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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008FINANS ASSET MANAGEMENTExchange Traded Funds are liquid, easy to invest in and pricedcontinuously. They are also cost-efficient and transparent.Exchange Traded Funds and aRegional ApproachExchange Traded Funds (ETF) offer manyadvantages to investors. Investors can invest invarious assets with a single transaction. ETFsare liquid, easy to invest in and pricedcontinuously. Exchange Traded Funds are alsocost-efficient and transparent.Exchange Traded Funds have been developingrapidly since the beginning of the millennium.The number of exchange traded funds grewfrom 92 in 2000 to 1,171 as of end of 2007.In terms of listings, the numbers are even moreimpressive thanks to dual listings. Furthermore,total assets under management reached US$797 billion as of end of 2007, representing aten-fold increase during the same period.Rapidly growing ETFs both in number andAUM bring significant investment opportunitiesand investor activity into exchanges. As ETFsallow investors to capture the performance ofthe underlying assets and offer exposure tovarious regions, countries, sectors, assetclasses, they are heavily used by internationalinvestors as well. This paves the way forexchanges to attract investors from differentparts of the world.Increasing investor demand for variousinvestment strategies forced ETF issuers tolaunch ETFs with alternative investmentstrategies. Investment strategies offeringinternational exposure, regional diversificationand country based allocations are becomingmore popular due to increasing needs fordiversification. Along with expectations of aglobal slowdown and varying economicperformance of countries, it becomes moreimportant for investors to diversify. Indexproviders are also working on different indiceswhich use many countries and exchanges asunderlying assets.The global economic and investmentenvironment is evolving and this may createopportunities for Federation of Euro-AsianStock Exchanges members. An index basedon stocks listed on the FEAS memberexchanges would create a well-diversified andattractive investment product. Participation ofinternational investors would also increasethrough financial products based on the index.What Should the Index Look Like?A FEAS Index should include members whichcan provide continuous data. Correct dataplays a pivotal role and allows issuers todevelop financial products with highinternational standards. Companies to beincluded in the index should be selectedcarefully. A rule-based index would be moretransparent. Furthermore, a rule-basedapproach would pave the way for effectiveindex adjustments. Free float marketcapitalization and liquidity of stocks included inthe index should be sufficient enough todevelop a financial product.An Exchange Traded FundApproachAn exchange traded fund based on a FEASindex would create value for many participants.Members participating in the index will beoffering a very attractive product to investors oftheir respective markets. An ETF will also helpmembers expand the investment opportunitiesoffered through their exchanges. Members ofthe exchanges will effectively gain access to adiversified, attractive investment product andwill be able to attract more retail andinstitutional investors. Investors will be able toreach new investment products in a veryefficient and cost effective way. With a singletransaction, they will get exposure to variouscountries and companies. Fast execution willbe one of the key features of the ETF.Other Key Issues to ConsiderAn exchange traded fund based on a FEASindex will be a very easy-to-use and efficientproduct for investors. However, the project hasa significant and complicated infrastructure.Considering the fact that the ETF should belisted on various member exchanges, efficientsettlement and custody system should bedeveloped. Furthermore, access betweenmarkets in terms of trading, pricing andsettlement will result in an effective pricing forthe ETF. Effective pricing and liquidity will helpinvestors trade without any mispricing risk.Legal infrastructure should also be enacted inorder to protect investor and issuer rights andeliminate risks for the members.Advantages offered by exchange traded fundsbased on a FEAS index will attract investors. Itwill also fuel dynamism of cooperation andtrading among FEAS members.CONTACT INFORMATIONContact Name Mr. C. Ozgur Guneri E-mail ozgurg@finansportfoy.com Website www.finansportfoy.comPAGE 22
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008QUARTAL FLIFEToday the internet itself is known andaccepted as the best Investor Relations Tool.Claudia Breitenberger-CernyCEOIt is the essential multiplicator forprofessional Investor Relations work.Quartal Flife is the leading Specialist of OnlineInvestor Relations and Management Reportingin Europe serving listed companies in 19countries. Successful companies work todayin a global environment and the mostsuccessful companies need help in creatingtheir national and international capital marketcommunication, which is easy with the QuartalFlife way.We have a long track record in working withhundreds of global customers and more thanten years’ experience as a provider of online IRservices.As a solid and experienced provider, we havea long-term focus and a strong emphasis oncontinuous product development, and with ourservices second to none, we are a The Sourcefor all your online IR needs. In practice itmeans we have the skills and sustainability toremain and keep our customers on the leadingedge of the market.Our main goal is to have satisfied customers.A growing number of Customers rely on ourhigh-class Investor Relations services and withcontinuous product development, customersstay on top of the market, and are recognized.Yearly our customers receive over 200 IROnline awards.Quartal’s services allow you to take fulladvantage of the Internet as your primarychannel to investors as well as enhance yourtraditional IR processes. The importance ofopen corporate governance and accuratecommunication help you achieve your goals:• Attract new investors through open, reliableand accessible information• Meet the increasing demand for timely andreliable financial information - with reducedcosts• Enhance your internal reporting• Provide individual investors with easy-tounderstandand well-presented information• Allow analysts and investors to gather indepthinformation from you directly – not froma third party• Promote reliability through thoroughness andtransparency of information• Reduce expenses and workloadQuartal Flife Services in BriefShare Tracking – everything about yourshare• Share Ticker, Share Tables, Share Graphs orShare XML file• ShareMonitor – the interactive stock chartingtool• HistoricalPrice Lookup – Excel download ofhistorical share data• SMS Push – pushes your share active toyour subscribersFinancial Reporting – how to present yourfacts and figures• Dynamic eReport – your annual report online• Interactive FactSheet – contains all yourlatest figures and facts• CorporateChat – how to communicate onlinein a closed user group• eMailBroadcast – create your ownshareholder groupTransparency – when you want to knowmore• InsiderRegister – up to date insiderinformation• ShareHolder Register – up to dateshareholder information• MarketEstimates – consensus estimatesdirect on your screenManagement Reporting – not only for themanagement• SMS Push – releases and quotes directpushed to your mobile• WAP – releases and quotes by surfingmobile• ValueSimulator – how to calculate yourcompany value and the value driversCONTACT INFORMATIONContact Name Mr. Sami Kalliola E-mail sami.kalliola@quartal.com Website www.quartalflife.comPAGE 23
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