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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
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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.