the
Dayton Accords.
GROWTH OF INVESTMENT AND GDP
(%)
40
35
30
25
20
15
10
5
0
-5
97
GDI GDP
Economic Performance:
The country's monetary policy has been
prudent and effective. After adoption in 1997
of a currency board arrangement linking the
convertible mark (KM) to the Deutsche mark
(now to the Euro), with controls on money
supply growth and a tightly managed foreign
exchange trading band, inflation rates have
largely stabilized in the lower single-digits.
Average inflation for the entire country was
0.3% in 2002 and even lower in 2003.
The consolidated fiscal deficit was reduced
from 2.2% of GDP in 2002 to a small surplus
of 0.4% in 2003 due to responsible spending
by both entities. In 1998, the government
subscribed to an IMF-financed economic
reform program, aimed at reconfiguring the
inefficient fiscal structure and sharply
reducing direct state participation in
productive sectors. 1
1 Economic and Political Overview, County Watch
Incorporated, 2005
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BANJA LUKA STOCK EXCHANGE
BOSNIA AND HERZEGOVINA GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 19.0 3.8
Industry 23.0 64.5
Services 58.0 31.7
BOSNIA HERZEGOVINA MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
70
60
50
40
30
20
10
0
-10
EXPORT AND IMPORT LEVELS
(US$ Millions)
4,000
3,000
2,000
1,000
0
97
98 99 00 01 02 03
INFLATION
(%)
Exports Imports GDP deflator CPI
Exports
97
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (KM's-billions) 0.38 1.15 1.47 2.79 3.15
Money Supply M2 (KM's-billions) 1.82 2.33 2.59 4.92 5.38
Growth Rate M1 11.9% 199.4% 28.1% 89.7% 13.0%
Growth Rate M2 22.0% 27.5% 11.3% 90.0% 9.4%
Interest Rates
deposit rate 51.9% 9.1% 14.7% 16.5% 4.5%
lending rate 73.5% 24.3% 30.5% 25.0% 12.7%
Foreign Exchange Reserves (US$ millions) 175 452 497 1,221 1,321
Exchange Rate Period Average (KM's/US$) 1.7597 1.8371 2.2144 2.1872 2.08
Annual % Growth 1.48 4.40 15.64 2.96 -4.9
14
12
10
8
6
4
2
0
CURRENT ACCOUNT BALANCE TO GDP
(%)
0
-10
-20
-30
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* Economic Overview, Country Watch Incorporated, 2005
* World Bank reports
PAGE 57

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BELGRADE STOCK EXCHANGE
Gordana Dostanic
Managing Director
During 2004 many fundamental investment
laws were adopted, which set a legal
foundation for the transitional changes and
market economy in progress. It is expected
that the aforementioned legislative activities
will have a strong influence on the economic
flows in the year to come.
2004 has also seen a deceleration in the
privatization process, as well as a decrease
in industrial growth and exports, which
brought with it slower growth of employment
rates and higher inflation than projected.
These circumstances made a less then
favorable environment for the development
of the Belgrade Stock Exchange, and have
HISTORY AND DEVELOPMENT
The Belgrade Stock Exchange was first
founded on November 21st 1894, but the
first transactions were conducted in January
1895. The last transactions on the Belgrade
Stock Exchange were carried out in April
1941. The Exchange continued to exist
formally until 1953, but at that time there
were no trading activities.
The Belgrade Stock Exchange was
reestablished in 1989 as Yugoslav Capital
Market, in the accordance with the Capital
and Money Market Law. The name was
changed back to Belgrade Stock Exchange
in 1992. The most important events in recent
history were:
• September 2002 - Trade in Republic of
Serbia foreign currency savings bonds
started.
• March 2003 - Introduction of continuous
trading method for Republic of Serbia
bonds.
PAGE 58
During 2004 many fundamental investment
laws were adopted, which set a legal
foundation for the transitional changes and
market economy in progress.
left their mark on the otherwise dynamic
development of the only financial market in
Serbia.
New relationships, new organizational
principles and new terminology brought into
Serbia by the market transition process have
found a fertile ground and rooted deeply in
everyday business and life. Even though the
citizens in Serbia usually do not have
substantial savings, they are becoming more
interested in the movements on the Stock
Exchange and are moving their savings from
banks to investing it in the capital market.
Other factors that have influenced the growth
and development of the financial market in
• September 2003 - The celebration of 110
years from founding of Belgrade Stock
Exchange started with the exhibition in Nis.
• October 2003 - Testing of the system for
remote trading started.
• March 2004 - System for remote trading
became operational.
• October 2004 - First companies
transferred to a continuous trading system.
• November 2004 - The Third International
Belgrade Stock Exchange Conference was
held, as a culmination of the celebration of
110th anniversary.
• December 2004 -BELEXfm, the free
market index, was published for the first
time.
• February 2005 - Belgrade SE become a
corresponding member of the FESE.
• March 2005 - BELEXinfo - real time
information service was launched on the
web page: http://www.belex.info as well as
price information for investors via SMS
messages.
the past year were new legislation
concerning investment funds, changes in
insurance legislation and the dispersion of
ownership rights through the privatization
process.
Turnover in the first half of the year 2005 has
increased slightly as compared to the same
period in previous year, and the activities on
the Belgrade SE are still very dynamic. This
resulted in greater independence of the
Stock Exchange and the development of
new technologies, which in turn helped
educational and informational activities.
There are still big developments to come on
the Belgrade Stock Exchange.
FUTURE OUTLOOK
In 2005, BSE will:
• continue development of the BELEX client
application’s functionality and start of project
for automating the control function in the
BELEX trading platform;
• define requests for redesign of the BELEX
trading platform in whole;
• develop the listing function, especially
concerning enlistment on the A and B lists;
• monitor the BSE Rules and their
application, in order to eliminate possible
problems and improve securities’ liquidity;
• motivate the most successful companies
to enlist on the A and B lists and explore the
possibilities for introducing new securities
and other instruments on the market;
• perform liquidity analysis for certain
securities and programs for increasing their
liquidity;
• develop reporting capabilities through
various types of reporting: web presentation,
data vending, publications, and cooperation
with the media;
• create and implement the BSE Academy
program;
• maintain and enhance the communication
with the BSE Members, and activities in
presenting the Exchange to the general
public in Serbia and abroad;
• develop of Human Resources; and
• take an active part in the international
meetings organized by FEAS, FESE or
similar international organizations and
organize one or more international or
regional meetings, with the goal of
promoting international cooperation.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BELGRADE STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 43.2 2.3 1.2 0.06
Feb-05 64.3 3.4 2.2 0.12
Mar-05 78.6 3.4 2.0 0.09
Apr-05 27.7 1.5 0.87 0.05
May-05 28.3 1.4 0.81 0.04
Jun-05 33.6 1.5 0.74 0.03
TOTAL 275.7 2.2 7.8 0.06
Bonds
Jan-05 12.2 0.64 9.3 0.49
Feb-05 11.3 0.59 8.7 0.46
Mar-05 13.2 0.57 10.0 0.43
Apr-05 8.8 0.46 6.8 0.36
May-05 10.3 0.51 8.0 0.40
Jun-05 10.9 0.49 8.9 0.41
TOTAL 66.5 0.55 51.7 0.42
Other*
Jan-05 0.0 0.0 0.0 0.0
Feb-05 0.0 0.0 0.0 0.0
Mar-05 0.0 0.0 0.0 0.0
Apr-05 0.0 0.0 0.0 0.0
May-05 0.0 0.0 0.0 0.0
Jun-05 0.0 0.0 0.0 0.0
TOTAL 0.0 0.0 0.0 0.0
* other # volume figures are not available at this time.
Market
Capitalization
US$ Millions Index
Jan-05 3,496.3 1,257.0
Feb-05 4,121.8 1,374.5
Mar-05 4,498.5 1,576.1
Apr-05 4,415.4 1,507.6
May-05 4,298.6 1,491.9
Jun-05 4,415.2 1,528.5
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
80
70
60
50
40
30
20
10
0
Stocks Index
Jan Feb Mar Apr May Jun
Contact Name Ms. Svetlana Cerovic E-mail svetlana.cerovic@belex.co.yu Website www.belex.co.yu
1,600
1,400
1,200
1,000
800
600
400
200
0
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Jan Feb Mar Apr May Jun
PAGE 59

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BELGRADE STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Serbia and Montenegro, the two republics
still left from the old Yugoslav federation, had
agreed in March 2002 to scrap remnants of
the ex-communist state and to create a new,
looser union of Serbia and Montenegro. The
EU-brokered deal was intended to prevent
further changes to Balkan borders by settling
Montenegrin demands for independence. 1
The ruling minority coalition in Serbia, which
is lead by the Democratic Party of Serbia
(DSS) and also includes the G17 Plus and
the Serbian Renewal Movement-New Serbia
(SPO-NS) alliance, remains under pressure.
The reformist oriented Democratic Party (DS)
and the extreme Serbian Radical Party
(SRS), both of which are in opposition,
significantly influence the opinion polls.
The Serbian authorities have tightened fiscal
policy since mid-2004 in order to contain
inflationary pressures, and were expected to
run a smaller central government deficit than
the US$ 534 million envisaged in the revised
2004 budget. The 2005 budget approved by
parliament on November 20th envisages a
further reduction in the annual budget deficit
equivalent to 1.4% of projected GDP.
According to the Ministry of Finance recent
PAGE 60
data, the budget surplus in the first five
months of 2005 reached 2.5% of GDP. The
National bank of Serbia has also tightened
monetary conditions in recent months,
although estimates for this year’s inflation
range from 14.5% to 17.0%. In July 2005, a
record increase of foreign currency savings
was realized, resulting in total amount of
foreign currency savings of 1.8 billion euros.
Economic Performance:
The IMF decision on December 15th, 2004,
to release another set of financing has
provided further evidence that the outside
world regards economic policy in Serbia and
Montenegro as broadly on track, following
the debt-rescheduling agreement earlier in
2004 between Serbia and the London Club
of commercial creditors.
This was followed by an improvement in the
long-term debt credit rating of Serbia in July
2005 of BB-, which is one degree above the
B+ rating by S&P from nine months ago.
Short-term debt rating remained B, with
perspectives estimated as stable. The
improved long-term rating of Serbia is sign of
better short-term fiscal outlook, lower political
risk and improved indicators of external
borrowing.
Key Information Contacts
National Bank of Serbia: www.nbs.yu/english/index.htm
Securities and Exchange Commission: www.sec.sr.gov.yu
Central Securities Depository and Clearing House: www.crhov.co.yu/indexe.htm
Ministry of Economy: www.mpriv.sr.gov.yu
ECONOMIC RATIOS
Domestic
savings
Serbia and Montenegro
Lower-middle-income group
Trade
Indebtedness
Investment
GROWTH OF INVESTMENT AND GDP
(%)
40
30
20
10
0
-10
-20
-30
97
GDI GDP
Industrial production in Serbia and
Montenegro rose by 7.2% year on year in the
first nine months of 2004, on the back of a
strong recovery in manufacturing. It was
followed by a slowdown in the first half of
2005 and recovery in June, when the index
of industrial production again took a positive
direction reaching 99.0 (2004=100). GDP
growth in Serbia and Montenegro was at
6.5% in 2004. Official estimates for 2005 and
2006 are 5.2% and 5.0% respectively. It is
estimated that Serbia and Montenegro’s
current-account deficit forecast will fall
significantly as a percentage of GDP in
2005-2006 as the trade gap decreases. 2
1 http://www.cia.gov/cia/publications/factbook/geos/yi.html#Econ
2 Facts and Figures from Serbia and Montenegro Outlook,
EIU ViewsWire. New York: Jan 28, 2005.
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BELGRADE STOCK EXCHANGE
SERBIA AND MONTENEGRO MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
30
20
10
0
-10
-20
-30
-40
EXPORT AND IMPORT LEVELS
(US$ Millions)
8,000
6,000
4,000
2,000
0
97
Exports Imports
Exports
97
98 99 00 01 02 03
Imports
98 99 00 01 02 03
INFLATION
(%)
90
80
70
60
50
40
30
20
10
CURRENT ACCOUNT BALANCE TO GDP
(%)
0
-2
-4
-6
-8
-10
2000 2001 2002 2003 2004
Money Supply (M1) (dinars-millions) 27,026 58,233 93,815 99,544 111,179
Money Supply (M2) (dinars-millions) 32,897 68,098 110,900 124,886 146,613
Foreign Currency Reserves of National Bank of Serbia (NBS) (US$ millions) 524 1,169 2,280 3,550 4,244
Average Money Market Interest Rates 117.43 55.31 32.21 27.14 n/a
Average Interest rate on NBS Securities N/A 20.75 10.30 11.35 16.30
Discount Rate of NBS 26.34 16.43 9.50 9.00 8.50
Value of US$ against Dinar 63.16 67.67 58.98 54.64 57.94
Real GDP Growth (%) 5.0 5.5 4.00 3.0 6.0
Investment (% of GDP) 14.2 13.6 16.20 15.9 16.5
Gross Domestic Savings (%of GDP) -2.7 -7.2 -7.20 -6.6 -8.6
Exports of Goods and Services (US$ millions) 29.6 23.7 20.90 19.9 24.2
Imports of Goods and Services (US$ millions) 46.5 44.6 44.30 42.4 49.4
Current Account Balance (US$ millions) -339 -521 -1,383 -1,960 -2,492
GNI per Capita (US$, Atlas method) 1,220 1,250 1,400 1,900 2,530
Real Annual Growth Rates (%, calculated from 1998 prices)
Gross domestic product at market prices 5.0 5.5 4.00 3.0 6.0
Gross domestic income 5.1 5.5 4.00 3.1 6.0
Balance of Payments
Exports 2,547 2,743 3,241 4,069 5,623
Imports 4,004 5,160 6,857 8,675 11,463
Resource balance -1,457 -2,417 -3,616 -4,606 -5,840
Net current transfers 1,119 1,915 2,344 2,895 3,745
Current account balance -339 -528 -1,383 -1,960 -2,492
GDP deflator CPI
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* Economic Overview, Country Watch Incorporated, 2005
* World Bank reports
PAGE 61

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BUCHAREST STOCK EXCHANGE
Stere Farmache
General Manager & CEO
Following the positive economic climate
Central Eastern European (CEE) emerging
markets registered in the last years, 2004
was the fifth year in a row when Romania’s
GDP continued to grow (8.1% year-on-year
basis) and inflation continued to decrease.
The inflation rate dropped below 10% for the
first time since 1989 to 9.3%. Further, the fall
in saving interest rates and the decrease in
the yield rate for Government bonds issued
in 2004, as well as the volatility of foreign
currencies contributed to an increase in the
number of investors and capital driven
toward the Bucharest Stock Exchange (BSE).
The total market capitalization of the BSE in
2004 increased three times to reach almost
US$ 12 billion compared to US$ 3.7 billion at
the end of 2003. The market capitalization
currently represents 17% of Romania’s GDP.
Furthermore, all three indices computed by
HISTORY AND DEVELOPMENT
Trading in equities in Romania dates back to
1882, a year after the legal framework was
passed. The market was very slim and from
the beginning official trading was soon
substituted by off-exchange trading.
However, with the exception of the two world
wars and the economic depression, the
market grew to significant levels reaching, in
terms of listed securities, 56 shares (banks,
oil, mining, industrial, insurance and
transportation companies) and 77 fixed
income securities, in 1935.
The peak was reached in 1938 but after the
end of the Second World War, in 1948, the
stock market was left without any public
companies due to the nationalization of the
entire economy. For almost fifty years
Romania did not have one of the most vital
institutions of a modern economy.
The adoption in 1994, by the Parliament of
Romania, of the Securities and Exchanges
Act made the reconstruction of a modern
capital market possible. Based upon the
provisions of this Act, the main institutions of
the Romanian capital market: the National
Securities Commission, the BSE, brokerage
companies, and the National Association of
the Securities Dealers have been set up.
PAGE 62
The total market capitalization of the BSE in
2004 increased three times to reach almost
US$ 12 billion. The market capitalization
currently represents 17% of Romania’s GDP.
the BSE posted significant increases;
reaching all time highs in 2004. On the last
trading day of 2004 all indices recorded
values two times higher than those of the last
trading day of 2003. Thus, the BET index
stood at 101% above the value on the last
trading day of 2003. The BET-C index posted
an annual growth rate of 104%, while BET-FI
recorded an annual growth rate of 115%. The
daily average turnover also increased from
US$ 1.3 million in 2003 to over US$ 3.3
million in 2004 and the turnover for 2004 of
US$ 746.8 million increased by more than
161% as compared to 2003 (US$ 285.7
million).
2004 also brought 3 new issuers to the BSE,
representing banking, energy and textiles
businesses. In addition, several listed
companies raised capital through the BSE
totaling US$ 16.3 million. It was the first time
The BSE was re-established in April 1995,
by a decree of the National Securities
Commission (NSC) at the request of 24
brokerage houses – the founding members
– to trade on the BSE. A new law on
securities was approved by the Parliament in
2002.
The BSE is a self-financing and selfregulating
institution of public interest,
operating on corporate principles. Trading is
performed on the BSE in a dematerialized
environment: Exchange operations have
been conducted exclusively through the
electronic systems since the reestablishment
of the Exchange.
that one company initiated an IPO in the
amount of US$ 3 million. With the support of
the Romanian Government, a multi-annual
program “A Strong Market” was launched to
develop the capital market and to
consolidate the financial market for a
successful integration of Romania to the
European Union (EU) in 2007. Thus, seven
large state-owned companies are planned to
be listed on the BSE during the coming two
years, and are expected to contribute to a
higher liquidity and to increase in the market
capitalization by 20%.
In December 2004, the BSE and Wiener
Borse AG (WBAG) signed a Memorandum of
Understanding, which establishes the basis
of a co-operation between the two
institutions.
FUTURE OUTLOOK
In 2004, Romania's Stock Exchange has
been one of the best performers in the
region. According to our estimations, the
upward trend will continue accelerate during
the next years before the Romania’s
integration in the EU and the market
capitalization of the BSE will exceed 20% of
the GDP in 2005.
The BSE plans for 2005 are to:
• allow new types of intermediaries to enter
the market (according to the provisions of
the new Romanian Capital Market Act), such
as commercial banks and other credit
institutions, including investment firms from
member and non-member EU countries;
• transform the BSE into a joint stock
company;
• introduce new instruments provided for by
the new legislation, such as financial
derivatives;
• launch indexes for economic sectors that
are represented on the stock market; and
• finalize preparation for the implementation
of a new trading system for shares: ARENA.
ARENA is a trading system developed inhouse,
which is now used only for
supporting the bond market.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BUCHAREST STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 276.2 13.2 2,615.5 124.5
Feb-05 343.1 17.2 2,087.5 104.4
Mar-05 219.6 9.5 1,831.7 79.6
Apr-05 139.3 7.0 1,013.9 50.7
May-05 124.5 5.9 771.5 36.7
Jun-05 6.2 0.35 30.5 1.7
TOTAL 1,109.0 8.8 8,350.6 66.3
Bonds
Jan-05 2.4 0.12 0.04 0.002
Feb-05 11.4 0.57 0.06 0.003
Mar-05 5.3 0.23 0.02 0.001
Apr-05 5.1 0.25 0.02 0.001
May-05 2.3 0.11 0.01 0.0004
Jun-05 9.2 0.51 0.21 0.01
TOTAL 35.7 0.30 0.35 0.003
Other
Jan-05 0.0 0.0 0.0 0.0
Feb-05 0.0 0.0 0.0 0.0
Mar-05 0.0 0.0 0.0 0.0
Apr-05 0.0 0.0 0.0 0.0
May-05 0.0 0.0 0.0 0.0
Jun-05 0.0 0.0 0.0 0.0
TOTAL 0.0 0.0 0.0 0.0
Market
Capitalization
US$ Millions Index
Jan-05 14,942.4 1,473.7
Feb-05 18,103.9 1,707.1
Mar-05 13,526.3 1,372.9
Apr-05 12,583.0 1,293.1
May-05 12,409.1 1,212.6
Jun-05 13,277.6 1,221.1
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
350
300
250
200
150
100
50
0
Stocks Index
Contact Name Ms. Adriana Tanasoiu E-mail Adriana.Tanasoiu@bvb.ro Website www.bvb.ro
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
1,800
20,000
1,600
18,000
1,400
16,000
1,200
14,000
1,000
800
600
12,000
10,000
8,000
6,000
400
4,000
200
2,000
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
PAGE 63

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BUCHAREST STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Romania's transitional economy has
achieved marginal progress during the last
decade. Large portions of Romania are
suitable for agriculture with some regions
endowed with the highly fertile chernozem
soil, which is so prevalent in neighboring
Ukraine. Agricultural privatization has
proceeded with 75% of the sector transferred
from the state by 1995. Although, periodic
drought, inadequate capital investment have
threatened Romania's historic agricultural
self-sufficiency. Minerals, forestry and fishery
are also significant contributors to economic
output. Romania's capable, low cost work
force and tourism potential hold promise for
the future. Foreign direct investment, which
has historically originated predominately
from EU nations, has totaled US$ 7 billion
over the last decade, cumulatively about
15% of current GDP.
In July 2003, President Iliescu visited
President Vladimir Putin in Russia. The trip
was made for the purpose of signing a
mutual friendship treaty. Earlier, in May 2003,
Romania and Russia reached an agreement,
which mutually recognized national
sovereignty and their respective borders.
Efforts were also made to resolve a dispute
over the annexation of the country now
known as Moldova by the former Soviet
Union in 1940. 1
An early election in 2005 now seems highly
likely, after the constitutional court thwarted
the government's efforts at judicial reform.
There is a possibility that a new prime
minister will be appointed, avoiding an
election, but this would merely perpetuate
the political uncertainty. The main
government parties are expected to emerge
from an election with an enhanced
parliamentary majority. However, reform
Key Information Contacts
National Securities Commission www.cnvmr.ro
Ministry of Public Finance www.mfinante.ro
National Bank of Romania www.bnro.ro
ECONOMIC RATIOS
Domestic
savings
PAGE 64
Romania
Lower-middle-income group
Trade
Indebtedness
Investment
delays associated with an election risk
endangering EU accession in 2007. 2
Economic Performance:
On the back of improving macroeconomic
stability and buoyant economic growth,
S&P’s recently revised its outlook on
Romania’s sovereign credit ratings from
stable to positive and consequently placing
the county into investment grade level . The
outlook change is based on the strong
commitment of the new centrist Government
to step up economic, institutional and
structural reforms, expected to strengthen
country’s perspectives to join EU in 2007.
The unemployment rate has continued on a
declining path throughout the 2004 year,
after having reached a maximum in February
and March (7.8%). Since then, the rate has
continuously decreased, with the exception
of November when it slightly increased by
0.1% month over month basis.
2004 inflation dropped for the first time below
10% to 9.3% year over year basis in
December 2004, marginally exceeding the
9% initial target. .An important contribution to
the drop in last year inflation came also from
- National Bank of Romania, which
maintained a restrictive monetary policy up
to June, thus avoiding a surplus of cash in
the economy.
Tax collection improvement has reduced the
January - November fiscal deficit to 0.2% of
GDP, in spite of the electoral year.
Announced as one of the main priorities of
the new Cabinet formed by a coalition of four
reformist centre-right parties headed by the
new Prim-Minister, fiscal code has been
amended to allow the introduction of the flat
income tax of 16% as of January 1st 2005.
Starting from the same date, the tax on
GROWTH OF INVESTMENT AND GDP
(%)
20
15
10
5
0
-5
-10
-15
97
GDI GDP
corporate profit has also been lowered to
16% from 25%.
According to preliminary estimates, in 2004
current account deficit widened to 6.2% of
GDP (as against 5.8% in 2003) on the back
of imports inflated by higher consumption
and ROL appreciation. FDI financed 70% of
the gap in line with last year coverage. 2004
FDI expectations point to US$ 4.7 billion,
80% above the established US$ 2.6 billion
target, suggesting a 6.2% share of GDP (as
against 2.7% one year earlier). Such a strong
hike in FDI’s share is mainly due to the
EBRD and IFC’s payments totaling US$ 222
million for 25% stake of Romanian
Commercial Bank as well as OMV’s US$ 871
million paid for 33.34% stake in SNP Petrom.
Spending to repair flood damage is likely to
result in a larger than planned budget deficit
in 2005. First-quarter real GDP growth of
5.9% year on year underpins our forecast for
real GDP growth of 5.6% in 2005. The
authorities have revised upwards their yearend
inflation targets for 2005 and 2006 to
7.5% (previously 7%) and 6% (previously
5%), respectively. We forecast year-end
inflation of 8% in 2005 (unchanged from our
previous forecast), given the high level of
aggregate demand and the upward pressure
on energy prices, and 6.5% in 2006
(previously 6%). 3
1 Economic and Political Overview, County Watch
Incorporated, 2005
2 Romania Country Report, Economic and Political Outlook,
The Economist, www.economist.com
3 Romania Country Report, Economic and Political Outlook,
The Economist, www.economist.com
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BUCHAREST STOCK EXCHANGE
ROMANIA GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 13.9 37.5
Industry 32.6 32.1
Services 53.5 30.4
ROMANIA MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
35
30
25
20
15
10
5
0
-5
-10
25,000
20,000
15,000
10,000
5,000
0
97
Exports Imports
98 99 00 01 02 03
EXPORT AND IMPORT LEVELS
(US$ Millions)
Exports
97
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (lei-billions) 21,115 28,431 44,320 61,603 83,907
Money Supply M2 (lei-billions) 92,530 134,115 185,060 270,512 373,715
Growth Rate M1 17.7% 34.7% 55.9% 39.0% 36.2%
Growth Rate M2 48.9% 44.9% 38.0% 46.2% 38.2%
Interest Rates
deposit rate 37.9% 35.0% 35.0% 35.0% 29.0%
lending rate 64.0% 74.2% 51.9% 42.2% 27.0%
Foreign Exchange Reserves (US$ millions) 2,867 2,687 3,922 5,442 7,211
Exchange Rate Period Average (lei/US$) 8,876 15,333 21,709 29,061 33,055
Annual % Growth 23.82 72.75 41.58 33.87 13.74
INFLATION
(%)
160
140
120
100
80
60
40
20
CURRENT ACCOUNT BALANCE TO GDP
(%)
0
-1
-2
-3
-4
-5
-6
-7
GDP deflator CPI
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* Economic Overview, Country Watch Incorporated, 2005
* World Bank reports
PAGE 65

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BULGARIAN STOCK EXCHANGE
George Draychev
CEO
2004 has definitely been a good year for the
Bulgarian Stock Exchange (BSE) and for the
capital market as a whole. If we take into
consideration the SOFIX (the official index of
the BSE-Sofia), 2004 has seen a very good
performance. Starting at 454 points at the
beginning of last year it reached over 625
points at year’s end. Market capitalization
has grown significantly, reaching US$ 2
billion at the end of 2004, comprising 8% of
GDP. Currently there are 331 companies
listed or admitted for trading on the
Bulgarian Stock Exchange, 31 of which are
on the Official Market and 300 on the
Unofficial Market.
The positive development of the stock
market is the result of the overall stabilization
of the Bulgarian economy. We are seeing a
positive impact from the government’s
commitment to develop the capital market
and to use this market as a public and
transparent mechanism for privatization.
The Exchange is currently working on
HISTORY AND DEVELOPMENT
The first Stock Exchange Act was adopted
in 1907 and regulated the structure and
operations of stock and commodities
exchanges. The Securities, Stock
Exchanges & Investment Intermediaries Act
was adopted in July 1995, which led to a
process of stock exchange consolidation. In
July 1997, the present Bulgarian Stock
Exchange-Sofia was established. In
accordance with the requirements of the
new law, a Securities & Stock Exchange
Commission was set up.
On 9 October 1997 the Commission
officially licensed the BSE-Sofia. The first
trading session on the regulated market
took place on 21 October 1997. By the end
of 1999 there were 32 companies listed on
the Official Market and about 1,000
companies admitted for trading on the Free
(OTC) Market as a result of the mass
privatization program. On 6 December 2001
the Commission officially licensed the BSE-
Sofia to organize an Unofficial Market, which
replaced the Free Market and set clear rules
for regulation of all companies traded on the
Exchange.
PAGE 66
We are seeing a positive impact from the
government’s commitment to develop the
capital market and to use this market as a
public and transparent mechanism for
privatization.
enhancing the existing information disclosure
framework. The BSE-Sofia, the Central
Depository and the Financial Supervision
Commission have established a joint project
for the development of an integrated
electronic system for disclosure of
information called EXTRI. This new system
will enable issuers to disclose information
simultaneously to the country’s three main
securities institutions - BSE-Sofia, the
Depository and the Commission. The system
will accommodate the processing of both file
transfers and paper documents for
disclosure of price-sensitive and other
information required by the market.
As a web-based system, each EXTRI user
will be registered and submitted documents
will have to be signed via electronic
signature. The official launch of the system is
scheduled for 2005 and a number of positive
effects are anticipated as a result of its
implementation.
In December 1999 a new Public Offering of
Securities Act was adopted by the
Parliament. The law is aimed at providing
protection for investors and creating
prerequisites for the development of a
transparent capital market in Bulgaria with
criteria similar to those of the European
Union.
The Securities & Stock Exchange
Commission was first renamed the National
Securities Commission, but in March 2003 it
was replaced by a new supervisory body -
the Financial Supervision Commission
(FSC). More than just a name change, the
move pulled together the regulation of a
number of financial (non-banking) sectors
under one body. The regulatory changes
during the year directly improved conditions
for investors and issuers, as well as
underlined the government’s commitment to
encourage wider overall development of the
capital markets.
Steps will be taken to stimulate market
liquidity and increase the attractiveness of
the markets on the BSE-Sofia. The main
objective is to attract more companies for
listings and more issuers to the stock
exchange.
The BSE intends to broaden the spectrum of
financial instruments traded on the
exchange. This includes the establishment of
a derivatives (futures & options) market.
Recently a new index was introduced – the
BG 40. The reason for the introduction of the
BG 40 is to give an alternative measure of
overall market performance with a broader
base and different method of calculation.
The launching of the new index is considered
to be part of the long-term plans to introduce
index-based derivatives in the market.
FUTURE OUTLOOK
In 2005 the Bulgarian Stock Exchange (BSE)
will continue to improve the operational
efficiency of its trading system, the market
surveillance and the disclosure framework.
The BSE, the Central Depository and the
Financial Supervision Commission will
launch an integrated electronic system for
disclosure of information called EXTRI. This
new system will enable issuers to disclose
simultaneously to the three securities
institutions in Bulgaria. As a web-based
system, each EXTRI user will be registered
and submitted documents will have to be
signed via electronic signature. Thus we will
have a standardized reporting system which
will also facilitate data processing. We
expect the amount of current paperwork to
be reduced by at least 90%.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BULGARIAN STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 40.6 1.9 6.9 0.33
Feb-05 109.9 5.5 15.2 0.76
Mar-05 97.5 4.4 18.8 0.85
Apr-05 34.1 1.6 4.2 0.20
May-05 421.6 22.2 9.4 0.49
Jun-05 48.3 2.2 7.4 0.33
TOTAL 751.9 6.3 61.8 0.50
Bonds
Jan-05 17.1 0.82 0.02 0.0008
Feb-05 18.8 0.94 0.02 0.0009
Mar-05 15.1 0.69 0.01 0.0007
Apr-05 11.9 0.57 0.01 0.0007
May-05 15.9 0.84 0.02 0.001
Jun-05 10.3 0.47 0.01 0.0005
TOTAL 89.3 0.72 0.09 0.0008
Other
Jan-05 290.6 13.8 430.5 20.5
Feb-05 8.5 0.43 17.8 0.89
Mar-05 8.6 0.39 18.5 0.84
Apr-05 6.6 0.32 15.6 0.74
May-05 9.5 0.50 23.4 1.2
Jun-05 10.9 0.49 27.9 1.3
TOTAL 334.7 2.7 533.7 4.2
Market
Capitalization
US$ Millions Index
Jan-05 5,189.9 714.9
Feb-05 6,135.4 907.6
Mar-05 5,787.6 835.1
Apr-05 5,651.3 778.6
May-05 5,576.1 784.3
Jun-05 5,230.3 728.7
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
450
400
350
300
250
200
150
100
50
0
Stocks Index
Contact Name Mr. Panteley Karassimeonov E-mail bse@bse-sofia.bg Website www.bse-sofia.bg
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
1,000
7,000
900
800
6,000
700
5,000
600
500
4,000
400
3,000
300
2,000
200
100
1,000
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
PAGE 67

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BULGARIAN STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Bulgaria has a low wage structure and a
well-educated workforce. With IMF
assistance, the economy has recovered
slowly from a severe crisis in the financial
sector in 1996-1997. Subsequent disruptions
arising from restructuring, war in Kosovo and
financial crisis in Turkey have also hindered
recent economic performance. However, in
comparison to neighboring Romania,
political stability and leadership have been
relatively good, making reasonable progress
possible over the last three and a half years.
This has helped provide hope of EU
accession by 2007. IMF assistance led to the
establishment of a currency board
arrangement pegging the lev to the euro.
This arrangement has resolved the inflation
problem and set the stage for the economy's
recovery and growth.
While the office of the President in Bulgaria
has limited political power, it was expected
that Parvanov would be a key player in
foreign policy issues, especially those
concerning rebuilding relations with
neighboring countries. Particularly, it was
believed that he would also be instrumental
in re-establishing economic and political ties
with Russia, Ukraine, neighboring Balkan
countries and the Middle East. Parvanov was
also expected to be involved in steering
Bulgaria's accession into the European
Union, and toward the country's goal of
gaining entrance into NATO
Another pressing issue is the call by the
European Commission for the nuclear
reactors of the Kozloduy nuclear power
station to be closed. The reactors provide an
inexpensive source of power to Bulgaria.
Despite this reality, however, the Bulgarian
government decided that the benefits of EU
inclusion outweighed the benefits of cheap
electricity and began to close its nuclear
reactors in late 2002. The country is slated
for entry into the EU in 2007.
Key Information Contacts
Financial Supervision Commission www.fsc.bg
Central Securities Depository www.cdad.bg
Bulgarian National Bank www.bnb.bg
Ministry of Finance www.uae.gov.ae/mop
Ministry of Economy and Commerce www.minfin.government.bg
ECONOMIC RATIOS
Domestic
savings
PAGE 68
Bulgaria
Lower-middle-income group
Trade
Indebtedness
Investment
The parliamentary election held on June 25th
resulted in no one party winning a clear
majority. The Bulgarian Socialist Party (BSP)
will be the largest party in parliament,
winning 31% of the vote, with the Simeon II
National Movement (SNM), the main party in
the current government, placing second with
20%. The BSP is expected to form a coalition
government with the ethnic Turkish
Movement for Rights and Freedoms (MRF)
who garnered 13% of the vote. No major
changes in economic policy are expected
after the election.
Declarations by the SNM that it would not
form a coalition with the BSP may complicate
attempts to form a government. The results
of the referendums on the EU constitutional
treaty in France and the Netherlands have
increased the risk that Bulgarian entry to the
EU will be delayed beyond January 2007.
Although the main parties are all promising
faster economic growth and increases in
wages in their electoral campaigns, there are
only minor differences in macroeconomic
policy between the parties. 1
Economic Performance:
Real GDP increased by 4.3% in 2003,
roughly in line with 4.8% growth in 2002 and
4.5% growth in 2001 and 2000. Growth was
highlighted by a sharp increase in consumer
credit driven consumption and investment.
Inflation stood at a relatively low 2% in the
third quarter of 2003 due to the appreciation
of the euro. The unemployment rate, which
had increased to more than 18% in 2000 as
large numbers of jobs in state-owned
businesses were eliminated, dropped to a
four-year low of 12.98% in August 2003, and
stood at 13.2% in November 2003, due in
part to the effectiveness of new community
jobs programs. Prudent spending habits
combined with a surge in import derived tax
revenues tilted the fiscal position into a
surplus of 2.5% of GDP in 2003.
GROWTH OF INVESTMENT AND GDP
(%)
40
20
0
-20
97
GDI GDP
From 1997 through 2001, foreigners have
directly invested more than US$ 3.5 billion in
Bulgaria; more than US$ 1 billion arrived in
2000 alone. FDI covered almost 90% of the
current account deficit in 2003. The
government is counting on sustained FDI
inflows of US$ 1 billion over the next few
years as the centerpiece of its plan to
finance the current account deficits it
anticipates. The high rate of FDI contributed
to building the international reserves to 5.3
billion Euros by the end of the third quarter of
2003. With the establishment of the currency
board and stabilization of the currency,
inflows of funds in private bank deposits
have also created a flow of financial
resources into Bulgaria. 2
There is a forecasted slowdown in annual
real GDP growth to 4.8% in 2005 (from 5.6%
in 2004), and to 4.3% in 2006, as domestic
demand growth eases and export growth is
constrained by weaker foreign demand.
Inflation is set to average 4.4% in 2005 and
4% in 2006. The current-account deficit is
expected to rise to 8.6% of GDP in 2005,
pushed up by high oil prices and strong
domestic demand.
The forecast for economic growth has been
raised to 4.8% this year to reflect the strong
increase in domestic trade and exports in the
first four months of 2005. In addition the
forecast for the euro's exchange rate has
been lowered following the French and
Dutch referendums; this gives a boost to
Bulgaria's export competitiveness but also
contributes to an increase in our forecast for
inflation this year. 3
1 Bulgaria Country Report, Economic and Political Outlook,
The Economist, www.economist.com
2 Economic and Political Overview, County Watch
Incorporated, 2005
3 Bulgaria Country Report, Economic and Political Outlook,
The Economist, www.economist.com
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
BULGARIAN STOCK EXCHANGE
BULGARIA GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 15.0 22.3
Industry 29.0 35.4
Services 56.0 42.2
BULGARIA MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
20
15
10
5
0
-5
EXPORT AND IMPORT LEVELS
(US$ Millions)
10,000
8,000
6,000
4,000
2,000
0
97
98 99 00 01 02 03
INFLATION
(%)
Exports Imports GDP deflator CPI
Exports
97
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (levas-billions) 2,960 3,300 3,980 4,880 5,540
Money Supply M2 (levas-billions) 6,390 7,220 9,550 12,000 14,000
Growth Rate M1 21.7% 11.5% 20.4% 22.8% 13.5%
Growth Rate M2 11.9% 13.0% 32.2% 26.7% 12.2%
Interest Rates
deposit rate 5.1% 4.5% 4.6% 4.7% 3.3%
lending rate 13.3% 12.8% 11.5% 11.1% 9.4%
Foreign Exchange Reserves (US$ millions) 2,685 2,892 3,155 3,291 4,407
Exchange Rate Period Average (levas/US$) 1.7604 1.8364 2.1233 2.1847 2.0770
Annual % Growth 4.67 4.32 15.62 2.89 -4.93
1,000
CURRENT ACCOUNT BALANCE TO GDP
(%)
10
8
6
4
2
0
-2
-4
-6
-8
16
12
8
4
0
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* Economic Overview, Country Watch Incorporated, 2005
* World Bank reports
PAGE 69

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
CAIRO & ALEXANDRIA STOCK EXCHANGES
Maged Shawky Sourial
Chairman
Cairo & Alexandria Stock Exchange (CASE)
has witnessed major breakthroughs during
2004/2005, influenced by the appointment of
the reform-minded new government. The
Egyptian market has made its way through
the economic and financial liberalization and
reform process that began in the last
decade. The market continues to develop
and each year adds more instruments and
mechanisms to support transactions,
enhance efficiency, and protect market
participants.
The past year also witnessed launching
Treasury Bonds traded by Primary Dealers
in October 2004. The Thirteen primary
dealers banks have covered the three issues
of treasury bonds which amounted to LE 9
billion in a step forward to support the bond
market, increase the number of efficient
financial tools in the market and strengthen
the role of securitization in supporting the
real estate market.
HISTORY AND DEVELOPMENT
The Egyptian Stock Exchange is comprised
of two exchanges: the CASE, and is
governed by the same board of directors
that share the same trading, clearing and
settlement systems. The Alexandria Stock
Exchange was officially established in 1888
followed by Cairo in 1903. The two
Exchanges were very active in the 1940s,
when the Egyptian Stock Exchange ranked
fifth in the world. Nevertheless, the central
planning and socialist policies adopted in
the mid-1950s led to the demise of activity
on the Exchanges, which remained dormant
throughout the period between 1961 and
1992.
In 1990, the Egyptian government started an
economic reform and restructuring program.
The move toward a free-market economy
has been remarkably swift and the process
of deregulation and privatization has
stimulated stock market activity. In mid-
1997, the Exchange started its
modernization plan that included an
overhaul of its trading system, listing and
membership rules, OTC trading and investor
education.
PAGE 70
CASE is striving to strengthen its
competitive position by embracing a strong
customer orientation, offering timely and
secure services to investors, members and
market participants.
CASE is planning to introduce new market
instruments like Margin Trading, Short Selling
and Exchange Traded Funds (ETFs), as they
represent a step towards the introduction of
derivatives in the Egyptian market. CASE
aims at being one of the core financial
centers in the Middle East North Africa
(MENA) region, through the adoption of
leading-edge technology, commitment to
continuous improvement in its rules and
regulations, the products and services it
offers and alliances made with international
markets. CASE is striving to strengthen its
competitive position by embracing a strong
customer orientation, offering timely and
secure services to investors, members and
market participants as well as promoting the
confidence and understanding of investors of
its operations.
CASE aims to be one of the core financial
centers in the Middle East North Africa
(MENA) region, through the adoption of
leading-edge technology, commitment to
continuous improvement in its rules and
regulations, the products and services it
offers, and alliances forged with international
markets. CASE is striving to strengthen its
competitive position by embracing a strong
customer orientation, offering timely and
secure services to investors, members and
market participants as well as promoting the
confidence and understanding of investors
of its operations. In short, fairness, efficiency
and transparency constitute our ongoing
vision and ultimate objectives.
New securities listing and de-listing rules
have been launched in accordance with
international practices and corporate
governance principles. In 2003, Egypt took
the lead in the region to promote for better
governance under a comprehensive program
named MENA-OECD Investment Initiatives,
forming 5 work groups working on different
modules: transparency, encouraging
investment, taxation, financial sector policies
and improving Corporate Governance.
We are fully committed to apply the
International Standards of IOSCO objectives
and principles, the corporate governance
principles issued by OECD, the International
Accounting & Auditing Standards and th-e
Anti-Money Laundering recommendations
issued by FATF.
FUTURE OUTLOOK
CASE’s vision for 2005 is to become the
main gateway for investment in the MENA
Region while operating with the utmost
fairness, efficiency and transparency. In this
respect, CASE has set a three-year plan.
For 2005 CASE plans to:
• develop the Surveillance department
according to international standards;
• support and develop the infrastructure of
the Pan Arab Stock Exchange;
• re-locate the Exchange to the Smart
Village, being the major component of the
regional financial center;
• apply Corporate governance principles
within the Exchange;
• introduce new products such as (margin
trading and short selling – 1st Quarter 2005),
(the Exchange Traded Funds- 2006) and
(the derivatives –2007), to increase market
liquidity and turnover; and
• implement e-Gov within the Exchange.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
CAIRO & ALEXANDRIA STOCK EXCHANGES
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 1,013.7 50.7 270.7 13.5
Feb-05 1,238.3 65.2 294.2 15.5
Mar-05 2,227.8 96.9 394.6 17.2
Apr-05 1,217.8 71.6 165.9 9.8
May-05 1,293.8 64.7 188.9 9.4
Jun-05 1,662.5 75.6 235.2 10.7
TOTAL 8,653.9 70.8 1,549.4 12.7
Bonds
Jan-05 104.4 5.2 0.61 0.03
Feb-05 168.7 8.9 0.92 0.05
Mar-05 85.9 3.7 0.46 0.02
Apr-05 145.1 8.5 0.80 0.05
May-05 151.7 7.6 1.01 0.05
Jun-05 264.7 12.0 1.42 0.06
TOTAL 920.5 7.7 5.2 0.04
Other
Jan-05 42.8 2.1 62.5 3.1
Feb-05 83.4 4.4 80.5 4.2
Mar-05 151.1 6.6 117.0 5.1
Apr-05 190.1 11.2 114.0 6.7
May-05 136.7 6.8 86.7 4.3
Jun-05 131.1 6.0 76.7 3.5
TOTAL 735.2 6.2 537.4 4.5
Market
Capitalization
US$ Millions Index
Jan-05 45,026.8 3,508.0
Feb-05 51,196.3 3,910.0
Mar-05 50,452.6 3,917.0
Apr-05 51,847.0 4,187.0
May-05 52,802.2 4,289.3
Jun-05 58,274.2 4,828.7
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
Stocks Index
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
2,500
5,000 60,000
4,500
2,000
4,000
50,000
1,500
3,500
3,000
40,000
2,500 30,000
1,000
2,000
1,500
20,000
500
1,000
500
10,000
0
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
Contact Name Mr. Khaled Abdel Rahman E-mail karahman@egyptse.com Website www.egyptse.com
PAGE 71

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
CAIRO & ALEXANDRIA STOCK EXCHANGES
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Strengthening macroeconomic indicators in
recent years provide ground for optimism
that the reform process has paved the way
for a period of more rapid modernization and
solid economic growth. Economic reforms
have come within the past decade under
President Hosni Mubarak. Key elements of
the reform program are: structural
adjustment financing through the IMF-World
Bank, strong policy action to curb fiscal
deficits and inflation, tax and policy changes,
including large-scale privatization of state
industries, opening the economy to private
(including foreign) investment, and pursuit of
funding from a flexible range of sources to
expedite needed development. A
combination of bilateral and private moneyvariously
channeled as loans, grants, and
incentivized investment-has been committed
to numerous infrastructure projects.
Egypt’s latest economic indicators reflect
robust signs of an accelerating economic
upturn. These development mainly came as
a result of the aggressive reform program
undertaken by the new government
appointed in July 2004, including a
comprehensive package of economic,
structural and political reform, with long term
impact.
Moreover, in December 2004, Egypt signed
the Qualified Industrial Zone Protocol (QIZ),
which is expected to have sustained impacts
on exports growth and trade efficiency as
well as stimulate foreign investment in Egypt.
The protocol is the first step towards the
Key Information Contacts
Central Bank of Egypt www.cbe.org.eg
Capital Market Authority www.cma.gov.eg
Misr Settlement, Clearance and Depository www.mcsd.com.eg
Ministry of Finance www.mof.gov.eg
Ministry of Investment www.investment.gov.eg
ECONOMIC RATIOS
Domestic
savings
PAGE 72
Egypt
Lower-middle-income group
Trade
Indebtedness
Investment
establishment of a free trade agreement
(FTA) with the United States.
On 15 March 2005, Standard and Poor’s
revised Egypt’s outlook from negative to
stable while Fitch Ratings had already
reviewed Egypt’s outlook to stable in
December 2004.
The rising confidence in the government
reform measures, has positively effected the
flow of foreign investment to Egypt. Foreign
direct investment (FDI) registered almost
US$ 1 billion during the first quarter of 2005,
which is 1.5 times the FDI generated in FY
2003/2004 and has reached more than US$
1.8 billion over the period (July 2004-March
2005). This was primarily driven by the
aggressive measures undertaken by the
Ministry of Investment and the General
Authority for Investment and Free Zones
(GAFI) to promote Egypt as an investorfriendly
and international competitive
destination.
Likewise, privatization proceeds have surged
during the first half of 2005 recording LE 5.7
billion, which is three times the proceeds
achieved during the last three years. Foreign
investment constituted 53% of those
proceeds.
From another perspective, there was a
substantial level of banking sector
consolidation either through mergers or
acquisitions to strengthen the banks’
financial standing and creditworthiness and
increase their competitiveness in the global
arena.
GROWTH OF INVESTMENT AND GDP
(%)
20
15
10
5
0
-5
97
GDI GDP
Economic Performance:
Economic growth has picked up to 5.2%
during the first quarter of 2005 with
expectations of a faster growth in the
following years. The economic recovery was
helped by the stability in currency prices, the
growth in exports of goods and services as
well as the increased confidence in the new
Cabinet.
The current account revealed a large surplus
of US$ 883 million in the first quarter of 2005;
a significant increase of 60% over the same
comparable period of last year, to come in at
US$ 3.5 million surplus over the period (July
2004-March 2005). This was mainly
attributed to the 12% leap in tourism
revenues as well as the 17% surge in exports
– thanks to the non petroleum exports rather
than the petroleum exports as it was
expected due to the pick up in international
oil prices.
Foreign reserves hiked to US$ 20.48 billion
as of July 2005, for the first time since 1997.
Last, but not the least, the Egyptian pound
has strengthened 8% vis a vis the US Dollar
during the first half of 2005, coming on the
back of a strong current account surplus.
On the other hand, Egypt's foreign debt
position remains strong and sustainable.
Despite an increase in Egypt’s foreign debt
to US$ 30.2 billion at the end of March 2005,
it remains quite safe as it stands at less than
40% of the country’s GDP.
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
CAIRO & ALEXANDRIA STOCK EXCHANGES
EGYPT GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 17.0 29.2
Industry 32.0 24.0
Services 51.0 46.6
EGYPT MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
15
10
5
0
-5
-10
EXPORT AND IMPORT LEVELS
(US$ Millions)
18,000
12,000
6,000
0
INFLATION
(%)
Exports Imports GDP deflator CPI
97 98 99 00 01 02 03
0
Exports
97
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (pounds-billions) 59 59 62 67 76
Money Supply M2 (pounds-billions) 221 234 261 295 333
Growth Rate M1 20.3% 0.8% 5.3% 7.9% 13.0%
Growth Rate M2 10.8% 5.7% 11.6% 13.2% 12.6%
Interest Rates
deposit rate 12.0% 12.0% 12.0% 11.0% 10.0%
lending rate 13.0% 13.0% 13.2% 13.3% 13.8%
Foreign Exchange Reserves (US$ millions) 18,124 14,484 13,118 12,926 13,242
Exchange Rate Period Average (pounds/US$) 3.388 3.405 3.690 4.490 4.500
Annual % Growth 0.00 0.50 8.37 21.68 0.22
10
CURRENT ACCOUNT BALANCE TO GDP
(%)
3
2
1
0
-1
-2
-3
8
6
4
2
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* Economic Overview, Country Watch Incorporated, 2005
* World Bank reports
PAGE 73

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MISR FOR CLEARING, SETTLEMENT & CENTRAL DEPOSITORY AFFILIATE MEMBER
Mohamed S. Abdel Salam
Deputy Chairman & Managing Director
MCSD was established at the end of 1994 to
complete the infra structure of the Egyptian
capital market. In time, MCSD has become
the largest central registry firm among the
major and emerging markets in the world.
MCSD’s does not spare any efforts to
maintain the highest standard of services
provided to the Egyptian market. As a result
of its qualified performance, MCSD was
awarded the International Gold Star for
Quality in Geneva in 2001. For significant
contribution to the business world, for high
Role of the Depository
MCSD is the sole Egyptian CSD providing
clearing and settlement services to the Cairo
and Alexandria Stock Exchanges (CASE).
MCSD operates both the depository and the
clearing house. It is a not for-profit private
company owned by the stock exchanges,
local banks and its participants. It was
incorporated under the Capital Market Law
No 95 of 1992, commenced operations in
October 1996 and is currently governed by
the Depository and Central Registry Law No
93 of 2000. It is regulated by the Capital
Markets Authority (CMA). Use of the central
depository in the market for settlement and
safekeeping is compulsory by law, where
securities in the depository are held in
certificated form. Equities are held via bookentry,
with certificates immobilized in MCSD's
vaults. All securities are treated as fungible
and may be transferred or pledged by
bookkeeping entry without actual physical
delivery. MCSD’s authorized capital is 50
million L.E, issued capital is 40 million L.E
and paid capital is 18.75 million L.E
CONTACT INFORMATION
PAGE 74
The largest central registry firm among the
major and emerging markets in the world,
MCSD’s goal is a secure, stable and
encouraging investment environment
standing and professionalism demonstrated
by prestigious performance, B.I.D. -
Business Initiative Directions - presented its
special recognition award to MCSD. Also
MCSD was granted the highest level of
efficiency, following the results of an
assessment panel of depository companies
conducted by JPMorgan – Chase, with a
score of 1.25 points on a scale of 1 to 3
where depository that closely resemble the
best practice is rated 1, meet some of the
requirements but not fully meet the preferred
MCSD main activities & services
1. Clearing and settlement of operations
executed at CASE.
2. Central depository and registry of all listed
and unlisted securities
3. Management of securities accounts for
custodian banks and issuers.
4. Handling corporate actions (cash and
stock dividends etc) according to the
issuers’ assemblies’ decisions.
5. Management of the Settlement Guarantee
Fund to eliminate suspended movements
due to brokers’ defaults (securities and/or
cash).
6. Management of a pledge system for all
securities lodged into the central depository.
7. Repatriation of international investors’
funds.
8. Customer servicing through the MCSD’s
front office, the call center, the internet, the
SMS and finally through direct phones or
faxes.
Contact Name Mohamed S. Abdel Salam E-mail m.abdsalam@mcsd.com.eg Website www.mcsd.com.eg
Address 70 El-Gomhoria St., P.O. Box 1536 Attaba, Cairo, Egypt
Phone +202 5971 522 – 505 – 506 – 509 Fax +202 5971 670 – 523
practice rated 2 and finally depositories that
are deficient are rated 3.
The assessment revealed that MCSD has
abided by all the rules and high standards
set by the SEC in Rule 17f-5 which have
been developed to be more strict as
compared to Rule 17f-7 in order to secure
American foreign investments. A secure,
stable and encouraging investment
environment is the goal of MCSD.
Legal Status
Private Joint-Stock Company
Type of Commercial Entity
Not for-profit company
Regulated by
Depository and Registry law number 93 of
year 2000
Form of Securities
Immobilized in the book entry form
Form of Settlement
Net cash settlement, gross securities
settlement
Settlement Dates
T+1 Treasury Bonds
T+2 Active securities
T+3 Dematerialized securities
T+4 Physical securities

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
GEORGIAN STOCK EXCHANGE
George Loladze
Chairman of the Supervisory Board
The year 2004 was a landmark one for the
Georgian Stock Exchange (GSE), due to the
unprecedented increase of the basic trade
figures compared with previous years,
reflecting the overall revitalization of the
economy in the wake of the “Rose
Revolution” of 2003.
As to the future, the Georgian capital market
has an opportunity to intensify its
development through the recently resumed
privatization process. GSE has rich
experience in organizing privatization
auctions, as well as, in providing the
necessary legislative and IT support.
Undoubtedly, through sustainable
HISTORY AND DEVELOPMENT
Equity securities first appeared in Georgia in
1991 after the declaration of independence
that signaled the beginning of marketoriented
reforms. A vast majority of the
newly established joint-stock companies
were owned by a rather small number of
private shareholders and trading in these
shares was relatively inactive. With the
launching of the Mass Privatization Program
in 1994, approximately 1,300 state-owned
enterprises were organized as joint-stock
companies, creating about half a million
individual private shareholders. However,
during a five-year period (1994-1999), the
lack of an appropriate legal framework and
organized market infrastructure seriously
impeded the secondary trading of these
shares and any over-the-counter market
activity was nearly nonexistent.
The GSE was founded in 1999 by a group of
Georgian securities market professionals,
leading banks, investment and insurance
companies. Today it is the only organized
securities market in Georgia. Designed and
established with the assistance of the United
States Agency for International Development
(USAID) and operating within the legal
framework of corporate and securities laws
drafted with the assistance of American and
German experts, the GSE can assert that it
is designed and operated to comply with
“global best practices” and offers an
attractive investment environment to foreign
investors.
To promote the concept of self-regulation,
the GSE membership adopted new rules.
After approval of these rules by the National
Securities Commission of Georgia, the GSE
was officially recognized as a self-regulatory
organization (SRO) and received a stock
exchange license in January 2000.
It is our strong belief that the principles of
transparency and disclosure underlying the
operation and development strategy of the
GSE, are the unquestionable guaranty of
our success.
conducting of privatization the Georgian
capital market will continue on its path of
sound growth and development.
Progress of the capital market, in many
respects, depends on the soundness of
corporate governance in Georgia. Thus,
good corporate governance is one of the top
priorities on our agenda. In 2003, the GSE
established a corporate governance training
program for corporate representatives, legal
professionals and the mass media. The
leading professionals of the National
Securities Commission of Georgia, the GSE,
Central Securities Depository, and other
capital market institutions prepared and
The GSE utilizes an automated trading
facility. Thousands of securities can be
traded by its members from the workstations
at the GSE floor or remotely from their
offices. The GSE adopted the platform
employed by the Russian trading system
(RTS) in Moscow. However, RTS - as an
excellent informational-communication
system - was significantly modified to
ensure those requirements outlined under
the GSE trading rules reflected the
peculiarities of Georgian securities market.
Official trading at the GSE began in March
2000. The number of companies admitted
for trading at the GSE trading system
increased gradually and by the end of 2004
reached 277. Practically all of these
companies are former state owned and
operated companies transformed into jointstock
companies and then privatized. The
growing but still low trade volumes reflect
the nascent stage of the Georgian capital
market and the level of development of the
Georgian economy.
In 2002, as a result of active cooperation
with the National Securities Commission and
the Ministry of State Property Management,
the Special Privatization Auctions
commenced at the GSE. In 2003 the GSE
started trading government securities.
2004, was a landmark year for the GSE, due
to the unprecedented increase in basic
trading figures compared with previous
years, reflecting the overall revitalization of
the economy in the wake of the “Rose
Revolution” of 2003.
distributed the Corporate Governance
Manual. In parallel, we have initiated the
establishment of the Georgian Corporate
Directors Association and the development
of the National Corporate Governance Code
on this basis.
It is our strong belief that the principles of
transparency and disclosure underlying the
operation and development strategy of the
GSE, are the unquestionable guaranty of our
success. The GSE will continue promoting
the policy to encompass all different sectors
of the Georgian capital market, and we will
gladly cooperate with all actors, who strive
for the economic development of Georgia.
FUTURE OUTLOOK
In 2005 the GSE plans to:
• make important changes in its trading
system and trading rules so as to increase
the efficiency of the Treasury Bills trading on
the stock exchange;
• intensify the trading process. In particular,
the trading sessions will be conducted on
daily basis and an additional trading session
will be introduced during the trading day;
• increase the efficiency of trading and
• increase the liquidity of the market;
• introduce partially guaranteed trading of
securities;
• remove the Day-trading restriction on the
GSE; and
• launch a new web-site for the GSE, which
along with traditional statistics will provide a
corporate reports database for the
companies who are admitted to the trading
system. In addition, the creation and
publication of a company database will
allow companies to publish their annual,
semi-annual and current reports which is
required by law and thus improve disclosure
standards and corporate transparency.
PAGE 75

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
GEORGIAN STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
PAGE 76
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 9.3 1.3 14.5 2.1
Feb-05 1.3 0.17 0.49 0.06
Mar-05 0.33 0.04 0.97 0.12
Apr-05 4.9 0.61 0.66 0.08
May-05 6.0 0.86 2.8 0.39
Jun-05 1.2 0.13 0.41 0.05
TOTAL 23.1 0.52 19.8 0.46
Bonds
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Other
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Market
Capitalization
US$ Millions Index
Jan-05 231.30 n/a
Feb-05 236.29 n/a
Mar-05 232.27 n/a
Apr-05 233.92 n/a
May-05 239.21 n/a
Jun-05 319.59 n/a
CONTACT INFORMATION
MONTHLY STOCK VOLUME
(US$ Millions)
Contact Name Mrs. Eka Katamadze E-mail info@gse.ge Website www.gse.ge
10
9
8
7
6
5
4
3
2
1
0
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
350
300
250
200
150
100
50

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
GEORGIAN STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Following the Soviet Union's dissolution,
Georgia has faced a problematic and
disruptive political and economic transition
during which the public sector workforce was
cut by almost half. Given this very difficult
transition experience in the early years after
independence, and uncertain prospects for
regional economic and political stability, the
turnaround in the Georgian economy after
1994 was remarkable. Despite a shock to the
economy from widespread power outages in
the first quarter, GDP growth for all of 2001
accelerated to 4.5%. One of the major
factors accounting for slower growth in the
past several years has been drought that has
a significant effect in view of agriculture's
30% contribution to Georgian GDP.
Georgia is to be on a major new energy
corridor from the Caspian Sea to the Black
Sea-the Baku-Ceyhan Pipeline from
Azerbaijan to the Turkish Mediterranean port
of Ceyhan, which began construction in the
summer of 2002. It is already a key transit
way for 'early oil' from Azerbaijan via the
Baku-Supsa Pipeline that terminates at
Georgia's Black Sea port of Supsa and
commenced deliveries in 1999. Over the next
several years, investment activities
associated with 135 miles of the Baku-
Ceyhan line will spur economic activity in
Georgia (and temporarily higher current
Key Information Contacts
Ministry of Finance of Georgia www.mof.ge
National Securities Commission of Georgia www.nscg.gov.ge
National Bank of Georgia www.nbg.gov.ge
Georgian Central Securities Depository www.gcsd.ge
Georgian Securities Industry Association www.gsia.ge
ECONOMIC RATIOS
Domestic
savings
Georgia
Lower-middle-income group
Trade
Indebtedness
Investment
account deficits). The country should benefit
from its emerging role as a key transit point
for huge flows of Caspian oil that are
projected to move west over the next
decade.
In November 2003, opposition forces
stormed the Georgian parliament and took
over its control. President Eduard
Shevardnadze declared a state of
emergency but soon resigned from office.
On Nov. 26, 2003, Mikhail Saakashvili
announced his participation in the
presidential election and went on to win the
presidency in 2004.
Economic Performance:
GDP rose by and 4.5 and 5.4% in 2002 and
2001, respectively, despite power supply
disruptions early in the year. Ending of the
drought brought a sharp rebound in
agricultural output that helped lift the growth
rate. Services industries, especially transport,
were also quite strong in 2001. Inflation, at
3.4% in 2001, was the lowest since
independence. Tough anti-corruption
legislation has already proved fruitful in
driving the shadow economy down to 30% of
GDP in 2003.
Georgia's current account has been in
persistent deficit in recent years. The current
account deficit is smaller than the trade
GROWTH OF INVESTMENT AND GDP
(%)
80
60
40
20
0
-20
-40
-60
97
GDI GDP
deficit because Georgia has surpluses in
services (including net factor income
payments) and in unilateral transfers
(including non-loan foreign aid grants). In the
capital and financial account, the
transactions are dominated by official aid
loans and by foreign direct investment, much
of which has been, and will be in the next
several years, associated with new oil
pipeline construction.
Over the past four years, Georgia has
attracted as much as US$ 220 million in FDI
(in 1998 when the Baku-Supsa pipeline was
being built) and as little as US$ 62 million in
1999 in the aftermath of the Russian financial
crisis. In 2001, the net inflow of FDI totaled
US$ 100 million, but that is expected to more
than double by 2004 when the Baku-Ceyhan
pipeline investment will be peaking. Perhaps
the most significant development in the
region is the U.S.-backed US$ 2.9 billion
Baku-Tbilisi- Ceyhan (BTC) oil pipeline that
originates in Baku, passes through the
Republic of Georgia, and terminates at
Ceyhan, Turkey. This will greatly accelerate
energy sector growth going forward. 1
1 Economic and Political Overview, County Watch
Incorporated, 2005
98 99 00 01 02 03
* World Bank reports
PAGE 77

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
GEORGIAN STOCK EXCHANGE
GEORGIA GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 32.0 8.6
Industry 23.0 31.4
Services 45.0 60.1
GEORGIA MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
60
40
20
0
-20
EXPORT AND IMPORT LEVELS
(US$ Millions)
1,600
1,200
800
400
0
PAGE 78
97
98 99 00 01 02 03
INFLATION
(%)
Exports Imports GDP deflator CPI
Exports
97
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (lari-billions) 0.25 0.28 0.37 0.39 0.45
Money Supply M2 (lari-billions) 0.37 0.45 0.62 0.74 0.87
Growth Rate M1 -10.0% 10.0% 33.7% 7.0% 14.9%
Growth Rate M2 -1.1% 21.1% 39.4% 18.5% 17.9%
Interest Rates
deposit rate 17.0% 14.6% 10.2% 7.8% 9.8%
lending rate 46.0% 33.4% 32.8% 27.3% 31.8%
Foreign Exchange Reserves (US$ millions) 123 132 109 159 198
Exchange Rate Period Average (lari/US$) 1.3898 2.0245 1.9762 2.0730 2.1957
Annual % Growth 7.12 45.67 -2.39 4.90 5.92
20
16
12
8
4
0
CURRENT ACCOUNT BALANCE TO GDP
(%)
0
-2
-4
-6
-8
-10
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* Economic Overview, Country Watch Incorporated, 2005
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
ISTANBUL STOCK EXCHANGE
Osman Birsen
Chairman and CEO
The Turkish economy continued to
strengthen in 2004, following the consecutive
crises in 2000 and 2001. The inflation rate fell
to below 10 percent for the first time after
thirty years. A very significant development
for Turkey was the determination of a date
for starting the membership negotiations with
the European Union.
The Istanbul Stock Exchange enjoyed the
good news in the Turkish economy. The ISE
main index, National-100, appreciated by
38% in US Dollar terms. Among world
markets, the ISE was the 9th highest yielding
HISTORY AND DEVELOPMENT
In 1981, the Capital Market Law was
enacted and one year later, the Capital
Markets Board was established. In October
1983, the Parliament approved the
Regulations for the Establishment and
Operations of Securities Exchanges, which
paved the way for the establishment of the
Istanbul Stock Exchange (ISE), formally
inaugurated on December 26, 1985.
Currently, there are three markets operating
at the ISE; the stock market, the bonds and
bills market and the international market.
The ISE provides a fair and transparent
environment for trading of a wide variety of
securities, namely, stocks, exchange traded
funds, government bonds, Treasury bills,
money market instruments (repo/reverse
repo), corporate bonds and foreign
securities.
As of the end of the first half of 2005, 102
out of 110 members have been provided
with remote access to the stock market
trading systems. During the same period,
the number of orders sent by members via
Ex-API (Express Application Programming
Interface) terminals reached 85% of all
orders, with the number growing steadily.
Trading on the bonds and bills market is
already carried out remotely.
In 1989, the foreign exchange regime was
amended to allow non-residents to invest in
Turkish securities, making the Turkish stock
and bond markets open to foreign investors
without any restrictions on the repatriation of
capital and profits.
The ISE was recognized as a “Designated
Offshore Securities Market” by the U.S.
Securities and Exchange Commission in
1993 and was designated as an
PAGE 80
In 2004, a very significant development for
Turkey was the determination of a date for
starting the membership negotiations with
the European Union.
market in 2004. The ISE Equity Market
average daily trading volume increased by
46% to reach US$ 593 million in 2004. The
ISE stands at 22nd rank among world stock
markets in terms of trading volume at yearend.
Market capitalization also registered an
increase of 42%, reaching US$ 98 billion.
The ISE Bonds & Bills Market average daily
trading volume, on the other hand, increased
by 59% in US Dollar terms and reached US$
1.742 million, ranking 6th among world
markets in terms of bond trading volume.
“appropriate foreign investment market for
private and institutional Japanese investors”
by the Japan Securities Dealers Association
in 1995. Likewise, the ISE has been
approved by the Austrian Ministry of Finance
as a regulated market in accordance with
the regulations of the Austrian Investment
Fund Act in 2000.
As a result of all these developments,
foreign investors now account for a
substantial volume of daily trading and hold
around 60 percent of the publicly-held
stocks in their portfolios.
The ISE currently owns 26.24% of the ISE
Settlement and Custody Bank (Takasbank),
30% of the Central Registry Agency and
18% of the Turkish Derivatives Exchange
(TURKDEX). On the international level, the
ISE has participations in the Kyrgyz and
Baku Stock Exchanges with stakes of
24.51% and 5.55%, respectively.
FUTURE OUTLOOK
• Demutualization and privatization of the
ISE is continuing in coordination with the
Capital Markets Board (CMB).
• Efforts toward software development
under the Central Surveillance Project jointly
carried out by the CMB and the Istanbul
Stock Exchange and work towards creating
a new software system which will allow real
time surveillance to be carried out
electronically and more efficiently, is
scheduled to be finished in 2005.
• The Disclosure Automation Project which
will enable traded companies to directly
disclose information using Internet
technologies and digital certificates, is still
underway. When the project is completed,
financial statements, explanatory notes,
special situations and other information
submitted by the companies will be received
electronically in line with the information
security standards and be disclosed to the
public by electronic means.
• As the chairing Exchange of the
Federation of Euro-Asian Stock Exchanges
(FEAS) and the project leader of the
Southeast European Cooperation Initiative
(SECI), the ISE leads many projects, one of
which is to establish a linkage among the
securities markets in the region via an
electronic network of intermediaries of these
exchanges. Additionally, the Enterprise
Development and Finance Project
conducted jointly by ISE and OECD has
been completed in 2005 and within this
framework a report titled “A Framework for
the Development and Financing of Dynamic
Small and Medium Sized Enterprises in
Turkey” has been published.
• Istanbul, Athens and Tel Aviv Stock
Exchanges have continued their efforts to
encourage their members to establish an
electronic member-to-member order routing
platform among the three stock exchanges.
A regional index covering the three markets
and the promotion for the establishment of
regional funds are also planned. Local CSDs
also have continued their cooperation to
facilitate cross border settlement and
clearing.
• The ISE has initiated a project (Islamic
Stock Exchanges Forum) to promote
cooperation among stock exchanges of the
Organization of Islamic Conference (OIC)
member countries. Within this framework,
ISE, in close cooperation with the relevant
institutions of OIC, held a meeting with 11
stock exchanges in March 2005 in Istanbul.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
ISTANBUL STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 17,431.7 917.5 7,115.9 374.5
Feb-05 19,106.0 955.3 7,608.3 380.4
Mar-05 18,372.3 798.8 6,577.6 286.0
Apr-05 11,438.5 544.7 5,256.0 250.3
May-05 10,996.2 523.6 5,452.1 259.6
Jun-05 12,869.9 585.0 5,815.4 264.3
TOTAL 90,214.6 720.8 37,825.4 302.5
Bonds
Jan-05 29,634.5 1,559.7 0.05 0.002
Feb-05 35,280.7 1,764.0 0.06 0.003
Mar-05 43,160.8 1,876.6 0.07 0.003
Apr-05 29,834.0 1,420.7 0.06 0.003
May-05 33,088.5 1,575.6 0.06 0.003
Jun-05 30,030.2 1,365.0 0.05 0.002
TOTAL 201,028.8 1,593.6 0.34 0.003
Other
Jan-05 82,314.6 4,332.3 0.03 0.002
Feb-05 98,243.9 4,912.2 0.04 0.002
Mar-05 118,591.5 5,156.2 0.04 0.002
Apr-05 110,267.7 5,250.8 0.04 0.002
May-05 129,539.7 6,168.6 0.04 0.002
Jun-05 127,042.1 5,774.6 0.04 0.002
TOTAL 665,999.5 5,265.8 0.23 0.002
Market
Capitalization
US$ Millions Index
Jan-05 108,471.8 1,197.0
Feb-05 116,311.6 1,293.4
Mar-05 99,866.4 1,105.5
Apr-05 89,504.4 992.4
May-05 98,309.2 1,084.5
Jun-05 106,038.4 1,177.0
CONTACT INFORMATION
MONTHLY STOCK VOLUME
(US$ Millions)
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Stocks Index
Contact Name Mr. Eren Kiliclioglu E-mail dis@imkb.gov.tr Website www.ise.org
1,400
1,200
1,000
800
600
400
200
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
120,000
100,000
80,000
60,000
40,000
20,000
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
PAGE 81

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
ISTANBUL STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
There have been significant developments on
the Turkish economic and political agenda
over the past three years following the 2002
general elections which resulted in a singleparty
majority government. Turkey completed
an IMF-backed economic stabilization
program in February 2005, after meeting all of
the targets that were set in the 3-year IMF
stand-by arrangement.
The implementation of the stabilization
program has produced positive effects in
general on the economic balances and
specifically on inflation figures. With the help
of the program, Turkey has managed to
combine disinflation with economic growth.
Inflation decreased from more than 70% at the
beginning of 2002 to less than 10% within a
time span of about two years. Currently,
inflation is following a sustainable downward
trend which has allowed the economy to grow
strongly out of the slump that was created
with the financial crisis in 2001. From 2002 to
2004, GDP grew by 7.5% on average and the
trend of declining interest rates continued. The
yield on domestic bonds was lowered to 17%
on average from a rate of more than 30% in
2002. Further, the Turkish Lira continues to
appreciate. Due to this environment of
confidence, Turkey’s exports and imports
continue to rise; in fact, foreign trade volume
exceeded US$ 150 billion by the end of 2004.
The IMF Executive Board has approved a new
three-year stand-by agreement for the years
2005-2008 in May 2005, due to a sustained
positive economic environment and recent
developments on key legislation pertaining to
social security, banking sector and tax
administration
Turkey’s achievement in the implementation of
structural reforms and firmly maintaining
political stability in the last few years provided
momentum for progress in Turkey’s
prospective membership to the European
Union (EU). In its 17 December 2004 decision,
the European Council found that Turkey had
met the political criteria in terms of both
legislation and implementation and had
PAGE 82
recorded significant progress in
macroeconomic framework and thus decided
to open accession negotiations with Turkey on
3 October 2005.
Meanwhile, Turkey signed the Customs Union
Protocol which was the final condition to start
accession talks in July 2005.
Since the beginning of 2005 Turkey dropped
six zeros from its currency and has introduced
YTL (New Turkish Lira). With the changeover
to New Turkish Lira on January 1, 2005, both
TL and YTL will be in circulation for one year.
Banknotes and coins currently in circulation
will be withdrawn as of January 1, 2006.
In June 2005, Turkey has initiated the
privatization of 55% of Turk Telekom (TT)
subject to the approval by the government.
After the bargaining process, the highest bid
was announced as US$ 6.55 billion. The result
of the tender will be submitted to the
Competition Authority for permission while the
final decision will be given by the Council of
Ministers.
Economic Performance:
Following the GNP growth rate of 9.9%
achieved in 2004, the Turkish economy grew
by 5.3% in the first quarter of 2005. The
growth rate registered at the first quarter of
2004 was 13.9%.
By the end of May 2005, exports and imports
reached US$ 28.97 billion and US$ 45.1
billion, respectively, both registering an
increase of 22% compared to the same
period of 2004. Within the context of capital
movements, the capital and financial accounts
stood at US$ 8.2 billion and a net inflow of
US$ 4.1 billion of foreign portfolio investments
was observed at the end of May 2005.
Meanwhile, the increase in the producer price
index was realized at 1.9% and the consumer
price index was realized at 2.6% as of the
end-June 2005. The year-on-year consumer
price index and producer price index were
registered as 8.95% and 4.25% as of the end
of June 2005, respectively.
Key Information Contacts
Capital Markets Board of Turkey www.cmb.gov.tr
The Association of Capital Market Intermediary Institutions of Turkey www.tspakb.org.tr
ISE Settlement and Custody Bank Inc. (Takasbank) www.takasbank.com.tr
Central Registry Agency Incorporation of Turkey www.mkk.com.tr
The Turkish Derivatives Exchange (TurkDEX) www.turkdex.org.tr
ECONOMIC RATIOS
Domestic
savings
Turkey
Lower-middle-income group
Trade
Indebtedness
Investment
GROWTH OF INVESTMENT AND GDP
(%)
40
30
20
10
0
-10
-20
-30
-40
-50
97
GDI GDP
The consolidated budget registered a surplus
of YTL (New Turkish Lira) 1.7 billion in May
2005. Total revenue increased by 20% to YTL
51.1 billion, mainly due to the increase in tax
revenues, and expenditures increased by
1.6% to YTL 54.9 billion compared to the
same period in 2004. Thus, the consolidated
budget deficit contracted by 66.8% to an
amount of YTL 3.8 billion in the same period.
As of the end of June 2005, the ISE-National
100 Index, the main stock market index on the
Istanbul Stock Exchange (ISE) increased by
8% in YTL terms and by 9.5% in US$ terms
compared to the values at the end of 2004.
The main stock market indicator, the ISE
National-100 Index increased to a level of
26,957 in YTL terms at the end of June from
24,972 at the end of 2004. The stock market
total traded value on YTL basis increased by
18.7% to YTL 120.4 billion and in US$ terms
by 21.6% to US$ 90.3 billion at the end of
June 2005, when compared to the same
period of 2004. The average daily traded
value stood at YTL 956 million (US$ 717
million) at the end of June 2005.
The market capitalization of 298 ISE traded
companies increased to a level of YTL 141.3
billion (US$ 106.1 billion) at the end of June
2005. Currently, only one ETF (Exchange
Traded Fund) is traded on the ISE.
The net equity investment in Turkey by foreign
portfolio investors has been registered at
around US$ 19.5 billion as of end 2004
representing 61% of free float.
The turnover in public debt securities on YTL
basis, transacted on the Outright Purchases
and Sales Market, increased by 53.9% to YTL
268.4 billion and in US$ terms by 59.7% to
US$ 201.1 billion at the end of June 2005,
compared to the same period of 2004. The
Repo/Reverse Repo Market turnover on YTL
basis increased by 24.7% to YTL 892.1 billion
and in US$ terms by 29.4% to US$ 666 billion
in the same period. The average daily traded
value stood at YTL 9.2 billion (US$ 6.9 billion)
at the end of June 2005.
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
ISTANBUL STOCK EXCHANGE
TURKEY GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 15.0 36.8
Industry 29.0 27.4
Services 56.0 35.8
TURKEY MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
30
20
10
0
-10
-20
-30
97
98 99 00 01 02 03
EXPORT AND IMPORT LEVELS
(US$ Millions)
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Exports Imports
Exports
97
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (Yeni Turkish Lira (TRY)-billions) 2.433 4.709 7.406 10.839 16.53 E
Money Supply M2 (TRY-billions) 20.472 41.013 57.632 107.296 165.805 E
Growth Rate M1 63.1% 93.6% 57.3% 46.3% 52.5% E
Growth Rate M2 89.7% 100.3% 40.5% 86.2% 54.5% E
Interest Rates
deposit rate 67.0% 60.0% 60.0% 60.0% 55.0%
lending rate 80.1% 78.4% 47.2% 74.7% 50.5%
Foreign Exchange Reserves (US$ millions) 19,489 23,346 22,488 18,879 27,069
Exchange Rate Period Average (TRY/US$) 0.26 0.418 0.625 1.225 1.507
Annual % Growth 71.68 60.62 49.29 96.03 22.98
E: Estimate * Economic Overview, Country Watch Incorporated, 2005
INFLATION
(%)
90
60
30
CURRENT ACCOUNT BALANCE TO GDP
(%)
2
1
0
-1
-2
-3
-4
-5
0
GDP deflator CPI
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* World Bank reports
PAGE 83

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
TAKASBANK-ISE SETTLEMENT AND CUSTODY BANK INC. AFFILIATE MEMBER
Emin Catana
President and CEO
Takasbank is honored to be an Affiliate
Member of the Federation of Euro-Asian
Stock Exchanges. First of all, I would like to
thank the FEAS Membership for their
initiative to embrace Central Securities
Depositories (CSDs) and Clearing &
Settlement Institutions as “Affiliate
Members”.
Functional Titles of the Affiliate
Member
• Central Securities Depository of Turkey,
• Clearing and Settlement Institution for ISE
markets,
• Clearing House for the Turkish Derivatives
Exchange,
• National Numbering Agency of Turkey,
• Custodian for the Mutual Funds and
Pension Funds incorporated in Turkey.
Services Provided
• Execution of corporate actions,
• Safekeeping of physical securities,
• Custody and transfers of securities in
book-entry form,
• Web based monitoring service for the
investor sub-accounts,
• Central clearing and settlement for the
organized market (based on multilateral
netting),
• Real time gross DvP “member to member”
settlement,
• Settlement and custody for foreign
securities,
• Cash settlement and transfer facilities
CONTACT INFORMATION
PAGE 84
I believe the inclusion of Central Securities
Depositories (CSD) and Clearing &
Settlement Institutions will complement all
the hard work that the Stock Exchanges
have endeavored to accomplish for the
sake of our markets.
I believe, this new initiative will bring enriched
expertise and knowledge into FEAS, in the
areas of clearing, settlement and custody,
which are vital components of organized
securities markets. The inclusion of CSDs
and Clearing & Settlement Institutions should
also be expected to complement all the hard
work that the member exchanges have
endeavored to accomplish, since the
inception of this organization and for the
sake of FEAS markets.
(domestic and cross-border),
• Takasbank Money Market,
• Securities Lending and Borrowing,
Cash Credits,
• Allocation of ISIN for securities issued in
Turkey.
Type of Commercial Entity
Private sector for-profit company
(non-deposit taking banking institution)
Ownership
Istanbul Stock Exchange (ISE): 26%
Banks (20): 40%
Brokerage Houses (70): 34%
Board of Directors (11 members)
Istanbul Stock Exchange: 4
Capital Markets Board: 1
Banks: 3
Brokerage Houses: 2
and the President and CEO of Takasbank
Regulated by
Capital Markets Board
Banking Regulation and Supervision Board
Central Bank of Turkey.
I am pleased to say that Takasbank will be
excited and ready to share the experience
and knowledge it has accumulated in Turkey
and in the international markets for a
relatively long period of time, with its peers at
FEAS. Last but not the least, I would like to
thank the President of FEAS, the Secretariat
and all members for their trust and friendship
in accepting us as an affiliate member to the
FEAS family.
Form of Securities
Physical, bearer, immobilized.
Form of Settlement
Book-entry.
Settlement Period
Equities: T+2
Bonds and Bills: T+0
Contact Name Mr. Osman Gunsel Topbas E-mail international@takasbank.com.tr Website www.takasbank.com.tr
Does the CSD act as a central
counter party?
Yes (However, settlement is not fully
guaranteed. Default procedure is applied.)
Size of Guarantee Fund (as of
March 2005)
ISE Equities Market: US$ 24.1 million
ISE Bonds and Bills Market: US$ 37.6 million
Memberships to International
Organizations:
Association of National Numbering Agency
(ANNA), International Securities Services
Association (ISSA), Society for Worldwide
Interbank Telecommunications (SWIFT).

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
KARACHI STOCK EXCHANGE
Muhammad Yasin Lakhani
Chairman
The Karachi Stock Exchange (KSE) has
achieved another milestone as the KSE 100
Index crossed the level of 10,000 points and
closed at 7,450.12 points on June 30, 2004
and the market capitalization increased from
US$ 29.0 billion to US$ 47.0 billion on March
15, 2005 and closed at US$ 34.0 billion on
June 30, 2005. The record-breaking
performance of the KSE during the last five
years is attributed to the positive and
consistent policies of the government and a
number of measures implemented by the
Exchange including stringent risk
management. The consistent policies and
measures adopted by the Exchange were
HISTORY AND DEVELOPMENT
The KSE has been declared as the “Best
Performing Stock Market of The World For
the year 2002”, as declared by the
international magazine “Business Week”.
Similarly the US newspaper, USA Today,
termed Karachi Stock Exchange as one of
the best performing bourses in the world. As
of June 30, 2005, 659 companies were
listed with the market capitalization of
around US$ 34.8 billion having listed capital
of US$ 7.4 billion. The KSE 100 Index closed
at 7,450.12 on June 30, 2005. The KSE
came into existence on 18 September 1947.
It was later converted and registered as a
company limited by guarantee on 10 March
1949. Although as many as 90 members
were licensed at that time, only half a dozen
were active as brokers. Initially, only five
companies were listed with a paid-up capital
of Rs 37 million (US$ 0.62 million).
In 1991 the secondary market was opened
to foreign investors on an equal basis with
local participants. This measure, along with
a policy of privatization, has resulted in rapid
growth of the market since 1991.
Privatization has been adopted as a
philosophy, and activities that were
previously reserved for the public sector
have now been opened to the private sector.
The record-breaking performance of the
KSE during the last five years is attributed
to the positive and consistent policies of
the government and a number of measures
implemented by the Exchange including
stringent risk management.
instrumental in the Exchange being declared
as “The Best Performing Market of the
World” for the year 2002 by international
magazine “Business Week” and a United
States (US) newspaper, “USA Today”. The
KSE has taken a number of measures to
increase investor’s confidence by making the
Exchange more transparent and introducing
modern technology in order to convert the
market into a truly modern and efficient one.
In this regard Internet based trading has
started from December 6, 2004. Margin
Financing has also been introduced from
October 08, 2004.
The change is most marked in the financial
sector where a number of commercial
banks, investment banks, discount
institutions, leasing companies, life
insurance companies, Modarabas and
mutual funds have been created by private
initiatives.
The regulatory agency is the Securities &
Exchange Commission of Pakistan (SECP),
formed on 1 January 1999 by dissolving the
Corporate Law Authority that was
established in 1981. The SECP administers
the compliance of the Companies
Ordinance, 1984, the Securities and
Exchange Ordinance, 1969, the laws
governing Modarabas, leasing companies,
NBFIs and other corporate laws, and is run
by five commissioners under the chairman.
The Asian Development Bank’s Capital
Market Restructuring Plan envisages the
conversion of the CLA into the SECP as an
autonomous regulatory authority. The new
system provides autonomy to the SECP and
at the same time an accountability
mechanism through the establishment of the
Securities and Exchange Policy Board. All
policy decisions are made by the Board on
recommendation of the SECP, which is also
to take suo moto action and is answerable
to the Parliament.
In addition, corporate governance is now
part of KSE’s listing regulation. Transparency
has been enhanced with the implication of
quality audits, quarterly financial reports and
timely dividend payouts. During the first half
of 2005, 12 public offerings were made
which includes shares of Kot Addu Power
Company and United Bank Limited whose
shares were offered first time to the general
public under government's privatization
program.
FUTURE OUTLOOK
The coming period is expected to be very
challenging and the KSE is contemplating
the initiation of further projects and initiatives
to ensure that the KSE should remain one of
the premier growing stock exchanges of the
world. The future goals are as follows:
• listing of companies on the OTC to pave
way for the smaller companies to raise
financing through the stock exchange;
• introduction of new derivative products
including Index Futures;
• introduction of cross border listings;
• introduction of new indices, which are
more market reflective & representative;
• increase in the free float by bringing more
companies to the KSE and also to
encourage the already listed companies to
increase their capital and / or to make their
shares available in the market;
• educate the investors and guide and train
the brokers and their staff;
• publish guides on investment in equity in
local languages;
• promote quality research and to
encourage careers in this important area;
• strengthen the existing monitoring of
compliance with the code of Corporate
Governance by listed companies;
• strengthen the Market Monitoring and
Surveillance Department; and
• consolidate the existing Exchange Rules &
Regulations in a single Rule Book.
PAGE 85

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
KARACHI STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
PAGE 86
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 15,321.6 806.4 12,197.9 642.0
Feb-05 21,125.1 1,056.3 13,999.0 699.9
Mar-05 19,861.0 902.8 11,280.9 512.8
Apr-05 7,682.5 384.1 4,866.9 243.3
May-05 9,932.9 451.5 6,103.4 277.4
Jun-05 9,277.4 421.7 5,625.2 255.7
TOTAL 83,200.6 670.5 54,073.3 438.5
Bonds
Jan-05 0.0048 0.0003 0.0001 0.000003
Feb-05 0.0049 0.0002 0.0001 0.000003
Mar-05 0.0098 0.0004 0.0001 0.000005
Apr-05 0.0 0.0 0.0 0.0
May-05 0.0 0.0 0.0 0.0
Jun-05 0.0 0.0 0.0 0.0
TOTAL 0.02 0.0002 0.0003 0.000002
Other
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Market
Capitalization
US$ Millions Index
Jan-05 31,416.5 6,747.4
Feb-05 38,674.8 8,260.1
Mar-05 36,097.5 7,770.3
Apr-05 33,714.2 7,104.7
May-05 32,203.9 6,857.7
Jun-05 34,689.5 7,450.1
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
25,000
20,000
15,000
10,000
5,000
Stocks Index
Contact Name Mr. Mohammed Yacoob Memon E-mail gm@kse.com.pk Website www.kse.com.pk
0
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
9,000 40,000
8,000 35,000
7,000
30,000
6,000
5,000
4,000
25,000
20,000
3,000
15,000
2,000 10,000
1,000 5,000
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
KARACHI STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Although agriculture is declining as a percent
age of total output, this sector remains the
primary economic activity in Pakistan.
Cotton, wheat, rice and sugarcane are the
primary crops, which benefit from an
extensive irrigation system. The annual
cotton crop is of particular importance as it
provides the input to the textile and garment
industry, which is the nation's dominant
export industry. Pakistan is attempting to
increase its information technology sector,
but only 3% of the populace has telephones
at home. Having achieved a degree of selfsufficiency
in the armaments sector, Pakistan
is now promoting arms sales as a means of
generating more diversified export revenue.
In June 2004, President Pervez Musharraf
accepted the resignation of Prime Minister
Mir Zafarullah Khan Jamali,. Jamali
nominated Chaudhry Shujaat Hussain, the
president of the ruling Pakistan Muslim
League, as his interim prime minister. For his
part, Prime Minister Chaudhry Shujaat
Hussain said that former Finance Minister
Shaukat Aziz would be the next prime
minister following elections in the National
Assembly. Shaukat Aziz went on to be sworn
in as prime minister. In July, he escaped
unhurt from an apparent assassination
attempt.
In September 2004, the peace process
between India and Pakistan appeared to be
making some much lauded progress. India's
Prime Minister Manmohan Singh and
Pakistan's President Pervez Musharraf met in
New York on the sidelines of the opening of
the United Nations General Assembly.
Key Information Contacts
Government of Pakistan www.infopak.gov.pk
Ministry of Finance www.finance.gov.pk
Securities & Exchange Commission of Pakistan www.secp.gov.pk
State Bank of Pakistan www.sbp.org.pk
Privatization Commission www.privatisation.gov.pk
ECONOMIC RATIOS
Domestic
savings
Pakistan
Lower-middle-income group
Trade
Indebtedness
Investment
Reports say the talks went well with both
leaders voicing a desire to continue working
together.
The president and chief of army staff,
General Pervez Musharraf, is expected to
remain in power in 2005-06 and beyond. He
has the support of a majority in parliament,
the power to dismiss the prime minister and
the right to suspend parliament. 1
Economic Performance:
Economic activity rebounded in 2002 and
2003 as GDP grew at 4.4% and 5.5%,
respectively, after having slowed in 2001.
The Pakistani economy was firing on all
cylinders, and growth was led by a doubling
of net remittances from abroad due to
favorable external conditions, and sharp
increase in demand for Pakistani exports.
Internal consumption was boosted as well,
as favorable consumer financing led to a rise
in the internal consumption and production
of autos and electronics. Gross capital
formation picked up as well, to 15.5% of
GDP in 2003 from 14.7% in 2002, due to
investment induced by privatization and
deregulation in the oil and gas,
communications, and financial sectors. This
growth led to expanded activity in the
nation’s cement industry, and helped spur
modernization efforts in the textile industry.
The current account deficit, which exceeded
6% of GDP in 1995-1997 was reduced to
1.3% of GDP in 2000 owing to the strength of
textile exports. It then swung into surplus in
2001 despite steeply falling exports-imports
declined as well and overseas remittances
surged as the war on terrorism cracked
GROWTH OF INVESTMENT AND GDP
(%)
6
4
2
0
-2
-4
-6
-8
-10
97
GDI GDP
down on 'underground' systems of
repatriating Pakistani workers' earnings
without using the banking system. As both
exports and imports shot up by 19.6 and
20.1%, respectively, in 2003 due to a more
favorable external environment, the current
account surplus moderated to 5.2% of GDP
from 6.3% in 2002. Pakistan typically runs a
deficit of US$ 1-2 billion in its merchandise
trade account and a deficit on international
services of about US$ 3 billion, but it has
also typically received large amounts in
remittances from Pakistanis working abroad,
many in the oil fields of the Middle East.
These repatriated earnings have made a
significant contribution to the current account
over the years. The movement of such
remittances through the banking system
rather than through informal payment
channels is a major factor in the
improvement in Pakistan's current account
balance. 2
The economy is expected to perform
strongly, with real GDP growth forecast at
8.1% in fiscal year 2004/05 (July-June) and
6.6% in 2005/06. Inflation is forecast to rise
to an average of 8.6% in 2005 before falling
back to 6.4% in 2006. The current-account
deficit will widen to 2.8% of GDP in 2005 and
will stand at 3.1% of GDP in 2006, in line with
the rising trade deficit. 3
1 Pakistan Country Report, Economic and Political Outlook,
The Economist, www.economist.com
2 Economic and Political Overview, County Watch
Incorporated, 2005
3 Pakistan Country Report, Economic and Political Outlook,
The Economist, www.economist.com
98 99 00 01 02 03
* World Bank reports
PAGE 87

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
KARACHI STOCK EXCHANGE
PAKISTAN GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 25.4 44.3
Industry 24.9 22.3
Services 49.7 33.4
PAKISTAN MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
35
30
25
20
15
10
5
0
-5
-10
EXPORT AND IMPORT LEVELS
(US$ Millions)
12,000
8,000
4,000
0
PAGE 88
97
Exports Imports
Exports
97
98 99 00 01 02 03
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (rupes-billions) 732 795 876 965 1,118
Money Supply M2 (rupes-billions) 1,263 1,317 1,477 1,650 1,928
Growth Rate M1 4.6% 8.6% 10.1% 10.2% 15.9%
Growth Rate M2 7.9% 4.3% 12.1% 11.7% 16.8%
Interest Rates
deposit rate 16.5% 13.0% 13.0% 10.0% 7.5%
lending rate 10.8% 9.0% 8.6% 8.5% 5.5%
Foreign Exchange Reserves (US$ millions) 1,028 1,511 1,513 3,640 8,078
Exchange Rate Period Average (rupes/US$) 44.943 49.118 53.648 61.927 59.724
Annual % Growth 9.84 9.29 9.22 15.43 -3.56
INFLATION
(%)
14
12
10
8
6
4
2
0
CURRENT ACCOUNT BALANCE TO GDP
(%)
6
4
2
0
-2
-4
-6
97
GDP deflator CPI
97
98 99 00 01 02 03
98 99 00 01 02 03
* Economic Overview, Country Watch Incorporated, 2005
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
CDC CENTRAL DEPOSITORY COMPANY OF PAKISTAN LIMITED AFFILIATE MEMBER
M. Hanif Jakhura
CEO
Since commencement of its operations in
1997, The Central Depository Company of
Pakistan Limited (CDC) has achieved an
indispensable position in the capital market
of Pakistan by providing concrete benefits to
its clients in terms of efficiency, security,
reliability and cost effectiveness. The
government of Pakistan’s aggressive
privatization policy deployed through
ROLE OF THE DEPOSITORY
The Central Depository Company of Pakistan
Limited (CDC) is the country’s sole
depository for equities, corporate debt and
bonds. It provides settlement and depository
services to all three stock exchanges of the
country (Karachi, Lahore and Islamabad),
financial institutions and qualified private
investors. The CDC was incorporated on
January 21, 1993 as a public limited
company and began live operations on
September 3, 1997. The Company was
established under the Central Depositories
Act in 1997 with the scope to manage and
operate the Central Depository System
(CDS), an electronic book-entry system. The
Company is sponsored by all the three stock
exchanges of Pakistan as well as national
and multinational institutions. The CDC is
regulated by the Securities and Exchange
Commission of Pakistan. It is market practice
to use CDS for custody and compulsory to
use it for settlement of securities live on
CDS.
The Company also manages the operations
of the National Clearing and Settlement
CONTACT INFORMATION
The Central Depository Company of
Pakistan Limited (CDC) has achieved an
indispensable position in the capital market
of Pakistan by providing concrete benefits
to its clients in terms of efficiency, security,
reliability and cost effectiveness.
exchanges, capital reforms undertaken by
the Securities and Exchange Commission of
Pakistan and the continued reliable services
of the CDC have resulted in the market
boom with a record increase in the Karachi
Stock Exchange (KSE) index by almost
56.50% since June 2004 and the market
capitalization has surged to US$ 38.62 billion
as of February 28, 2005.
System (NCSS) on behalf of the National
Clearing Company Pakistan Limited
(NCCPL).
The CDC started providing Investor Account
Services (IAS) to retail investors, both
individual and corporate in 1999. The CDC
has also started Trustee and Custodial
Services for closed-end and open-end
mutual funds in the year 2002.
Participation Criteria
Participants/Account Holders
Members of stock exchanges, banks, DFIs,
corporate bodies and qualified private
investors are eligible to become
participant/account holder of CDC.
Eligible Pledgee
Financing institutions may join CDC as
eligible pledge.
Issuers
All issuers of listed securities must join CDC
in the capacity of an Issuer.
Contact Name Mr. Aftab Ahmed Diwan E-mail diwan@cyber.net.pk Website www.cdcpakistan.com
Size of Guarantee Fund
CDC does not operate a guarantee fund.
Does the CSD act as a central
counter party?
No
Memberships in other
International Organizations
Association of National Numbering Agency
(ANNA), International Securities Services
Association (ISSA), Asia-Pacific Central
Securities Depositories Group (ACG)
Legal Status
Public Limited Company (Unlisted)
Type of Commercial Entity
For-profit company
Regulated by
Securities and Exchange Commission of
Pakistan
PAGE 89

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
KAZAKHSTAN STOCK EXCHANGE
Azamat Joldasbekov
President
In the year of 2004 the organized securities
market of Kazakhstan continued to develop
in the same manner of previous years. The
development of the market was foremost
characterized by the growth of trade
volumes. The Kazakhstan Stock Exchange
(KASE) turnover reached an equivalent of
US$ 58 billion.
HISTORY AND DEVELOPMENT
KASE (previously the Kazakhstan Interbank
Currency and Stock Exchange) was founded
on 17 November 1993 as a closed-end jointstock
company, on the basis of an earlier
established Center of Interbank Currency
Transactions (Currency Exchange) of the
State National Bank. The main stimulus to
create KASE was the introduction of the
national currency, the Kazakhstan tenge, on
15 November 1993.
Starting in November 1995, KASE began
trading state T-bills. In November 1996, it
received its securities trading license from
the National Securities Commission (NSC).
As a result of a proposal tendered by the
government in December 1996, KASE was
chosen as a model exchange to trade
securities of the largest enterprises of
Kazakhstan.
In September 1997, a closed joint-stock
company, the Almaty Financial Instruments
Exchange, separated from KASE. Two
exchanges resulted from the adoption, in
March 1997, of the law “On Securities
Market” with the provision that a stock
exchange could only operate in securities.
However, on 1 April 1999, a merger took
place between KASE and the Almaty
Financial Instruments Exchange (AFINEX),
thus making KASE the only organized
market in Kazakhstan.
PAGE 90
The development of the market was
foremost characterized by the growth of
trade volumes. The KASE turnover reached
an equivalent of US$ 58 billion.
Significant changes have occurred during
2004:
• the advanced version of our electronic
trading system was successfully launched in
January, 2005;
• according to the Government's decision
the primary T-bill market was to be relocated
to the KASE since the beginning of 2005; as
a result, the year of 2004 was used by us to
fulfill all necessary legal and technical
preparations for such cordial change; and
• foreign securities started to be traded on
the KASE: T-bills (Russia) and corporate
securities – shares of PetroKazakhstan Inc
(Canada).
In 2001 KASE became a shareholder of the
Kyrgyz Stock Exchange.
The most important event of 2003 year was
the passage of two new laws that determine
legal infrastructure of the stock market – the
law "On joint stock companies" and the law
"On securities market" that substituted the
laws of previous years. In October, 2003
KASE with its new subsidiary company
"eTrade.kz" LLP launched the "eTrade.kz"
project. The purpose of the project was the
organization of an internet-trading system to
carry out the operations with the financial
instrument at KASE.
At the beginning of 2004 the KASE will
change organization-legal structure from a
"closed joint stock company" to a "joint stock
company" as a result of the newly
implemented changes in the
aforementioned law, “On joint stock
companies”.
In order to meet the more complicated
requirements of market regulation, we
created 2 new sub-divisions: the Supervision
department and the Monitoring subdepartment
under the Listing department.
Our main tasks for 2005 are to:
• modify the Listing rules;
• re-fresh the KASE basic legal framework;
• modernize our main information
technologies; and
• launch a completely new version of the
KASE web-site.
FUTURE OUTLOOK
By the resolution of Kazakhstan government
a program was approved on securities
market development for the years 2005-
2007. Within the framework of this program,
in 2005, the Exchange will revise listing
rules, in order to bring them into conformity
with the new legislation and include changes
concerning the dividing of the two official
categories of the exchange's trading list into
subcategories.
The plans of KASE for 2005 include:
• adding requirements for listing companies
concerning requiring the presentation of
information about using corporate
governance norms;
• organizing an initial offering of government
bonds (T-bonds) on the stock exchange;
• creating a reserve center, which could be
used as a reserve trade platform in case of
emergency. For realizing this task it's
planned to found a subsidiary company,
whose competence will comprise the
reserve copying and storing of information
of the trade organizer and central
depository;
• developing and launching new indexes of
the stock market;
• re-designing and launching an updated
version of the KASEs website with improved
navigation and some new features; and
• adding the participation of unit investment
funds on the stock exchange.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
KAZAKHSTAN STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 20.4 1.1 100.6 5.3
Feb-05 36.9 1.8 93.4 4.7
Mar-05 23.7 1.1 27.8 1.3
Apr-05 79.1 3.8 199.5 9.5
May-05 67.6 3.4 49.2 2.5
Jun-05 72.0 3.3 94.0 4.3
TOTAL 299.8 2.4 564.5 4.6
Bonds
Jan-05 5,399.0 284.2 12,786.2 673.0
Feb-05 5,058.4 252.9 7,459.6 373.0
Mar-05 4,424.8 210.7 8,002.7 381.1
Apr-05 6,006.9 286.0 8,809.5 419.5
May-05 5,786.9 289.3 9,440.9 472.0
Jun-05 7,174.9 326.1 8,714.4 396.1
TOTAL 33,850.9 274.9 55,213.3 452.4
Other
Jan-05 562.4 29.6 n/a n/a
Feb-05 617.7 30.9 n/a n/a
Mar-05 787.5 37.5 n/a n/a
Apr-05 755.4 36.0 n/a n/a
May-05 823.8 41.2 n/a n/a
Jun-05 1,701.0 77.3 n/a n/a
TOTAL 5,247.8 42.1 n/a n/a
Market
Capitalization
US$ Millions Index
Jan-05 3,990.4 217.8
Feb-05 3,859.1 216.5
Mar-05 4,171.2 243.0
Apr-05 4,367.6 265.9
May-05 4,873.5 300.3
Jun-05 4,897.3 311.9
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
80
70
60
50
40
30
20
10
0
Stocks Index
Contact Name Mr. Babenov Bolat E-mail bolat@kase.kz Website www.kase.kz
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
350
5,000
300
4,500
4,000
250
3,500
200
3,000
2,500
150
2,000
100
1,500
50
1,000
500
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
PAGE 91

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
KAZAKHSTAN STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Kazakhstan's relatively progressive Central
Asian transitional economy is gathering
momentum as its massive oil potential
materializes and multiple export alternatives
develop. The East Kashagan oilfield with
recoverable reserves of more than seven
billion barrels is the largest oil discovery in
more than 40 years. Diverse mineral
reserves, including tungsten, lead, silver,
barite and zinc, and agricultural production
augment the country's hydrocarbon wealth.
The non-oil economy has also grown at an
average 8% clip from 2000-2002. Land
ownership rights were clarified in early 2001
with the passage of legislation permitting
private ownership for the first time in
Kazakhstan. Recently 2,500 collectives have
been converted into over 90,000 individual
farms. Education, healthcare, pension, tax
and government budgetary reform have all
progressed significantly in the last two years.
In April 1995, Nazarbayev's tenure as
president was extended until Dec. 1, 2000,
by a national referendum. More than 95% of
those who went to the polls voted in favor of
extending Nazarbayev's term. More than 91%
of the potential electorate participated in the
poll. Under pressure from parliament,
however, Nazarbayev agreed to stand for reelection
in January 1999, and was reelected,
winning nearly 80% of the votes cast. As he
was elected for a seven-year term, the next
presidential election is expected in 2006.
President Nursultan Nazarbayev has been -
and continues to be - Kazakhstan's central
political figure and primary foreign and
domestic policy-maker.
It is expected that, the president, Nursultan
Nazarbayev, will win the next presidential
PAGE 92
election. However, the success of opposition
movements in Ukraine and the Kyrgyz
Republic in unseating the incumbents in
those countries has reinvigorated the Kazakh
opposition and considerably raised the risks
to political stability. Fiscal policy will remain
prudent, despite a slight loosening, with the
budget posting only small deficits in 2005-
06, aided by high oil prices, persistently high
oil prices will ensure that the current account
is in surplus in both 2005 and 2006. 1
Economic Performance:
GDP growth rocketed along at 9.5% in 2002,
following a very strong 13.5% growth rate in
2000. Growth is estimated at 10.6% in the
first quarter of 2003. The petroleum sector is
the driving growth factor, with increasing
revenues welcoming foreign investment. The
inflation rate remained inline at 6.5% in 2002,
but inched upward to 7% in the beginning of
2003. The unemployment rate declined to
9.5% in 2002 from 10.5% in 2001, continuing
a welcome downward trend. The fiscal
balance remained in surplus in 2002, the
equivalent of 1.6% of GDP from a deficit of
2.9% in 2001. Kazakhstan has made
excellent progress in staunching
expenditures and raising tax revenue, not
only from oil production, which depends
upon prices, but also from VAT reform.
As oil prices recovered slightly in 2002 and
imports of consumer and capital goods
slowed, the trade deficit recovered slightly,
pushing the current account deficit for the
year to under 2% GDP from 3.6% 2001. Not
surprisingly, Kazakhstan runs deficits on
both its services and net factor income
accounts within the current account of the
balance of payments. Payments to foreign oil
companies pursuant to production sharing
Key Information Contacts
Financial Institutions' Association of Kazakhstan www.afk.kz/eng/
National Bank of Kazakhstan www.nationalbank.kz
Ministry of Finance of the Republic of Kazakhstan www.minfin.kz
Central Securities Depository www.csd.kz/ru
Kazakhstan Agency for Financial Market and Financial Organizations Regulation And Supervision www.afn.kz
ECONOMIC RATIOS
Domestic
savings
Kazakhstan
Lower-middle-income group
Trade
Indebtedness
Investment
GROWTH OF INVESTMENT AND GDP
(%)
45
40
35
30
25
20
15
10
5
0
97
GDI GDP
agreements and joint ventures are reflected
in these accounts, and given the very large
inflows of foreign investment made already in
the oil sector, the returns on those
investments will quite likely keep the services
and income accounts in deficit for years into
the future.
Foreign direct investment, concentrated in
the oil and gas sector, has averaged over
US$ 2 billion since 2000. Kazakhstan retired
its outstanding IMF obligation of US$ 385
million ahead of schedule and reduced
public external debt to 14% GDP in 2002.
Foreign currency reserves reached more
than US$ 3 billion by year-end 2002, up from
US$ 2 billion in 2001. This trend continued
into the first quarter of 2003 with US$ 4
billion in reserves. 2
Increased government expenditure on wages
(linked to the electoral cycle) and sustained
inflows of hard currency will keep annual
average inflation above 7% in 2005-06. Real
GDP growth reached 9.4% in 2004, pushed
up by continued strong growth in fixed
investment and exports. In 2005 and 2006
continued growth in imports will dampen
Kazakhstan's rate of economic expansion
somewhat, but the average annual growth
rate in 2005-06 is still expected to surpass
8%. Despite rising deficits on the services
and income accounts, in addition to
increased spending on imports. 3
1 Kazakhstan Country Report, Economic and Political
Outlook, The Economist, www.economist.com
2 Economic and Political Overview, County Watch
Incorporated, 2005
3 Kazakhstan Country Report, Economic and Political
Outlook, The Economist, www.economist.com
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
KAZAKHSTAN STOCK EXCHANGE
KAZAKHSTAN GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 10.0 20.7
Industry 30.0 32.2
Services 60.0 47.2
KAZAKHSTAN MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
25
20
15
10
5
0
-5
-10
-15
EXPORT AND IMPORT LEVELS
(US$ Millions)
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
97
98 99 00 01 02 03
INFLATION
(%)
Exports Imports GDP deflator CPI
Exports
97
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (tenges-billions) 119 206 236 270 382
Money Supply M2 (tenges-billions) 149 274 397 557 724
Growth Rate M1 -21.3% 73.4% 14.7% 14.3% 41.5%
Growth Rate M2 -14.1% 84.4% 45.0% 40.2% 30.0%
Interest Rates
deposit rate 23.6% 15.6% 6.6% 5.3% 5.5% E
lending rate 25.0% 18.0% 14.0% 9.0% 7.5%
Foreign Exchange Reserves (US$ millions) 1,461 1,479 1,594 1,997 2,551
Exchange Rate Period Average (tenges/US$) 78.30 119.52 142.13 146.74 153.28
Annual % Growth 3.79 52.64 18.92 3.24 4.46
E: Estimate * Economic Overview, Country Watch Incorporated, 2005
18
12
6
0
CURRENT ACCOUNT BALANCE TO GDP
(%)
3
2
1
0
-1
-2
-3
-4
-5
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* World Bank reports
PAGE 93

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
KYRGYZ STOCK EXCHANGE
Andrey Zalepo
Acting President
In 2004 trading volume of the Kyrgyz Stock
Exchange (KSE) was increased 4.3 times in
comparison with 2003, and the total quantity
of the transactions increased 23%. The index
of tenders in KSE in 2004 represents the
best index of tenders in KSE’s history.
HISTORY AND DEVELOPMENT
The KSE was founded in 1994. The official
opening and the first trade in stocks took
place in May 1995, while a privatization
process was in full swing in our country.
At the initial stage of its existence and up
until 2000, the KSE had functioned as a
non-profit organization with a total
membership of 16. In May 2000 the KSE
was transformed into a joint-stock company;
simultaneously we acquired one of the
largest shareholders and a reliable partner in
the Istanbul Stock Exchange, which has
actively assisted us in improving our
activities. In 2001 the Kazakhstan Stock
Exchange became a shareholder allowing
the KSE to significantly increase its technical
software potential. At present the KSE is a
closed-type non-profit joint-stock company
with 17 shareholders.
A significant contribution has been made by
the US Agency on International
Development (USAID) for the sake of our
continued development. Thanks to the
USAID, the KSE has obtained powerful
financial support that has allowed our
Exchange to become independent.
PAGE 94
In 2004 trading volume of the Kyrgyz Stock
Exchange (KSE) was increased 4.3 times in
comparison with 2003, and the total
quantity of the transactions increased 23%.
FUTURE OUTLOOK
Priorities for the KSE in 2005 are:
• launching of new indices for energy and
financial companies;
• introduction of a cryptographic information
defense system to be used in the process of
trading;
• implementation of new forms and
methods of information disclosure to secure
transparent operation of listed companies;
and
• formation of services on the state
securities market.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
KYRGYZ STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 0.3288 0.0183 0.5871 0.0326
Feb-05 2.5872 0.1362 1.6741 0.0881
Mar-05 0.892 0.0525 2.1809 0.1283
Apr-05 0.6306 0.03 6.9614 0.3315
May-05 0.617 0.0309 9.196 0.4598
Jun-05 1.1053 0.0502 4.094 0.1861
TOTAL 6.2 0.05 24.7 0.20
Bonds
Jan-05 0.0 0.0 0.0 0.0
Feb-05 0.0 0.0 0.0 0.0
Mar-05 0.0 0.0 0.0 0.0
Apr-05 0.0 0.0 0.0 0.0
May-05 0.02 0.001 0.005 0.0002
Jun-05 0.0 0.0 0.0 0.0
TOTAL 0.02 0.001 0.01 0.0002
Other
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Market
Capitalization
US$ Millions Index
Jan-05 35.9 72.3
Feb-05 25.6 68.9
Mar-05 26.7 70.0
Apr-05 26.8 70.1
May-05 26.3 66.3
Jun-05 28.8 64.0
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Stocks Index
Contact Name Mr. Mahmud Usuphanov E-mail mahmud@kse.kg Website www.kse.kg
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
80
40
70
35
60
30
50
25
40
20
30
15
20
10
10
5
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
PAGE 95

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
KYRGYZ STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Although small and mountainous, Kyrgyzstan
has potential for economic development.
The country has steadfastly followed the
prescribed Western reform template, but with
modest success. Like many CIS nations,
Kyrgyzstan experienced a steep decline in
industrial production by the mid-1990s as the
Soviet-era infrastructure and technology were
not competitive in world markets. With the
existing industrial sector in decline, the
government elected to emphasize the
agricultural sector, which performed
especially well in 1997-1998, for near term
growth. Kyrgyzstan also possesses
significant amounts of mineral wealth
including gold, mercury and uranium. While
lacking major hydrocarbon deposits,
Kyrgyzstan does have considerable
hydroelectric power generation potential,
much of it undeveloped, and exports
electricity from its existing facilities.
In 1994, new legislation was instituted that
abolished the existing legislature, and
replaced it with a smaller bicameral body.
Elections for positions within the new
legislature were held in 1995. At the end of
1995, a new presidential election was called;
Akayev won a commanding victory and was
effectively re-elected. In 1996, the elimination
of certain cabinet positions and a reshuffle of
posts were decreed.
ECONOMIC RATIOS
PAGE 96
Kyrgyzstan
Lower-middle-income group
In recent years, Akayev's vision has been to
make Kyrgyzstan the "Switzerland" of Central
Asia. To this end, governmental transition
has continued. New changes in government
were announced by Akayev in April 1998,
cutting the number of deputy prime ministers
from three to one, disbanding one ministry,
reforming another to a state agency, and
reshuffling the principal officials.
Economic Performance:
The Kumtor gold mine, which has propped
up the economy since the middle of the last
decade, recently had its reserve estimate
substantially downgraded to a remaining
economic life of less than 10 years, forcing
Kyrgyzstan to look into other sources of
growth for the future. In 2002, a landslide at
the mine lowered production significantly,
while bad weather led to lower hydroelectric
energy production, causing a decline in GDP
growth of 0.5% for the year. This was down
from 5.3% growth in 2001. However, growth
outside of mining and energy registered
3.5% for the year, and growth in 1Q 2003
was 4.7%, led by 15% growth in the nonmining
sectors of energy and manufacturing,
especially food processing, construction
materials, and paper. To prepare the
economy for the transition into non-mining
endeavors, and to cull new sources of
revenues to combat continuing deficits of 10-
12% of GDP, the government is shoring up
Key Information Contacts
National Bank of the Kyrgyz Republic www.nbkr.kg
Ministry of Finance www.minfin.kg
State Commission on Securities Market www.nsc.kg
4.Ministry of Foreign Trade and Industry of the Kyrgyz Republic www.mvtp.kg
Domestic
savings
Trade
Indebtedness
Investment
GROWTH OF INVESTMENT AND GDP
(%)
30
20
10
0
-10
-20
-30
97
GDI GDP
the tax base with several new tax measures
including an extension of the VAT. Strong
demand for the currency kept the 12-month
rate of inflation low relative to its regional
trade partners, at 4.1% in May 2003. This
reflected an increase from 2.3% at year-end
2002, as food prices grew.
The current account deficit narrowed to 2.6%
of GDP in 2002 from 3.3% despite a weaker
trade balance in 2001 as higher gold prices
offset declines in gold and energy exports for
the year. Kyrgyzstan has been successful,
however, in petitioning a number of its
bilateral creditors for debt re-scheduling. 1
1 Economic and Political Overview, County Watch
Incorporated, 2005
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
KYRGYZ STOCK EXCHANGE
KYRGYZSTAN GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 39.0 48.3
Industry 22.0 18.3
Services 39.0 33.5
KYRGYZSTAN MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
20
10
0
-10
-20
EXPORT AND IMPORT LEVELS
(US$ Millions)
900
600
300
0
97
INFLATION
(%)
Exports Imports GDP deflator CPI
97
Exports
98 99 00 01 02 03
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (som-billions) 3.21 4.20 4.61 5.56 7.68
Money Supply M2 (som-billions) 4.95 6.62 7.40 8.23 11.00
Growth Rate M1 2.9% 31.0% 9.6% 20.7% 38.1%
Growth Rate M2 17.5% 33.7% 11.7% 11.3% 33.9%
Interest Rates
deposit rate 54.0% 51.6% 32.8% 10.7% 6.8%
lending rate 73.4% 60.9% 51.9% 37.3% 24.8%
Foreign Exchange Reserves (US$ millions) 164 230 239 264 288
Exchange Rate Period Average (som/US$) 20.838 39.008 47.704 48.378 46.937
Annual % Growth 20.01 87.2 22.29 1.41 -2.98
40
30
20
10
0
CURRENT ACCOUNT BALANCE TO GDP
(%)
0
-5
-10
-15
-20
-25
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* Economic Overview, Country Watch Incorporated, 2005
* World Bank reports
PAGE 97

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
LAHORE STOCK EXCHANGE
Hamid M. Imtiazi
Managing Director and CEO
The improved economic scenario, the
conducive environment due to structural
reforms, the consistency and continuity of
economic policies including the policies of
privatization and deregulation and
industrialization are attracting investors in all
sectors of the economy of Pakistan.
Privatization of state-owned companies,
inflow of the foreign investment, corporate
profitability and a series of reforms
introduced over recent years in the fields of
risk management, governance, transparency
and investor protection have contributed
significantly towards growth and
development of the capital market and the
upsurge in investor confidence.
During the six months under review, the LSE-
25 Index went from 2,989.25 to 3,762.33 – an
increase of 26%. The index touched its
record highest level of 5,700.32 on March
15th, but afterwards there was sharp decline
in the index during the last two weeks of
March 2005. However, there was no
systemic risk posed to the market as the
settlement at the exchange took place
smoothly. After reviewing all the aspects of
the risk management, Pakistan’s stock
market regulators, have taken several
measures aimed to boost the confidence of
investors and to improve the liquidity in the
stock market.
HISTORY AND DEVELOPMENT
Lahore Stock Exchange (LSE) was
incorporated in Lahore, the provincial capital
of Punjab, Pakistan, under the Securities and
Exchange Ordinance in 1969, as a company
limited by guarantee. LSE caters to the needs
of entrepreneurs for raising capital and
provides investment opportunities to
institutional investors and the general public.
The activities of the Exchange have increased
in all areas since inception. LSE introduced
screen-based electronic trading in 1996 and
became the first fully automated Stock
Exchange of Pakistan. LSE has become a key
institution in the financial sector of Pakistan
and has a membership of 152 brokerage
houses. As on June 30, 2005, there were 523
listed companies, having a listed capital of
US$ 7.35 billion with a market capitalization of
approximately US$ 33.46 billion.
LSE acts as a frontline regulator of the market
under the apex regulator, the Securities &
Exchange Commission of Pakistan. LSE has
made large investments in technology &
automation to keep pace with globalization of
securities trading. The Exchange is fully
committed to providing a transparent,
PAGE 98
Market capitalization increased to US$
33.46 billion as of June 30, 2005 as
compared to US$ 28.2 billion on December
31, 2004 showing an 18.65% increase.
Market capitalization increased to US$ 33.46
billion as of June 30, 2005 as compared to
US$ 28.2 billion on December 31, 2004
showing an 18.65% increase. In the regular
market, the average daily turnover of shares
remained 85 million shares during the
period.
The number of trades during the period
totaled 4,374,348 giving an average number
of daily trades of approximately 35,000.
The highest number of trades – 73,162 was
recorded on March 9th, whereas the lowest
number of trades – 3,981 was recorded on
April 12th. During the same period LSE listed
8 new securities.
LSE has setup an Investigation and
Enforcement Unit at the Exchange with the
primary objective to check and investigate
for market abuses.
LSE introduced a new “Web Trading
Terminal” to provide an alternate and more
user-friendly interface for trading. This
software will be a value-addition to the
software solutions already provided by LSE
to its brokers. It will also enable the brokers
to reach out to the untapped retail markets.
LSE has also started Investor Education
Programs with a view to educate the general
public at large about the securities market,
its laws, and customary practices and to
efficient, fair and investor friendly environment
for the benefit of investors and issuers. The
goal is to bring LSE up to international
standards in operational, technical, regulatory
and quality management areas and to ensure
that not only domestic but also foreign
investors are attracted to the Exchange.
FUTURE OUTLOOK
In 2005 Lahore Stock Exchange plans to:
• continue with its strategy of increasing its
geographical outreach through the use of
information technology in order to attract
higher trading volumes. LSE has already
successfully opened branch offices at
Faisalabad and Silakot. Similar Offices at
Multan and Gujranwala are also being
contemplated;
• phase-out of Carry-Over Trading and its
replacement with Margin-Trading;
• frame a strategy for the demutualization
and integration of the three stock exchanges
of Pakistan in the interest of the Exchange
and capital markets of the country;
• enhance trading in the derivative market
and introduce new products;
remove their day to day problems by
providing technical and legal assistance.
LSE’s major objectives remain to provide
investors with efficient and transparent
trading, safe and secure settlement and
accurate and timely information
dissemination. The LSE is also increasing its
geographical outreach by establishing
branches in other cities of the province. Two
such branch offices have become
operational in Faisalabad and Sialkot. LSE’s
trading system has already been modified to
connect branch offices in real-time fashion.
There is a growing need for remote trading
terminals which shows the confidence of
traders concerning a stable Internet Trading
System. Over the last six months more than
68% volume has been transacted over the
Internet.
As part of second generation capital market
reforms being pursued by the Securities &
Exchange Commission of Pakistan,
demutualization and the possibility of the
integration of Lahore and Islamabad Stock
Exchanges is being seriously considered by
the members of the exchanges and we hope
that during the year 2005 a decision will be
taken in the best interest of capital markets
of the country. Demutualization is in line with
international standards, which will ensure
that the exchange truly and fairly represents
the interests of all stakeholders.
• replace existing exposure monitoring
system with Value at Risk Margin System in
line with global practices;
• re-design LSE official website and to
disseminate the stock alerts over the mobile
phones of investors;
• establish a centralized call centre for IT
support to traders;
• market BrokerNet-Broker hosted Internet
Stock Trading Solution;
• promote and market the indigenously
developed trading software i.e. Ultra Trade
and related systems to other stock
exchanges;
• implement a regular timetable for the
Broker System Audit, in order to build
investors’ confidence;
• strengthen the surveillance function of the
Exchange; and
• enhance investor education activities.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
LAHORE STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 2,413.2 127.0 2,066.8 108.8
Feb-05 3,606.3 180.3 2,590.8 129.5
Mar-05 4,424.1 201.1 2,434.4 110.7
Apr-05 1,585.3 79.3 1,064.8 53.2
May-05 2,025.8 92.1 1,272.9 57.9
Jun-05 1,871.5 85.1 1,166.3 53.0
TOTAL 15,926.2 127.5 10,596.0 85.5
Bonds
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Other
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Market
Capitalization
US$ Millions Index
Jan-05 30,503.2 3,342.7
Feb-05 37,632.8 4,244.1
Mar-05 35,161.2 4,010.8
Apr-05 32,568.9 3,615.9
May-05 31,160.9 3,486.5
Jun-05 33,466.9 3,762.3
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
Stocks Index
Contact Name Mr. Amir Raza Khan E-mail amir@lahorestock.com Website www.lahorestock.com
0
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
4,500 40,000
4,000 35,000
3,500
30,000
3,000
2,500
2,000
25,000
20,000
1,500
15,000
1,000 10,000
500 5,000
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
* Please refer to page 87 for the Pakistan country report.
PAGE 99

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MACEDONIAN STOCK EXCHANGE
Ivan Steriev
Chief Executive Director
The first half of 2005 was very successful for
the Macedonian Stock Exchange. Total
turnover almost doubled compared with the
same period of 2004. Trading in equities and
bonds was higher than the first half of 2004
(equities were 342.15% higher and bonds,
41.69% higher).
The stable inflation rate and fixed foreign
exchange rate of the Euro, with further
financial and fiscal stabilization created
needed conditions for sustainable economic
growth in the next few years.
HISTORY AND DEVELOPMENT
The Macedonian Stock Exchange was
founded on September 13, 1995 and
commenced trading on March 28, 1996, as
a central marketplace for trading in
securities and the first organized stock
exchange in the history of the Republic of
Macedonia.
The MSE was founded as a not-for-profit
joint stock company with founding capital of
500,000 Euros. According to the legislation
that was in force in 1996 the only possible
eligible founders of the MSE were banks
and other financial institutions (saving
houses and insurance companies) MSE
initially had 19 members: 13 banks, 3 saving
houses and 3 insurance companies. Since
1997, according to the new Law on
Issuance and Trading in Securities, MSE
members must be legal entities whose sole
activity is trading in securities (brokerage
houses). Due to these changes the number
of MSE members decreased to 7.
The new Securities Law from 2000
introduced again the possibility of banks
being MSE members (starting from 2002).
All MSE members must be licensed for
trading in securities by the Macedonian
Security and Exchange Commission. Only
brokers, authorized by the MSE members
may trade in securities at MSE (in
Macedonia there are 253 brokers).
MSE currently has 14 members - 8
brokerage houses and 6 banks. According
to the Securities Law from 2000 the initial
share capital of each MSE member must be
at least 75,000 Euros (license for acting as
an agent) and the liquid capital must be
15,000 Euros. In order to get full license as
broker-dealer, a brokerage company must
have at least 500,000 Euro share in capital.
PAGE 100
The first half of 2005 was very successful
for the Macedonian Stock Exchange. Total
turnover almost doubled compared with the
same period of 2004.
The main features of the Macedonian Stock
Exchange operations in the first half of 2005
are as follows:
• 57 listed companies with market
capitalization of approximately 434.5 million
Euros, showing an increase of 53.83% as
compared with the first half of 2004;
• significantly higher volume of trading in
shares (turnover of the shares was 342.15%
higher than in the first half of 2004);
• 25 residual government shares were
traded, with the turnover of 6.6 million
Euros;
• The new MBI-10 index, introduced at the
beginning of 2005, increased 83.43%
reaching a level of 1,834.28.
Starting from June 20, 2001 (with the new
amendments of the Securities Law), MSE
started to operate on a for-profit basis, with
a founding capital of 500.000 Euros. MSE
shareholders may be any legal and private
domestic and foreign entity. Shareholdings
per entity is limited up to 10% of the MSE
outstanding shares.
Currently MSE has 20 shareholders
(8 brokerage houses, 8 banks, 1 insurance
company and 3 private investors).
FUTURE OUTLOOK
After the expiration of the mandatory listing
(as of end of 2004) the number of listed
companies at the MSE has decreased to 57
companies. However, the remaining listed
companies are those Macedonian
corporations which have real market
potential and trading activity in their shares
is expected to grow.
The level of disclosure and corporate
governance are planned to be strengthened
simultaneously with the revision of the MSE
Listing Rules and the development of the
MSE Code of Corporate Governance (with
technical assistance of the USAID Corporate
Governance and Company Law Project and
the Dutch Ministry of Finance).
Dissemination of the data related with the
listed companies is planned to be
reorganized by introducing a software
application (Internet based) that will be used
by the issuers for their public disclosure
purposes.
The participation of foreign portfolio
investors in the Macedonian securities
market should further increase due to
better transparency achieved during the
mandatory listing period and favorable
MSE has made changes in its trading
system in order to boost trading in some of
the illiquid stocks–modifying its current call
market system for these securities with the
aim of increasing the size and transparency
of its public order book.
MSE has continued its activities in the field of
international co-operation, both in the region
of South-Eastern Europe and wider. We
would like to stress that in the first half of
2005 MSE has become a member of FESE.
financial ratios of some of the Macedonian
companies compared with their peers in the
region. Nevertheless, this development will
be directly correlated with the political
stability in the region.
After obtaining the first credit rating from
S&P in July 2004 (BB with positive outlook),
the Macedonian Government announced
that it will start with the issuance of new
government bonds in 2005 (it is likely that
the first bonds issued will be with a 1 year
maturity), which should contribute to a
further increase in the trading activity in debt
instruments at MSE as well.
Two newly founded private pension funds
within the mandatory second pillar of the
reformed pension system in the Republic of
Macedonia will start their operations in the
second half of 2005, creating the first
institutional investors on the market. The
amounts collected from the pension fund’s
members in one part should be invested in
the the secondary securities market,
especially in debt instrument traded at the
MSE. A demonstration effect is also
expected i.e. the creation of the first
classical investment funds could be a
favorable outcome for the further
development of the Macedonian securities
market.
Pension reforms will contribute to the
development of one of the missing elements
of the Macedonian securities market – the
setting up of custody operations with major
Macedonian banks. This will facilitate further
foreign portfolio investments in the country.
MSE should continue its international cooperation
arrangements, maintaining already
established informational network SEM-
ON.NET (with exchanges from Ljubljana,
Varazdin, Sarajevo, Banja Luka, Belgrade
and Podgorica).

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MACEDONIAN STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 17.4 1.09 0.39 0.02
Feb-05 12.8 0.80 0.56 0.04
Mar-05 20.7 1.09 0.46 0.02
Apr-05 10.6 0.66 0.29 0.02
May-05 10.6 0.66 0.34 0.02
Jun-05 4.5 0.25 0.82 0.05
TOTAL 76.6 0.76 0.48 0.03
Bonds
Jan-05 1.5 0.10 1.7 0.10
Feb-05 1.6 0.10 1.7 0.11
Mar-05 8.6 0.46 10.2 0.54
Apr-05 5.0 0.31 5.7 0.36
May-05 2.8 0.17 3.4 0.21
Jun-05 3.0 0.17 3.8 0.21
TOTAL 22.6 0.22 26.6 0.26
Other
Jan-05 0.0 0.0 0.0 0.0
Feb-05 0.0 0.0 0.0 0.0
Mar-05 0.0 0.0 0.0 0.0
Apr-05 0.0 0.0 0.0 0.0
May-05 0.0 0.0 0.0 0.0
Jun-05 0.0 0.0 0.0 0.0
TOTAL 0.0 0.0 0.0 0.0
Market
Capitalization
US$ Millions Index
Jan-05 408.4 1,075.8
Feb-05 496.1 1,502.8
Mar-05 618.6 2,197.2
Apr-05 593.6 2,026.4
May-05 552.3 1,851.1
Jun-05 526.3 1,834.3
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
Contact Name Mr. Milco Kupev E-mail mse@mse.com.mk Website www.mse.com.mk
25
20
15
10
5
0
2,500
2,000
1,500
1,000
500
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
700
600
500
400
300
200
100
PAGE 101

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MACEDONIAN STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
The Republic of Macedonia is a small,
mountainous Balkan country with a
population of just over two million. In 1991, it
declared its sovereignty from Yugoslavia,
and has since experienced mixed success in
liberalizing its economy. The industrial sector
comprises about 18% of GDP and employs
about one-third of those holding jobs in the
formal economy. The largest components of
industrial production are metals, chemicals
and food and beverage processing. The
privatization process is almost finished and
the country has adopted a market economic
system. The primary goals of the country are
accession to the EU and NATO and on this
issue is boosted by a wide consensus of all
Macedonian political factors.
The President of the Republic of Macedonia
is Mr. Branko Crvenkovski. Prime minister of
the Government is Mr. Vlado Buckovski.
Key Information Contacts
Central Securities Depository www.cdhv.org.mk
Securities & Exchange Commission www.sec.gov.mk
National Bank of the Republic of Macedonia www.nbrm.gov.mk
Ministry of Finance www.fin.gov.mk
ECONOMIC RATIOS
Domestic
savings
PAGE 102
Macedonia
Lower-middle-income group
Trade
Indebtedness
Investment
Economic Performance:
In March 2004, the Republic of Macedonia
submitted a formal application for candidacy
of accession into the European Union (EU),
fiscal, monetary, and structural actions will
be tailored toward this goal. The EU
questionnaire has been answered and the
government awaits the decision of the
European Commission for the candidatestate
status by October 2005. The current
account deficit is driven by a large deficit on
merchandise trade, and by service
transactions with the rest of the world that
result in net payments to foreigners.
GROWTH OF INVESTMENT AND GDP
(%)
15
10
5
0
-5
-10
-15
97
GDI GDP
2002 2003 2004
Real GDP growth 0.9% 3.2% 2.9% (estimated)
Industrial production growth -5.3% 4.7% -12.7%
Inflation rate 1.8% 1.2% -0.4%
External debt US$ 1,548 million US$ 1,770 million US$ 1,957 million
Domestic debt US$ 647 million US$ 729 million US$ 788 million
Foreign currency reserves US$ 734 million US$ 903 million US$ 985 million
Foreign direct investments US$ 78 million 95 million US$ 140 million
(as of XII 2004)
Export US$ 1,113 million US$ 1,359 million 1,673 million
Import US$ 1,878 million US$ 2,211 million US$ 2,903 million
Macedonia's current account deficit, unlike
many poorer transitioning countries, is not
financed primarily by loans from multilateral
agencies like the World Bank, European
Development Bank and IMF. Rather, portfolio
investment, associated with privatization
activities, has financed the largest portion of
the current account gap. From the beginning
2004 the Government has started issuing
treasury bills, also planning to issue
government bonds in the future. In August
2005 Macedonia has been given its new
credit rating marks from the
Standard&Poor’s, which are BB- for the
domestic debt and BBB+ for the external
debt.
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MACEDONIAN STOCK EXCHANGE
MACEDONIA GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 12.0 11.5
Industry 25.0 21.1
Services 63.0 67.3
MACEDONIA MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
30
20
10
0
-10
-20
EXPORT AND IMPORT LEVELS
(US$ Millions)
2,500
2,000
1,500
1,000
500
0
97
98 99 00 01 02 03
INFLATION
(%)
Exports Imports GDP deflator CPI
Exports
97
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (denars-billions) 15 20 22 11 28
Money Supply M2 (denars-billions) 29 38 46 60 69
Growth Rate M1 9.1% 32.4% 13.1% -50.1% 148.2%
Growth Rate M2 13.0% 32.0% 21.4% 32.1% 14.6%
Interest Rates
deposit rate 8.9% 8.9% 7.9% 10.7% 10.7%
lending rate 21.0% 20.5% 18.9% 19.4% 18.4%
Foreign Exchange Reserves (US$ millions) 306 430 429 745 722
Exchange Rate Period Average (denars/US$) 54.462 56.902 65.904 68.037 64.350
Annual % Growth 8.92 4.48 15.82 3.24 -5.42
7
6
5
4
3
2
1
0
-1
CURRENT ACCOUNT BALANCE TO GDP
(%)
0
-2
-4
-6
-8
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* Economic Overview, Country Watch Incorporated, 2005
* World Bank reports
PAGE 103

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MOLDOVAN STOCK EXCHANGE
Dr. Corneliu Dodu
President
The securities market is an integral part of
the overall financial market and its activity
reflects the state of affairs of the Republic.
With the country's goal to become integrated
into the European Union as well as a globally
recognized developed stock market, foreign
policy has become the priority.
As mentioned before the main priority for the
Moldovan Stock Exchange (MSE) is foreign
policy as Moldova is striving for integration
into the European Union. Therefore
development has been aimed at creating a
civilized and developed securities market
with the perspective of integrating into the
world market capital through gradual
transition.
HISTORY AND DEVELOPMENT
In December 1994, the Moldovan Stock
Exchange (MSE), a closed company, was
established under the law on Securities
Circulation and Stock Exchanges. Originally,
34 securities market professionals
participated in trading. The first transactions
were held on 26 June1995, which is
considered the date of the founding of
the MSE.
Due to the assistance of the USAID, the
Exchange is equipped with advanced
technology for stock auctions. In 1998 the
MSE established the National Securities
Depository (NSD), a non-commercial jointstock
company.
At the initial stage of the MSE's
development, the authorized capital
adequacy standards were set as an
authorized capital of US$ 18,030 (238,000
lei). In 1998 capital adequacy increased
PAGE 104
With the country's goal to become
integrated into the European Union as well
as a globally recognized developed stock
market, foreign policy has become the
priority.
A major objective for 2005 is to continue the
reorganization of investment funds and to
hike market liquidity. One way to achieve this
goal is through the establishment of holdings
and to introduce marker makers, a new
status for MSE members.
The volume of transactions registered in
2005 semi-annual period was US$ 11.62
million, compared to US$ 11.84 million in
2004. During the same period, 194 equities
transactions took place, the total number of
transactions was 870, a little less
comparatively with the analogical period of
the precedent year, which was 972
transactions and 261 issuer' s equities
respectively. The number of registered
from US$ 29,697 (392,000 lei) and is now
US$ 37,879 (500,000 lei). The equity capital
sufficiency norms of US$ 75,758 (1.0 mil lei),
and guaranty fund adequacy norms of 30%
of the authorized capital as set by the
legislation are currently in practice.
In April 2000, the MSE received the status
of a self-regulating non-commercial
organization.
At the beginning of 2002, the National
Commission introduced the CNVM-32 index.
The world famous index, Dow Jones,
serves as a basis for the calculation of
the CNVM-32.
In June 2005, the MSE celebrated its tenth
anniversary. During the period of its
development, the MSE underwent a difficult
evolution. But the changes that have taken
place have had a positive effect on the
activities of all participants of the stock
market, including the Exchange itself.
companies as of June 30, 2005 was 1061,
including 26 listed companies.
Also in the first six months of 2005 a series
of modifications and innovations were
implemented. The most important of the
modifications was in the Low on Securities
Market and in the Low on Joint Stock
Companies, the Conception of Transaction's
Optimization at Secondary Market (adopted
by the National Securities Commission). The
main reason these modifications were
implemented is development of transparent
and liquid securities market, which will
encourage domestic and foreign investors to
accelerate their activity at Moldovan market.
This newly established environment is
expected to have a positive impact on the
securities market.
FUTURE OUTLOOK
Below are the MSE’s plans for 2005:
• improve technologies to high-speed
networks that will increase capacity;
• introduce a module for electronic
settlement with banks;
• trade in public securities and introduce
derivative products;
• introduce a “remote broker” system, which
is currently underway;
• introduce market makers, a new status for
Exchange members;
• implement for organized market
Segments: I- listing (Platforms A and B);
II- non-listing.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MOLDOVAN STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 0.12 0.01 0.32 0.02
Feb-05 4.7 0.24 3.4 0.17
Mar-05 2.5 0.12 3.1 0.15
Apr-05 1.8 0.08 11.3 0.51
May-05 1.4 0.07 2.4 0.12
Jun-05 0.002 0.0001 2.5 0.12
TOTAL 10.5 0.09 22.9 0.18
Bonds
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Other
Jan-05 0.0 0.0 0.0 0.0
Feb-05 0.0 0.0 0.0 0.0
Mar-05 0.0 0.0 0.0 0.0
Apr-05 0.0 0.0 0.0 0.0
May-05 0.0 0.0 0.0 0.0
Jun-05 0.0 0.0 0.0 0.0
TOTAL 0.0 0.0 0.0 0.0
Market
Capitalization *
US$ Millions Index
Jan-05 0.0 n/a
Feb-05 0.0 n/a
Mar-05 0.0 n/a
Apr-05 0.0 n/a
May-05 0.0 n/a
Jun-05 0.0 n/a
* MSE recalculated its market cap. data is not available
CONTACT INFORMATION
MONTHLY STOCK VOLUME
(US$ Millions)
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Jan Feb Mar Apr May Jun
Contact Name Mrs. Silvia Haidarli E-mail silvia@moldse.md Website www.moldse.md
5-YEAR STOCK VOLUME
(US$ Millions)
60
50
40
30
20
10
0
2001 2002 2003 2004 2005 1st half
PAGE 105

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MOLDOVAN STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Food processing comprises a significant
portion of light industry with vegetable
preservation, sugar refining, cigarette
production and winemaking as major
activities. Endowed with virtually no
indigenous hydrocarbons and small reserves
of coal, Moldova is highly dependent on
neighboring Russia, Romania and the
Ukraine for energy and a significant part of
the country's external indebtedness is to
Russia's Gasprom for natural gas.
The Moldovan economy was in decline
throughout the 1990s, sometimes
precipitously such as in 1994 when drought
destroyed virtually the entire grape harvest
causing GDP to decline 31%. The Russian
financial crisis of 1998 hit Moldova
particularly hard as exports withered, the lei
depreciated nearly 50% and inflation, which
had moderated in recent years, increased as
world energy prices escalated sharply from
1999. The economy contracted by 6.5% in
1998 and 3.4% in 1999. Despite both a
severe drought and destructive freezing
conditions near the end of the year which
ruined crops and caused widespread
damage to power and telecommunications
infrastructure, Moldova reported real GDP
growth of 2% for 2000.
PAGE 106
The eastern European nation's parliament
elected Communist Party leader Vladimir
Voronin as the new president on April 4,
2001. The result was widely expected after
Moldova's communists swept to power in
general elections in February. Voronin, 59, a
former baker and police general, captured
71 of the 89 votes cast by members of
parliament. "I call on all the parties in
parliament and outside to reconcile and take
the country out of the crisis, " Voronin said
after the vote. He said his priority was to
reach a settlement with eastern Moldova's
Slavic separatists, who broke away in 1992
after a war that claimed 1,500 lives. Voronin
also pledged to continue relations with the
World Bank and the International Monetary
Fund. He promised to have good relations
with neighboring Ukraine and Romania.
Economic Performance:
After GDP growth of 2.1% for 2000, a sharp
recovery ensued. GDP growth registered
6.1% in 2001 and around 7% in 2002, due to
better weather and the improving economy
in Russia. The National Bank of Moldova
tightened monetary policy and brought
inflation down to single digit rates in
mid-2002.
Key Information Contacts
MSE President Dr. Corneliu Dodu dodu@infomarket.md
Listing, Marketing and Quotation Department rimma@moldse.md, denis@moldse.md
National Securities Commission of Moldova www.cnvm.md
Department of Privatization www.privatization.md
ECONOMIC RATIOS
Domestic
savings
Moldova
Lower-middle-income group
Trade
Indebtedness
Investment
GROWTH OF INVESTMENT AND GDP
(%)
20
10
0
-10
-20
97
GDI GDP
In 2000, export growth as measured in US
dollars was virtually zero as further lei
depreciation and falling export commodity
prices affected the value of exports, but
imports revived and the current account
expanded again to US$ 135 million,
equivalent to more than 10% of GDP.
Despite rapid growth in 2001, exports
recovered as the currency stabilized and
Russia recovered, causing the current
account deficit to fall to 7.4% GDP, about
US$ 119 million. The typical pattern in
Moldova's current account in recent years
has been a significant deficit in merchandise
trade and a somewhat smaller deficit on
trade in international services, combined with
a steady inflow of remittances from
Moldovans working outside the country and
a paradoxical surplus on net factor income
payments (which is not expected of a
country with an external debt load equivalent
to 90% of GDP). 1
1 Economic and Political Overview, County Watch
Incorporated, 2005
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MOLDOVAN STOCK EXCHANGE
MOLDOVA GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 31.0 45.1
Industry 35.0 25.6
Services 34.0 29.3
MOLDOVA MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
30
20
10
0
-10
-20
-30
EXPORT AND IMPORT LEVELS
(US$ Millions)
1,400
1,200
1,000
800
600
400
200
0
97
98 99 00 01 02 03
INFLATION
(%)
Exports Imports GDP deflator CPI
Exports
97
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (lei-billions) 1.07 1.48 2.02 2.50 3.56
Money Supply M2 (lei-billions) 1.76 2.52 3.57 4.85 6.73
Growth Rate M1 -18.0% 38.9% 36.7% 23.6% 42.4%
Growth Rate M2 -8.3% 42.9% 41.7% 35.8% 38.6%
Interest Rates
deposit rate 30.5% 28.5% 22.2% 14.2% 5.9%
lending rate 30.8% 35.5% 33.8% 28.7% 23.5%
Foreign Exchange Reserves (US$ millions) 144 186 230 229 269
Exchange Rate Period Average (lei/US$) 5.3707 10.516 12.434 12.865 13.571
Annual % Growth 16.16 95.80 18.24 3.47 5.48
40
30
20
10
0
CURRENT ACCOUNT BALANCE TO GDP
(%)
0
-4
-8
-12
-16
-20
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* Economic Overview, Country Watch Incorporated, 2005
* World Bank reports
PAGE 107

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MONGOLIAN STOCK EXCHANGE
Rentson Sodkhun
Chairman and CEO
In 2004 Mongolian Stock Exchange’s (MSE)
main objectives were to improve the
efficiency of the stock trading, especially to
increase the volume of bond trading, attract
investors and build confidence among
investors, improve the quality of stock market
research and its advocacy, increase public
confidence and the surveillance of securities.
As a result, some progress was achieved in
2004; including the expansion of the
company bond market, some of which trade
in foreign currency and the establishment of
a new underwriting entity, which is to provide
professional services to the stock market.
HISTORY AND DEVELOPMENT
During the transitional period from a central
planned economy to a market economy in
Mongolia, many social and economic
changes were made, such as the
establishment of new relations, new entities,
new productions and services. Two of those
changes were the founding of the MSE on
18 January 1991 by government resolution
and the initiation of the privatization process.
According to the privatization policy adopted
by the government in 1992-1995, 96.1
million shares valued at tugrugs 8.2 billion
(US$ 7.0 million) of 475 state-owned entities
were traded by the MSE.
The Securities and Exchange Law was
passed in 1994 and the Corporate Law in
1995 resulting in the establishment of the
secondary market. Twenty-nine broker firms,
operated and financed by the MSE, were
privatized. New statutes of the MSE were
adopted by the government resolution of
1995.
PAGE 108
In 2005 our efforts will focus on creating a
favorable legal environment for the
Mongolian Stock Exchange.
Nevertheless, it is necessary to note that due
to macroeconomic situations there has been
no significant improvement on investment
through the stock market, this lack in
improvement has been especially influenced
by the current Mongolian market economy.
The stagnant situation of the Mongolian
stock market where as sustainable
development persists in the banking sector
shows a lack of appropriate state policy in its
coordination. Furthermore, flexible and
accurate policy to support relationship
between the monetary and the fiscal policies
and development of its legal environment are
in demand.
With the start of secondary market activity,
shares of more than tugrugs 38 billion
(US$ 32.5 million) were traded during 1996-
2003. Since the inception of government
bond trading in 2000, and corporate bond
trading in 2001, to date government bonds
valued at tugrugs 105.4 billion (US$ 90.2
million), and corporate bonds valued at
tugrugs 6.9 billion (US$ 6.0 million) have
been traded.
The new Securities and Exchange Law,
adopted by Parliament in December 2002,
declared the MSE to be a business entity,
allowing it to carry out legal business
services.
According to the government resolution, the
MSE was reorganized as a profit-making,
state-owned shareholding company.
In 2005 our efforts will focus on creating a
favorable legal environment for the MSE.
We are planning to submit amendments to
related laws with an aim to improve the
investment environment and the stock
exchange activities. A close link between the
MSE, security issuers and investors as an
important part of our policy will be pursued
along with actions to expand the company
bond market. Increasing transparency and
efficiency of service provided by the MSE are
also priority areas. Finally, we are planning to
introduce a new type of bond at the MSE,
such as a mortgage bond.
FUTURE OUTLOOK
In 2005 the MSE plans to:
• develop a government and corporate
bond market, increase the bond market size
and issue bonds in foreign currency;
• prepare for privatization in the stock
exchange;
• develop an information disclosure system
so as to disseminate information through
mass media TV, radio and newspapers in a
fair and proper way.
• improve public confidence and continue
training programs for market participants
and peoples; and
• activate the Government support on
security tax policies and laws for security
issuer and investors.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MONGOLIAN STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 0.04 0.002 5.5 0.26
Feb-05 0.11 0.01 7.4 0.41
Mar-05 0.03 0.001 0.56 0.03
Apr-05 0.44 0.02 1.0 0.05
May-05 0.07 0.003 1.5 0.07
Jun-05 0.60 0.03 3.2 0.15
TOTAL 1.3 0.01 19.1 0.16
Bonds
Jan-05 0.06 0.007 0.007 0.0008
Feb-05 0.04 0.006 0.005 0.0007
Mar-05 0.09 0.009 0.01 0.001
Apr-05 0.81 0.08 0.14 0.014
May-05 0.19 0.02 0.02 0.002
Jun-05 0.03 0.003 0.004 0.0004
TOTAL 1.2 0.02 0.18 0.003
Other
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Market
Capitalization
US$ Millions Index
Jan-05 23.7 631.1
Feb-05 27.3 594.0
Mar-05 34.8 706.0
Apr-05 32.6 738.2
May-05 34.6 771.7
Jun-05 36.7 802.3
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
0.6
0.5
0.4
0.3
0.2
0.1
0.0
Stocks Index
Contact Name Ms. J. Erdenbileg E-mail erdenbileg@mse.mn Website www.mse.mn
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
900
40
800
35
700
30
600
500
400
25
20
300
15
200
10
100
5
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
PAGE 109

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MONGOLIAN STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
In the second half of the 1990s, privatization
of the larger enterprises began to accelerate
and many of these were sold for cash to
foreign investors. In 1998 and 1999, more
than 50 large companies were sold and
hundreds more small companies were
organized from state-owned assets and sold
off. But, in the run-up to the parliamentary
elections of 2000, support for the reforms,
which implied substantial disruption of
traditional labor employment patterns, ran
down. By then, the world economy was
slowing and the appetite of foreign investors
for assets in countries like Mongolia was
decreasing. Accordingly, only nine large
enterprises were sold in 2000 and just one in
2001. Some of the best assets were still in
the process of being sold off in 2002.
Mongolia’s privatization program has
successfully progressed through 2004, and
the private sector now accounts for 85% of
the economy. Agriculture Bank and, Mongol
Daatgal, Mongolia’s largest insurance
company were privatized in 2003. NIC, an oil
company, was also privatized early in 2004.
In June 2003, shortly after assuming his new
political role, Chinese President Hu Jintao
arrived in the Mongolian capital of Ulan Bator
Key Information Contacts
Parliament of Mongolia www.parl.gov.mn
Ministry of Finance www.mofe.pmis.gov.mn
The Central Bank of Mongolia www.mongolbank.mn
Mongolian Chamber of Commerce & Industry www.mongolchamber.mn
National Statistical Office of Mongolia www.nso.mn
ECONOMIC RATIOS
Domestic
savings
PAGE 110
Mongolia
Lower-middle-income group
Trade
Indebtedness
Investment
for talks with the Mongolian government. The
trip was aimed at reaffirming the close
bilateral relationship between Mongolia and
China. A year later in June 2004, in
parliamentary elections in Mongolia, early
results suggested that the main contest
would be between the ruling MPRP and the
Motherland Democratic Coalition (MDC). In
August 2004, Tsakhia Elbegdorj was
appointed to the post of prime minister by
the country's Great Hural. Born in 1963,
Elbegdorj was a member of parliament and
the vice parliamentary speaker from 1996 to
2000, and served briefly as prime minister
before this appointment in 2004. Although
Elbegdorj was aligned with the MDC, he was
expected to form a coalition government with
the MPRP.
Economic Performance:
GDP grew 5% in 2003, up from 3.9% growth
in 2002, due to a 4.5% increase in
agricultural output and a buoyant services
sector. Agriculture, recording the first rise in
output since 1999, as weather conditions
improved after several extremely harsh
winters. Growth in crops was very strong,
while livestock and animal husbandry
increased slightly. Fiscally speaking, the
deficit narrowed to 3.6% of GDP from 5.6%
in 2002, after the government implemented
GROWTH OF INVESTMENT AND GDP
(%)
12
10
8
6
4
2
0
-2
97
GDI GDP
the Public Sector Management and Financial
Law, which streamlined cash management
and bolstered spending accountability.
Foreign funding typically covers about 70%
of the deficit. Total external debt stood at
US$ 1.1 billion at year-end 2003, or 91% of
GDP.
Merchandise exports rose 14.5% as
compared to a 3.9% decline in 2002 due to
higher demand for commodities such as
gold, copper, and cashmere. Imports also
rose by 14%, leading to a widened trade
deficit. However, due to a strengthening of
the balance of payments surplus resulting
from foreign remittances of around US$ 78
million in 2003, and FDI inflows increasing
94% due to gold prospecting, the current
account deficit narrowed to 14.7% of GDP
from 16% (not including grants). Aid grants
from multilateral agencies allowed Mongolia
to build its international reserves to more
than US$ 240 million by year-end 2003. Aid
grants also play a significant role in reducing
the current account deficit from what it would
be solely on the basis of private current
transactions. 1
1 Economic and Political Overview, County Watch
Incorporated, 2005
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MONGOLIAN STOCK EXCHANGE
MONGOLIA MACROECONOMIC ACTIVITY GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 36.0 45.9
Industry 22.0 18.5
Services 42.0 35.7
MONGOLIA MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
14
12
10
8
6
4
2
0
-2
EXPORT AND IMPORT LEVELS
(US$ Millions)
800
600
400
200
0
97
98 99 00 01 02 03
INFLATION
(%)
Exports Imports GDP deflator CPI
Exports
97
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (togrogs-billions) 83 115 131 156 188
Money Supply M2 (togrogs-billions) 167 220 259 331 470
Growth Rate M1 8.5% 39.0% 13.9% 19.4% 20.2%
Growth Rate M2 -1.7% 31.6% 17.6% 27.9% 42.0%
Interest Rates
deposit rate 23.3% 11.4% 8.7% 8.6% 9.9%
lending rate 46.8% 39.3% 32.8% 30.2% 28.4%
Foreign Exchange Reserves (US$ millions) 94 E 136 E 179 E 206 E 350 E
Exchange Rate Period Average (togrogs/US$) 840.83 1,022.00 1,077.00 1,098.00 1,110.00
Annual % Growth 6.44 21.53 5.36 1.95 1.15
E: Estimate * Economic Overview, Country Watch Incorporated, 2005
40
30
20
10
0
CURRENT ACCOUNT BALANCE TO GDP
(%)
10
8
6
4
2
0
-2
-4
-6
-8
-10
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* World Bank reports
PAGE 111

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MUSCAT SECURITIES MARKET
Ahmed Saleh Al-Marhoon
Director General
We are consciously working on developing
and operating an efficient and transparent
securities market to the best standard
expected by our local and foreign investors.
We believe that exchanges that adhere to
good governance, greater transparency and
greater accountability, are able to foster
investors’ confidence as well as creating an
attractive investment environment.
We at Muscat Securities Market (MSM),
however, have devised a comprehensive
road map that enables us to build capacity
and promote sustainable capital market
development strategy specifically aimed at
HISTORY AND DEVELOPMENT
The Muscat Securities Market (MSM) was
established by Royal Decree issued on 21
June 1988 to regulate and control the
Omani securities market and to participate,
effectively, with other organizations for the
setting up of the infrastructure of the
Sultanate’s financial sector.
After ten years of continuous growth there
was a need for a better functioning of the
market. The MSM has been restructured by
two Royal Decrees (80/98) and (82/98).
Royal Decree (80/98) dated 9 November
1998, which promulgated the new Capital
Market Law, provides for the establishment
of two separate entities: an exchange – the
Muscat Securities Market (MSM) – where all
listed securities will be traded, and the
Capital Market Authority (CMA) – the
regulatory body. The exchange is a
governmental entity, financially and
administratively independent from the
regulatory body but subject to its
supervision. Thus the securities industry in
Oman is well established to enhance
investors’ confidence by developing and
improving all the processes pertaining to the
stock market.
PAGE 112
We believe that exchanges that adhere to
good governance, greater transparency and
greater accountability, are able to foster
investors’ confidence as well as creating an
attractive investment environment.
improving access to the regional and
international capital markets.
In view of the above, MSM recently revised
its legislation with respect to listing, trading
and clearance and settlement regulations to
enable MSM to cater for our market demand.
One of our eminent projects is to replace the
MSM existing trading system with Aots-
Euronext Trading System that is used by
some western and other emerging stock
markets.
There are recent amendments to the Capital
Market Law and its executive regulation,
which aim at enhancing the efficiency and
transparency as well as securing the
integrity of the market. The recent enactment
of the code of corporate governance and
other rules and regulations, during the
current year, has a clear effect on the
investors’ confidence on the market and is
positively reflected in the market index
movement.
We expect that the new trading system will
be implemented at the end of 2005 and will,
inevitably, enhance the capability of MSM
and make it the first exchange in the GCC
countries that uses this advanced trading
system.
We are in the process of upgrading MSM
website to improve the navigation, content
and overall value of the website for users.
FUTURE OUTLOOK
In 2005 MSM plans to:
• develop policies and strategies to provide
both domestic and foreign investors with
reasonably reliable savings and investment
opportunities;
• revise the legislations of the market with
regard to the listing, trading and clearance
and settlement mechanisms. In order to
ensure a sustainable stock market
development strategy, aimed at improving
access to the regional and international
capital markets, we are in the process of
implementing a comprehensive Growth-
Plan;
• replace the existing MSM trading system
with Aots–Euronext Trading System, which is
in place in some of the Western and other
Emerging Stock Markets; and
• make the information dissemination more
efficient, we are also in the process of
upgrading the MSM website.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MUSCAT SECURITIES MARKET
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 193.7 9.7 35.5 1.8
Feb-05 146.4 7.3 25.7 1.3
Mar-05 381.4 16.6 49.3 2.1
Apr-05 224.8 11.2 31.6 1.6
May-05 240.0 10.4 31.4 1.4
Jun-05 377.0 17.1 36.7 1.7
TOTAL 1,563.3 12.1 210.2 1.6
Bonds
Jan-05 0.68 0.03 0.22 0.01
Feb-05 0.75 0.04 0.24 0.01
Mar-05 3.7 0.16 1.05 0.05
Apr-05 0.57 0.03 0.12 0.01
May-05 8.2 0.36 0.43 0.02
Jun-05 0.54 0.02 0.12 0.01
TOTAL 14.4 0.11 2.2 0.02
Other
Jan-05 1.4 0.09 0.27 0.02
Feb-05 1.8 0.12 0.47 0.03
Mar-05 13.0 0.86 2.2 0.15
Apr-05 4.4 0.29 0.93 0.06
May-05 9.3 0.62 2.1 0.14
Jun-05 25.9 1.7 4.4 0.29
TOTAL 55.7 0.62 10.3 0.11
Market
Capitalization
US$ Millions Index
Jan-05 9,726.0 3,573.3
Feb-05 9,874.1 3,634.6
Mar-05 11,051.6 4,275.4
Apr-05 11,372.1 4,674.6
May-05 12,082.8 4,996.7
Jun-05 13,010.4 5,450.4
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
400
350
300
250
200
150
100
50
0
Stocks Index
Contact Name Mr. Talal H. Al Nasseb E-mail talal21@msm.gov.om Website www.msm.gov.om
6,000
5,000
4,000
3,000
2,000
1,000
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
PAGE 113

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MUSCAT SECURITIES MARKET
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Oman has been launching a massive drive
to build the basic infrastructure facilities and
improve living standards of its citizens since
1970. The key economic indicators such as
Gross National Product (GNP); Gross
Domestic Product (GDP); per capita income;
money supply (M3); trade balance and
foreign currency reserves indicated
remarkable growth in 2004.
The policy response of Oman to the
changing international and domestic
economic conditions is marked by its clearcut
willingness to adjust and remain flexible.
Oman's fiscal position has been showing
considerable growth since the 1970s.
The nation has witnessed noticeable
economic achievements in 2004 that are
reflected in its modern physical
infrastructure. Considerable progress in
basic health and education systems and the
improvement in standard of living have been
commendable.
Key Information Contacts
Ministry of National Economy www.moneoman.gov.om
Capital Market Authority www.cma-oman.gov.om
Oman Chamber of Commerce and Industry www.cbo-oman.org
Financial Corporation www.fincorp.org
National Bank of Oman www.nbo.co.om
PAGE 114
Economic Performance:
According to provisional estimates, the
domestic economy registered a record
12.5% growth in 2004 as against 6.9%
recorded in 2003. A sharp increase in oil
prices brought windfall profits for Oman in
2004. Oman crude realized an average price
of US$ 33.9 a barrel last year compared with
the budgeted price of US$ 21.0 a barrel, an
increase of US$ 12.9 a barrel. The government
had increased public expenditure by another
US$ 784 million during the year, resulting in
a higher deficit of US$ 2.1 billion as against
the budgeted deficit of US$ 1.3 billion.
Though the oil revenues were estimated at
US$ 4.3 billion, it grew by a whopping
US$ 3.3 billion to US$ 7.6 billion. Thus the
total actual revenues rose by nearly 43% to
US$ 10.9 billion as against the estimated
US$ 7.6 billion. Oil revenues contributed
more than 69.5% of total income in 2004.
From the additional revenues of US$ 3.3
billion, the total exposure is US$ 2.5 billion,
comprising budgeted deficit of US$ 1.3
billion, additional allocations of US$ 784
million and payment of foreign debts of US$
539 million. The remaining surplus amount is
expected to be reserved as additional
resources for the government.
The actual public expenditures in 2004 were
US$ 9.6 billion. The increased revenues
indicate that the government’s estimates of
US$ 7.6 billion revenues were conservative
and prudent, based on conservative oil price
forecast of US$ 21.0 per barrel. The record
revenues achieved in 2004 will help
government continue its ongoing economic
reform programs and other development
initiatives. Oman’s external debt position
comfortably stands at US$ 3.4 billion as
against staggering debts of many other
countries in the region. The excess of
planned aggregate expenditure of US$ 9.6
billion over budgeted revenue receipts of
US$ 8.0 billion leaves a deficit of US$ 1.4
billion for 2005. The deficit represents 17% of
total revenues and 6% of GDP. The 2005
current expenditure of US$ 7.2 billion
accounts for 75% of total expenditures, with
investment spending (US$ 2.3 billion) and
support to private sector (US$ 171.9 million)
taking the remaining 25%. The oil price
estimated for 2005 budget at US$ 23 a barrel
also seems lower than the expected actual
realization.
OMAN MACROECONOMIC ACTIVITY
TRADE BALANCE (GOODS & SERVICES), NATIONAL INCOME PRODUCTS ACCOUNT (US$ Millions)
1998 1999 2000 2001 2002
Exports 5,797 7,638 11,743 11,423 11,767 E
Imports 6,848 5,810 6,159 6,988 7,199 E
Trade Balance -1,051 1,828 5,584 4,434 4,568 E
* Economic Overview, Country Watch Incorporated, 2005

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MUSCAT SECURITIES MARKET
OMAN GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 3.0 9.4
Industry 40.0 32.9
Services 57.0 57.8
OMAN MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
1998 1999 2000 2001 2002
Money Supply M1 (rials-billions) 0.51 0.51 0.55 0.70 0.77
Money Supply M2 (rials-billions) 2.13 2.27 2.40 2.63 2.76
Growth Rate M1 -8.0% 1.1% 7.5% 27.7% 10.0%
Growth Rate M2 4.8% 6.4% 6.0% 9.2% 5.2%
Interest Rates
deposit rate 8.5% 8.1% 7.6% 4.5% 2.9%
lending rate 10.1% 10.3% 10.1% 9.2% 8.6%
Foreign Exchange Reserves (US$ millions) 1,064 2,768 2,380 2,365 3,173
Exchange Rate Period Average (rials/US$) 0.3845 0.3845 0.3845 0.3845 0.3845
Annual % Growth 0 0 0 0 0
OMAN MACROECONOMIC ACTIVITY
BALANCE OF PAYMENTS (US$ Billions)
* Economic Overview, Country Watch Incorporated, 2005
1997 1998 1999 2000 2001 2002
Current Account Balance -0.007 -2.916 -0.255 3.423 2.315 -0.565 E
Goods and Services 1.813 -1.007 1.829 5.584 4.434 1,384 E
Net Investment Income -0.390 -0.476 -0.682 -0.710 -0.588 -0.597 E
Net Current Transfers -1.430 -1.433 -1.402 -1.451 -1.531 -1,352 E
Capital and Financial Account 0.083 1.483 0.106 -0.486 -0.897 0.026 E
Net Errors and Omissions 0.526 0.702 0.399 -0.674 -0.384 0.001 E
Overall Balance 0.602 -0.731 0.250 2.263 1.034 -0.538 E
Official Reserves Stock 1.549 1.064 2.768 2.380 2.365 3.173
Current Account (% of GDP) 0.0% -20.7% -1.6% 17.2% 11.6% -2.7% E
* Economic Overview, Country Watch Incorporated, 2005
PAGE 115

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
PALESTINE SECURITIES EXCHANGE
Dr. Rami Himdallah
Chairman
I am pleased to put in front of you the
outstanding results that Palestine Securities
Exchange (PSE) achieved during 2004. PSE
was able to achieve its best results ever
since its incorporation in 1997. These results
cover many areas: trading volume, market
capitalization, number of executed
transactions, and the number of trading
sessions. Al- Quds Index has also increased
to a new all time high. Accordingly, PSE has
managed to recover its losses that it had
incurred during the past several years of the
Al-Aqsa Intifada. Meanwhile, PSE has
celebrated two important anniversaries in
2004. The first is the tenth year of
establishment and the second is the first
trading session (18th of February 1997).
The astonishing results that PSE achieved
can be attributed to many interrelated
factors. First: The listed companies achieved
very good financial results for the year ended
HISTORY AND DEVELOPMENT
As early as 1995, a number of pioneers in
the Palestinian private sector realized the
importance of creating a well-regulated, upto-date
market for securities in the country.
The aim was to tap and channel domestic
and foreign capital into the business
community through long-term financing of
commercial and infrastructure projects.
Their ideas materialized into an agreement
signed with the Palestinian National
Authority (PNA) on November 7, 1996 to
operate the Palestine Securities Exchange
(PSE) as a private shareholding company.
On February 18, 1997, PSE conducted its
first trading session as the first fully
automated and electronic Arab stock
exchange.
From only a few companies listed in early
1997, the number of listed companies rose
to 27 in 2005 and is expected to grow
further in the near future after the
promulgation of a number of laws including
the securities law by the PNA.
Although the existing setup is capable of
trading several financial instruments, only
common stocks are currently traded at PSE,
with ongoing plans to trade other securities
in the future. Shares of the listed companies
are mostly traded in Jordanian Dinars, while
some are traded in US Dollars.
PAGE 116
PSE has celebrated two important
anniversaries in 2004. The first is the tenth
year of establishment and the second is the
first trading session (18th of February 1997).
2003. Second: The relative political stability
that has been witnessed during 2004 has
contributed towards regaining confidence in
the Palestine economy and the investment
process in general. Third: PSE has
implemented a new marketing strategy that
aims towards increasing the public
awareness and confidence in Palestine Stock
Exchanges and the listed companies.
Fourth: The year 2004 has witnessed the
listing of two new companies, Palestine
Electric Company and Birzeit Pharmaceutical
Company. Palestine Electric Company,
which is the largest listed company in terms
of the number of shareholders, started
trading in May 2004. Fifth: PSE has extended
the trading hours to two hours instead of one
hour. PSE also takes measures that aim to
increase that liquidity of the market. Sixth:
The performance of the member companies
(Brokerage firms) has improved which has
been reflected of the array of services they
FUTURE OUTLOOK
The excellent performance of the PSE in the
first half of 2005 was compelling. Taking into
account corporate growth expectations over
the coming years, the PSE continues to
exhibit strong upside potential. The PSE will
aim to benefit from the regional changes
including: record high oil price levels,
repatriation of capital, low interest rate and
inflation environment. The PSE believes that
the introduction of capital market laws would
boost investors’ confidence through
increased transparency and regulation. All
these have provided ground for confidence,
and contributed significantly on the future
outlook of the second half of 2005. The PSE
looks forward to accomplishing the following
objectives:
• Recruiting new shareholding companies to
be listed.
• Creating exposure and awareness about
the PSE and investing in securities.
• Establishing a “channel of
communications” between the PSE and
related institutions both locally and abroad.
• Holding more specialized training courses
in corporate finance.
• Encouraging sound corporate
governance.
• Promoting the brokerage firms to expand
businesses geographically to cover all
potential investment centers.
offer to their clients and the quality of those
services. Finally, PSE has performed a
number of institutional trades during the
year.
The above-mentioned performance has been
supplemented by other activities that have
long term implications and that aim to
putting PSE on the world financial markets’
map. PSE has signed a memorandum of
Understanding with the Arab Monetary Fund.
Quarterly bilingual brochures, newsletters,
and periodicals are published by PSE. In
order to cope with new developments, PSE
has initiated a modernized set of rules and
procedures that will be put in place in the
near future. Further trading information is
recently disseminated across local TV
stations, Jawwal’s mobile services and the
website of the exchange has been
redesigned.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
PALESTINE SECURITIES EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 35.3 2.0 14.0 0.78
Feb-05 157.8 8.3 35.3 1.9
Mar-05 252.1 11.0 55.7 2.4
Apr-05 178.3 9.4 31.2 1.6
May-05 100.5 4.6 18.5 0.8
Jun-05 78.7 3.6 13.5 0.6
TOTAL 802.6 6.5 168.3 1.4
Bonds
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Other
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Market
Capitalization
US$ Millions Index
Jan-05 1,265.0 316.6
Feb-05 1,583.8 409.0
Mar-05 2,319.8 603.7
Apr-05 2,687.0 708.8
May-05 2,594.2 687.2
Jun-05 2,562.0 670.0
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
Stocks Index
Contact Name Dr. Hasan Yassin E-mail yassin@p-s-e.com Website www.p-s-e.com
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
300
800
3,000
250
700
600
2,500
200
500
2,000
150
400
1,500
100
300
200
1,000
50
100
500
0
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
PAGE 117

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
PALESTINE SECURITIES EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Political Developments:
The Year 2005 has witnessed the most
extensive electoral processes for the
Palestinians, starting with municipal and
presidential elections early this year
(municipal elections were actually begun in
the end of 2004) and continued with the
second phase of municipal elections in May
for most major cities and towns and
culminating in those for the Palestinian
Legislative Council in January 2006.
The election of Mahmmoud Abbas, who is
regarded as a moderate and pragmatic
statesperson, as president has revived hope
of renewed talks and established a more
hopeful atmosphere. Expectations were later
lowered as relatively few changes were
implemented. Nevertheless, the recent
pullout from Gaza, combined with the shown
interest by the donors’ community has
played a role in raising confidence again.
Economic Conditions:
Real GDP growth in 2004 is estimated to
have been modest at slightly above 3.0%. In
2005, the macroeconomic outlook will
continue to depend on political
developments. Real GDP growth is projected
at 3.5%.
Key Information Contacts
Ministry of Finance www.mof.gov.ps
Ministry of National Economy www.met.gov.ps
Palestinian Central Bureau of Statistics www.pcbs.org
Palestine Media Center www.palestine-pmc.com
The Palestinian Legislative Council www.pal-plc.org
ECONOMIC RATIOS
Domestic
savings
PAGE 118
Palestine
Lower-middle-income group
Trade
Indebtedness
Investment
Price developments in 2004 have followed
those of economic activity. Given the
predominance of imports in the CPI basket
(49%), the appreciation of the New Israeli
Shekel against the dollar acted to reduce the
over all level of prices, such that the average
inflation fell from 4.4 in 2003 to 3.0% in 2004,
and is expected to continue declining to
about 2% in 2005.
In the labor market, employment increased
by 5.8 in 2004, mainly in manufacturing and
other services. However, this increase in
employment was lower than the growth in
the labor force, which grew by 6.1%. As a
result, unemployment continued to be high
and slightly over its level in 2003, reaching
26.8%.
In the banking sector, demand deposits with
commercial banks grew by about 5%, while
credit to the private sector rose significantly,
by about 24% in 2004. On the whole, the
financial situation of commercial banks
improved in 2004: banks’ asset profitability
and quality improved and the share of non
performing loans at commercial banks has
decreased from 22% at the end of 2003 to
11% in the third quarter of 2004.
GROWTH OF INVESTMENT AND GDP
(%)
10
0
-10
-20
-30
-40
-50
-60
-70
-80
97
GDI GDP
Key Reforms:
The new income tax became a law effective
January 1, 2005. It has only three rates (8,
12, and 16%) for individuals; corporations will
be subject to the 16% rate.
In late 2004, the President signed a law
governing financial institutions which has
established a Capital Market Authority (CMA)
to regulate financial markets, insurance
companies, and the use of various financial
instruments. This was followed by the
ratification of the Securities law early 2005.
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
PALESTINE SECURITIES EXCHANGE
PALESTINE MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
10
5
0
-5
-10
-15
-20
-25
EXPORT AND IMPORT LEVELS
(US$ Millions)
3,000
2,000
1,000
0
97
Exports Imports
Exports
97
98 99 00 01 02 03
Imports
98 99 00 01 02 03
INFLATION
(%)
18
16
14
12
10
8
6
4
2
0
CURRENT ACCOUNT BALANCE TO GDP
(%)
0
-10
-20
-30
-40
1999 2000 2001 2002 2003
Real Growth
Gross domestic product 8.40 -5.00 -14.80 -10.10 6.10
Private consumption 9.80 -5.60 -12.50 -14.20 3.40
Public consumption 9.30 8.90 -4.30 0.70 0.10
Investment 35.90 -30.50 -41.20 5.00 5.40
Exports 1.20 -7.90 -15.50 -11.80 -4.00
Imports 22.50 -16.40 -20.00 -6.60 -3.00
Real GDP, cumulated decline since 1999 -5.60 -19.60 -27.70 -23.30
Real GDP per Capita, cumulated decline since 1999 -9.50 -26.40 -37.30 -36.60
Net Factor Income, NIS (US$ millions) 3,121 2,733 1,611 1,579 1,894
Net Current Transfers, NIS (US$ millions) 1,547 2,349 3,896 5,250 6,479
Population (million) 2.83 2.95 3.09 3.26 3.42
Exchange Rate (NIS:US$) 4.14 4.08 4.2 4.74 4.55
GNI per Capita, US$ 1,739 1,620 1,201 97 1,041
Consumer Price Inflation (%) 5.50 2.70 1.20 5.70 4.40
97
GDP deflator CPI
97
98 99 00 01 02 03
98 99 00 01 02 03
* World Bank Staff Calculated & PCBS
* World Bank reports
PAGE 119

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
SARAJEVO STOCK EXCHANGE
Almir Mirica
Acting Director
In year 2002 when the Sarajevo Stock
Exchange (SASE) started operating no one
thought we could make it. Today after three
years of operations and the SASE’s
continuous development of an efficient
capital market that offers security to
investors, we can proudly say in some
market segments we are the leader in the
region.
During the past year the SASE has
accomplished exceptional results. Four new
brokerage houses were accepted for
membership and the total number of the
SASE members is now 17. The Official
Market was created and 11 Privatization
Investment Funds were listed there. The
implementation of continuous trading, under
HISTORY AND DEVELOPMENT
The Sarajevo Stock Exchange (SASE) was
founded in September of 2001 by eight
brokerage houses and commenced trading
on April 12 of 2002. The SASE is a central
marketplace for securities trading in the
Federation of Bosnia and Herzegovina.
The SASE is a joint-stock company which,
originally had eight founding members.
According to the Securities Law, the SASE
members can only be legal entities i.e.
brokerage houses with headquarters in the
Federation of Bosnia and Herzegovina
whose sole activity is trading in securities.
The SASE currently has 17 members, whose
headquarters are spread around the
Federation of Bosnia and Herzegovina, the
majority being in the capital, Sarajevo.
All members of SASE must be licensed for
trading in securities by the Securities
Commission of the Federation of Bosnia
and Herzegovina. Only those brokers
authorized by the SASE members, who have
passed a broker’s exam, which tests their
expertise in dealing in securities, are allowed
to trade. The Securities Commission defines
the manner and conditions for taking the
exam and for revoking the license. A broker
is required to hold a valid license issued by
the Commission.
Trading on the SASE is performed
electronically through an order driven
electronic trading system BTS (Stock
Exchange System). BTS is a computer
assisted information and trading system,
PAGE 120
With combined and coordinated efforts,
the SASE is contributing to further
development of the capital market and
of Bosnia and Herzegovina as a whole.
the name of Multi Fixing Trading Schedule
(MFTS), was introduced in the first quarter of
2004 for most liquid securities. All these
factors together with the increasing of the
trading days from two to four and enabling
investors to monitor trading in real time over
the Internet contributed to the SASE’s market
capitalization increase of almost 400% while
Bosnian Investment Funds Index (BIFX) grew
over 150% during the same period.
The SASE is not achieving this growth alone.
The reforms that the Council of Ministers is
implementing; reconstruction of the business
environment under the initiative of the Office
of the High Representative, activities of the
Capital Markets Council under the
coordination of the Central Bank of Bosnia
which enables remote entry, modification,
halt and removal of orders, automated
matching of orders and concluding trades,
supervision of orders and trades, as well as
survey of information on trading and on
listed securities.
In 2003 SASE joined the Stock Exchange
Monitor, which is an informational platform
of the Stock Exchanges in South Eastern
Europe. At the moment, there are 8
participating exchanges, which operate
markets with more than 2,190 securities and
more than 170 brokerage houses.
At the beginning of 2004, trading at the
SASE Official Market started and all 11
Privatization Investment Funds were listed
there. The Official Market is a higher level
market where only securities that meet
special conditions and are approved by the
Securities Commission and SASE’s addition
board can be listed there. Also in 2004, after
two years of trading with only call auction
trading system, continuous trading has been
introduced at the SASE under the name
Multi Fixing Trading Schedule (MFTS). Only
the most liquid securities on the SASE have
been transferred to MFTS.
In conclusion, after only two years of
operations market capitalization of SASE
has reached over US$ 2.6 billion.
and Herzegovina, and continuous
cooperation with all capital market
participants is of crucial importance for
development of stable securities markets.
With combined and coordinated efforts, the
SASE is contributing to further development
of the capital market and of Bosnia and
Herzegovina as a whole.
FUTURE OUTLOOK
The SASE finished 2004 with excellent
results. This trend is expected to continue in
2005 together with grater market efficiency
and better market transparency. SASE’s
vision for 2005 is as follows:
• introduction of first Investment Funds
together with transformation of all
Privatization Investment Funds into
Investment Funds;
• issue government securities by the
Bosnian Central Bank which will activate
trading platform for bonds on SASE;
• list additional companies currently under
privatization process;
• enact new legislation by the Parliament
enabling Net Settlement which will permit
“day trading”;
• create a portal to allow investors easier
access to annual statements and other
financial data of all companies listed on the
SASE;
• commence negotiation with companies
and offer them listing privileges under the
SASE Official Market; and
• create the SASE’s Top 15 Companies
Index.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
SARAJEVO STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 24.5 1.5 6.9 0.43
Feb-05 27.2 1.8 6.4 0.43
Mar-05 39.5 2.3 7.8 0.46
Apr-05 20.4 1.2 4.6 0.27
May-05 15.9 1.0 3.0 0.19
Jun-05 18.4 1.0 4.9 0.27
TOTAL 145.9 1.5 33.6 0.34
Bonds
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Other
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Market
Capitalization
US$ Millions Index
Jan-05 3,542.0 3,928.8
Feb-05 4,012.0 4,615.6
Mar-05 4,349.7 5,288.5
Apr-05 3,800.3 4,757.9
May-05 3,434.9 4,722.0
Jun-05 3,343.5 4,441.8
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
40
35
30
25
20
15
10
5
0
Stocks Index
Contact Name Mr. Goran Kahvedzic E-mail goran.kahvedzic@sase.ba Website www.sase.ba
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
6,000
4,500
5,000
4,000
3,500
4,000
3,000
3,000
2,500
2,000
2,000
1,500
1,000
1,000
500
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
* Please refer to page 56 for the Bosnia and Herzegovina country report.
PAGE 121

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
STATE COMMODITY & RAW MATERIALS EXCHANGE OF TURKMENISTAN
The exchange is one of the most important domestic economic
institutions to date and acts as the main body for import and
export operations in the country as well as a government
regulator.
HISTORY AND DEVELOPMENT
The State Commodity and Raw Materials
Exchange of Turkmenistan (SC&RME) was
created by decree of the President of
Turkmenistan - Saparmurat Turkmenbashi -
in 29 July 1994. The Exchange is one of the
most important domestic economic
institutions to date and acts as the main
body for import and export operations in the
country as well as a governmental regulator.
There are many indicators of activity
regarding the Exchange. During 2004,
1071 export contracts for the sum of
US$ 677,577.3 thousand were registered.
These figures are indicative of the favorable
political and economic situation in
Turkmenistan, its rich natural resources, and
of utmost importance, the reliability and
stability of state organizational structures to
attract business from all over the world. The
State Commodity and Raw Materials
Exchange of Turkmenistan has relationships
with more than 45 countries.
CONTACT INFORMATION
Businesspeople from Turkey, Russia, the
USA, the UAE, Germany, Great Britain, buy
oil products, liquefied gas, cotton fiber,
cotton yarn, handmade Turkmen carpets,
hides and knitwear from Turkmenistan.
An information and analytical system was
created for the SC&RME to enable direct
operational control of contract execution as
well as for information retrieval. The InfoBase
database will be developed to allow the
retrieval of world quotations on significant
commodities in real time and to facilitate
potential marketing outlets for domestic
commodity production.
Contact Name Mr. Murad Muradov E-mail muradovma@exchange.gov.tm Website www.turkmenbusiness.org
PAGE 122
FUTURE OUTLOOK
The following plans are currently underway:
• further development of external economic
links with foreign trade companies;
• streamlining the uses of PR companies
and the services they provide in terms of
mass media disclosure;
• expansion of external contacts with
international and regional organizations;
• simplification of the contract registration
procedure; and
• increasing the level of skill and experience
of Exchange staff through interactions
between organizations.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
STATE COMMODITY & RAW MATERIALS EXCHANGE OF TURKMENISTAN
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Turkmenistan, continues to formulate
ambitious national development projects, the
funding of which will largely be determined
by the country's ability to monetize its worldclass
natural gas reserves of some 100
trillion cubic feet (2.9 trillion cubic meters)
with more likely still to be found. With the
completion of the Korpezhe-Kurt Kui pipeline
to Iran, the first gas pipeline from Central
Asia not to cross Russia, gas exports are not
totally dependent on Russia and Ukraine.
But, the vast majority of Turkmenistan's gas
production, about 80%, still moves through
Russian pipelines.
Turkmenistan possesses considerable
natural resources despite the fact that the
Kara Kum Desert covers 80% of the country.
Exploitation of gas reserves (the fourth
largest in the world) has been severely
impaired by Turkmenistan's inability to
access Western markets for its gas.
Turkmenistan has a wide range of other
industrial minerals including the world's third
largest sulfur deposit. While less than 5% of
Turkmenistan is utilized for agricultural
production, cotton is a major export crop
and the sector employs nearly half of the
work force. Turkmenistan's agricultural sector
has the productive potential to export a
variety of products. As such, the government
is currently promoting the textile and food
processing industries and has initiated a
number of transportation infrastructure
projects. The private sector is estimated to
contribute approximately 30% to the annual
ECONOMIC RATIOS
Domestic
savings
Turkmenistan
Lower-middle-income group
Trade
Indebtedness
Investment
GDP. Recent robust economic growth
suggests that Turkmenistan will likely delay
any further privatization among the larger
state-owned enterprises (SOEs) and the
financial sector.
After independence in 1991, Saparmurat
Niyazov, head of the Communist Party of
Turkmenistan since 1985, and president
since October 1990 when the post was
created, was elected president of the new
country in a direct election on June 21, 1992.
Running unchallenged, he was elected with
a reported 99.5% of the vote. In a January
15, 1994 referendum, a reported 99.99% of
the electorate voted to extend Niyazov's term
in office, which had been set expire in 1997,
until the year 2002. This measure was
undertaken in response to a motion by the
leaders of the DPT that he be appointed
"president for life." President Saparmurat
Niyazov announced on February 16, 2001,
his intention to hold presidential elections in
2010, although he was named
Turkmenistan's president for life two
years ago.
Economic Performance:
In an effort to combat a number of
consecutive years of hyperinflation, the
government in 1996-1997 restrained budget
deficits, tightened credit and eased currency
controls in accordance with IMF
recommendations. Inflation (as measured by
the GDP deflator) was reduced from over
1,000% to under approximately 35% by 1998
and then declined further to 9.1% by yearend
2003. Fiscal deficits have been quite
small since the resumption of normal
production of natural gas; the deficit in 2003
is estimated to have been just 0.9% of GDP,
basically in line with numbers posted for the
last few years.
The 2003 current account recorded a surplus
of 1.3% of GDP, unchanged from 2002, due
to strong growth in natural gas production.
With continued growth in this sector,
Turkmenistan anticipates more robust
merchandise trade and current account
surpluses in coming years. The government
reported, FDI of US$ 51 million during the
first four months of 2000. Production sharing
contracts with international oil and gas
production companies are the vehicle by
which the government hopes to boost the
current low level of foreign investment. 1
1 Economic and Political Overview, County Watch
Incorporated, 2005
GROWTH OF INVESTMENT AND GDP
(%)
25
20
15
10
5
0
-5
-10
-15
97
GDI GDP
98 99 00 01 02 03
* World Bank reports
PAGE 123

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
STATE COMMODITY & RAW MATERIALS EXCHANGE OF TURKMENISTAN
TURKMENISTAN GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 25.0 44.4
Industry 43.0 23.9
Services 32.0 31.7
TURKMENISTAN MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
100
80
60
40
20
0
-20
-40
EXPORT AND IMPORT LEVELS
(US$ Millions)
3,500
3,000
2,500
2,000
1,500
1,000
500
0
97
PAGE 124
Exports Imports
Exports
97
98 99 00 01 02 03
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (manat-billions) 1,140 1,491 2,322 E 2,616 E 3,125 E
Money Supply M2 (manat-billions) 1,214 1,588 2,477 E 2,790 E 3,333 E
Growth Rate M1 40.9% 30.8% 55.7% E 12.7% E 19.5% E
Growth Rate M2 40.5% 30.8% 55.9% E 12.6% E 19.5% E
Interest Rates
deposit rate 30.0% 24.0% E 30.0% E 30.0% E 9.12% E
lending rate 29.0% 29.5% 9.1% E 9.1% E 2.8% E
Foreign Exchange Reserves (US$ millions) 1,324 1,382 1,459 1,550 1,448
Exchange Rate Period Average (manat/US$) 5,200 5,200 5,200 5,200 5,200
Annual % Growth 12.38 0.00 0.00 0.00 0.00 E
E: Estimate
INFLATION
(%)
80
60
40
20
0
CURRENT ACCOUNT BALANCE TO GDP
(%)
20
0
-20
-40
GDP deflator CPI
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
TEHRAN STOCK EXCHANGE
Dr. Hussein Abdoh Tabrizi
Secretary General
2004 at the Tehran Stock Exchange (TSE)
was a year of enthusiasm on all dimensions.
The trading volume witnessed a remarkable
growth: Market capitalization was US$ 47.0
billion, an increase of 36.6% in comparison
to the previous year. This year, the average
total return of investment on TSE listed
stocks exceeded 33%, which in comparison
to an inflation rate of 15% shows a high real
rate of investment return in Iran's economy.
Also, the total turnover to the TSE, compared
with the previous year figures, reached US$
13.3 billion, an increase of 157%.
The TSE expects to perform a series of
development plans for market administration,
regionalization, the introduction of new
financial instruments, reinforcement of
stockbroker regulations (in collaboration with
the World Bank), and to continue the
establishment of regional floors in major
cities. The main elements of the rise in
capital market interest among citizens in
recent years can be attributed to:
• The higher rate of return in comparison to
traditional investment in other assets,
HISTORY AND DEVELOPMENT
Having a well organized stock market to
speed up the process of industrialization of
the country goes back to the 1930s when
Bank Melli Iran studied market possibilities.
The outbreak of World War Two and
subsequent economic and political events
delayed the establishment of the TSE until
1967. The TSE opened in April 1968.
Initially, only government bonds and certain
state-backed certificates were traded.
During the 1970s, increasing global oil
prices boosted the capital demand for
stocks. In 1979, after the Islamic revolution,
operation of the TSE was closed down. This
period of closure ended in 1989 and since
then, the TSE has continuously expanded.
By the end of 2004, 411 companies owned
by approximately 3 million investors were
listed on the TSE.
PAGE 126
This year, the average total return of
investment on TSE listed stocks exceeded
33%, which in comparison to an inflation
rate of 15% shows a high real rate of
investment return in Iran's economy.
• Transference of government assets
through IPOs to TSE's investors (allocated
shares for privatization in 2005 will increase
to US$ 3 billion as compared to US$ 2 billion
in 2004), and
• Greater opportunities in other aspects of
the capital market as compared to the
saturated money market opportunities.
In March 2005, a new foreign portfolio
investment regulation to facilitate a gradual
approach to the repatriation of both principle
and dividends of foreign investors is to be
enacted. Initially it will be offered to
institutional investors with limits on the
percentage of foreign ownership.
Parallel to electronic expansion is a program
to give Iranian investors further access to the
capital market. Currently, there are regional
trading floors in 10 provinces, with trading
floors at other provinces planned for
operation for 2005. The TSE plans to add
more trading floors in Tehran as well.
FUTURE OUTLOOK
Foreign investor laws/regulations include a
new Foreign Portfolio Investment regulation
to be enacted by the end of March 2005.
This is a gradual approach with respect to
the repatriation of both principal and
dividends by foreign investors. It will be
initially offered to institutional investors, and
there will be limits on the percentage of
ownership by foreigners.
There have been numerous efforts for the
geographical expansion of the exchange.
There are now regional trading floors in
10 provinces that are fully operational.
The trading floors at other provinces will be
operational in 2005. There are also plans for
expansion to more trading floors in Tehran.
The TSE also intends to develop a mutual
trading platform with the Istanbul Stock
Exchange, Muscat Securities Market and
some other members of FEAS to further
regionalize the Exchange. ISE and TSE
members will cooperate.
The TSE intends to play more active role
among FEAS member countries; actively
participate in the Working Committee and
Task Forces.
The TSE is also planning to develop a
common trading platform with Iran's
neighboring countries as well as FEAS
members.
The TSE Services Company (TSESC) has
been approved for FEAS Affiliate
Membership. TSESC has recently initiated
application for membership to the
International Organization of Securities
Commissions (IOSCO).
Future plans also include the offering of new
financial instruments of the TSE; such as
derivatives, exchange traded mutual funds,
and Real Estate Investment Trusts (REITS).
There is also a plan for cross-listing of TSE’s
listed companies at the regional and
European Exchanges.
Finally, TSE is in the final stage of
implementing its new software. This is one of
the most sophisticated software which
comprehensively support all facets of
Exchange’s products and activities such as
securities, futures, options and derivatives,
and also clearing and settlement.
Our Services company, “TSE Services
Company (TSESC)” – a wholly-owned
subsidiary of the TSE – which has been
newly accepted as Affiliate Member in FEAS,
has applied for membership to the
International Organization of Securities
Commissions (IOSCO).
There are plans to offer new financial
instruments including derivatives, exchange
traded mutual funds and Real Estate
Investment Trusts (REITs).
There is also a plan for cross-listing of TSE’s
listed companies at the regional and
European Exchanges.
Finally, TSE is in the final stage of
implementing its new software. This is one
of the most sophisticated software suites
which comprehensively supports all facets
of Exchange’s products and activities such
as securities, futures, options and
derivatives, and also clearing and
settlement.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
TEHRAN STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 1,135.6 51.6 1,661.1 75.5
Feb-05 382.4 21.2 1,296.2 72.0
Mar-05 951.6 56.0 1,458.0 85.8
Apr-05 741.5 41.2 1,520.7 84.5
May-05 672.7 29.2 1,366.1 59.4
Jun-05 790.9 41.6 1,471.7 77.5
TOTAL 4,674.7 40.2 8,773.7 75.8
Bonds
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Other
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Market
Capitalization
US$ Millions Index
Jan-05 46,745.9 13,076.5
Feb-05 44,759.3 12,447.7
Mar-05 44,013.8 12,188.7
Apr-05 46,370.4 12,743.0
May-05 45,694.4 12,565.2
Jun-05 44,725.2 12,308.2
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
1,200
1,000
800
600
400
200
Stocks Index
Contact Name Mr. Karim Karimi E-mail int.dept@tse.ir Website www.tse.ir
0
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
14,000 50,000
12,000
45,000
40,000
10,000 35,000
8,000 30,000
25,000
6,000
20,000
4,000 15,000
2,000
10,000
5,000
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
PAGE 127

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
TEHRAN STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Iran's economy is characterized by a large
measure of central planning and state
ownership of petroleum and other large
enterprises alongside village agriculture and
small-scale private trading and service
ventures. President Mohammed Khatami has
continued to follow the market reform plans
of former President Ali Akbar Hashemi-
Rafsanjani and has indicated he will pursue
diversification of Iran's oil-reliant economy.
The president remains popular among the
electorate.
Iran possesses truly enormous reserves of oil
and natural gas: proven oil reserves are
125.8 billion barrels or about 10% of the
world's total and more than 800 trillion cubic
feet of natural gas, second only to Russia's
colossal gas resources. Iran, like many
petroleum-rich countries, relies very heavily
on oil export revenues: 80% of total export
revenues are from petroleum and some 50%
of government revenue is generated from
that industry. Development of the nation's
gas reserves has been primarily to meet
internal needs in view of the difficulty in
arranging for export of the gas either to its
neighbors or to more distant markets.
Economic growth has taken place in the
agricultural sector, which makes up about
20% of GDP. The establishment of largescale
irrigation projects has helped
ECONOMIC RATIOS
PAGE 128
Iran
Lower-middle-income group
expansion of the production of export-based
items such as pistachios, flowers and dates.
Nevertheless, the agricultural sector remains
vulnerable to the weather and periodic
drought is still a threat to much of the
country's arable land. In terms of GDP, the
largest sector in Iran is the services sector,
which contributes 45% of GDP.
In 2004, 50.57% of the electorate
participated in elections. President
Mohammed Khatami’s term is due to end in
June 2005. President Khatami is seen as a
reformist and during his tenure has tried to
bring about market economy reforms.
On June 24th, 2005 Mahmoud Ahmadenejad
was elected president, the country’s second
highest office. His government, he said,
would make no room for any type of
extremism.
Economic Performance:
Iran's real GDP grew by 5.9% in 2003,
compared to 7.2% growth in 2002, due to
strong oil prices and added contributions
from the non-oil sectors in light of the recent
global uptick. Inflation (as measured by the
GDP deflator) was 16.6% in 2003, down from
a very high 29.8% in 2002 that was the result
of a rapid depreciation of the currency.
Fiscally speaking, the deficit was brought
down in 2003 to 0.2% of GDP from -2.4% of
GDP due to higher revenues from oil and
GROWTH OF INVESTMENT AND GDP
(%)
30
20
10
0
-5
spending restraint. The deficit is set to
decline even further by year-end 2004 due to
record-high oil prices. External debt
remained low at US$ 11.9 billion, or 8.7% of
GDP. The current account surplus narrowed
in 2003 to 0.5% of GDP, from 3.1% in 2002,
despite rapid export growth attributable to a
reemergence of consumer demand for
imported goods.
The recent dramatic run-up in oil prices will
certainly fuel an expansion in the current
account surplus in 2004. Net transfer
payments from abroad are also economically
meaningful: in 2003 they totaled US$ 1.23
billion, mostly from remittances of Iranians
working abroad. The capital and financial
account recorded a healthy surplus in 2003
of 3% of GDP, up from 2.1% in 2002, due to
strong oil and gas related FDI inflows. FDI
was US$ 1.7 billion in 2003, up from US$ 1.2
billion in 2002. Foreign reserves increased as
well, to US$ 24.5 billion in 2003, or over six
months of import coverage. 1
1 Economic and Political Overview, County Watch
Incorporated, 2005
Key Information Contacts
TSE Services Company www.tsesc.com
Central Bank of the Islamic Republic of Iran www.cbi.ir
Iranian Chamber of Commerce, Industries and Mines (ICCIM) www.iccim.com
Organization for Investment, Economic & Technical Assistance (OIETAI) a division of the Ministry of Finance www.investiniran.ir
Domestic
savings
Trade
Indebtedness
Investment
97
GDI GDP
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
TEHRAN STOCK EXCHANGE
IRAN GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 24.0 21.0
Industry 28.0 33.9
Services 48.0 45.1
IRAN MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
20
10
0
-10
-20
EXPORT AND IMPORT LEVELS
(US$ Millions)
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
97
98 99 00 01 02 03
INFLATION
(%)
Exports Imports GDP deflator CPI
Exports
97
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (rials-billions) 67,444 81,952 102,170 125,667 162,471
Money Supply M2 (rials-billions) 141,883 172,387 211,054 269,356 343,493
Growth Rate M1 22.7% 21.5% 24.7% 23.0% 29.3%
Growth Rate M2 20.4% 21.5% 22.4% 27.6% 27.5%
Interest Rates
deposit rate 8.0% 8.0% 8.0% 8.0% 8.00% E
lending rate 18.5% 18.5% 18.5% 18.5% 18.5% E
Foreign Exchange Reserves (US$ millions) 3,700 5,800 12,600 13,800 13,158
Exchange Rate Period Average (rials/US$) 8,100 8,135 7,909 7,924 7,978
Annual % Growth 0.00 0.43 -2.78 0.19 0.68
E: Estimate * Economic Overview, Country Watch Incorporated, 2005
40
30
20
10
0
CURRENT ACCOUNT BALANCE TO GDP
(%)
14
12
10
8
6
4
2
0
-2
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* World Bank reports
PAGE 129

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
TIRANA STOCK EXCHANGE
Dr. Elvin Meka
General Manager
During 2004, Tirana Stock Exchange (TSE)
emerged, as a well-regulated institution,
capable of ensuring reasonable levels of
protection for various groups of interest,
which may consider and choose to use the
securities market as an investment or
financing alternative.
The most important event for 2004 was the
TSE’s development of a securities market
strategy, drafted by TSE’s staff and based
upon the development plan for the securities
market in Albania, prepared by GMA Capital
Markets Ltd. By being aware of the special
role, the securities market plays within the
financial system, we aimed, since TSE’s
inception, to obtain quality foreign assistance
to draw up this baseline document for the
development and functioning of the entire
securities industry in Albania. We are proud
to declare TSE as the first institution, within
Albanian financial system, to possess a
detailed development strategy since its
HISTORY AND DEVELOPMENT
The Securities Act was approved by the
Parliament on 1 March 1996, paving the way
for the establishment of the Albanian
Securities Commission (ASC) on 16 April
and the Tirana TSE on 2 May 1996. Once
the law was approved, the necessary rules
and regulations of the ASC and the TSE
were prepared and adopted.
The TSE opened officially on 2 May 1996, as
the first exchange in Albania’a financial
history. The TSE was originally established
as a department of the Bank of Albania with
the goal of spinning off as a separate
institution after a transition period of several
years. At the beginning, trading sessions
were held every Monday and Thursday. By
October 1997, the sessions were increased
to every business day, and 3- and 6-month
maturity T-bills were added to the existing
instruments traded. Primary auctions for
T-bills were conducted by the TSE until
1 August 1998.
PAGE 130
The most important event for 2004 was the
TSE’s development of a securities market
strategy, drafted by TSE’s staff and based
upon the development plan for the
securities market in Albania, prepared by
GMA Capital Markets Ltd.
commencement. On the other hand, we
managed to offer to the political factor a
complete, formal and integral document, with
clear strategic alternatives, which will serve
as a key transforming mechanism of different
endeavors into tangible results and
contributions, regarding the country’s rapid
economic growth, financial & economic
reforms. It should be noted that this plan is
fully integrated with the government program
for financial transparency and reduction of
the informal economy.
We have already deepened cooperation and
relations with the business community.
Business listing interest has just begun to
leave the empirical phase and is turning to a
real one, mainly driven by the imperative
needs for substantial fresh funds out of
traditional banking channels, consolidation of
market positions, and required respective
reforms within the framework of free trade
agreements. Following this interest, the TSE,
The major change in the legal framework of
the TSE was the approval by the Parliament
of some revisions to the actual Securities
Law, which came into force in March 2001.
Under these new changes, the Ministry of
Finance took all practical steps to develop
and institutionalize the capital market in
Albania during 2002. In this way, the TSE
was finally established for the first time, in
March 2002, as an independent institution
(joint-stock company), with the sole owner
the Ministry of Finance.
The TSE obtained its full license on 1 July
2003, thus becoming the first licensed
securities market in Albania. During 2003,
for the first time in its short history of
development, the TSE admitted four full
members.
in close cooperation with the Chamber of
Commerce, organized several promotional &
training seminars and workshops, aimed at
unfurling the capital market as a financing
alternative. On the other hand, we continued
to attract membership interest within the
TSE, by adding a new member for 2004,
thus establishing grounds for a complete
institutional framework of securities market
with relevant participants.
To close, I want to thank all private and
government entities, academic circles,
general public and media for their kind
understanding, support, encouragement in
our persisting attempts toward creating the
securities market in Albania and believe that,
during 2005, we will accomplish our main
objective of transforming TSE in a real
securities market.
FUTURE OUTLOOK
The main priorities and objectives of the TSE
for 2005 are as follows:
• cooperation with respective government
structures in reference to implementing the
new Tirana Stock Exchange & Securities
Market Development Strategy, including
partial privatization of strategic and nonstrategic
state owned enterprises through
initial public offering;
• cooperation and assistance of domestic
businesses in order to prepare the first initial
public offering;
• preparation of the facilities for possible
primary auctions of short term Government
securities within the TSE;
• continued public education & information
campaigning to promote both the TSE &
capital market, as well as to attract domestic
business at TSE listing, by making them
aware of advantages the securities market
may offer them; and
• improvement of information technology, at
the TSE including the implementation of the
Electronic Trading System for securities.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
TIRANA STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Bonds
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Other*
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
* The TSE is trading debt instruments only at this time, but there is no volume to-date
Market
Capitalization
US$ Millions Index
Jan-05 n/a n/a
Feb-05 n/a n/a
Mar-05 n/a n/a
Apr-05 n/a n/a
May-05 n/a n/a
Jun-05 n/a n/a
CONTACT INFORMATION
MONTHLY CURRENCY EXCHANGE
(US$)
120
100
80
60
40
20
0
Jan Feb Mar Apr May Jun
Contact Name Ms. Enkela Idrizi E-mail eidrizi@tse.com.al Website www.tse.com.al
5-YEAR CURRENCY EXCHANGE
(US$)
140
120
100
80
60
40
20
0
2001 2002 2003 2004 2005 1st half
PAGE 131

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
TIRANA STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Economic expansion resumed after a period
of contraction prior to 1998, with annual GDP
growth of at least 7% from 1998 through
2001. Albania has been cooperating with the
IMF to restructure its economy as a condition
for receiving both adjustment and poverty
reduction financing.
Among the results to date: the public sector
workforce has been trimmed from more than
900,000 in 1990 to slightly over 200,000, and
broad money supply growth has been more
than halved since 1996. Containment of
fiscal deficits has improved as stepped-up
tax collection efforts produced a marked
improvement in government revenue in 2003.
As monetization of fiscal deficits have been
reduced, inflation has also dramatically
decreased. The official unemployment rate in
2003 was about 16%.
In August 2002, the ruling Socialists made
the decision to combine the functions of the
party chairmanship and the party
premiership in parliament (since the
Socialists were in control of the government,
this meant that the head of the party in
parliament would also be the head of the
government). With this decision made, Fatos
Nano, once again, became the new prime
minister.
Key Information Contacts
Bank of Albania www.bankofalbania.org
Ministry of Finance www.minfin.gov.al
Albanian Institute of Statistics www.instat.gov.al
Albanian Securities Commission www.instat.gov.al
Ministry of Economy www.mepp.gov.al
Chamber of Commerce and Industry www.cci.gov.al
ECONOMIC RATIOS
Domestic
savings
PAGE 132
Albania
Lower-middle-income group
Trade
Indebtedness
Investment
In early 2003, Albania commenced the initial
discussions with the European Union in
regard to the Stabilization and Association
Agreement. These talks were regarded as
the first step toward eventual accession in
the European Union.
In the late 1990s until 2001, Albania showed
steady expansion of gross domestic product
(GDP). Although flooding problems that
plagued parts of Europe in 2002 may have
slowed growth rates, the developments on
the economic front were encouraging.
Economic Performance:
Economic growth increased to approximately
6% in 2003, up from 4.7% growth in 2002.
Whereas droughts, floods, and frequent
blackouts hindered growth in 2002, 2003
saw improvements in the power
infrastructure, which spurred higher exports
and sales in the industrial sector.
Tax receipts also improved in 2003, by 1%.
Improving revenue mobilization has become
a top priority for Albania. Under the most
recent IMF Poverty Reduction and Growth
Facility, plans for a more effective tax
administration include shrinking the large
informal economy making the tax collection
system more consistent and equitable.
GROWTH OF INVESTMENT AND GDP
(%)
40
30
20
10
0
-10
97
GDI GDP
Inflation has consistently remained below
3.5% since December 2002, allowing policy
makers the ability to gradually reduce
interest rates to around 7% by years’ end.
The overall deficit (excluding grants) declined
to between 5 and 6% of GDP in 2003, from
6.3% of GDP in 2002 due to stepped-up tax
collection efforts and constrained public
spending. This movement reduced total
public debt to approximately 61% of GDP. 1
1 Economic and Political Overview, County Watch
Incorporated, 2005
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
TIRANA STOCK EXCHANGE
ALBANIA GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 55.0 58.7
Industry 24.0 11.1
Services 21.0 30.3
ALBANIA MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
50
40
30
20
10
0
-10
-20
EXPORT AND IMPORT LEVELS
(US$ Millions)
1,600
1,200
800
400
0
97
Exports Imports
Exports
97
98 99 00 01 02 03
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (leks-billions) 84 103 124 143 153
Money Supply M2 (leks-billions) 240 293 328 394 417
Growth Rate M1 -8.7% 23.0% 20.4% 15.3% 6.7%
Growth Rate M2 20.6% 22.3% 12.0% 19.9% 5.9%
Interest Rates
deposit rate 23.4% 18.0% 10.8% 7.0% 8.5%
lending rate 27.5% 21.6% 22.1% 19.7% 15.3%
Foreign Exchange Reserves (US$ millions) 384 488 616 740 839
Exchange Rate Period Average (leks/US$) 150.63 137.69 143.71 143.49 140.15
Annual % Growth 1.14 -8.59 4.37 -0.16 -2.32
INFLATION
(%)
35
30
25
20
15
10
5
0
CURRENT ACCOUNT BALANCE TO GDP
(%)
0
-2
-4
-6
-8
-10
-12
-14
GDP deflator CPI
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* Economic Overview, Country Watch Incorporated, 2005
* World Bank reports
PAGE 133

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
“TOSHKENT” REPUBLICAN STOCK EXCHANGE
Bakhtiyor Radjabov
Chairman
As a result of all of the hard work of the staff
of the “Toshkent” Republican Stock
Exchange (TRSE) in 2005, TRSE has
achieved certain positive results. In the first
half of the year as of the 1st of June, 2005,
2000 transactions with the shares of 373
joint-stock companies and 5 transactions
with corporate bonds have been carried out
on the trading platforms of the TRSE.
• Trade with corporate bonds accounted
for 1%;
• Shares of the privatized state enterprises
accounted for 21.2%;
• IPOs and other additional issued shares
of the joint-stock companies accounted
for 1.3%;
• Shares in the secondary market accounted
for 40% and
• Shares obtained by foreign investors for
hard currency accounted for 37.5% of the
total volume.
In comparison with the corresponding period
of 2004, the trading volume of shares has
increased 1.1 times, while the trading volume
HISTORY AND DEVELOPMENT
A stock department was established in
1991, which became a pioneer of
Uzbekistan’s securities market, and was
eventually transformed in 1994 into the
“Toshkent” Republican Stock Exchange
(TRSE) - a closed joint-stock company. The
TRSE became an open joint-stock company
in 1998. Establishment of the TRSE was
closely connected to its market performance
and a policy of establishing public jointstock
companies on the basis of privatized
government enterprises. Currently, the TRSE
has 39 shareholders.
Throughout its development, the TRSE
completed a complex infrastructure, a
central office in Tashkent, and branches and
brokerage offices in all regions nationwide.
In 1994, 12 brokerage offices were members
of the Exchange and as of the 1st July 2005,
this number had increased to 61.
On 1 February 1998, a listing procedure was
introduced. On 1 September 1998, shares of
the first listed company began trading on
PAGE 134
Our forecasts about the increase of the
secondary market have been proving
themselves... shares of the secondary
market volume make up more than 77%
of the total trade volume with stocks.
of shares for hard currency has increased
2.2 times. Our forecasts about the increase
of the secondary market have been proving
themselves. As of 1 July 2005 the share of
the secondary market volume makes up
more than 77% of the total trade volume with
stocks.
We expect that the further development of
the secondary market will keep this pace.
Currently, there are securities of 700
companies in circulation in the secondary
market, which should considerably increase
the share of securities in the secondary
market.
In 2006 TRSE plans to increase the volume
of trade with securities. Most importantly, we
will carry out technical modernization of the
system of electronic exchange trades:
1. Perfection of the technology of exchange
trades:
First, the TRSE will create of a platform for
the secondary circulation of shares in the
secondary market, working on technology
the TRSE. A specialized trading platform, for
the purpose of selling shares of privatized
enterprises to foreign investors for hard
currency, was launched on 1 January 1999.
In 2001, work on Exchange information and
electronic trading systems continued. The
website www.uzse.uz started operations in
2001, and today the TRSE continues work
on a transition to modern web-technology
trading. In addition, the website reflects daily
information on IPOs and other JSCs.
Investors may follow all the currents
changes and information on listed
companies, share price and amounts
standing out.
In 2003 new listing procedures were
adopted at TRSE where the requirements for
the official as well as unofficial listing were
stated. Currently the four largest companies
of Uzbekistan are listed in Class “A” of the
official listing.
Founded eleven years ago as Uzbekistan’s
first stock exchange, the TRSE is actively
taking part, always keeping in mind its major
role, in the development of the Uzbek capital
market.
based on simple auction. Second, the TRSE
will create a special platform on fulfillment of
transactions.
2. Modernization by updating the equipment.
TRSE will complete modernization of
equipment in all branches and in the
exchange itself.
3. Modernization of the trading system of
the TRSE. The TRSE will translate into a new
technological platform the whole trading
system of the Stock Exchange and create a
uniform database. Further the TRSE will
endeavor to open facilities for regional broker
offices to access the trading system from
distance and implement maintenance of a
closed network of data transmission for all
regional branches.
FUTURE OUTLOOK
The priority direction of the development of
the TRSE in 2005 will become the opening
of two additional trade sections:
1. Section on transactions for shares of
unlisted companies;
2. Section on transactions for TURNIP (the
deals with inverse contract).
Additionally, The TRSE is planning to
change the current software system and
bring it to standards in accordance with the
Rules of the Stock Exchange, as well as
prepare new, more complex software, in
particular:
• development of the module on conclusion
of turnip-deals, based on technology of
continual double auction;
• modernization of software system, based
on technologies of the simple auction; and
• full modernization of software system of
the TRSE, with transition on new technical
platform.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
“TOSHKENT” REPUBLICAN STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 1.4 0.06 1.9 0.09
Feb-05 3.8 0.17 3.9 0.18
Mar-05 2.8 0.13 5.2 0.24
Apr-05 2.1 0.09 2.6 0.12
May-05 1.0 0.04 1.3 0.06
Jun-05 4.2 0.19 4.2 0.19
TOTAL 15.1 0.01 19.1 0.01
Bonds
Jan-05 0.0 0.0 0.0 0.0
Feb-05 0.0 0.0 0.0 0.0
Mar-05 0.0 0.0 0.0 0.0
Apr-05 0.0 0.0 0.0 0.0
May-05 0.05 0.03 0.06 0.03
Jun-05 0.04 0.04 0.04 0.04
TOTAL 0.09 0.03 0.10 0.04
Other
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Market
Capitalization
US$ Millions Index
Jan-05 3.59 115.4
Feb-05 9.01 134.0
Mar-05 5.45 112.0
Apr-05 0.64 55.0
May-05 0.88 97.7
Jun-05 3.27 114.0
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
Stocks Index
Contact Name Mr. Gairat Mamadazizov E-mail gairat@uzse.uz Website www.uzse.com
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
4.5
140
9
4.0
120
8
3.5
3.0
100
7
6
2.5
80
5
2.0
60
4
1.5
1.0
40
3
2
0.5
20
1
0.0
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
PAGE 135

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
“TOSHKENT” REPUBLICAN STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Uzbekistan is one of the more prosperous of
the Central Asian transitional economies. A
wealth of mineral, energy, and agricultural
resources, coupled with one of Central Asia's
largest populations, provide the ingredients
for a burgeoning economy. The agrarian
sector is the backbone of the Uzbek
economy, making up 30% of Uzbekistan's
GDP in 2001 and 30.6% in 2002. Uzbekistan
is one of the world's largest cotton producers
and exporters and produces a significant
amount of gold and natural gas. The country
has more than tripled its liquid hydrocarbon
production since independence.
President Karimov has moved, slowly, to
liberalize the depressed economy. Despite
the possibility of social unrest if reforms lead
to temporary lower living standards and
unemployment, he promised to extend
privatization, assist small businesses, and
free the Uzbek currency in order to win IMF
approval.
ECONOMIC RATIOS
PAGE 136
Uzbekistan
Lower-middle-income group
Economic Performance:
GDP grew 4.2% in 2002, sparked by
industrial production growth of 8.5% and
agricultural production growth of 6.1% due to
a good harvest. The monthly inflation rate
went down to 1.6% in 2002 from 1.9% in
2001. The national budget was executed with
a deficit of 0.8% of GDP, beating the 2%
benchmark approved by parliament. The
deficit was financed mainly by receipts from
privatization and from Central Bank loans.
The impending privatization of Uzbek’s gas
utilities will speed up the creation of a market
environment in the gas sector. This should
inject some much-needed FDI into the
economy. 1
1 Economic and Political Overview, County Watch
Incorporated, 2005
Key Information Contacts
State Property Committee www.spc.gov.uz
Ministry of Finance www.mf.uz/eng
National Bank of Uzbekistan http://eng.nbu.com/about/history/index.php
State Central Securities Depository www.deponet.uz/english.shtml
Portal of the State Authority www.gov.uz/en/
Domestic
savings
Trade
Indebtedness
Investment
GROWTH OF INVESTMENT AND GDP
(%)
18
16
14
12
10
8
6
4
2
0
97
GDI GDP
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
“TOSHKENT” REPUBLICAN STOCK EXCHANGE
UZBEKISTAN GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 28.0 35.0
Industry 21.0 23.6
Services 51.0 41.4
UZBEKISTAN MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
10
0
-10
-20
EXPORT AND IMPORT LEVELS
(US$ Millions)
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
97
Exports Imports
Exports
97
98 99 00 01 02 03
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (sum-billions) 92 100 132 E 159 E 192 E
Money Supply M2 (sum-billions) 116 126 166 E 199 E 241 E
Growth Rate M1 22.6% 8.8% 32.6% E 20.2% E 21.2% E
Growth Rate M2 20.8% 8.2% 31.5% E 20.2% E 21.2% E
Interest Rates
deposit rate 21.0% 17.0% 18.0% E 24.0% E 30.0% E
lending rate 33.0% 32.3% 28.0% E 24.0% E 30.0% E
Foreign Exchange Reserves (US$ millions) 1,105 1,113 931 1,120 1,257
Exchange Rate Period Average (sum/US$) 98.35 123.17 250.00 350.00 700.00
Annual % Growth 22.63 25.24 102.97 40.0 E 100 E
E: Estimate * Economic Overview, Country Watch Incorporated, 2005
INFLATION
(%)
80
60
40
20
0
CURRENT ACCOUNT BALANCE TO GDP
(%)
8
6
4
2
0
-2
-4
GDP deflator CPI
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* World Bank reports
PAGE 137

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
UKRAINIAN STOCK EXCHANGE
Valentin Oskolsky
Chairman of the Board
2004 can be characterized as a successful
year for the Ukrainian Stock Exchange (USE)
because of the increase of securities traders’
activity. The annual stock exchange turnover
increased 72 times in comparison to 2003.
The main reason for this leap was the initial
public offering of options and its entrance in
the secondary market. In 2004 the number of
options issuers has increased and, of
course, bids growth resulted from asks’
growth.
In 2004 good progress was made from the
legislation stand point. Starting from the 1st
of January 2004 the Civil and Economic
Codes became valid which is expected to
encourage market activity.
HISTORY AND DEVELOPMENT
The USE is a pioneer in the capital market of
Ukraine, created according to Law “On
Securities and the Stock Exchange”, and
registered by decision of the Cabinet of
Ministers on 29 October 1991. The USE is a
closed joint-stock company with an
authorized capital divided into 288 ordinary
nominal shares belonging to legal entities. In
1997, according to the Law “On State
Regulation of Securities Market in Ukraine”,
the Securities and Stock Market State
Commission re-registered the USE. Since
June 1998 the USE has been a selfregulated
organization. There are 122
registered brokerage companies as USE
members as of 1 January 2005. The USE
has 3 branches in the largest Ukrainian
regions. In 1993, the USE became a pioneer
of money privatization and implemented the
exchange mechanism of price creation.
PAGE 138
It is our belief that the chosen strategy of
the USE will gradually result in the creation
of a transparent, liquid, investment
opportunity attractive to both national and
foreign investors in the capital markets.
The USE continues to work at technical
trading improvements. Electronic trading was
tested during 2004. The USE also continued
with arrangements to implement electronic
documentation turnover and electronic digital
signature according to Ukrainian legislation.
One of the main problems of the Ukrainian
market is the absence of a real secondary
market. Throughout the existence of the
market the main trading sector was the
privatization market. Trading of state-owned
shares was successfully performed through
the USE, but we believe that our efforts on
creating a free-float market in Ukraine will
soon be realized.
The USE is a member of the Coordinating
Council for the functioning of securities
markets charged by the President of
Ukraine. It’s also a member of the
Consulting & Experts Council in the SSMSC,
the Ukrainian Chamber of Commerce and
Industry, the Academy of Economic Science
and the Academy of Engineering Science of
Ukraine, the Board of Ukrainian Council on
Economic Education and the Ukrainian
Community “Intelligence of the Nation”.
Chairman of the Board of USE Mr. Valentin
Oskolsky is also President of Union of
Economists of Ukraine and President of
Article Numbering Association of Ukraine.
The USE has created many educational
programs in association with the Slavonic
University.
The official publication, “Hermes”, can be
found in the daily newspaper “Ukraine
Business”.
The USE as a co-founder of the Kiev
Slavonic University continued its work with
students, through the Securities Chair.
Starting from 2002 there has been a Student
Stock Exchange at USE. Every student has
an opportunity to become an exchange
specialist and then a broker. Through
gaining theoretical and practical knowledge,
accumulating experience, students realize
the importance of capital markets and can
make their choice of future professions
based on real exposure.
It is our belief that the chosen strategy will
gradually result in the creation of a
transparent, liquid, investment opportunity
attractive to both national and foreign
investors in the capital markets.
FUTURE OUTLOOK
Plans for the USE in 2005 include:
• putting into operation the System of
Electronic Trading (SELT at USE);
• expansion through SELT on the basis of
secondary securities turnover and trading
the internal state loan bonds;
• creation of the conditions and basis for
formation and development for a derivatives
market;
• implementation of a derivative market
section in SELT USE;
• participation of the USE in the privatization
processes planned to be implementated by
the State Privatization Program and the Law
of Ukraine “On State Budget of Ukraine for
2005”;
• improvement of technologies for trading
State-owned shares of privatized
companies;
• promotion for the attraction of direct
national and foreign investments to develop
strategically important industry companies
during the process of its privatization;
• development of electronic documentation
turnover and electronic digital signature
according to new Ukrainian legislation;
• development of Exchange information
areas, expansion of publishing, scientific,
methodical and educational activities in
order to prepare specialists for national
capital market; and
• strengthening of international cooperation
with foreign stock exchanges and
international financial organizations.
.

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
UKRAINIAN STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 0.001 0.001 0.003 0.003
Feb-05 0.001 0.001 0.003 0.003
Mar-05 0.0 0.0 0.0 0.0
Apr-05 0.39 0.20 8.4 4.2
May-05 94.0 31.3 1,899.7 633.2
Jun-05 0.01 0.01 0.30 0.30
TOTAL 94.4 5.3 1,908.3 106.3
Bonds
Jan-05 n/a n/a n/a n/a
Feb-05 n/a n/a n/a n/a
Mar-05 n/a n/a n/a n/a
Apr-05 n/a n/a n/a n/a
May-05 n/a n/a n/a n/a
Jun-05 n/a n/a n/a n/a
TOTAL n/a n/a n/a n/a
Other
Jan-05 33.8 5.6 5.3 0.89
Feb-05 5.5 0.91 0.60 0.10
Mar-05 8.9 1.5 1.0 0.17
Apr-05 0.10 0.03 0.001 0.0002
May-05 0.07 0.04 0.001 0.0003
Jun-05 0.28 0.06 0.04 0.01
TOTAL 48.6 1.4 7.0 0.19
Market
Capitalization
US$ Millions Index
Jan-05 574.0 0.0
Feb-05 574.5 0.0
Mar-05 575.0 0.0
Apr-05 602.4 0.0
May-05 838.2 0.0
Jun-05 838.3 0.0
CONTACT INFORMATION
VOLUME BY TYPE
Stocks Other
Contact Name Mrs. Hanna Yatsyuk E-mail Hanna.Yatsyuk@ukrse.kiev.ua Website www.ukrse.kiev.ua
34%
66%
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
900
800
700
600
500
400
300
200
100
0
Jan Feb Mar Apr May Jun
PAGE 139

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
UKRAINIAN STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Among the Commonwealth of Independent
States (CIS), the Ukraine, with its abundant
industrial and agricultural resource base,
was generally considered the leading
candidate for rapid transition to a market
economy. The Ukrainian industrial complex,
centered in the mineral rich southeastern
region, provided a wide range of valuable
raw materials and finished products to the
other republics of the former U.S.S.R.
Likewise, the historic ability of Ukraine's rich
soil to supply large quantities of diverse
agricultural products within the region was
widely expected to be an engine of growth
and development in the market economy
transition.
Similar to other transitional CIS countries, an
informal economy has evolved in the
Ukraine, which is estimated to now generate
approximately 50% of total (but unreported)
gross domestic product. Privatization of large
enterprises has moved slowly, but the
amount of privatization proceeds in total has
been rising. In 2000, for example, sales of
state-owned enterprises generated proceeds
equivalent to about 1.3% of GDP, more than
double that amount received the previous
year.
Viktor Yushchenko was sworn in as president
after winning a rerun of the troubled 2004
election. He described the outcome as a
"great national victory" and promised to take
Ukraine along the road of European
integration.
ECONOMIC RATIOS
PAGE 140
Ukraine
Lower-middle-income group
Mr Yushchenko is an economist and banker
by training. He served as prime minister
under Leonid Kuchma between 1999 and
2001 when he was credited with steering
through successful economic reforms.
Mr Yushchenko is regarded as a pro-
Western liberal reformer. He promises to
build a country in which there is freedom,
democracy and rule of law. He also pledges
that alleged corruption by the outgoing
authorities and several high-profile crimes
will be investigated.
Viktor Yushchenko's victory in the presidential
election in late 2004 has already begun to
translate into greater political openness and
faster economic reform. However, the 2006
parliamentary election, in-fighting within the
government, and the planned switch to a
more parliamentary political system will all be
significant distractions and will limit the
extent to which reforms can be speeded up. 1
Economic Performance:
In 2003, Ukraine's steel exports were
gobbled up by China, while capital
investment in Russia garnered a need for
Ukrainian machinery. This export boom
spurred investment and construction in
Ukraine, that when coupled with an
expansion in access to consumer credit,
drove real GDP growth of 9.3% in 2003, up
from 5.2% in 2002. The inflation rate (as
measured by the GDP deflator) increased to
9.1% in 2003 from inflation of only 2.9% in
2002 due to skyrocketing food prices related
to a poor harvest. The fiscal balance in 2003
rested at a small deficit of 0.2% of GDP
compared to a deficit of 0.4% of GDP in
2002–relatively small, but still reflecting
Key Information Contacts
Securities and Stock Market State Commission www.ssmsc.gov.ua
Ministry of Finance www.minfin.gov.ua
State Property Fund of Ukraine www.spfu.gov.ua
State Committee of Financial Monitoring www.sdfm.gov.ua
State Commission for Regulation of Financial Services Markets in Ukraine www.dfp.gov.ua
Domestic
savings
Trade
Indebtedness
Investment
GROWTH OF INVESTMENT AND GDP
(%)
30
20
10
0
-10
-20
-30
97
GDI GDP
inefficient tax administration. Prospects for
continued growth look good if the
government can continue to maintain
macroeconomic stability. Wage levels in the
Ukraine, though rising fast now, are still
about one half those in Russia and less than
one quarter of those typical of the countries
that entered the European Union in May
2004.
Exports grew 25% in 2003, resulting in a
current account surplus of 5.9% of GDP. In
the financial and capital account, foreign
direct investment (FDI) is flowing in, partly in
response to privatization efforts. In 2003 FDI
jumped to US$ 1.4 billion. Accordingly, the
Ukraine's overall balance of payments has
swung into surplus and the NBU has been
accumulating foreign currency reserves as a
result. The level of those reserves as of yearend
2003 was nearly US$ 6.7 billion, up
significantly from the severely depleted level
of the crisis year 1998. Real GDP growth is
expected to decelerate to 6.5% in 2005 and
to 6% in 2006. Year-end inflation is forecast
to slow to 8% by 2006. The currency has
strengthened recently, but will remain
broadly stable in nominal terms against the
US dollar in 2005-06. The current-account
surplus reached a record high in 2004, but
will decline in 2005-06 as export growth
diminishes. 2
1 BBC News Online,
http://news.bbc.co.uk/1/hi/world/europe/country_profiles/11
02303.stm, January 2005
2 Ukraine Country Report, Economic and Political Outlook,
The Economist, www.economist.com
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
UKRAINIAN STOCK EXCHANGE
UKRAINE GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 12.0 21.7
Industry 26.0 32.4
Services 62.0 45.8
UKRAINE MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
25
20
15
10
5
0
-5
-10
-15
-20
EXPORT AND IMPORT LEVELS
(US$ Millions)
25,000
20,000
15,000
10,000
5,000
0
97
Exports Imports
Exports
97
98 99 00 01 02 03
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (hyrvnias-billions) 10 14 21 30 40
Money Supply M2 (hyrvnias-billions) 16 22 32 45 64
Growth Rate M1 14.8% 36.4% 47.1% 43.1% 35.2%
Growth Rate M2 24.0% 40.6% 44.5% 43.0% 42.3%
Interest Rates
deposit rate 60.0% 45.0% 27.0% 12.5% 7.0%
lending rate 54.5% 55.0% 41.5% 32.3% 25.4%
Foreign Exchange Reserves (US$ millions) 761 1,046 1,353 2,955 4,241
Exchange Rate Period Average (hyrvnias/US$) 2.4495 4.1304 5.4402 5.3722 5.3266
Annual % Growth 31.57 68.62 31.71 -1.25 -0.85
INFLATION
(%)
30
20
10
0
CURRENT ACCOUNT BALANCE TO GDP
(%)
7
6
5
4
3
2
1
0
-1
-2
-3
GDP deflator CPI
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* Economic Overview, Country Watch Incorporated, 2005
* World Bank reports
PAGE 141

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
ZAGREB STOCK EXCHANGE
Marinko Papuga
General Manager
The year 2004 was extremely successful for
the Zagreb Stock Exchange (ZSE). Turnover
in equities rose 75%, the number of new
shares listed in the Official Market doubled
and market capitalization is up 66.3%. Value
of new corporate bond issues listed exceeds
US$ 502.5 million (HRK 2.8 billion). Four new
government bonds issues together with
previously listed issues created a US$ 3.5
million (HRK 19.6 billion) large government
debt market on the ZSE. The number of
transactions increased 47%, and last but not
least the official equity index CROBEX hit a
record high of more than twenty times its
starting value in 2004, and finally set at new
30% higher level.
HISTORY AND DEVELOPMENT
The ZSE was incorporated in 1991 as a
joint-stock company with 25 commercial
banks and insurance companies. Today, the
ZSE has 46 shareholders and 38 members.
Prerequisites for ZSE membership include:
compliance with the Securities Law,
licensing with CROSEC and acceptance of
the ZSE rules. A seat on the ZSE currently
costs approximately US$ 13,000. Members
are required to comply with the rules and
regulations of the ZSE and must register at
least one licensed broker.
PAGE 142
The ZSE, measured by market size (market
capitalization) is one of the leading non-
European Union markets in the region.
All of these statistics combined with
increased retail investor’s interest for equities
is a solid platform for further capital market
development. The ZSE, measured by market
size (market capitalization) is one of the
leading non-European Union markets in the
region. In year 2005 we will focus our efforts
on further improvement on technology side,
introduction of a new financial instruments
and continuous care for market transparency
and efficiency.
In 2004 there were many new developments
on the Zagreb Stock Exchange.
• The number of bonds listed almost
doubled as compared to 2003 and for the
first time two new municipal bond issues
“City of Koprivnica” and “City of Zadar” were
listed on the Zagreb Stock Exchange.
• In 2004 four new (additional) government
bond issues were listed on the ZSE, thus
creating a US$ 3.5 million (HRK 19.6 billion)
large government debt market.
• Four new corporate bond issues were
listed on the ZSE. The total amount of new
corporate bonds issues issued by the
largest Croatian companies PLIVA, Agrokor,
Podravka & Atlantic exceeds US$ 0.5 million
(HRK 2.8 billion) (total corporate bonds
market capitalization is US$ 0.9 million
(HRK 4.7 billion)).
• Turnover in shares rose 75%.
• In 2004, the official equity index
CROBEX’s value increased twenty times to
set a new all time high level.
FUTURE OUTLOOK
In 2005 ZSE plans to:
• focus efforts on further improvement in
technology
• introduce new financial instruments
• continue care for market transparency and
efficiency

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
ZAGREB STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ Millions # Shares Millions
Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume
Stocks
Jan-05 107.8 5.4 1.5 0.07
Feb-05 136.9 6.8 1.7 0.09
Mar-05 75.5 3.6 0.93 0.04
Apr-05 51.3 2.4 0.65 0.03
May-05 41.4 2.0 0.54 0.03
Jun-05 47.9 2.3 0.67 0.03
TOTAL 460.7 3.8 6.0 0.05
Bonds
Jan-05 278.8 13.9 336.7 16.8
Feb-05 343.3 17.2 436.6 21.8
Mar-05 425.1 20.2 1,100.2 52.4
Apr-05 267.2 12.7 595.1 28.3
May-05 369.8 17.6 1,113.5 53.0
Jun-05 289.3 13.8 847.1 40.3
TOTAL 1,973.4 15.9 4,429.2 35.5
Other
Jan-05 0.0 0.0 0.0 0.0
Feb-05 0.0 0.0 0.0 0.0
Mar-05 0.0 0.0 0.0 0.0
Apr-05 0.12 0.01 0.83 0.04
May-05 0.002 0.0001 0.02 0.001
Jun-05 0.0 0.0 0.0 0.0
TOTAL 0.12 0.003 0.84 0.02
Market
Capitalization
US$ Millions Index
Jan-05 12,666.4 1,923.5
Feb-05 13,707.2 2,085.5
Mar-05 12,108.0 1,843.1
Apr-05 11,850.0 1,788.5
May-05 10,798.3 1,735.7
Jun-05 11,344.0 1,807.5
CONTACT INFORMATION
MONTHLY STOCK VOLUME VS INDEX
(US$ Millions)
140
120
100
80
60
40
20
Stocks Index
Contact Name Mr. Zeljko Kardum E-mail zeljko.kardum@zse.hr Website www.zse.hr
2,500
2,000
1,500
1,000
500
MONTHLY MARKET CAPITALIZATION
(US$ Millions)
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
0
0
Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun
PAGE 143

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
ZAGREB STOCK EXCHANGE
ECONOMIC AND POLITICAL DEVELOPMENTS
Politic and Economic Environment:
Croatia's location on the Adriatic links the
interior of eastern and southern Europe with
the Mediterranean. The country possesses
great tourist assets - notably a scenic
coastline rich in historically significant sites,
especially the old city of Dubrovnik. In terms
of sector distribution, services account for
nearly two-thirds of economic activity,
supplemented by substantial contributions
from agriculture (including forestry and
fishing) and industry.
Only in the last year has the economy begun
to show the kind of performance its people
and infrastructure should be able to deliver.
Privatization of state-owned banks, the oil
company and the electricity industry all
remain to be completed.
In February 2003, Croatia submitted its
formal application for membership in the
European Union. For its part, the European
Union was to issue a response to Croatia's
request to join the regional body over the
course of the next year.
Domestic politics dominated the landscape
in late 2003. On October 17, 2003, the
Parliament (Sabor) was dissolved, thus
Key Information Contacts
Croatian Securities Commission www.crosec.hr
Ministry of Finance www.mfin.hr
Croatian Government www.vlada.hr
ECONOMIC RATIOS
Domestic
savings
PAGE 144
Croatia
Lower-middle-income group
Trade
Indebtedness
Investment
ending its four-year term and paving the way
for elections. Three days later on October 20,
2003, President Stipe Mesic announced that
parliamentary elections would take place on
November 23. The main issues centering the
election included the economy, particularly
the shift from a centrally- planned economy
to a market system. The final results showed
that the opposition HDZ had secured a clear
victory with approximately 34% of the votes
and 66 out of 152 seats. Then, on December
23, 2003, the parliament approved a minority
government headed by Prime Minister
Sanader. Apart from economic
reconstruction, the reform process, and
European Union accession, the other main
issue facing the new government included
Croatian cooperation with the United Nations
war crimes tribunal and the right of return for
thousands of Serb refugees.
Economic Performance:
In 2003, GDP recorded growth of
approximately 4.7%, after spurting to 5.2% in
2002 as weak export markets in Europe were
overcome by strong capital investment in
roadways. A tight monetary policy and
maintenance of high real interest rates
succeeded admirably in containing inflation
during the 1995-2002 period. Over the past
GROWTH OF INVESTMENT AND GDP
(%)
40
20
0
-20
97
GDI GDP
five years (1999-2003), consumer prices rose
by an average of just under 5%, but that
included energy price and restructuringrelated
increases in 2000 that were transitory.
In 2003, consumer price inflation was just
2%. The other side of this coin, however, is
the kuna's overvaluation on foreign exchange
markets, which has reduced Croatia’s export
competitiveness.
Government officials announced the
objective of raising Croatia's share of
Mediterranean-region tourist receipts from
the present 3% to 10% and expects to have
more than seven million tourist arrivals
annually over the next several years. The
banking crisis of 1998-1999 has been
overcome with higher capitalization and
improved public confidence reflected in
higher deposit rates. Monetary policy has
succeeded not only in keeping inflation
reasonably low, but also in stabilizing the
international value of the kuna. In 2002 and
2003, like most European currencies, the
kuna appreciated significantly against the
U.S. dollar. 1
1 Economic and Political Overview, County Watch
Incorporated, 2005
98 99 00 01 02 03
* World Bank reports

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
ZAGREB STOCK EXCHANGE
CROATIA GDP/EMPLOYMENT BY SECTOR OF ORIGIN
Sector % GDP % Employment
Agriculture 12.5 13.0
Industry 30.7 42.3
Services 56.8 44.7
CROATIA MONEY SUPPLY, INTEREST RATES AND
FOREIGN EXCHANGE RESERVES
GROWTH OF EXPORTS AND IMPORTS
(%)
25
20
15
10
5
0
-5
EXPORT AND IMPORT LEVELS
(US$ Millions)
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
97
98 99 00 01 02 03
INFLATION
(%)
Exports Imports GDP deflator CPI
Exports
97
Imports
98 99 00 01 02 03
1998 1999 2000 2001 2002
Money Supply M1 (kuna-billions) 14 14 18 24 31
Money Supply M2 (kuna-billions) 57 56 73 106 116
Growth Rate M1 -1.4% 1.8% 30.1% 31.5% 30.2%
Growth Rate M2 13.0% -1.8% 29.1% 45.7% 9.6%
Interest Rates
deposit rate 5.9% 7.9% 5.9% 5.9% 4.5%
lending rate 15.8% 14.9% 12.1% 9.6% 12.8%
Foreign Exchange Reserves (US$ millions) 2,816 3,025 3,524 4,703 5,885
Exchange Rate Period Average (kuna/US$) 6.3623 7.1124 8.2766 8.3400 7.8690
Annual % Growth 4.29 11.79 16.37 0.77 -5.65
8
6
4
2
0
CURRENT ACCOUNT BALANCE TO GDP
(%)
10
5
0
-5
-10
-15
97
97
98 99 00 01 02 03
98 99 00 01 02 03
* Economic Overview, Country Watch Incorporated, 2005
* World Bank reports
PAGE 145

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
PAGE 146

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
MEMBER LIST
PAGE 147

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Abu Dhabi Securities Market
Address: Al Ghaith Tower, Hamdan Street P.O. Box 54500 Abu Dhabi, U.A.E. Phone: (2) 627 7777 Fax: (2) 612 8728 E-mail: info@adsm.co.ae
Web Address: www.adsm.co.ae Country Code: 971
Company’s Name City Code Telephone Fax E-mail Address
Abu Dhabi Aviation Co. 2 575 8000 575 7775
Abu Dhabi Co for Building Materials (BILDCO) 2 645 5500 645 5544
Abu Dhabi Commercial Bank 2 627 0000 677 6499
Abu Dhabi Islamic Bank 2 634 3000 634 2222
Abu Dhabi National Foodstuff Co. (FOODCO) 2 673 1000 673 2100
Abu Dhabi National Hotels Co. 2 444 7228 444 8495
Abu Dhabi National Insurance Co. (ADNI) 2 626 4000 626 8600
Abu Dhabi Ship Bldg (ADSB) 2 551 0333 551 1067
Ajman Companies 1 6 526 3232 526 3233
Ajman Companies 2 6 740 7100 740 1900
Al Dhafra Insurance Co. 2 672 1444 672 9833
Al-Ain Ahlia Insurance Co. 2 445 9900 445 6685
Al-Khazna Insurance Co. 2 676 7000 676 8500
Al-Wathba National Insurance Co. 2 677 0566 677 6628
Bank of Sharjah 4 282 7278 282 5262
Commercial Bank International 7 222 7555 222 7444
Emirates Insurance Co. 2 644 0400 644 5227
Etisalat 2 618 4202 633 233
First Gulf Bank 2 693 4000 622 4979
Fujairah Companies 1 9 202 9312 222 4516
Fujairah Companies 2 9 222 2661 222 6212
Fujairah Companies 3 9 222 4347 222 7877
Fujairah Companies 4 9 224 2000 222 4174
Fujairah Companies 5 9 222 2051 222 7314
Fujairah Companies 6 9 222 3111 222 7718
Fujairah Companies 7 9 256 8257 256 8249
Fujairah Companies 8 9 222 8626 222 8310
Fujairah Companies 9 9 223 3111 223 1958
Gulf Cement Company 7 266 8222 266 8288
Gulf Pharmaceutical Industries (Julphar) 7 246 1461 246 1462
National Bank of Abu Dhabi 2 611 1111 627 5881
National Bank of Sharjah 6 568 1000 568 0101
National Corporation for Tourism & Hotels 2 409 9777 409 9778
National Marine Dredging Co. 2 551 6000 551 6500
Oasis International Leasing Co. 2 627 3880 627 3990
Qatar Telecommunication Co. (Q-tel) 974 440 0525 483 0112
RAK Co. for White Cement & Construction Materials 7 266 8888 266 8866
Ras Al Khaimah Companies 1 7 228 1127 228 6106
Ras Al Khaimah Companies 2 7 227 3000 228 8500
Ras Al Khaimah Companies 3 7 228 1152 228 8400
Ras Al Khaimah Poultry & Feeding Co. 7 246 2222 246 2220
Ras Al-Khaimah Cement Company 7 266 0111 266 0006
Ras Al-Khaimah Ceramics 7 244 5046 244 5270
Sudanese Telecommunication Co. Ltd. 24911 770 099 782 322
Umm Al Qiwain Companies 1 6 765 5225 765 1525
Umm Al Qiwain Companies 2 6 765 5522 765 5520
Union Cement Company 7 202 8203 266 8635
Union Insurance Co. 6 746 6996 746 6997
Union National Bank 2 674 3141 677 3482
United Insurance Co. 4 222 2440 222 8668
Amman Stock Exchange
Address: P.O. Box 212466, Amman 11121, Jordan Phone: (6) 566 4109 Fax: (6) 566 4071 E-mail: info@ase.com.jo
Web Address: www.exchange.jo Country Code: 962
Company’s Name City Code Telephone Fax E-mail Address
Al-Amal Financial Investments Co. Ltd. 6 567 1485 566 7993
Al-Eman Financial Investment 6 566 3173 566 4988
Al-Shorouq Financial Brokers 6 569 5512 569 5551
Al-Watanieh for Financial Services Co. 6 566 3851 568 2803 watanieh@index.com.jo
Aman for Securities 6 566 2362 566 2381 info@amansecurities.jo
Amman Investment & Securities 6 566 9689 567 2572
Arab Co-operation Financial Investment Co. 6 562 9300 562 9300 alie@abci.com.jo
Atlas Investment Group 6 552 6491 552 6492 mail@atlasinvest.net
Bank of Jordan 6 560 0900 567 5951 boj@bankofjordan.com.jo
Export & Finance Bank 6 569 4250 569 2062 securities@efbank.com.jo
Imcan for Financial Services 6 560 4222 560 1444 imcan@tisgroup.com
Industrial Development Bank 6 464 2216 464 7821 idb@indevbank.com.jo
International Financial Center 6 567 4558 569 6720
Jordan & Gulf Investment 6 567 5617 567 5617
Jordan Investment and Finance Bank 6 562 2401 562 2405 investment@jifbank.com.jo
Jordan Islamic Bank 6 565 3046 565 3047 jib@islamicbank.com.jo
Jordan National Bank 6 562 4361 562 4362 brokerage@jnb.com.jo
National Portfolio Securities 6 567 3101 568 8793 info@mahfaza.com.jo
Philadephia Investment Bank 6 560 9800 565 7536 pibccb@go.com.jo
PAGE 148

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Amman Stock Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
Samir & Sameh Bros. for Investment 6 567 1546 568 4476
Selwan Financial Brokers 6 565 1546 565 1549 selwan@firstnet.com.jo
Shareco Brokerage Co. Ltd. 6 567 3812 569 5644 shareco@nets.com.jo
Societe General de Banque.Jordan 6 568 1651 568 1258 meibsg@meib.com
Tanmia Securities Inc. 6 567 2460 568 3559 info@tanmiainc.com
The Arab Financial Investment 6 569 2425 569 2423
The Financial Investment Company for Shares and Bonds 6 567 1569 569 9626
Trans Jordan for Financial Services 6 565 0257 567 2980 money@go.com.jo
Union Bank for Saving and Investment 6 567 5558 566 6149 info@unionbankjo.com
United Arabian Jordanian for Investment and Brokerage Services 6 567 1578 569 6156
United Co. for Financial Investment 6 581 5070 586 5870 ufico@accessme.com
Armenian Stock Exchange
Address: 5B M. Mkrtchian Street, Yerevan 375010, Republic of Armenia Phone: (1) 543321 Fax: (1) 543324 E-mail: info@armex.am
Web Address: www.armex.am Country Code: 374
Company’s Name City Code Telephone Fax E-mail Address
AB Securities Ltd. 1 532 815 532 829 absec@arminco.com
Aerobrok Ltd. 1 222 725 aerobrok@yahoo.com
Alinvest Ltd. 1 454 112 alinvest2000@yahoo.com
Alphasecurities Ltd. 1 397 866
Ameria Invest CJSC 1 524 040 546 800 vardan@ameria.am
Armenbrok CJSC 1 528 986 528 986 armbrok@web.am
Astvan Ltd. 1 626 747
Ayti Brok Dil Trust Ltd. 1 348 837 aytibrok@yahoo.com
Capital Invest Ltd. 1 542 589 526 417 mzaven@yandex.ru
Centre of Securities Ltd. 1 581 578 centsec@hotmail.com
Etalon Invest Ltd. 1 520-669 etaloninvest@cornet.am
Financo Financial Analytical Ltd. 1 542 431 588 973 galstyan@unibank.am
Private Invest CJSC 1 521 812 521 051 privat@arminco.com
Renesa CJSC 1 544 527
Sarinyan & Co. Investment Ltd. 1 544 242 544 353 sarinyanandco@cornet.am
SK Brok Ltd. 1 640 804 yekerobyan@yahoo.com
Tonton Ltd. 1 545 477 545 407 info@tontoninvest.com
Vrinco Ltd. 1 531 805 vrinco@freenet.am
Yerevan Broker Ltd. 1 544 657
Baku Interbank Currency Exchange
Address: 57, Acad H. Aliyev Str., AZ1110 Baku, Azerbaijan Phone: (12) 465 6309 Fax: (12) 465 6516 E-mail: info@bbvb.org
Web Address: www.bbvb.org Country Code: 994
Company’s Name City Code Telephone Fax E-mail Address
AFbank 12 493 5442 493 0942 bank@continet.baku.az
Amrahbank 12 497 8862 497 8863 amrahbank@artel.net.az
Anar 12 498 9437 498 4235 elmar@anarbank.baku.az
Aqrarkredit Non Bank Credit Organization 12 438 0530 497 5002 asb@baku-az.net
Atabank 12 493 3496 498 7447 atabank@atabank.com
Atlantbank 12 498 0981 497 6989 atlant@azdata.net
Atra 12 495 8093 498 1274 atrabank@azdata.net
Azal 12 498 6056 498 9701 azalbank@azeronline.com
Azdemiryolbank 12 440 2722 493 7567 damir@azeri.com
Azerigazbank 12 497 5017 498 9615 agbbank@azeri.com
Azernegliyyatbank 12 461 7332 493 4804 ragim@artel.net.az
Azer-Turk Bank 12 497 4316 498 3702 azerturk@artel.net.az
Azinvestbank 12 497 7455 497 7456 azinvest@azeronline.com
Bank of Baku 12 447 0055 447 0024 root@bankofbaku.com
Birlikbank 12 441 6775 493 3281 info@birlikbank.baku.az
CapitalBank 12 493 6630 498 6605 abn_amro@artel.net.az
Caspian Investment Bank 12 493 4949 493 8450 cibank@azersun.com
Caucase Development Bank 12 497 3272 497 1222 tdb@kbr.co-az.net
Debutbank 12 496 4551 497 4560 debutbank@azeronline.com
Deka-Bank 12 498 1157 498 1147 office@dekabank.com
Gunay Bank 12 498 0456 498 1439 gunaybank@azeri.com
Ilkbank 12 465 6369 465 6512 office@ilkbank.baku.az
Is Bankasi Azerbaijan 12 498 0247 498 0250 azerbaijan@isbankasi.baku.az
Kocbank Azerbaijan Ltd. 12 497 7795 497 0276 koank@azeronline.com
Mugan 12 498 3411 498 3511 bank@mugan.baku.az
NBC Bank 12 492 0110 496 0220 nbank@baku-az.net
Nikoyl 12 497 2972 497 3379 bank@nikoil.az
Open Joint-Stock Society Kovsar 12 497 3034 497 3029 bank@usal.baku.az
Para-Bank 12 447 1000 493 0882 para@azeri.com
Postbank 12 498 8929 498 8929 seymur@postbank.org
Rabitabank 12 492 6097 497 1101 rbtbank@azeri.com
Respublika 12 490 6748 490 6749 info@bankrespublika.az
Royal Bank of Baku 12 498 6588 498 1317 rbb@artel.net.az
Standart Bank 12 492 4030 498 0778 mostbank@azeuro.net
PAGE 149

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Baku Interbank Currency Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
Tekhnikabank 12 493 8752 493 8711 technika@azerin.com
The International Bank of the Azerbaijan Republic 12 498 1842 498 9128 ibar@ibar.az
The National Bank of the Azerbaijan Republic 12 493 1122 493 5541 info@nba.az
Turan 12 497 2588 497 2577 turanbank@azdata.net
Unibank 12 498 2244 498 0953 office@mbank.baku.az
United Credit Bank 12 490 0641 490 6104 info@ucb.baku.az
Zaminbank 12 493 4190 498 8105 mail@zaminbank.com
Baku Stock Exchange
Address: 19, Bul-Bul Avenue A21000 Baku, Azerbaijan Phone: (12) 498 9820 Fax: (12) 493 7793 E-mail: info@bse.az
Web Address: www.bse.az Country Code: 994
Company’s Name City Code Telephone Fax E-mail Address
Agrar Kredit SKT 12 498 2731 498 2731 agrarkredit@azeronline.com
Atabank 12 497 8700 498 7447 atabank@atabank.com
Azdemiryolbank 12 440 2429 498 0933 sr1954@azdata.net
Azerigazbank 12 497 1565 498 9615 agbbank@azeri.com
Azerturkbank 12 497 4317 498 3702 azerturk@artel.net.az
Capital Management 12 497 3211 497 3210 info@texnikabank.com
CI Bank 12 493 0145 493 8450 cibank@azerin.com
Ilk Bank 12 490 6369 490 6512 administrator@ilkbank.az
International Bank of Azerbaijan 12 493 0091 493 4091 ibar@ibar.az
Kocbank Azerbaijan 12 497 7795 497 0276 kocbank@artel.net.az
Mars Investment 12 497 3162 497 3336 office@azinvestgroup.com
Standard Capital 12 497 5501 497 5504 kocbank@artel.net.az
UniBank 12 498 2244 498 0953 samir.balayev@unibank.az
United Credit Bank 12 490 0641 490 0644 ucb@ucb.baku.az
United Universal Bank 12 441 3219 441 4119 aibbank@artel.net.az
Banja Luka Stock Exchange
Address: Petra Kocica bb, 78 00 Banja Luka, Bosnia and Herzegovina Phone: (51) 326 040 Fax: (51) 326 056 E-mail: blberza@blic.net
Web Address: www.blberza.com Country Code: 387
Company’s Name City Code Telephone Fax E-mail Address
Balkan Investment Bank a.d. Banja Luka 51 245 155 245 145 v.stokanic@balkaninvestment.com
Bobar Banka a.d. Bijeljina 51 211 552 218 388 ana.mirosavljevic@bobarbanka.com
Eurobroker a.d. Banja Luka 51 309 160 325 082 sasa.grbic@eurobroker.ba
Grand Broker a.d. Banja Luka 51 211 799 211 798 grbroker@teol.net
Hypo-Alpe-Adria Bank a.d. Banja Luka 51 223 820 223 828 bratoljub.radulovic@kristalbanka.ba
LHB Banka a.d. Banja Luka 51 226 570 212 671 vbfond-broker@blic.net
Nova Banjaluka Banka a.d. Banja Luka 51 243 392 243 299 vladan.jovic@novablbanka.com
Nova Banka a.d. Bijeljina 51 241 923 310 135 jasnav@novabanka.com
Razvojna Banka Jugoistone Evrope a.d. Banja Luka 51 242 111 242 422 brokeri@razvojnabanka.com
Zepter Komerc Banka a.d. Banja Luka 51 241 164 215 771 bojan.blagojevic@zepterkomercbanka.com
Belgrade Stock Exchange
Address: 1, Omladinskih Brigada Street, 11070, Belgrade, Serbia Phone: (11) 322 1599 Fax: (11) 138 242 E-mail: info@belex.co.yu
Web Address: www.belex.co.yu Country Code: 381
Company’s Name City Code Telephone Fax E-mail Address
AB Invest 11 323 2977 323 2977 abinvest@eunet.yu
AC-Broker 11 361 7765 361 7765 info@ac-broker.co.yu
Alco Broker 11 305 0376 sanja.jovanovic@abanka.co.yu
AS Financial Center 11 262 2266 262 2266 asbroker@yubc.net
B&C Investments 21 442 221 443 464 bcgroup@eunet.yu
Belgrade Independent Broker 11 322 3227 322 3227 office@bibroker.co.yu
Beo Monet 11 303 3709 303 3563 beomonet@ikomline.net
Beopublikum Brokerska Kuca 11 334 5171 334 5080 publikum@infosky.net
Broker Nis 18 520 377 520 377 brokerni@infosky.net
Broker Point 11 262 2439 624 460 office@brokerpoint.co.yu
Buda Cash 11 306 7855 306 7855 budacash@eunet.yu
Cacanski Nezavisni Brokeri 32 341 770 341 772 cnb@ptt.yu
Centrobanka 11 322 8807 322 5904 office@centrobanka.co.yu
Centrobroker 11 329 0839 751 999 cbroker@eunet.yu
Citadel Securities 11 328 4036 628 165 office@citadel-securities.com
Confidence 11 242 3045 242 3045 office@confidence.co.yu
Convest 21 455 629 450 595 convest@eunet.yu
Darik Broker 32 344 3052 344 4813 office@darikbroker.co.yu
Delta Broker 11 201 2690 201 2677 broker@deltayu.com
Dil Broker 11 323 5406 324 5035 vborovac@dilbroker.co.yu
Dinara Broker 11 323 8913 323 8913
East-West Invest 11 308 6240 308 6241 ewistan@drenik.net
Ecotel 11 303 0307 303 0308 office@ecotel.co.yu
Eki Broker 11 324 1378 324 1378 eki_brok@verat.net
Eksim Banka 11 323 3918 323 3171
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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Belgrade Stock Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
Emissio Broker 11 316 5900 316 5900 emissio@beotel.yu
Energobroker 11 311 5261 311 5312 broker@energobroker.co.yu
Euro Fineks Broker 11 309 6920 309 6920 fineks@eunet.yu
Fidelity Broker 21 300 530 301 535 fidelit@eunet.yu
Fima International 11 334 1066 334 0787 fima@beotel.net
Fimaks Broker 11 339 8768 339 8915 broker@fimaks.co.yu
First Global Brokers 11 311 3047 311 1172 info@fgb.co.yu
Galenika Broker 11 316 2260 219 6572 company@galenikabroker.co.yu
GT Broker 11 413 815 418 064 dragangt@eunet.yu
Hipobroker 11 301 5654 office@hipobroker.co.yu
Hypo Alpe-Adria-Securities 11 201 6352 301 5709 aleksandar.zinaic@hypo-alpe-adria.co.yu
Ilirika Investments 11 330 1000 330 1050 info@ilirika.co.yu
Imtel Trade 11 301 6822 301 6822 office@imteltrade.com
Inbrok 11 618 808 614 421 inbrok_office@yahoo.com
Intercitybroker 11 308 3130 308 3150 icb@eunet.yu
Investbroker 11 324 8650 303 5006 investbroker@beotel.yu
ITM Monet 11 361 5929 361 4148 itmmonet@beotel.yu
Jorgic Broker 11 311 7835 311 7840 jorgicb@ptt.yu
Jubanka 11 32 34931 334 0611 mgostiljac@jubanka.com
Jubmes Broker 11 311 0275 311 3851 broker@jubmes.co.yu
KBK Broker 11 344 4494 434 820 kbkbrok@eunet.yu
Komercijalna Banka 11 324 0911 323 9201 dukakis@kombank.com
M&V Investments 21 612 788 612 788 ns@mvi.co.yu; bg@mvi.co.yu
Makler Invest 11 334 5351 334 5351 office@maklerinvest.co.yu
Max-Dill 32 222 277 222 277 office@maxdill.co.yu; vesna@maxdill.co.yu
Mediolanum Invest 11 367 0137 367 0137 veljamed@eunet.yu
Meridian Invest 11 330 5876 330 5908 mebainv@meridian-invest.com
MMK Group 18 521 951 521 925
Multibroker 11 334 1158 334 1158 multi@eunet.yu
NBA Broker 11 313 1286 146 691 nbabrok@eunet.yu
Novosadska Banka 21 613 168 613 168 bdoric@novban.co.yu
Pan Broker 11 246 4231 pan.brok@net.yu
Sab Monet 11 382 1002 sabmonet@yubc.net
SBD Broker 24 558 275 554 003 office@sbdbroker.co.yu
Senzal 11 180 902 328 5722 senzal@senzal.co.yu
Sinteza Invest Group 11 301 8740 info@sinteza.net
Societe Generale Yugoslav Bank 11 311 1515 328 2230 sogeyu@eunet.yu
Sumadija Broker 34 303 011 303 021 sumbrok@eunet.yu
Synergy Capital 11 328 4825 262 2784 ipantelic@syn-cap.com
Tandem Financial 21 425 777 office@tandemfin.com
TBI Stockbroker 11 322 3764 322 3763 stockbroker@sbb.co.yu
TDK Broker 32 340 205 340 205 tdkkbroker@yu1.net
Tema Broker 21 443 809 472 1640 info@temabroker.co.yu
Tezoro Broker 11 627 070 632 346 office@tezorobroker.co.yu
Trziste Novca 11 361 3846 361 2286 info@tn.co.yu
Unibroker 11 144 388 145 690 unibrok@infosky.net
Vojvodanska Banka 21 488 6731 616 023 broker@voban.co.yu
Yu Finansijski Centar 11 344 0307 444 0844 yufc@eunet.yu
Bucharest Stock Exchange
Address: 34-36 Carol I Boulevard, 14th Floor, Sector 2, Bucharest, 020922, Romania Phone: (21) 307 9502 Fax: (21) 307 9519 E-mail: bvb@bvb.ro
Web Address: www.bvb.ro Country Code: 40
Company’s Name City Code Telephone Fax E-mail Address
Actinvest 268 470 938 411 387 actinvest@rdsbv.ro
Active International 21 307 6020 307 6024 broker@active.ro
Alpha Finance Romania 21 209 2233 231 5332 office@alphafinance.ro
BCR Securities 21 222 3703 222 7404 office@bcrsecurities.ro
BRD Securities-Groupe Societe Generale 21 301 4150 301 4159 liviu.giugiumica@brd.ro
BT Securities 264 430 564 431 718 rares.nilas@btsecurities.ro
Bucuresti Global Invest 21 330 8222 3303 490 iulian.buturuga@bgi.ro
CAIB Securities 21 203 2288 230 8490 valerian.ionescu@ro.hvb-cee.com
Capital Securities 21 210 7660 210 7745 office@capitalgroup.ro
Carpatica Invest 269 217 781 211 398 carpaticainvest@carpaticainvest.ro
Compania Romana de Investitii Investco 21 336 1018 337 3365 office@cri-investco.ro
Confident Invest Bucuresti 21 315 3093 313 8349 confident@rdsnet.ro
Delta Valori Mobiliare 21 255 2247 255 4645 ssif_delta@rdsnet.ro
Dorinvest 21 312 9962 312 9970 dorinvest@dorinvest.ro
Eldainvest 236 472 113 473 393 eldainv@xnet.ro
Equity Invest 21 650 3812 310 4362 office@equity.ro
Estinvest 237 238 901 237 471 esin@estinvest.ro
Eteba Romania 21 330 7187 330 7153 invest@eteba.ro
Euro Invest Vision 21 211 0137 211 0531 euroinvestvision@eiv.ro
European Securities 21 212 5738 212 5740 eurosec@rdslink.ro
Eurosavam 244 510 160 591 495 eurosavam@ploiesti.rdsnet.ro
Finaco Securities 21 666 4870 666 4870 finaco@xnet.ro
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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Bucharest Stock Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
Finans Securities - Societate de Servicii de Investitii Financiare 21 301 7250 331 0965 adrian.simionescu@finansbank.ro
G.I.F.-Grupul de Intermediere Financiara 21 311 2702 312 6757 gif@rdsnet.ro
Global Valori Mobiliare 21 410 1000 410 2222 office@globalsecurities.ro
GM Invest 21 311 2282 315 5642 doruandrei@gminvest.ro
Goldring 265 269 195 269 195 goldring@goldring.ro
H&C Securities 232 239 019 233 530 iacobut_emanoil@email.ro
Harinvest 250 735 296 733 898 harinvest@onix.ro
HB Invest 268 320 029 324 147 hbinvest@easynet.ro
HTI Valori Mobiliare 21 326 0936 320 2424 office@hti.ro
Ieba Trust 21 337 4710 337 2584 office@iebatrust.ro
IFB Finwest 257 281 612 281 611 ifb@ifbfinwest.ro
ING Securities 21 222 1600 222 1935 bogdan.juravle@ingromania.ro
Intercapital Invest 21 305 5177 305 5178 office@intercapital.ro
Interdealer Capital Invest 264 432 266 433 212 interdealer@xnet.ro
Interfinbrok Corporation 241 639 071 547 829 office@interfinbrok.ro
Intervam 21 315 70 80 315 8222 intervam@rdsnet.ro
Invest Trust 251 415 287 417 658 office@investtrust.ro
Muntenia Global Invest 21 337 0947 337 0946 office@rainvest.ro
Netinvest 21 313 5350 313 5351 netinvest@rdsnet.ro
Nova Invest 261 768 478 768 870 svm@nova.ro
Oltenia Grup Invest 251 410 502 418 215 olteniag@home.ro
Prime Transaction 21 322 4614 321 5981 office@primet.ro
Raiffeisen Capital & Investment 21 302 0088 320 9954 dragos.neacsu@rci-bucharest.raiffeisen.at
Roinvest Bucovina 230 520 133 520 133 roinvest_bucovina@yahoo.com
Rombell Securities 21 232 0185 232 0197 rombell@grivco.ro
Romcapital 256 490 122 490 121 romcapital@rdstm.ro
Romexterra Finance 265 250 132 250 141 romexterrafin@rdslink.ro
S.S.I.F. Orizont Vest 259 415 031 414 990 orizontv@rdslink.ro
Societatea de Servicii de Investitii Financiare Romintrade 268 410 605 410 592 office@onlinebroker.ro
SSIF Broker 264 433 677 433 363 staff@sivmbroker.ro
SSIF Mobinvest 259 467 335 410 894 ago@rdslink.ro
Super Gold Invest 248 213 417 215 862 sold@cyber.ro
Swiss Capital 21 222 7575 222 6169 office@swisscapital.ro
Target Capital 264 590 776 590 775 office@targetcapital.ro
TGH Investment 232 216 562 212 744 tghinv@tgh.ro
Transilvania Capital 266 206 441 206 442 transilvania@nextra.ro
Trend 234 519 346 519 396 diana@svmtrend.ro
TVM 21 314 0892 314 0245 tvm@ines.ro
Unicapital 21 231 8992 231 8991 office@unicapital.eunet.ro
Unicredit Securities 21 330 3518 330 3586 dsr@dsr.ro
Valmob Intermedia 248 214 661 210 195 valmob@gic.ro
Vanguard 21 336 9325 336 9233 office@vanguard.ro
Voltinvest 251 419 342 415 956 voltinvest@sifolt.ro
WBS Romania 21 310 4125 310 4124 office@wbs.ro
World Rom Securities 21 312 0084 312 1590 office@worldrom.com
Bulgarian Stock Exchange
Address: 4 Tri ushi Str. Floor 5, 1301, Sofia, Bulgaria Phone: (2) 937 0937 Fax: (2) 937 0946 E-mail: bse@bse-sofia.bg
Web Address: www.bse-sofia.bg Country Code: 359
Company’s Name City Code Telephone Fax E-mail Address
7M 2 987 2353 986 1179 brokers@ifc7m.com
ABV Investments 52 601 591 601 593 paveldd@dir.bg
Accept Invest 2 971 4921 980 04763 accept@exco.net
Alianz Bulgaria 2 988 5488 981 9307 cap.market1@bank.allianz.bg
Argo Invest 2 931 0361 931 0361 argoinv@bnc.bg
Aval IN 2 980 4825 986 0911 aval.in@ibn.bg
BACB 2 965 8358 944 5010 aboneva@baefinvest.com
Balkan Advisory Company 2 981 2724 981 7200 plamen_s@bac.bg
Balkan Investment Company 2 943 9215 943 4718 mar_dimovska@abv.bg
BBG Simex - Bulgaria 2 980 9330 980 7510 office@bbg-simex.com
BenchMark Finance 2 962 5405 962 5388 office@benchmark.bg
Beta Corp 2 986 5566 986 5566 boko@beta-corp.com
BG ProInvest 2 981 0033 981 0048 vborisova@mbox.bol.bg
BNP - Paribas Bulgaria 2 980 1237 921 8687 toni.skakalova@bnpparibas.com
Bora Invest 2 983 1577 980 4770 borainvest@evrika.net
Bulbank 2 923 2596 988 4636 e.petkov@sof.bulbank.bg
Bulbrokers 2 980 6685 981 4182 klimentr@bulbrokers.bg
Bulex Invest 52 632 416 609 550 bulex@varna.net
Bulfin Invest 2 950 1690 653 665 office@bulfininvest.bg
Bulgarian Post Bank 2 980 3484 983 8104 ivivanov@postbank.bg
Bull Trend Brokerage 2 986 4998 986 7998 bull_trend@spnet.net
Bullinvestment 2 442 839 441 893 bulins@ttm.bg
Capital Finance 2 981 1755 981 1755 capfin@hotmail.com
Capital Ing. Project 64 800 627 800 627 capital_ip@mail.orbitel.bg
Capital Markets 2 933 0030 933 0034 capital_markets@netissat.bg
PAGE 152

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Bulgarian Stock Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
Capman Gelsor 2 980 1283 981 6831 mail@capmanbg.com
CEE Securities Plc 2 975 1690 975 1690 ynedev@cee-securities.com
Central Cooperative Bank 2 926 6274 980 4386 k.marinov@ccbank.bg
Corporate & Commercial Bank 2 937 5661 937 5662 mitko@corpbank.bg
Dealing Financial Company 2 987 0235 987 9240 dfco@mail.bol.bg
Delta Stock 2 971 2643 739 957 nedkov@deltastock.bg
Demir Bank 2 989 4444 989 4848 b.israel@demirbank.bg
DSK Bank 2 980 4058 980 6477 vkostadinov@telelink.bg
DZI - Investment 2 988 2150 988 2150 dimitar.tonchev@dzi.bg
DZI Bank 2 930 7135 980 2623 boyan@dzibank.bg
East 2 981 6076 981 6781 abagar_finance@netissat.bg
Economic & Inv. Bank 2 985 0026 5 981 3518 anikolov@hq.eibank.bg
Elana Trading 2 980 2494 981 0941 atanasov@elana.net
Emporiki Bank 2 917 1717 917 1156 botiana.antova@emporiki.bg
Euro - Finance 2 980 5657 981 1496 contact@euro-fin.com
Euro Garant 2 986 7678 980 8242 eurogar@ich-bg.com
Eurobank 2 969 0722 969 0790 bnikov@eurobank.bg
Eurodealing 2 981 1732 981 1732 diling@bse.bg
Euroforum 2 965 1651 953 1621 zinoviev@mail.bg
Ever 2 737 724 981 0847 ever@ever.bg
Faktory 2 962 0585 943 4157 factory@mail.bol.bg
FINA-S 2 955 4055 955 4055 ceo@fina-s.com
Fininvest 78 510 80 227 10 alexandrina_@hotmail.com
First Financial Brokerage House 2 980 0879 980 0878 abrashev@ffbh.bg
First Investment Bank 2 910 01 980 5033 invest@fibank.bg
Fico Invest 52 603 519 603 519 head@fikoin.bg
Hebros 2 688 870 903 721 liliya.anachkova@hebros.bg
HVB Bank Biochim 2 932 0129 932 0104 michael.slavov@biochim.com
ING Bank - Sofia Branch 2 917 6400 981 4111 emil.asparouchov@ingbank.com
Intercapital Markets 2 980 1220 980 1220 mayster@intercapital.bg
International Bank for Trade and Development 2 981 0950 981 0950 bicdcapital@netscape.net
Investbank 2 981 6938 980 7722 mincho@ibank.bg
IP Favorit 2 981 3469 981 3467 favorit@ipfavorit.com
Karoll 2 981 1381 986 5363 nmartinov@karoll.net
Makler 2002 32 620 698 622 139 makler@techno-link.com
McCup Brokers 2 954 9979 954 9982 elena@maccupbrokers.biz
Metrik 2 981 5822 981 4610 metrik_bg@yahoo.com
Municipal Bank 2 981 9270 981 5147 p.matev@yahoo.com
Naba Invest 52 699 550 699 553 naba@bulstar.net
PEB Teximbank 2 833 3240 833 3240 zu@teximbank.bg
Populiarna Kasa 95 32 627 727 265 353 niki@balkansys.com
Positiva 2 846 6623 846 8293 positiva@data.bg
Raiffeisenbank - Bulgaria 2 919 8545 2 919 85452 stoian.nikolov@rbb-sofia.raiffeisen.at
Real Finance 52 603 830 603 830 dimitrov@real-finance.net
Sofia International Securities 2 988 6340 988 6341 info@sis.bg
Sofia Invest Brokerage 2 980 4431 981 7119 amenkajiev@sib.orbitel.bg
Somoni 2001 42 541 97 605 202 somoni2001@mbox.contact.bg
Standart Investment 2 971 7667 870 3270 standardinvest@rotop.com
Statos Invest 2 981 3709 980 0447 contact@status-invest.bg
TBI Invest 2 980 8120 937 5069 n_tisheva@tbiam.bg
Tokuda Kredit Expres Bank 2 981 0167 981 5378 g.evtimov@tcebank.com
UG Market 32 625 401 625 402 office@ugmarket.com
Unibank 2 812 0247 986 2879 feib@asico.net
Unionbank 2 987 7620 980 2367 atanasovm@unionbank.bg
United Bulgarian Bank 2 811 3753 988 0811 dimitrova_k@sof.ubb.bg
Unity Invest - 99 2 986 3351 986 3351 valtod@abv.bg
Varchev Finance 52 631 000 634 040 alexminator@abv.bg
VIP-7 52 631 020 631 020 vip7@mail.orbitel.bg
Zagora Finakorp 42 600 204 234 43 zagora98@hotmail.com
Zlaten Lev Brokers 2 965 4511 965 4552 zlatenlev@online.bg
Cairo & Alexandria Stock Exchanges
Address: 4A, El Sherefeen St. Cairo, Egypt Phone: (2) 395 5266 Fax: (2) 395 5799 E-mail: info@egyptse.com
Web Address: www.egyptse.com Country Code: 20
Company’s Name City Code Telephone Fax E-mail Address
Agead Securities Brokers 2 302 3735 305 4038 agyad@yahoo.com
Al Ahram Co. Stock Exchange & Securities Brokers 2 393 3543 390 6579 ahrambrk@hotmail.com
Al Aliaa Stock Brokerage House 2 338 5195 761 7509 alaliaa@mist-net.net
Al Amalka Securities Trading 2 304 7732 305 2846 alamalk@thewayout.net
Al Hamd for Stock Brokerage 2 624 2376 623 4176
Al Karma Brokerage Co. 2 417 3597 417 3597 alkarma@link.net
Al Manar for Stock Exchange 2 396 1905 396 1907
Al Nasr Securities Brokerage Co. 2 519 2703 519 2778 research@alnasrsecurities.com
Al Rowad Securities Brokerage SAE 2 749 7600 335 8978
Al Shark El Awsat for Securities Brokerage 2 393 5995 393 5823 sh_elkhodry20@yahoo.com
Al Shorouk Brokerage 2 578 1177 578 1166 alshorouk@link.com.eg
PAGE 153

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Cairo & Alexandria Stock Exchanges (con’t)
Company’s Name City Code Telephone Fax E-mail Address
Alex Securities Brokerage Co. 3 484 0655 484 1021 kamel_1@mist-net-com
Aman Securities Co. 2 794 2883 794 3232 amanbrok@yahoo.com
Arabia Company for Stockbrokers 2 392 4345 393 3677 arabia_brokers@hotmail.com
Axion Dor 2 736 8550 736 1410
Bab El Molouq Securities 3 486 0800 485 9551 bab_el_molouq@mist-n
Bankers Group for Bookkeeper & Brokerage 2 395 8382 395 8384 ramzytolba@hotmail.co
Baraka for Securities Brokerage 2 395 6111 392 1478 baraka@linknet.com
Brokers Stock Exchange 3 485 6128 485 6128 brokers_com@yahoo.com
Cairo International Securities Exchange 2 636 2748 636 2748 cise@hotmail.com
Cairo National Co. Securities Negotiation 2 760 9394 760 9438 cnrs@mist-net.com
Capital Securities Brokerage 2 261 7188 404 2449 csb@gega.net
Champollion Brokerage 2 392 5737 393 4828 osmanchamp@hotmail.com
Commercial International Brokerage Co. 2 338 3906 761 8379 helguindy@cibcegypt.com
Continental for Securities Trading & Bookkeeping 2 336 7065 336 9725
Correct Line Brokerage & Stock Exchange 2 338 0568 338 0568 correctline2003@hotmail.com
Counsel Inc. 2 792 1100 792 1300 counselinc@consultant.com
Delta Securities Egypt 2 347 2120 347 2180 info@delta-securities.com
Dynamic Securities Trading Co. 2 303 8370 305 3423 info@d-securities.com
Egypt Brokerage 2 578 0401 575 9815 gfm.01014@mcsd.com.eg
Egypt Trust Securities 2 395 2515 395 2515 e_trust@hotmail.com
Egyptian American Co. for Brokerage 2 336 6448 338 8442 eab1091@hotmail.cim
Egyptian Group for Securities 2 792 0183 792 0183 egsecurities@hotmail.com
Egyptian Kuwaiti Securities Co. 2 579 8551 579 8554 egku181@hotmail.com
El Alamia for Brokerage 2 393 5874 393 5874 alamia-b@internetegypt.com
El Amal Stock Brokerage Company 3 545 8947 545 8947
El Dawlia Company for Securities 3 486 0505 484 4457
El Eman Securities Brokerage 2 419 9529 417 2295
El Etehad Brokerage Company 2 395 7265 395 4839
El Fath Stockbrokers 2 794 4712 794 6216
El Giza for Securities Trading 2 568 2701 571 3179 gizabk@link.net
El Horreya Securities Brokerage Co. 2 390 4940 395 2172 horreya105@hotmail.com
El Karnak Stock Brokerage 2 3937 7715 393 7715 elkarnak@yahoo.com
El Kheir for Circulating & Keeping Securities 3 483 6966 480 3767 elkhair.comp@maileit
El Kinanah Brokerage Securities Co. 2 395 5053 395 5046 info_kinanah.com.eg
El Mahrousa for Securities Trading 3 486 8267 487 1490 mahrousa101@hotmail.com
El Misryeen Securities Brokers 2 395 4880 395 4691
El Mokattam Securities Brokerage 2 396 0123 395 5614 gfm.01086@mcsd.com.eg
El Mostakbal Brokerage Co. 2 577 5361 577 5361
El Nour Securities 2 304 5686 304 5686 alnoursecurities@hotmail.com
El Omanaa El Motahedeen for Bookkeeping & Brokerage 3 484 5088 484 4712 gfm_02019@mcsd.com.
El Safa for Securities Brokerage 3 487 4030 487 4030
El Salam Co. for Brokerage 2 391 9215 392 8162 salambrk@arabia.com
El Tadamon El Arabi Brokerage Co. 2 338 5466 335 3990 tadamonar@link.net
European Group for Brokerage & Bookkeeping 2
Farana Securities Trading 2 748 1484 748 1484 gfm_01022@mcsd.com.eg
Financial Brokerage Group 2 338 8851 338 8668 ops@efg-hermes.com
Fleming Al Mansour Securities Brokerage 2 eg-brok@usa.net
Fleming CIIC Securities Brokerage 2
Fortune Securities Co. 2 336 8129 336 2373 fortune@link.com.eg
Global Capital Securities 2 418 7750 415 7313
Golden Hand for Securities Brokerage and Bookkeeping Co. 2 392 4570 395 3796 golden_hand98@hotmail.com
Golden Share Stocks 2
Golden Way Securities 2 338 4171 338 6533 goldenway@golden-way.net
Guarantee for Securities Exchange 2 392 6578 392 4255 gurantee_1136@yahoo.com
HC Brokerage 2 749 6009 749 6055 hcgroup@hc-si.com
Helwan Brokerage & Bookkeeping 2 554 8838 554 8838 helwan_co@hotmail.com
Hermes for Securities Brokerage 2 338 8851 338 5400
Honest for Brokerage & Bookkeeping 2 520 3780 519 0666
Horus for Brokerage 2 588 9410 588 9410 horas2003_8@hotmail.com
HSBC Securities Egypt 2 738 0145 738 0028 Shereenghattass@hsbc.com
International Brokerage Group 2 590 5184 590 5195 lbggroup@egypto line.com
International for Securities 2 418 3340 418 6272 int_for_sec@hotmail.com
Investia Misr Romania 2 761 7688 761 7680 saz@investiaco.com
Lepon Securities Brokerage & Bookkeeping 2 736 3220 736 3617 m_saleh2003@yahoo.com
Lotus Securities Trading 2
Luxor Securities Brokerage Co. 2 592 0634 592 9071 luxor@yahoo.com
Maadi Co. for Stock Dealing 2 760 0261 760 0261 maadi@mist-net.net
Marwa Brokerage Co. 2 578 0625 578 3855 gfm.01051@mcsd.com.eg
Mediterranean Co. for Brokerage Securities 2 576 7187 576 7879 badrello@link.net
Metro Company for Bookkeeping & Stock Dealing 2 526 0445 526 0447 info@metrobrokerage.com
Mina Brokers Stock Exchange 2 417 2930 417 2930
Miracle for Securities Transactions Co. 2 392 1378 392 1377 miracle_securities@hotmail.com
Misr International for Trading Securities 3 484 8138 484 8265 mis@investiaco.com
Nile Investments Securities 2 760 2951 338 8653 www.nileinv.com
Okaz Stockbrokers & Investment Consultants 2 589 5321 589 1499 okaz@okaz-stockbrokers.com
Optima Securities Brokerage 2 578 4725 578 4726 optimabrokrage.com
Oroba Stock Exchange Corporation 2 391 1802 393 0234 oroba@link.net
PAGE 154

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Cairo & Alexandria Stock Exchanges (con’t)
Company’s Name City Code Telephone Fax E-mail Address
Pharaonic Brokerage Co. 2 393 5200 390 1399 pharonic_b@hotmail.com
Pioneers for Securities 2 392 2461 392 2461 pioneers_brokers@usa.net
Premiere Brokerage Co. 2
Prime Securities 2 338 1526 338 1993 prime@primeegypt.com
Prizma Securities Company 2 338 1810 338 1813 okaz@okaz-stockbrokers.com
Profit for Securities 2 390 3843 390 4891 profit_securities@yahoo.com
Queen for Brokerage & Stock Exchange 2 575 3652 575 3931 queenq@hotmail.com
Roots Stock Brokerage House 2 395 3041 395 2799
Safir International for Stockbrokers 2 639 7093 639 5081 safirnet@inteotch.com
Sigma Securities 2 735 6060 736 8044 securities@sigma-cap.com
Stars Securities Brokerage 2 401 4089 262 4260 starsm@hotmail.com
Strategic Securities Group 2 304 1260 304 1290 ssgroup@link.net
Swiss Group for Securities Brokerage 2 450 3150 451 2030
Takamol Securities Brokerage Co. 3 485 4500 485 4500
Team for Securities Exchange Co. 3 487 1568 484 8926 tahio teem@hotmail.com
The Golf for Stock Brokerage 3 541 1756 543 6601
Three Way for Stock Exchanges Brokerage 2 792 5045 792 5045 gfm_01116@mesd.com.eg
Tiba Brokerage Co. 2 390 5906 390 5906 tiba4@excite.com
Top for Brokerage 2 623 6941 623 6941 top_4_brokerage@yahoo.com
Triple A Securities 2 574 5427 579 7442
Tropicana for Brokerage and Bookkeeping 2 395 0014 395 0014 tropicana@mbox.link.com.eg
Trust Group for Securities 2 792 4026 792 5884 trust@trust.com.eg
Tycoon for Brokerage & Bookkeeping 2 792 2701 794 6800 sadany2@yahoo.com
United Brokerage Corporation & Bookkeeping 2 569 9108 569 9108 u.b.c@link.net
United Brothers Co. 2
United Economic Group 2 579 0647 574 7012
United Securities Stockbrokers 2 390 9994 390 9995
Universal Stock Exchange 2 358 5298 358 9042
Wall Street Securities 2 395 3034 395 3034 wallstr2000@yahoo.com
Watania Brokers 3 484 3527 484 3527
Wedian Securities Stock Brokerage and Bookkeeping 2 393 8930 393 9235 gfm_01082@mcsd.com.eg
Yasmine Brokerage Co. 3 485 8111 484 4216 yasmbrok@yahoo.com
Georgian Stock Exchange
Address: 74a Chavchavadze Avenue Tbilisi 0162 Georgia Phone: (32) 220 718 Fax: (32) 251 876 E-mail: info@gse.ge
Web Address: www.gse.ge Country Code: 995
Company’s Name City Code Telephone Fax E-mail Address
AB Group 32 252 815 252 815 gogit@posta.ge
Basis 32 922 922 986 548
Bona 32 230 074
Cartu Broker 32 230 021 251 410 cartubroker@cartubank.ge
Delpho 32 330 906 330 906
Forsam-2000 32 222 593 f2000@mail.ge
Galt & Taggart Securities 32 235 800 235 804 ikirtava@galtandtaggart.ge
Georgian Investment Group
(recent Investment Bank Investcontract) 32 225 907 225 907 info@inbestgroup.ge
Georgian Stock Company 32 987 109 987 109 forex@ugb.com.ge
GMB Group 88222 760 01 760 04
Helman 32 941 828 922 900 davidchkonia@mail.ru
Industria Investi 70596 760 08 705 96 achikom@msn.com
Kabarjina 32 250 052
Oden 32 294 621
TBC Broker 32 222 537 222 537 lbadalashvili@tbcbank.com.ge
Tbilintercapital 32 433 095 tic@wanex.net
Istanbul Stock Exchange
Address: IMKB Building, Resitpasa Mah., Tuncay Artun Cad., Emirgan, 34467 Istanbul, Turkey Phone: (212) 298 2100 Fax: (212) 298 2500
E-mail: dis@imkb.gov.tr Web Address: www.ise.org Country Code: 90
Company’s Name City Code Telephone Fax E-mail Address
ABN Amro Bank N.V. Amsterdam/Istanbul Branch 212 359 4040 359 5050
ABN Amro Yatirim Menkul Degerler A.S. 212 311 1000 311 1002
Acar Yatirim Menkul Degerler A.S. 212 216 2661 266 0543 trade@acar.com.tr
Ada Menkul Degerler A.S. 212 213 2570 288 5796 admweb@rumeli.com
Adabank A.S. 212 272 6420 288 5796
Ak Yatirim Menkul Degerler A.S. 212 252 8989 249 1287 musteri.hizmetleri@akyatirim.com.tr
Akbank T.A.S. 212 270 0044 269 7383 akmen1@akbank.com.tr
Akdeniz Menkul Degerler Tic. A.S. 212 233 1102 234 4101
Alan Yatirim Menkul Degerler A.S. 212 236 6869 236 7293 imkb@alanyatirim.com.tr
Alfa Menkul Degerler A.S. 212 352 6060 352 5612
Altay Yatirim Menkul Degerler A.S. 212 229 5980 225 0135
Alternatif Yatirim A.S. 212 315 5800 231 3842 bilgi@ayatirim.com.tr
Alternatifbank A.S. 212 232 4400 233 3780 abank.imkb@abank.com.tr
Anadolu Yatirim Menkul Kiymetler A.S. 212 233 3322 233 3318
Anadolubank A.S. 212 296 9811 296 5715
Arap Turk Bankasi A.S. 212 225 0500 224 9687 treasury@arabturkbank.com
PAGE 155

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Istanbul Stock Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
Ari Menkul Kiymetler A.S. 216 369 0590 369 1509 arimenkul@superonline.com
Arigil Menkul Degerler A.S. 212 251 0554 252 0661 arg@turk.net
Arti Menkul Kiymetler A.S. 212 234 7390 234 9668
As Menkul Kiymetler A.S. 212 232 2721 232 9045 asmenkul@superonline.com
Ata Yatirim Menkul Kiymetler A.S. 212 310 6200 310 6210
Ataonline Menkul Kiymetler A.S. 212 310 6060 259 0764
Ayborsa Menkul Degerler Tic. A.S. 212 220 0930 220 3851 ayborsa@ayborsa.com.tr
B.A.B. Menkul Degerler Ticareti A.S. 212 234 4428 296 2834 babmenkul@tnn.net
Bahar Menkul Degerler Ticareti A.S. 216 345 4438 347 8980 bahar@baharmenkul.com.tr
Bankeuropa Bankasi A.S. 212 231 4010 233 1968 fon.yonetimi@sitebank.com.tr
Baran Menkul Degerler A.S. 216 445 0364 373 5520 brn.imkb@doruk.net.tr
Baskent Menkul Degerler ve Yatirim A.S. 212 291 2121 219 0535 baskent@baskentyatirim.com.tr
Bayindirbank A.S. 212 340 1345 340 1339
Bender Menkul Degerler A.S. 212 252 2000 293 3490 imkb@bendersecurities.com
Bizim Menkul Degerler A.S. 216 360 4760 360 1355 bmd@bmd.com.tr
BNP-Ak Dresdner Bank A.S. 212 339 5700 339 5705 treasury@bnp-ak-dresdner.com.tr
Bumerang Menkul Degerler A.S. 212 323 1718 323 1728 bilgi@bumerang.com.tr
C Kredi ve Kalkinma Bankasi A.S. 212 290 3232 290 3238
C Menkul Degerler A.S. 212 290 3232 290 2690
Calyon Bank Turk A.S. 212 279 7070 282 6301 indosuez@turk.net
Camis Menkul Degerler A.S. 212 350 3002 350 5150 ccakir@sisecam.com.tr
Censa Menkul Degerler A.S. 212 346 0300 346 0333 censa@netone.com.tr
Citibank A.S. 212 288 7700 288 7760
Cagdas Menkul Degerler A.S. 212 236 4510 236 4520 cagdasmd@netone.com.tr
Calik Yatirim Bankasi A.S. 212 339 1414 339 1444
Deger Menkul Degerler A.S. 212 286 4800 286 4818 degermenkul@degermenkul.com.tr
Deha Menkul Kiymetler A.S. 212 252 7190 252 7198 deham@sim.net.tr
Delta Menkul Degerler A.S. 212 236 4274 236 6567 deltamenkul@deltamenkul.com.tr
Deniz Yatirim Menkul Kiymetler A.S. 212 275 3500 212 5412 info@denizyatirim.com
Denizbank A.S. 212 355 0800 267 2724
Deutsche Bank A.S. 212 317 0100 317 0105 sibel.turkmen@bankerstrust.com
Dis Yatirim Menkul Degerler A.S. 212 358 0770 358 0778 dis_yatirim@disbank.com.tr
Disbank A.S. (Turk Dis Ticaret Bankasi A.S.) 212 274 4280 211 5879 hazine@disbank.com.tr
Diler Yatirim Bankasi A.S. 212 297 1790 253 9454 o.yakar@dilerbank.com.tr
Dundas Unlu Menkul Degerler A.S. 212 330 0202 330 0178
Dunya Menkul Degerler A.S. 212 512 8465 527 2337 dunya@dunyamenkul.com.tr
Eczacibasi Menkul Degerler A.S. 212 319 5999 319 5790 info@emdas.com
Egemen Menkul Kiymetler A.S. 232 489 4530 489 6130 egemen@egemen.com
Ekinciler Yatirim Menkul Degerler A.S. 212 266 2766 266 1607 ekincileryatirim@ekinvest.com
Ekol Menkul Degerler A.S. 212 511 9922 513 7125 fekol@ihlas.net.tr
Ekspres Yatirim ve Menkul Degerler A.S. 212 336 5100 336 5101
Entez Menkul Degerler Ticareti A.S. 216 348 0433 346 6343
Erciyes Menkul Degerler A.S. 212 292 0606 292 0688
Es Menkul Degerler Yatirim A.S. 216 554 0404 554 0405
Eti Menkul Kiymetler A.S. 212 347 8181 347 7635 akift@etimenkul.com.tr
Euro Yatirim Menkul Degerler A.S. 212 354 0700 356 2076
Evgin Yatirim Menkul Degerler Ticareti A.S. 212 270 1046 282 8820
Finans Yatirim Menkul Degerler A.S. 212 282 1700 282 2250 imkb@finansinvest.com
Finansbank A.S. 212 216 7070 216 1538 treasury@finansbank.com.tr
Form Menkul Degerler A.S. 212 284 8495 284 8492 tezeller@superonline.com
Garanti Yatirim Menkul Kiymetler A.S. 212 318 2838 217 8470
Gedik Yatirim Menkul Degerler A.S. 216 453 0000 453 0101 gedik@gedik.com
GFC General Finans Menkul Degerler A.S. 212 233 1010 296 8575 gfc@gfc.com.tr
Gisad Menkul Degerler A.S. 212 358 4030 358 4605
Global Menkul Degerler A.S. 212 244 5566 244 5567 global@global.com.tr
GSD Yatirim Bankasi A.S. 216 489 9750 489 9781
Guney Menkul Degerler A.S. 212 212 6300 216 0049 guney@guneymenkul.com.tr
Guven Menkul Degerler A.S. 212 212 3270 288 5038 guvenmenkul@turk.net
Hak Menkul Kiymetler A.S. 212 296 8484 232 9823 hakmenkul@hakmenkul.com.tr
Halk Yatirim Menkul Degerler A.S. 212 393 0303 292 9946
HC Istanbul Menkul Degerler A.S. 212 317 2727 317 2726 hcistanbul@hcistanbul.com
Hedef Menkul Degerler A.S. 212 310 2700 227 8333
HSBC Bank A.S. 212 366 1173 336 2641 midland@escortnet.com
HSBC Yatirim Menkul Degerler A.S. 212 366 1600 336 2472
Inter Yatirim Menkul Degerler A.S. 212 236 4141 236 3918 info@interyatirim.com.tr
Iktisat Yatirim Menkul Degerler A.S. 212 267 5610 267 5627 iktisatyatirim@iktisatyatirim.com.tr
Info Menkul Degerler A.S. 212 319 2600 324 8428
Is Yatirim Menkul Degerler A.S. 212 350 2000 350 2001 info@isyatirim.com.tr
JP Morgan Chase Bank New York/Istanbul Branch 212 227 9700 227 9727
K Yatirim Menkul Degerler A.S. 212 212 3878 356 2228
Kalkinma Yatirim Menkul Degerler A.S. 212 213 3005 211 9702 info@kmd.com.tr
Kent Yatirim Ve Menkul Degerler A.S. 212 245 4482 293 7936
Koc Yatirim Menkul Degerler A.S.-Koc Yatirim 212 217 4777 212 5334 saloz@kocmenkul.com.tr
Kocbank A.S. 212 274 7777 354 2706 danyal@kocbank.com.tr
Marbas Menkul Degerler A.S. 212 225 0111 225 0122 marbas@marbasmenkul.com.tr
Med Menkul Degerler A.S. 212 345 0228 345 0227 medmenkul@usa.net
Meksa Yatirim Menkul Degerler A.S. 212 351 5261 351 5182
PAGE 156

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Istanbul Stock Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
Menka Menkul Degerler Ticareti A.S. 216 348 1654 345 9321 menka@superonline.com
Merkez Menkul Degerler A.S. 312 311 6665 311 3397 merkez@merkezmenkul.com.tr
MNG Bank A.S. 212 368 3434 368 3535 mngbank@mngbank.com.tr
MNG Menkul Kiymetler Yatirim A.S. 212 249 9333 293 4888 mng@mngyatirim.com.tr
Nurol Menkul Kiymetler A.S. 212 286 8000 286 8001 info@nurolonline.com
Nurol Yatirim Bankasi A.S. 212 286 8000 286 8001
Oyak Bank A.S. 212 335 1000 286 6334 oyakbank@superonline.com
Oyak Yatirim Menkul Degerler A.S. 212 319 1200 351 0599
Oncu Menkul Degerler A.S. 212 251 8380 251 9012 www.oncumenkul.com.tr
Oner Menkul Kiymetler A.S. 212 234 4062 225 9892 onr.imkb@superonline.com
Pamuk Yatirim Menkul Degerler A.S. 212 275 2424 213 2851 genborsa@superonline.com
Pay Menkul Degerler A.S. 212 275 1708 275 0185 paymenkul@paymenkul.com.tr
Piramit Menkul Kiymetler A.S. 212 293 9500 293 9559 pramit@ravanda.net
Polen Menkul Degerler A.S. 212 252 1212 249 3544 polen@polen.com.tr
Prim Menkul Degerler A.S. 212 283 8888 283 8890 info@prim.com.tr
Raymond James Yatirim Menkul Kiy. A.S. 212 287 4004 287 5910 rjs@prjs.com.tr
San Menkul Degerler A.S. 212 243 3500 249 1332 san.imkb@superonline.com
Sanko Menkul Degerler A.S. 212 413 0500 413 0505
Sayilgan Menkul Degerler Ticareti A.S. 212 520 4242 513 5209 sayilgan@aidata.net.tr
Societe Generale Paris/Istanbul Branch 212 282 1942 282 1844 socgenist@superonline.com
Soymen Menkul Kiymetler A.S. 312 468 8750 468 8101 soymen@soymen.com.tr
Standard Yatirim Menkul Kiymetler A.S. 212 323 4885 323 4849 ubyatirim@ubyatirim.com.tr
Stok Menkul Degerler A.S. 212 274 1988 274 2954 stok@stokmenkul.com.tr
Strateji Menkul Degerler A.S. 212 288 5521 288 4811 strateji@strateji.com.tr
Sumer Menkul Degerler A.S.-Sumer Menkul 212 286 2540 285 4369 sumeryatirim@sumeryatirim.com.tr
Seker Yatirim Menkul Degerler A.S. 212 213 4370 213 4391
Sekerbank T.A.S. 212 319 7200
T.C Ziraat Bankasi Head Office Capital Markets Dept. 212 276 5960 276 9316
T. Garanti Bankasi A.S. 212 318 1818 216 6093
T. Halk Bankasi A.S. 212 393 0579 393 0596 hazops@halkbank.com.tr
T. Ihracat Kredi Bankasi A.S. (Eximbank A.S.) 312 417 1300 425 2947 ankara@Eximbank.gov.tr
T. Is Bankasi A.S. 212 316 0000 316 0900 tib@isbank.com.tr
T. Kalkinma Bankasi A.S. 312 417 9200 417 1220 tkbhzn@tkb.com.tr
T. Sinai Kalkinma Bankasi A.S. 212 334 5050 243 2975 servis@tskb.com.tr
T. Vakiflar Bankasi T.A.O. 312 455 7575 455 7690
Tacirler Menkul Degerler A.S. 212 355 4646 282 0997 tacirler@superonline.com
TAIB Yatirim Menkul Degerler A.S. 212 347 5454 347 0111 taibyat@yatirimbank.com.tr
TAIB Yatirim Bank A.S. 212 347 5454 347 0111 yatirim@yatirimbank.com.tr
Taksim Menkul Degerler A.S. 212 251 7116 249 7483 taksimmenkul@turk.net
Taris Menkul Degerler A.S. 232 446 1470 446 3199 tarisytr@tarisbank.com.tr
TEB Yatirim Menkul Degerler A.S. 212 345 1111 345 0714 invest@teb.com.tr
Tekfenbank A.S. 212 357 0707 357 0808 spo@bankekspres.com.tr
Tekstil Bankasi A.S. 212 335 5335 276 2383
Tekstil Menkul Degerler A.S. 212 276 2727 276 2900 tekstilmenkul@tekstilbank.com.tr
Tezal Menkul Degerler A.S. 212 385 0101 385 0199 tezal@bumed.com.tr
Ticaret Menkul Degerler A.S. 212 514 5844 514 5846
Toprak Menkul Degerler A.S. 212 344 0900 344 0913
Toros Menkul Kiymetler Ticareti A.S. 212 231 5252 231 3849 torossec@superonline.com
TSKB Menkul Degerler A.S. 212 334 5050 292 8012
Turkish Bank A.S. 212 225 0330 225 0353 tbtreasury@turkishbank.com
Turkish Yatirim A.S. 212 233 4848 240 8885 tky@turkishyatirim.com
Turk Ekonomi Bankasi A.S. 212 251 2121 249 6568 htirasin@comnet.com.tr
Ulus Menkul Degerler A.S. 212 257 3232 257 1193 eposta@ulusmenkul.com
Universal Menkul Degerler A.S. 212 329 7900 276 5617
Vakif Yatirim Menkul Degerler A.S. 212 352 3577 352 3620 vakyat@vakifbank.com.tr
WestLB AG Dusseldorf/Istanbul Branch 212 339 2500 283 0460 treasury_is@westlb.com.tr
Yapi Kredi Yatirim Menkul Degerler A.S. 212 280 1030 325 2245 ykryatirim@superonline.com.tr
Yapi ve Kredi Bankasi A.S. 212 339 7000 339 6060 hazine@ykb.com
Yatirim Finansman Menkul Degerler A.S. 212 317 6900 282 1550
Ziraat Yatirim ve Menkul Degerler A.S. 212 285 1150 285 1661
Karachi Stock Exchange
Address: K.S.E. Building, Stock Exchange Rd., Offl. I. Chundrigar Road, Karachi-74000, Pakistan Phone: (21) 241 5213 Fax: (21) 242 9653
E-mail: companyaffair@kse.com.pk Web Address: www.kse.com.pk Country Code: 92
Company’s Name City Code Telephone Fax E-mail Address
A. Jabbar H. Ali Mohammed Khanani 21 241 6321 242 6180
A. Latif Noorani 21 241 0240 242 8776
A. Razzak Haji Jan Mohammed Kapadia 21 241 3087
A. Rehman H. A. Durvesh 21 241 6059
A. Sattar Dawood Adhi 21 241 1558
A. Sattar Motiwala Securities (Pvt.) Ltd. 21 244 6230
A.H.K.D. Securities (Pvt.) Ltd. 21 244 4499
AAG Securities (Pvt.) Ltd. 21 242 9382
Aba Ali Habib 21 241 2491 241 3822
Aba Hussain A. Karim 21 241 3087
Abbasi Securities (SMC-PVT.) Ltd. 21 242 3785 241 8823 aijaz_abbasi@hotmail.com
PAGE 157

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Karachi Stock Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
Abdul Aziz Badi 21 241 7279
Abdul Aziz Moosa Khanani 21 242 1752
Abdul Aziz Tayub Patel 21 241 6647
Abdul Aziz Umer 21 241 2280
Abdul Kadir Yusuf 21 243 9867 243 9870 shares@akystocks.com
Abdul Majeed Zakaria 21 242 8184 amzhv@super.net.pk
Abid Ali Habib 21 241 7674
ACE Securities (Pvt.) Ltd. 21 244 4313 242 6900
Adam Securities (Pvt.) Ltd. 21 242 0909 243 7380
Afroz Ali Merchant 21 241 7434
Akhai Securities (Pvt.) Ltd. 21 241 8672
Al-Asar Securities (Pvt.) Ltd. 21 243 6786 243 2086
Alfa Adhi Securities (Pvt.) Ltd. 21 242 2550 242 5669 info@alfa-tec.com
Alfalah Securities (Pvt.) Ltd. 21 242 2359 242 2358 smemon@alfalahsec.com
Ali Hassnain Yusuf Ali 21 244 1100 242 8488
Ali Husain Rajabali Ltd. 21 241 7601 242 0485 ahrl@cyber.net.pk
Al-Mal Securities & Services Ltd. 21 244 4829 242 7082 al-mal@cyber.net.pk
Altaf Adam 21 244 0242 242 7768 altafadam001@hotmail.com
Amanullah Haji Mohammed Marfani 21 241 6480 242 4363
Amber Haroon Saigol 21 567 0001
Amin Issa Tai 21 242 9505 242 3469
Amin Siddique Parekh Securities (Pvt.) Ltd. 21 241 1524
Amin Zakaria 21 241 0301
Ample Securities (Pvt.) Ltd. 21 244 6796 241 2412
AMS Brokerage (Pvt.) Ltd. 21 568 2349
AMZ Securities (Pvt.) Ltd. 21 241 8491 241 8495 info@amzsecurities.com
Apex Capital Securities (Pvt.) Ltd. 21 247 2390 247 2397
Aqeel Karim Dhedhi Securities (Pvt.) Ltd. 21 242 6651 242 6429
Arif H. Yousuf Saya 21 241 7393 242 7664
Arif Habib Securities Ltd. 21 241 5213 242 9653 ahsl@cyber.net.pk
Ashfaq Zakaria Ghory 21 242 0005
Asian Securities Ltd. 21 242 6649 587 0404 asian@khi.comsats.net.pk
Azee Securities (Pvt.) Ltd. 21 241 1698 241 0708 goldencapital@mail.com
Aziz Fidahusein & Co. (Pvt.) Ltd. 21 241 0091 241 5042
B&B Securities (Pvt.) Ltd. 21 241 0857
Bawa Securities (Pvt.) Ltd. 21 241 8253 241 0313 mhbawa@cyber.net.pk
Bilquis Saleem Gazipura 21 241 8903 242 2893 bsgkse@sat.net.pk
BMA Capital Management Ltd. 21 111 2622 243 7094
Capital One Equities Ltd. 21 241 2295 241 0470
Cliktrade Ltd. 21 537 9611 537 9669 info@cliktrade.com
Concordia Securities (Pvt.) Ltd. 21 242 4526 243 4832
Continental Capital Management (Pvt.) Ltd. 21 244 6723
D.J.M. Securities (Pvt.) Ltd. 21 244 1193 244 3541
Dalal Securities (Pvt.) Ltd. 21 241 9601 243 6565 msdalal@cyber.net.pk
Darson Securities (Pvt.) Ltd. 21 636 6655 631 4293
Dawood Mohammed 21 241 3931
Eastern Capital Ltd. 21 244 6265 244 6267 info@easterncapital.com
Elixir Securities Pakistan (Pvt.) Ltd. 21 240 1021 info@elixirsec.com
Escorts Investment Bank Ltd. 21 mailmanager@escorts.bank.net
Fawad Yusuf Securities (Pvt.) Ltd. 21 244 4554 242 8464 fysec@yahoo.com
FDM Capital Securities (Pvt.) Ltd. 21 242 7174 243 0302
Finex Securities Ltd. 21 242 9601 242 9607 fsl@finexsecurities.com
Firozuddin A. Cassim 21 241 5459
First Capital Equities Ltd. 21 242 5698 242 5329
First Equity Modaraba 21 567 2815 568 6116
First National Equities Ltd. 21 587 2697 583 5955 mticek@yahoo.com
Fortune Securities Ltd. 21 244 4228 244 4229
Friendly Securities (Pvt.) Ltd. 21 244 2174 244 2189 fsl@sat.net.pk
Ghulam Mohammed Ismail 21 241 7628 243 7135 gmismail-131@yahoo.com
Global Securities Pakistan Ltd. 21 244 3880 244 3889
H. M. Idrees H. Adam 21 242 5001
H. M. Younus Janmohammed 21 241 9885
H.H.K. Securities (Pvt.) Ltd. 21 111 6336
Haji Abdul Latif Suleman 21 243 1957 243 3767
Haji Anis Pardesi 21 242 8973 241 6450
Haji Ghani Haji Usman 21 247 0220 247 0090
Haroon Suleman 21 241 2622
Hussain Ebrahim (LATE) 21 241 7601 ahrt@cyber.net.pk
I.G.M. Securities (Pvt.) Ltd. 21 231 3850
I.I. Kodvavi Securities (Pvt.) Ltd. 21 244 6651 244 6655 uk143@hotmail.com
Intermarket Securities (Pvt.) Ltd. 21 242 8765 242 7388
Invest and Finance Securities (Pvt.) Ltd. 21 521 5091 520 0077
Invest Capital & Securities (Pvt.) Ltd. 21 521 5226 521 5200 research@investcapital.com
Investec Securities Ltd., (Suspended) 21 244 4428 244 4432
Iqbal Usman Kodvavi Securities (Pvt.) Ltd. 21 242 4144 242 9802 iuksec@hotmail.com
Irfan Mazhar Securities (Pvt.) Ltd. 21 244 6155 244 6157
Ismail Abdul Shakoor 21 242 4057 242 4043
PAGE 158

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Karachi Stock Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
Ismail Iqbal Securities (Pvt.) Ltd. 21 247 0998 247 0126 info@ismailiqbal.com
J.P. Morgan Pakistan Broking (Pvt.) Ltd. 21 242 6203
Jahangir Siddiqui & Co. Ltd. 21 243 1181 243 1178 info@jahangirsiddiqui.com
Jahangir Siddiqui Capital Markets (Pvt.) Ltd. 21 243 1181 243 1178 info@jahangirsiddiqui.com
Jan Mohammed A. Latif Nini & Sons (Pvt.) Ltd. 21 241 1284 242 0277 tufaily@cyber.net.pk
Javed Gulzar 21 630 7680
Javed Omer Vohra & Co. Ltd. 21 241 0849 241 5709 javcoltd.@hotmail.com
Javed Zakaria Gulabi 21 241 1492
KASB Securities (Pvt.) Ltd. 21 263 0202 kasbho@kasb.com
Kausar Abbas Bhayani 21 242 9774 242 1755 kabsec@cyber.net.pk
Khawaja Amir Ishaq 21 244 6581 244 6585
Lakhani Securities (Pvt.) Ltd. 21 241 3741 242 3467 chairman@kse.com.pk
Live Securities (Pvt.) Ltd. 21 241 9649 live@kalpoint.com
M. Nisar M. Usman (Ashrafi) 21 241 1617
M.A.N. Securities (Pvt.) Ltd. 21 241 0240
M.B.J. Securities (Pvt.) Ltd. 21 241 2265
M.M.S. Capital Securities (Pvt.) Ltd. 21 241 4829 242 7354
M.R.A. Securities (Pvt.) Ltd. 21 241 9138 241 7729
M.S. Securities (Pvt.) Ltd. 21 244 1777 243 8735
MAC Securities (Pvt.) Ltd. 21 244 6550 244 6559 mac_securities@yahoo.com
Mahboob Haji Hussain Shakoor 21 242 7740
Malik Khan Awan 21 241 5263
MARS Securities (Pvt.) Ltd. 21 244 6441 244 6441
MAS Capital Securities (Pvt.) Ltd. 21
Mazhar Hussain Securities (Pvt.) Ltd. 21 241 0456 241 7414 khisales@mzhsecurities.com
Memon Securities (Pvt.) Ltd. 21 241 7511 242 7841 amin_memon@hotmail.com
Mohammed Anis Ismail 21 242 9277
Mohammed Farooque Haji Abdullah 21 242 5147 242 9825
Mohammed Husain Ismail 21 241 7326
Mohammed Hussain Adhi 21 242 9042 242 8552
Mohammed Hussain Dawood 21 568 6001 barkat@dawoodgroup.com
Mohammed Saad Maniar 21 242 7414 243 7050
Mohammed Salim Kasmani 21 241 1460
Mohammed Siddiq Akbani 21
Mohammed Tariq Moti 21 241 3024
Mohammed Tariq Vohra 21 242 3278
Mohammed Yahya Godil 21 241 9438
Mohammed Yakoob A. Latif Nini 21 241 1284
Mohammed Younus Haji Ali Dangra 21 242 0990
Mohammed Yunus Tayub Patel 21 241 6647
Moosa, Noor Mohammed, Shahzada & Co. (Pvt.) Ltd. 21 244 1991 244 4115
Moosani Securities (Pvt.) Ltd. 21 240 0871 241 6004 info@moosani.com
Motiwala Securities (Pvt.) Ltd. 21 240 1933 242 9375 themotiwala.com
Muhammad Anaf Kapadia 21 111 6336
Muhammad Anas Kapadia 21 243 2368 anas@kapadia.com.pk
Muhammad Ayub Younus Adhi 21 241 2161
Muhammad Bashir Kasmani 21 241 1460
Muhammad Hussain Abdul Karim 21
Muhammad Javed Surmawala 21 241 3346
Muhammad Junaid Memon 21 243 6948 243 3748 ikbalg@cyber.net.pk
Muhammad Munir Muhammad Ahmed Khanani 21 244 3434 244 3434
Muhammad Nadeem Abdul Ghaffar 21 244 6131 244 6130 nadysf@cyber.net.pk
Muhammed Ashfaq Hussain 21 242 7814 mahussain@cyber.net.pk
Muhammed Salim Patel 21 241 7682
Muhammed Siddiq Suleman 21 244 3330 241 8791
Multiline Securities (Pvt.) Ltd. 21 244 0192 244 0191
Munaf Sattar Securities (Pvt.) Ltd. 21 242 2306 242 9078 ms-hoff@hotmail.com
Munir Khalid 21 244 3758 240 0997
Naveed H.M. Idrees 21 243 3830
Noman Abid & Company Ltd. 21 569 3580 568 0206 nomanabid.org.pk
ORIX Investment Bank Pakistan Ltd. 21 586 8862 asif@orixbank.com
Oriental Securities (Pvt.) Ltd. 21 244 6741 244 6750
Pak Meezan Securities (Pvt.) Ltd. 21 242 2226 241 5274
Prime Securities (Pvt.) Ltd. 21 243 7334 243 7336
Prudential Securities Ltd. 21 240 1660 242 8192
R.S. Securities (Pvt.) Ltd. 21 241 2266
R.T. Securities (Pvt.) Ltd. 21 111 2671 583 5958
Rafi Securities (Pvt.) Ltd. 21 242 4559 nrafi@cyber.net.pk
Roshan D/o. Abdul Shakoor 21 438 0742
S. Nasir Hussain 21
S.C. Securities (Pvt.) Ltd. 21 243 2367 242 1639 scs@cyber.net.pk
Sakarwala Capital Securities (Pvt.) Ltd. 21 241 1998 242 8303 rsebrok@pk.netsolir.com
Salim Chamdia Securities (Pvt.) Ltd. 21 243 8061 242 9078 sc-hoff@cyber.net.pk
Salim M. Sozer 21 241 1564 241 7306 salimsozer@hotmail.com
Salim N. Mukaty 21 763 4375 256 1050 smukaty@cyber.net.pk
Salman Services (Pvt.) Ltd. 21 242 5570
Sattar Chinoy Securities (Pvt.) Ltd. 21 242 9715 chinoy@gerrys.net
PAGE 159

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Karachi Stock Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
SAZ Capital Securities (Pvt.) Ltd. 21 243 7195 243 7194
Schon Capital Markets Ltd. 21 263 6000 263 6325
Security Investment Bank Ltd. 21 241 8410 241 8414
Sherman Securities (Pvt.) Ltd. 21 242 6002 241 7472
Siddiq Moti 21 241 5484 244 6536 siddiqmoti@hotmail.com
Sirajuddin Cassim (Pvt.) Ltd. 21 241 5459
Sohail Raza Moosani 21 240 0871 241 6004 sohail@moosani.com
Sultan Gulamhusein Dattoo 21 241 9713 243 9236 sajjad_d@cyber.net.pk
Tahir Shafique 21 242 9124 241 2337 tshafiq@cyber.net.pk
Tanveer Alam Mannoo 21 241 93936
Taurus Securities Ltd. 21 242 3772
Tewfiq Mohammed Amin Fikree 21 242 3113
Time Securities (Pvt.) Ltd. 21 timekse@hotmail.com
VSL Securities (Pvt.) Ltd. 21 217 398
Westminster & Eastern Financial Services Ltd. 21 242 9288 242 9292 wefs@fascom.com
Worldwide Securities (Pvt.) Ltd. 21 247 2067 247 2071
Yaqoob Habib 21 244 6100
Yusuf Ebrahim 21 244 1888 241 7660
Zafar Moti Capital Securities (Pvt.) Ltd. 21 241 0307 244 6536
Zahoor Abdul Ghaffar 21 241 9326
Zaitoon M. A. Shakoor 21 241 6629
Zane Rayomund Byramji 21
Zillion Capital Securities (Pvt.) Ltd. 21 242 9878 242 9073 member047@yahoo.com
Zohra w/o M. Siddiq Mayari 21 241 6665
Zubaida w/o. Esmail Ahmed Bagasrawala 21 242 9708 242 9709 bagasra@web.net.com.pk
Zubeda Abdul Sattar 21 242 2306
Kazakhstan Stock Exchange
Address: 67 Aiteke bi, 050000, Almaty, Republic of Kazakhstan Phone: (3272) 729 898 Fax: (3272) 720 925 E-mail: info@kase.kz, kase@kase.kz
Web Address: www.kase.kz Country Code: 7
Company’s Name City Code Telephone Fax E-mail Address
ABN Amro Asset Management 3272 581 505 643 878 aabk@kz.com
ABN Amro Bank Kazakhstan 3272 581 505 581 506 aabk@kz.com
Accumulative Pension Fund of Halyk Bank of Kazakhstan 3272 590 449 587 970 npfnbk00@halykbank.kz
AIM 3272 952 635 952 632 aim@aim.kz
Alash-Bank 3272 926 008 920 144 alashbnk@online.ru
Alfa-Bank 3272 920 012 507 803 inbox@alfabank.kz
Alliance Bank 3272 585 000 506 899 almt@alb.kz
Alliance Capital 3272 952 188 582 415 alc@alc.kz
ATFbank 3272 583 000 501 995 info@atfbank.kz
Bailyk Asset Management 3272 507 381 507 382 support@bailyk.kz
Bank Centrecredit 3272 588 955 692 624 info@centercredit.kz
Bank KASPIYSKIY 3272 501 820 509 596 office@bankcaspian.kz
Bank of China in Kazakhstan 3272 585 510 585 514 boc@itte.kz
Bank Turanalem 3272 505 101 505 110 post@turanalem.almaty.kz
CAIFC Company 3272 725 566 935 885 caifc@caifc.itte.kz
Central-Asian Trust Company 3272 736 051 731 398 catc@catc.nursat.kz
Centras Securities 3272 598.877 598 887 mail@centrascapital.com
Citibank Kazakhstan 3272 980 391 980 399 citybank.kazakhstan@citicorp.com
DB Securities (Kazakhstan) 3272 581 623 581 642 temirlan.omarzhanov@db.com
Demir Kazakhstan Bank 3272 508 550 508 525 demirbank@demirbank.kz
Development Bank Of Kazakhstan 3172 580 844 580 269 info@kdb.kz
Eurasian Bank 3272 508 606 508 650 info@eurasian-bank.kz
Eximbank Kazakhstan 3272 614 300 507 549 postmail@eximbank.kz
Fondovy Service 3272 587 079 582 936 fs@alar.kz
General Asset Management 3272 918 709 938 483 gam@gam.kz
Global Securities (Kazakhstan) 3272 582 888 581 661 postmaster@global.almaty.kz
Greenwich Capital Management 3272 739 820 581 293 greenwich@tenir.com
Halyk Saving Bank of Kazakhstan 3272 590 000 590 467 halykbank@halykbank.kz
Halyk Securities 3272 501 042
HSBC Bank Kazakhstan 3272 596 909 596 902 info@hsbc.kz
Informational-Discount Centre of the Property and
Privatization Committee of the Ministry of Finance 3272 676 410 509 002 iacentre@kazmail.asdc.kz
International Bank Alma-Ata 3272 507 231 503 749 iba-bank@banknet.kz
Kazakhstan Finance Company 3272 662 144 662 143 kfk@kaznet.kz
Kazakhstan-Ziraat International Bank 3272 506 080 506 082 kzibank@kzibank.com
Kazkommerts Invest 3272 596 200 596 726 general@kki.kz
Kazkommerts Securities 3272 596 708 596 727 enquiry@kazks.kz
Kazkommertsbank 3272 585 185 585 229 service@kkb.kz
Kazpost 3272 627 366 627 527 kazpost@kazpost.kz
KG Securities 3212 414 150 414 150 kgsecurities@nursat.kz
KIB Asset Management 3272 922 343 929 094 kibam@kibam.kz
Lariba-Bank 3272 491 432 496 421 lariba@asdc.kz
Money Experts 3272 503 577 582 421 rdaukenov@nurbank.kz
National Bank of Kazakhstan 3272 504 701 506 090 hq@nationalbank.kz
PAGE 160

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Kazakhstan Stock Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
Nauryz Bank Kazakhstan 3272 590 101 590 170 office@nauryzbank.kz
Nauryz Securities Kazakhstan 3272 590 199 590 199 nscorp@nauryzbank.kz
Neftebank 3292 436 161 436 145 neftebank@nursat.kz
Nurbank 3272 500 000 507 603 nurbankalm@asdc.kz
Premier Asset Management 3272 503 310 503 341 office@kupa.resmi.kz
RBNT Securities 3272 581 116 582 675 rbnt@nursat.kz
REAL-INVEST.Kz 3272 952 106 952 108 postmaster@realinvest.kz
RG Securities 3272 743 337 507 243 rgs@resmi.kz
Senim-Bank 3272 681 051 681 856 senimbank@itte.kz
State Accumulating Pension Fund 3272 432 411 509 135 gnpf@gnpf.kz
Tau Securities 3272 507 253 507 252 tausec@nursat.kz
Tcesnabank 3172 318 192 318 258 treasury@tsesnabank.kz
Temirbank 3272 587 888 506 241 board@temirbank.kz
Texakabank 3272 500 060 500 063 post@texakabank.kz
Turanalem Securities 3272 505 515 505 515 admintas@turanalem.almaty.kz
Valyut-Tranzit-Bank 3212 414 142 414 143 bank@valut-transit.kz
Visor Investment Solutions 3272 598 844 598 833 visor@visor.kz
Zhetusy 3272 670 312 500 898 zhetysu@mail.online.kz
Kyrgyz Stock Exchange
Address: 172 Moskovskaya St., 720010 Bishkek, Kyrgyz Republic Phone: (312) 665 059 Fax: (312) 661 595 E-mail: kse@kse.kg
Web Address: www.kse.kg Country Code: 996
Company’s Name City Code Telephone Fax E-mail Address
Aalam 312 284 530 284 610 aalam@imfiko.bishkek.su
Asko & Co. 312 544 242 544 216 anara@kse.kg
BNC Capital Management 312 663 660 667 211 bnc@transfer.kg
Capital 312 663 660 663 543 capital@elcat.kg
Chuiinvest 313 333 747 333 747 aip46@yandex.ru
JS Halyk Bank Kyrgyzstan 312 218 932 218 955 kairat@kairatbank.kg
Niet-Araket 312 428 893 548 760 naraket@infotel.kg
Senti 312 219 946 610 025 senti@infotel.kg
Lahore Stock Exchange
Address: 19, Khayaban-e-Aiwan-e-Iqbal, Lahore-54000, Pakistan Phone: (42) 636 8000 Fax: (42) 636 8485 E-mail: samir@lahorestock.com
Web Address: www.lahorestock.com Country Code: 92
Company’s Name City Code Telephone Fax E-mail Address
Abbasi & Company (Pvt.) Ltd. 42 723 6021 735 4538 abbasses@hotmail.com
Abdul Rasheed Janmuhammad 21 241 0427 241 6791 shakoo@khi.compol.com
Abdul Saeed 42 631 4551 631 4558
ABM Securities (Pvt.) Ltd. 42 631 0555 631 0557
Adam Securities (Pvt.) Ltd. 21 241 3580 243 7380
Adeel & Nadeem Securities 42 0300 8448 631 1409
Adeel Zafar 42 636 8222 630 8973
AFIC Securities (Pvt.) Ltd. 42 630 0101 630 0104 sajid717@hotmail.com
Aglam Global Links (Pvt.) Ltd. 42 5750808 575 8860 rahatzia2002@hotmail.com
Ahmad Khuli Khan Khattak 21 256 3138 256 4458
Ahmed Hasnain 42 575 8507 576 3950 ampl@nexlinx.net.pk
Ahsan Imtiaz Bhatty 51 227 8405 227 7307 bhatty@comsats.net.com.pk
Akram S. Mahmood 42 636 8909 636 7942
Al.Hamd Investment & Securities 42 630 956 636 8323
Allied Bank of Pakistan Ltd. 42 631 1426 631 1418
Al-Nakhal Securities (Pvt.) Ltd. 42 631 6719 631 6723 099@lahorestock.com
Altaf Adam 21 242 9541 242 9540 altafadam001@hotmail.com
Amer Securities (Pvt.) Ltd. 42 630 9687 630 9690 shahidmalikus@hotmail.com
Ammar-ul-Haq 42 636 2010 636 8782 ammarhaq@hotmail.com
Aqeel Karim Dhedhi 42 631 0526 636 8526 akd@lse
Arif Habib Securities Ltd. 21 241 5213 242 9653 ahsl@arifhabib.com.pk
Arif Latif 42 631 1611 636 0613
Arif Majid Chaudhry 42 631 1388 631 0401 safina20@hotmail.com
Asif Maqbool Sukhera 42 630 5663 6313803 ise002@hotmail.com
Atlas Investment Bank Ltd. 42 637 2110 631 1380
Ayaz Mahmood 42 799 2284 799 2233 ayazmahmood@fortricemills.com
Capital Vision Securities (Pvt.) Ltd. 42 637 2456 636 8466 cvsl@eudramail.com
Crescent Standard Brokerage & Investment Services Ltd. 42 630 8781 631 5728 cbisl@hotmail.com
Darson Securities (Pvt.) Ltd. 42 636 6655 631 4293 darson50@yahoo.com
Dooslani's Securities (Pvt.) Ltd. 42 637 5046 636 7999 dsbrokerage@hotmail.com
Dr. Arslan Razaque 42 588 4071 583 8683 arslanr@yahoo.com
Dr. Yasir Mahmood 42 631 4141 636 8908 info@dryasirmahmood.com
Engr. Mian Sajid Masood 42 631 3981 631 3985 msmasoo@ibm.net
ENGR Naveed Usman 42 627 9191 627 9050 naveedusman@hotmail.com
Escorts Investment Bank Ltd. 42 630 0757 630 0816 mailmanager@escortsbank.net
Farooq Ismail 21 111 0740 242 4043
Fidelity Leasing Modaraba 42 631 5768 630 4156
PAGE 161

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Lahore Stock Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
First Capital Equities Ltd. 42 111 2262 575 8656
First Equity Modaraba 21 244 6020 244 6024
First International Investment Bank (Pvt.) Ltd. 42 111 2342 111 5675
First Pakistan Securities (Pvt.) Ltd. 42 584 3721 586 0497 info@fpsl.com.pk
Gul Abdullah Dhami 42 636 8401 guldhami@hotmail.com
Gulrez Rashid 42 630 9851 630 9855 gulrezrashid@hotmail.com
H.Hatim H.Karim 21 921 7084 921 2374
H.S.Z. Securities (Pvt.) Ltd. 42 630 9438 630 9438 hameedghani@hotmail.com
Habib Ullah Sheikh 42 631 1383 636 8220 habib_ullah_sheikh@hotmail.com
Haji Abdul Sattar 42 636 8963 636 8829
Haji Ghani Haji Usman 21 247 0220 247 0209 sugar@cyber.net.pk
Hameed Mukhtar Chaudhry 42 637 5470 636 9088
Harvest Smartrend Securities (Pvt.) Ltd. 42 111 8000 631 4193 hss101@nexlinx.net.pk
Humayun Saeed Sheikh 42 630 4904 636 8679
Humayun Shahzada 42 631 0715 766 2939
Iftikhar Ahmad Malik 42 571 6134 571 1530 hisvil@brain.net.pk
Ilyas M. Chaudhry 42 111 1351 759 0376 info@cdl.com.pk
Invest & Finance Securities (Pvt.) Ltd. 42 631 6454 631 5598 ifs99pk@yahoo.com
Iqbal Y. Shajani 21 567 7105 568 1296
Jamshaid & Hassan Securities (Pvt.) Ltd. 42 637 1901 631 0154
Javed Ahmed 42 575 9621 571 0312
Javed Iqbal Securities (Pvt.) Ltd. 42 636 9112 636 9117 javediqbal@jis_lse.com
K.H.S. Securities (Pvt.) Ltd. 42 636 8436 636 8919 kevan-saleem@hotmail.com
Kamran Gulzar 42 111 5487 636 8552 kamran_lse@yahoo.com
Khalid Javed Securities (Pvt.) Ltd. 42 630 7680 636 9143
Khawaja Imtiaz Ahmad 42 575 6953 571 0604
Khawaja Sami Rashid 42 631 6611 631 6615 ksr608@hotmail.com
Khawaja Usman Arif 42 630 3213 630 9489 usmankhawaja11@hotmail.com
Maan Securities (Pvt.) Ltd. 42 630 8000 631 5558 maansecirities@hotmail.com
Malik Hamid Ali Noon 42 630 1804 630 1803 noonhan@hotmail.com
Maximus Securities (Pvt.) Ltd. 42 631 5772 630 9216 khangovernment@hotmail.com
Mazhar Hussain Securities (Pvt.) Ltd. 42 627 8787 631 7329 mudassar61@hotmail.com
Mazhar Rafiq (Engr.) 42 631 2222 636 8303
Mehdi Securities (Pvt.) Ltd. 42 627 8886 631 2198 mehdisecurities@hotmail.com
MGM Securities (Pvt.) Ltd. 42 627 9181 637 2475 mgmsecurities@yahoo.com
Mian Abdul Rauf 42 517 1313 517 6575
Mian Faisal Mahmood 42 637 6091 636 4745 lot3812@yahoo.com
Mian Khalid Bashir 42 631 2569 631 2567
Mian Nusrat-ud-Din 42 631 3995 627 9204 rabbana@brain.net.pk
Mian Tajammal Hussain 42 724 4181 724 2839 mthlhr@brain.net.pk
Mirza Yasin Mahmood 21 586 9398
Money Line Securities 42 627 9141 627 9144 moneyline_of_lse@hotmail.com
Moosani Securities (Pvt.) Ltd. 42 630 8848 637 2205 info@moosani.com
MRA Securities (Pvt.) Ltd. 21 243 3090 241 7729 owais_ra@hotmail.com
MTM Securities (Pvt.) Ltd. 42 636 9991 627 9101 mtmsecurities@hotmail.com
Muhammad Amer Riaz 42 631 0441 631 0719
Muhammad Ashraf Hussain Adhi 42 630 9432 636 8526 ashraf@ashrafadhitrade.com
Muhammad Ayub Chaudhry 42 636 8114 636 9096 mayub7862000@hotmail.com
Muhammad Hussain Adhi 42 636 9729 636 9728 hussainadhilse@hotmail.com
Muhammad Ilyaas Sethi 42 636 5756 636 8113
Muhammad Iqbal Khawaja 42 637 6808 631 5803
Muhammad Javed 21 111 5540 263 1021 javedkhanani@hotmail.com
Muhammad Saleem Adam 21 241 8903 242 2893 saleem@adamfamily.com.uk
Muhammad Sarfraz Ghumman 42 637 5501 637 5584
Muhammad Shabbir Malik 42 766 8188 763 6124 newmalik_traders@hotmail.com
Muhammad Shakeel 21 231 0153
Muhammad Tauqir Malik 42 631 1401 636 0438 malik_tauqir@hotmail.com
Muhammad Younus 42 631 5300 637 5599
Muhammad Yousaf Rao 42 630 8281 630 8973
Mumtaz Enterprises (Pvt.) Ltd. 21 241 2145 241 6104
Munir Khalid 42 636 8974 636 8976
N.H. Securities (Pvt.) Ltd. 42 723 5084 723 5083 hcc@pol.com.pk
Nadeem B.J. Sheikh 42 571 3625 571 3624 bjsheikh@cclpharma.com.pk
Naeem Anwar 42 630 8000
Najam Riaz Ghauri 42 637 1138 636 7976 najamriazghauri@hotmail.com
Naseer-ud-Din 42 631 5997 631 5998
Nasir Ali Shah Bukhari 42 111 2220 587 2640 nasb@kasb.com
Nayyar Sheikh Securities (Pvt.) Ltd. 42 631 6116 631 6448 nayyarssbh@hotmail.com
Networth Securities Ltd. 42 630 7701 630 7705 info@networth.com.pk
Pervez Ahmad 42 575 9621 571 0312
Pervez Iqbal 42 636 8155 636 9117 javediqbal@jis-lse.com
Plus Securities (Pvt.) Ltd. 42 630 9688 630 9687 dzm049@hotmail.com
Progressive Securities (Pvt.) Ltd. 42 630 8778 6317048 pspl056@hotmail.com
Prudential Securities Ltd. 42 637 5466 637 5980 pslpakistan@hotmail.com
Qasim Mahmood 42 637 2747 627 8999 qasim_m01@hotmail.com
Rahat Securities Ltd. 42 630 3876 631 4253 rahat_sec@hotmail.com
Ravi Securities (Pvt.) Ltd. 42 542 3378 542 3378
PAGE 162

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Lahore Stock Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
S. D. Mirza Securities (Pvt.) Ltd. 42 636 8975 636 9108 sdmirza@hotmail.com
S. Z. Securities (Pvt.) Ltd. 42 636 8973 631 5969 szsecurities@hotmail.com
Saliha Haroon 42 631 1372 631 0245
SAT Securities (Pvt.) Ltd. 42 637 5445 637 5450 sat@nak312.com
Seema Mubashir 42 765 5578
Shaffi Securities (Pvt.) Ltd. 42 631 1458 631 4730 shaffisec201@hotmail.com
Shahid Hassan Awan (Suspended) 42 631 6383 631 6389
Shahid Iqbal 42 636 8636
Shahid Mahmood 42 637 2747 627 8909 128@lahorestock.com
Shaukat Shafi 21 568 4901 568 3662 shzukatsharfi@fascom.com
Sheikh Abid Hussain 42 575 6161 575 3399
Sheikh Irshad Ahmad 42 636 8967 637 5484 englease@hotmail.com
Sheikh Muhammad Iqbal 42 586 2168
Shewani Securities (Pvt.) Ltd. 030 0946 0701
Shuaib Ullah Cheema 42 111 4448 571 0526 shuaib@siiag.com
Shukat Shaffi 21 568 4901 568 3662 shaukatshafi@fascom.com
Sohail Raza Moosani 42 630 8848 637 2205 sohail@moosani.com
Stock Master Securities (Pvt.) Ltd. 42 636 8030 636 7502 stockmasterlhr@hotmail.com
Switch Securities (Pvt.) Ltd. 42 584 3721 584 3730 switch.research@switch.com.pk
Syed Liaquat Ali Shah Naqvi 42 583 1644
Tariq Majid Chaudhry 42 637 5442 631 0401 safina20@hotmail.com
Techno Fundamental Securities (Pvt.) Ltd. 42 631 7351 631 7350 moatsimdm@hotmail.com
Trust Securities & Brokerage Ltd. 42 637 3041 637 3040 tsbl_lhr@hotmail.com
Usman Khalid 42 583 5345
Wasi Ullah Khan 42 636 7935 636 0067 wwasikhan@hotmail.com
Y.S. Securities & Services (Pvt.) Ltd. 42 636 8772 631 0186 yssecurities@shoa.net.pk
Zafar Iqbal Cheema 42 631 5555 630 4687
Zafar Moti 21 241 0307 244 6536 zafarmoti@hotmail.com
Zafar Securities (Pvt.) Ltd. 42 637 2470 636 8195 asim@zafarstocks.com
Zahid Ali Habib 42 242 9664 241 3822 aahkse162@yahoo.com
Senti 312 219 946 610 025 senti@infotel.kg
Macedonian Stock Exchange
Address: Mito Hadzivasilev Jasmin 20, 1000 Skopje, Republic of Macedonia Phone: (2) 312 2055 Fax: (2) 312 2069 E-mail: mse@mse.org.mk
Web Address: www.mse.com.mk Country Code: 389
Company’s Name City Code Telephone Fax E-mail Address
Bitolabroker 47 258 830 258 840 bbbroker@mt.net.mk
BRO-DIL 2 329 8850 311 8670 eli@bro-deal.com.mk
Broker-SB 2 329 5420 329 5551 broker@stb.com.mk
Eurobroker 2 321 5198 322 3397 eurobroker@mt.net.mk
Fersped-Broker 2 321 9333 221 9478 broker@fersped.com.mk
Investbroker 2 311 0280 311 0290 investbroker@investbroker.com.mk
Komercijalna Banka 2 321 8217 321 8222 tatjana.grncarova@kbnet.com.mk
MAK Broker 2 321 6310 311 6213 makbroker@mt.net.mk
Ohridska Banka 2 321 6250 322 2920 atanasovm@ob.com.mk
Postel Broker 2 322 4300 322 4300 palevski@postbank.com.mk
Sileks Banka 2 311 2297 322 4844 silbank@unet.com.mk
Teteks Kreditna Banka 47 203 691 203 692 tkbbroker@mt.net.mk
Tutunskabroker 2 313 3305 313 3464 tutbrok@mt.net.mk
Univerzalna Investiciona Banka 2 321 0911 321 0950 zvonko.stankovski@unibank.com.mk
Moldovan Stock Exchange
Address: 73 Stefan cel Mare Blvd., Chisinau 2001, Moldova Phone: (22) 277 594 Fax: (22) 277 356 E-mail: silvia@moldse.md
Web Address: www.moldse.md Country Code: 373
Company’s Name City Code Telephone Fax E-mail Address
Asito-Broker 22 270 552 270 552
Banca de Economi 22 241 103 244 731 bem@cni.md
Banca de Finante si Comert 22 220 080 221 660 fincom@scb.mldnet.com
Banca Sociala 22 225 185 220 070 oficce@socbank.md
Bonseron 22 537 121 537 121 bugaalex@mcc.md
Broker-Service 22 508 629 508 631 brokserv@moldtelecom.md
Brokwest 22 277 250 277 250 tervinwest@md.net
Businessbank 22 205 654 222 370 bank@businessbank.md
Daac Prom 22 755 932 746 397 nadea.ganya@daac-prom.com
Daac-Invest 22 713 419 746 397 invest@daac.md
Defend 22 537 128 537 121
Energbank 22 276 033 253 409 martino@energbank.com
Eurocreditbank 22 500 128 500 153 olegb@ecb.md
Eximbank 22 549 828 546 240 info@eximbank.com
Exiton-Sprad 22 531 761 531 761
Fincom 22 541 917 541 960 avmoldova@yahoo.com
Investprivatbank 22 279 523 540 555 ipb@ipb.md
Iuventus-DS 22 271 337 270 035 ghenadie@inteligent.org
PAGE 163

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Moldovan Stock Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
Mabrok 22 541 942 541 942
M-Invest 22 280 334 280 332
Mobiasbanca 22 256 325 541 974 vm@mbm.mobias.com
Moldindconbank 22 576 835 279 195 info@moldinconbank.com
Moldova-Agroinbank 22 220 671 226 162 lungu@maib.md
Oldex 22 270 024 542 966
Passim-Managerul Fondului 22 555 579 522 049
Proajioc 22 507 085 507 085
Proremiz 22 537 116 537 121
Real-Manager 231 61 279 60 2389
Unibank 22 226 631 220 530 iovu@unibank.md
Universalbank 22 295 786 212 056 ub@mail.universalbank.md
Val-Invest 22 449 113 449 180
Victoriabank 22 576 350 233 089 ispoiala@victoriabank.md
Mongolian Stock Exchange
Address: Sukhbaatar Sq.-2, Ulaanbaatar, Mongolia Phone: (11) 310 501 Fax: (11) 325 170 E-mail: mse@mongol.net
Web Address: www.mse.mn Country Code: 976
Company’s Name City Code Telephone Fax E-mail Address
Ajnai Invest 11 345 757 345 656 ajinve@yahoo.com
Altan Khoromsog 11 455 822
Altan San - 9911 8082
Argai Best - 9911 3297 ganaa3232@yahoo.com
Bat's Invest 11 320 773 343 477
Bidisec 11 321 763 321 763 bdsec@yahoo.com
Bulgan Broker 11 322 708 322 312 gbrsn@yahoo.com
Bumbat Altai - 9943 1203
Chandmani Bayan - 9525 3102
Darkhan Broker 11 328 970
Delgerkhangai Securities - 9525 2453 315 166
Erdenest - 9935 6857
Gendex 11 636 335 632 959 ubmanagement@mongol.net
Khansh Invest 11 684 596 khansh_invest2004@yahoo.com
Masdaq - 9525 2076 selbro@yahoo.com
Mergen Sanaa 11 451 626
Mongol Securities - 9525 2719 462 130 mirai@magicnet.mn
Monsec 11 323 090 monsec182004@yahoo.com
Munkhud - 9525 6869 munkhud@yahoo.com
Mutsa 11 369 377 300 799 munkhbold_m@yahoo.com
Nici 11 324 790 324 790 bursa@magicnet.mn
Sanar 11 462 634 sanar@yahoo.com
Tavan Bogd 11 35 1210 tavanbogd@mol.mn
Undurkhaan Invest 11 682 861
Zerged 11 367 609 tszerged@magicnet.mn
Muscat Securities Market
Address: P.O. Box 3265, Ruwi, Postal Code 112 Oman Phone: 2481-2607 Fax: 2481-7609 E-mail: msm.info.news@msm.gov.om
Web Address: www.msm.gov.om Country Code: 968
Company’s Name City Code Telephone Fax E-mail Address
Al Amin Securities 248 13738 15507 al-amin@omantel.net.om
Al Madina Financial & Investment Services 248 10859 10772 madinah@omantel.net.om
Al Shurooq Securities 247 89113 88882 sisco@omantel.net.om
Bank Muscat 247 80139 98220 aymanj@bankmuscat.com
Financial Corporation 248 116655 16611 fincorp@fincorp.org
Financial Services 248 17208 17205 finserv@omantel.net.om
Global Financial Services 247 00667 00662 gfioman@omantel.net.om
Gulf Investments Services 247 90614 90612 gisoman@omantel.net.om
International Financial Services 247 95186 95188 intfn@omantel.net.om
National Bank of Oman 248 11491 98647 nboinvest@nbo.co.om
National Securities co. 245 71340 68737 nscoman@omantel.net.om
Oman Arab Bank 247 97428 93953 bataineh@omantel.net.om
Q Invest 248 15580 17483 qurumfin@omantel.net.om
United Securities 247 88647 88671 info@usoman.com
Vision Investment Services 248 12860 08088 visoman@omantel.net.om
Palestine Securities Exchange
Address: Al Qasr Bldg., Rafidia, P.O. Box 128, Nablus, Palestine Phone: (9) 237 6666 Fax: (9) 237 5945 E-mail: pse@p-s-e.com
Web Address: www.p-s-e.com Country Code: 970 or 972
Company’s Name City Code Telephone Fax E-mail Address
Al-Watanieh Securities Company 2 298 0420 298 7277 watanieh@palnet.com
Global Securities Company 9 238 7880 238 5060 almya_sec@yahoo.com
Jordan & Palestine Financial Investment Company 2 298 7778 298 7779 jopfico@palnet.com
PAGE 164

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Palestine Securities Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
Sahem Trading & Investments Company 2 296 5710 296 5713 sahem@sahem-inv.com
Target Investment & Securities Company 9 238 6111 238 6119 al-hadaf@targetinvest.com
United Securities Company 2 240 3090 240 3430 united@palnet.com
Sarajevo Stock Exchange
Address: Fra Andela Zvizdovica 1A/X, 71000 Sarajevo, Bosnia and Herzegovina Phone: (33) 251 462 Fax: (33) 251 478 E-mail: contact@sase.ba
Web Address: www.sase.ba Country Code: 387
Company’s Name City Code Telephone Fax E-mail Address
AW Broker d.o.o. Sarajevo 33 258 400 258 940 alma.i@aw-broker.ba
BIFIM - Berzansko Posrednika Kuca d.d. Bihac 37 320 175 328 025 bifim@bih.net.ba
Bond Invest d.o.o. Mostar 36 333 745 316 612 bond.invest@tel.net.ba
BS-Broker d.d. Sarajevo 33 715 410 713 920 com@bsbroker.co.ba
Credos d.o.o. Sarajevo 33 266 460 266 460 info@credos.ba
Dionica d.o.o. Tuzla 35 315 500 315 501 dionicatuzla@hotmail.com
Ebrokers d.o.o. Za Brokerske Poslove Sarajevo 33 714 370 714 371 ebrokers@iweb.ba
Eurohaus d.o.o. Sarajevo 33 720 900 710 611 jasmina.h@eurohaus.ba
FIMA International d.o.o. Za Promet Vrijednosnih Sarajevo 33 710 840 710 842 info@fima.ba
Hypo-Alpe-Adria-Vrijednosnice d.o.o. Mostar 36 449 500 449 502 vrijednosnice.bih@hypo-alpe-adria.com
ICM d.o.o. Sarajevo 33 296 642 296 647 info@icm.ba
Kapital Brokers Bihac 37 228 308 228 272
Market Bull d.o.o. Sarajevo 33 266 970 258 070 info@market-bull.co.ba
NBC d.o.o. Sarajevo 33 550 130 550 142 info@nbc-bih.com
Palisaen d.o.o.Sarajevo Brokersko Dilerska Kuca 33 776 171 776 173 info@palisaen.ba
Raiffeisen Brokers d.o.o. Sarajevo 33 296 546 296 553 info@rbr.ba
VGT - Broker d.d. Visoko 32 730 540 730 541 vgt@vgt-broker.com
Tehran Stock Exchange
Address: 228, Hafez Avenue, P.O Box 11355-399, IR-11389 Tehran, Iran Phone: (21) 670 8385 Fax: (21) 671 0111 E-mail: int.dept@tse.ir
Web Address: www.tse.ir Country Code: 98
Company’s Name City Code Telephone Fax E-mail Address
Aban 21 674 0426 671 5666
Amin Sahm 21 672 6505 670 6487
Armoun Bourse 21 871 8056 871 8879
Arya Novin 21 882 9996 884 2470
Asel 21 871 5847 871 5847
Atieh 21 671 6285 670 1235
Atisaz Bazar 21 670 4610 672 4891
Badreh Saham 21 871 1083 870 1256
Bahman 21 896 2912
Bank Eghtessad Novin 21 674 2774 674 2960
Bank Keshavarzi 21 872 0381 872 0382
Bank Maskan 21 872 0383 872 0384
Bank Mellat 21 671 4993 671 4995
Bank Melli Iran 21 870 7324 872 2189
Bank Refah Kargaran 21 872 6153 855 0108
Bank Saderat Iran 21 872 6157 872 6158
Bank Saman 21 877 4669 877 4671
Bank Sanat va Madan 21 670 3633 670 4198
Bank Sepah 21 872 6057 872 6058
Bank Tejarat 21 872 0379 855 5338
Bank Towse-e Saderat Iran 21 872 7690 870 1161
Bazare Saham 21 225 4129 225 4165
Behgozin 21 671 8408 671 8408
Bourse Bimeh Iran 21 897 3529 896 4040
Boursiran 21 883 2860 881 0329
Donyaye Khobreh 21 672 4001 672 4003
Ebraz 21 672 5132 672 5133
Etminan Sahm 21 672 8080 672 8081
Ganjineye Saham 21 672 4916 673 8073
Golchin 21 672 4809 671 8748
Hafez 21 875 4916 875 4918
Imen Bourse 21 674 0877 670 5293
Iran Sahm 21 871 6433 871 6434
Jahan Sahm 21 670 7888 672 6650
Karamad 21 672 4875 676 0586
Khobregan Saham 21 671 7760 672 4958
Kimia Sahm 21 672 4997 670 5483
Mahake Sahame Sanayeh 21 672 5706 672 5708
Meyar Saham 21 672 4124 672 2502
Moein Sahm 21 671 6945 672 4978
Mofid 21 673 0700 672 6499
Moshaveran Saham 21 870 1365 870 1398
Nahayat Nagar 21 673 9101 672 4859
Noandishan Bazar Sarmayeh 21 873 9378 873 9378
PAGE 165

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Tehran Stock Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
Omran 21 672 4809 671 8901
Pars Nemoudgar 21 671 4952 671 4955
Rahbord Sarmayegozari 21 672 4850 672 7702
Rahnamaye Sarmayegozaran 21 670 2570 672 6011
Saham Barez 21 673 1315 671 5372
Saham Pajoohan Shayan 21 671 7751 673 5361
Saham Pouya 21 671 8062 672 4120
Sahm Andish 21 672 8273 672 9041
Sahm Ashena 21 672 4908 671 7217
Sahm Azin 21 873 1215 874 1331
Sahm Yar 21 871 0357 871 0357
Sarmayegozari Melli Iran 21 890 2976 891 9661
Sarmayeh va Danesh 21 891 5067 890 7228
Shakhes Saham 21 879 7885 879 7884
Simabgooun 21 672 4995 670 1411
Tadbirgar Sarmaye 21 888 2265 888 2290
Torbati 21 670 5889
Towse-e Sarmaye Donya 21 672 9121 672 9122
Tirana Stock Exchange
Address: Rruga "Kavajes", P.12-katesh, Tirana, Albania Phone: (4) 271 849 Fax: (4) 271 850 E-mail: tseinfo@abcom-al.com
Web Address: www.tse.com.al Country Code: 355
Company’s Name City Code Telephone Fax E-mail Address
Ballkan Group 01 4 272 722 g_ramaj@hotmail.com
Italo-Albanian Bank (BIA) 4 233 966 225 700 biatia@adanet.com.al
National Commercial Bank (BKT) 4 222 8743 237 570 info@bkt.com.al
Triumf Group 4 256 081 256 081 triumfgrupbk@yahoo.com
“Toshkent” Republican Stock Exchange
Address: 10, Bukhoro St., Tashkent 700047, Republic of Uzbekistan Phone: (71) 136 0740 Fax: (71) 133 3231 E-mail: info@uzse.uz
Web Address: www.uzse.uz Country Code: 998
Company’s Name City Code Telephone Fax E-mail Address
Gallabank 71 133 4245 136 1105
Pakhtabank 71 781 296 1208 818
Uzjilsberbank 71 133 1122 133 3089
Uzpromstroybank 71 120 4501 133 3240
Ukrainian Stock Exchange
Address:10 Rylsky Provulok, 01025 Kiev, Ukraine Phone: (44) 229 4158 Fax: (44) 228 5140 E-mail: use@ukrse.kiev.ua
Web Address: www.ukrse.kiev.ua Country Code: 380
Company’s Name City Code Telephone Fax E-mail Address
A.I.S.T. Invest 44 244 9758 244 9758
ABD Trade Co. 44 554 7365 554 7395
Absolut Investments 0322 97 0989 39 5334 jurist@kubok.com.ua
Agio Bank 44 244 3309 234 2143 agio@aggio.kiev.ua
Ajko 522 235 583 236 398
AlfaBank 44 490 4600 490 4601 mail@alfabank.kiev.ua
Alter-Brok 44 231 4916 231 4916
ARMA 44 246 6707 246 6708 info@arma-bank.com.ua
Autozaz Bank 612 172 966 172 961 nva@avtozazbank.com
Aval Bank 44 290 8888 490 8938 tshovkun@aval.ua
Avtomobilnaya Fondovaya Company 57 7140 014 7140 014 konivtsova_ol@ais.com.ua
Ayaks 572 940 951 943 772 ayax1@ua.fm
Bank of Regional Development 44 494 4847 494 4847 krv@brr.com.ua
Brokbusinessbank 44 206 2959 459 6747 bank@bankbb.com
Brooks 562 341 877 341 271 bod@fargo.com.ua
Capital Management Group 629 343 093 412 853 roman@adk.ru
Capital Market 57 7140 014 7140 014 shophul@ais.com.ua
Corporate Investments Agency 44 248 9186 248 9188
Demark Bank 4622 164 686 178 055 invest@demark.cn.ua
Dikom 62 337 0773 332 2595 sekretar@dikom.donetsk.ua
East-European Bank 44 205 4270 205 4270 tfo@eebank.com.ua
East-European Investment-Innovation Co. 44 229 4088 229 4088 ceiik@mail.ru
East-Makler 57(2) 712 1848 219 9761 studik@east.kharkov.ua
Ekspert 44 455 6853 240 9783 ekspert@zeoz.net
EnergoProekt 44 456 3479 456 3479 ua_servic@ua.fm
European 572 282 287 282 006 bank@euro.kharkov.ua
Fagot 44 451 5698 451 5698 klondik@list.ru
Finkom Trading 564 260 905 260 905 kulakov@finfox.com.ua
Finoks 564 262 586 262 586 finox@alba.dp.ua
Finance Comerz 57 757 8335 757 8336 veb@lintec.net.ua
PAGE 166

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Ukrainian Stock Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
Financial Co. Bukva 44 537 5154 537 5154 alice@ukrprombank.kiev.ua
Finansovyy poserednyk 44 453 3010 453 3010 vocatio@ukr.net
Finansy ta Credyt Bank 44 490 6870 484 2571 common@fc.kiev.ua
Flayton 482 250 202 250 202 kiyanitsa@ukr.net
Fondova Grupa 44 462 0325 462 0319 stockgrp@i.kiev.ua
Fondova Spilka 44 538 0979 538 0979 fondova_spilka@ukr.net
Fondovaya Co. Faforit 44 458 0545 458 0545 favorit@visti.com
Fondovi technologii 44 552 8078 552 8078 michel_2001@mail.ru
Garantinvest 57 7730 994 7730 994 offert@.vi.kharkov.ua
Gelikon 4622 710 15 710 15
General Investment Co. 44 455 6766 464 5961 gic@i.kiev.ua
General Investments 572 282 264 282 266 globalin@utel.net.ua
Golden Gate Business 44 201 2020 201 2023 inbox@iukr.com.ua
Grand Finance 44 241 8741 241 8743 office@smaster.com.ua
Indexstocks 571 7578 145 7578 146 promeko@list.ru
Industrialno-exportnyy bank 44 494 1506 494 1506 babich@lindex.com.ua
Invest Trade 44 416 7113 416 1559 mail@abiter-pro.org
ITT Invest 44 246 6841 277 2112 office@itt-invest.kiev.ua
Jerom Securities 44 206 5450 206 5450
Joint-Stock Commersial Prominvest Bank 44 229 8303 229 1456 piboo@courier.pfts.com
Komex Securities 44 220 9588 227 7022 natasha@comex.com.ua
Konfo 44 464 7692 464 7692 confo@petrovka.kiev.ua
Kredo Invest 612 134 909 134 909 kredo-invest@optima.com.ua
Krok-MT 3422 40 056 76 261 krok-mt@il.if.ua
KUB 44 296 5228 296 5228 office@kub.com.ua
Kupava 44 268 2194 269 9814 kupava@i.kiev.ua
Laverna 44 466 7312 466 7312 bbp@dobrobut.kiev.ua
Legbank 44 227 9570 227 9519 vsi@legbank.kiev.ua
Lvivski Securities 322 970 668 970 668 safin@utel.net.ua
MAST 57 7140 643 7140 956 yulia@mast.kharkov.ua
Mega Invest 44 272 6053 272 6053 mega-invest@ukr.net
Morskyy Bank 692 458 570 458 570 root@ambank.sebabtopol.ua
Mortransbank 482 301 300 301 301 office@mtb.com.ua
Mriya 44 244 6199 216 6543 postmaster@mriya.com
Mriyafinance 44 265 0841 265 0841 Inna@kcp.kiev.ua
MTbank 536 796 277 797 277 bank@mt-bank.com
Nadra 44 238 8477 205 3011 info@nadrabank.kiev.ua
Narodna Invest Co. 57 7195 074 7195 074 nicom@velfon.kharkov.ua
Noosfera 44 537 3245 575 1716 bormih@ukr.net
NPK Invest 57 7005 011 7005 012 npkinvest@vlink.kharkov.ua
Ometatrust 44 228 4598 228 4563 ometa@jt.com.ua
Oniks-Iva 3422 311 55 323 20 princom@com.if.ua
PKTB-Securities 44 496 0115 496 0115 fctb@fctb.com.ua
Polikombank 462(2) 74 895 101 513 fond@poli.com.ua
Privatbank 562 390 718 680 514 slava.derishev@pbank.com.ua
Profesional-Brok 44 455 9419 455 9419
Renessans Capital Ukraine 44 230 9318 230 9319 custodu@comex.kiev.ua
Reserv 44 404 1039 404 1039
Ricabroker 44 416 8352 416 8352 rekabroo@courier.pfts.com
Rinkom Invest 44 544 5647 544 5647 sb@rin.com.ua
Roland 57 715 6622 715 6622 stanchev@dayard.com.ua
Securities of Ukraine 44 412 8765 412 8765 securities@mail.ru
Selyanska Investment Co. 44 246 4897 234 6037 sincom00@courier.pfts.com
Sigma Fund 572 141 180 141 188 office@fsigma.kharkov.ua
SiriusSecurities 532 508 921 508 921 bk_sirius@mail.ru
Skhidinvest 44 416 5344 451 5813 ua_vostok@narod.ru
Sofiya Securities 44 244 2887 244 2996 sofiaoo@mail.ru
Stanislav D 342 554 222 554 222
State Oschadny Bank of Ukraine 44 247 8450 247 8515 butko@oschadnybank.com
Stock 564 260 807 261 561 stock@alba.dp.ua
Stocks 44 537 4380 566 9374 info@stocks.com.ua
Stocktrader 342(2) 43 033 785 328 strader@ivfukrpack.net
Stoik 57 757 4527 712 3386 stoik@vi.kharkov.ua
Stolichna Fondova Co. 44 249 3697 249 3697
Stolichnyy capital 44 235 3243 234 8161 broker-stk@skapital.kiev.ua
Syntez 44 461 7930 228 6400 bmw@syntez.kiev.ua
TAS Comerzbank 44 238 3883 238 3472 Borisov@tas-combank.com.ua
Tavrika Bank 692 2055 983 2055 983 turicheva@tavrika.kiev.ua
Technotern Invest 352 229 086 235 579 invest@tehnotern.com.ua
Tekt-Brok 44 201 6391 201 6392 office@tekt.com.ua
TradeInvest 44 290 5150 249 3697
Transferbutik 44 272 1748 272 1708 boutigue@skif.com.ua
Trick Ltd. 512 471 991 471 991
Ukrainian Depository Co. 44 451 4447 451 4447 tamara@urc.kiev.ua
Ukrainian Financial Group 44 251 8380 251 8353 cb@ufg-bank.com.ua
Ukrainian Fund of Promissory & Guarantee Notes 44 234 9567 229 8668
Ukrayinska Konzesiyna Company Ltd. 44 244 3222 244 0715 ucc@ucc.kiev.ua
PAGE 167

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005
Ukrainian Stock Exchange (con’t)
Company’s Name City Code Telephone Fax E-mail Address
Ukrayinski Securities 44 253 6863 206 3022 atucp@atucp.kiev.ua
Ukrayinsky Komunalny Bank 642 553 529 420 106 layner@ukr.net
Ukrayinsky Promyslovy Bank 44 537 5154 537 5154 salla@ukrprombank.kiev.ua
Ukrinbank 44 247 2182 247 2134 chuchko@ukrinbank.com
Ukrinvest 352 235 366 239 9777 ukrinvest@ua.fm
Ukrsotsbank 44 238 3243 269 1307 Info@ukrsotsbank.com
Universal Fondovy 44 268 5696 268 5696 kons_office@.ukr.net
Vabank 44 490 0662 216 0033 fom@vabank.com.ua
Vash Vybor 652 546 613 546 613 vibor@ip-ua.com
Vest Stock 312 612 181 619 277 weststock@utel.net.ua
Virabroker 44 490 2015 490 2015
Volodymyrskiy Bank 542 215 400 215 423 balans@vibank.ukrpack.net
Yuneks 44 462 5053 462 5053 fedorenco@unexbank.kiev.ua
ZdobutokInvest 44 451 2815 451 2816 dobutok-invest@ukr.net
Zagreb Stock Exchange
Address: Ksaver 200, 10000 Zagreb, Croatia Phone: (1) 468 6800 Fax: (1) 467 7680 E-mail: info@zse.hr
Web Address: www.zse.hr Country Code: 385
Company’s Name City Code Telephone Fax E-mail Address
Antea Brokeri d.o.o. 1 231 9715 232 0110 antea.brokeri@zg.t-com.hr
Auctor d.o.o. 1 481 4143 481 4143 auctor@auctor.hr
CBB Vrijednosnice d.o.o. 42 312 255 313 132 cbb@vz.t-com.hr
Centar Banka d.d. 1 480 3455 480 3441 mstrniscak@centarbanka.hr
Complete Line d.o.o. 44 523 062 524 116 cl@comlinebrokers.com
Consult Invent d.o.o. 42 312 404 213 731 zvonka.martincevic@ci.tel.hr
Credos d.o.o. 1 236 3431 236 4433 suzana@credos.hr
Croba Vrijednosnice d.o.o. 1 239 1268 239 1170 lidija.zupanek1@crbanka.hinet.hr
EA Sistem d.o.o. 47 415 341 415 891 ea-sistem@ka.t-com.hr
ERSTE Vrijednosni Papiri d.o.o. 1 481 2014 481 2015 kajkutz@erstebank.com
Exportdrvo d.d. 1 456 0222 42 0004 dkobas@exportdrvo.hr
Fima-Vrijednosnice d.o.o. 42 390 996 390 990 dhorvat@fima.com
Fintrade d.o.o. 21 341 371 581 933 fintrade@st.t-com.hr
Hita Vrijednosnice 1 309 4555 309 6679 ivan@hita.hr
Hrvatska Potanska Banka d.d. 1 480 4659 487 3523 marko.wolfl@hpb.hr
HVB Splitska Banka d.d. 21 304 621 304 607
Hypo Alpe Adria Bank d.d. 1 235 8151 235 8199 damir.soic@hypo-alpe-adria.com
I.C.F d.o.o. 1 611 9393 611 9303 icf@icf.hr
Ilirika Vrijednosni Papir d.o.o. 1 480 8000 480 8020 ilirika@zg.t-com.hr
Interfinance d.o.o. 1 460 0800 460 0801 d.fuduric@interfinance.hr
Interkapital Vrijednosni Papiri d.o.o. 1 488 3772 481 2338 daniel.nevidal@intercapital.hr
Investco Vrijednosnice d.o.o. 1 481 1777 492 0711 ljiljana.blazev@investco.hr
Istarska Kreditna Banka d.d. 52 70 2340 70 2388
Karlovacka Banka d.d. 47 614 315 614 316 davorka.vidakovic@kaba.hr
Nova Banka d.d. 23 201 500 201 859
Podravska Banka d.d. 48 655 222 655 141 danijel.labas@poba.hr
Pozeska Banka d.d. 34 254 200 254 258 pozeska-banka@po.t-com.hr
Privredna Banka Zagreb d.d. 1 472 3380 472 3065 andreja.barisic@pbz.hr
Prva Generacija d.o.o. 1 461 2055 461 9761 prva-generacija@zg.t-com.hr
Raiffeisenbank Austria d.d. 1 489 0808 489 0820 kornelija.spacek@rba-zagreb.raiffeisen.at
Rast d.o.o. 42 231 605 231 611
Stedkapital d.o.o. 1 630 6666 618 7531 sted-kapital@stedbanka.hr
To One Brokeri d.d. 1 482 5885 482 5899 jurica.pevec@to-one.com
Trcin Vrijednosnice d.o.o. 1 492 0350 492 0351 trcin-vrijednosnice@zg.t-com.hr
Utilis d.o.o. 40 310 114 312 726 utilis@ck.t-com.hr
Volksbank d.d. 1 6001 226 6111 953 info@volbank.hr
Vrijednosnice Osijek d.o.o. 31 201 123 201 126 vrios@os.htnet.hr
Zagrebacka Banka d.d. 1 610 4770 610 4876 ddoko@zaba.hr
PAGE 168