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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
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