JUNE 2013 - FEAS

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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013FEDERATION OF EURO-ASIAN STOCK EXCHANGESORGANIZATIONThe Federation of Euro-Asian Stock Exchanges(FEAS) was established with its head quartersin Istanbul on 16 May 1995 with 12 foundingmembers, and it has grown to 34 membersand 16 affiliate members in 30 countries as anot-for-profit organization. Membership in theFederation is open to exchanges in Europe andAsia as affiliate membership is available for posttrade institutions and dealer associations in thesame region.The governing body of FEAS is the GeneralAssembly, comprised of all 34 memberexchanges and 13 affiliate members. TheAssembly meets once annually in a membercountry to discuss major issues concerning theoperations of FEAS. The purpose of the meetingis to decide upon changes in the Charter andby laws, its annual budget and to approve itsactivity and financial reports as well as the AuditReport. The Executive Board, made up of 11members, is responsible for the development ofFederation policies, making major administrativedecisions, as mandated by the GeneralAssembly, approving the content and scopeof tasks assigned to the Working Committee,and making recommendations to the GeneralAssembly.The administration of the Federation is entrustedto the Secretary General, who is appointedby the General Assembly and whose office issituated at the headquarters of the Federation.Secretary General reports directly to theChairperson.MISSION STATEMENTThe mission of FEAS is to help create fair,efficient and transparent market environmentsamong FEAS members and in their operatingregions.FEAS aims to minimize barriers to trade throughthe adoption of best practices for listing, tradingand settlement. Federation also supportspromoting linkages among members for crossbordertrading.In accordance with the Mission Statement,5-year Strategic Objectives are set up to ensurecompliance with the long term mission of theFederation. These objectives are:Objective I: Promote good “corporategovernance” for exchanges, brokeragecompanies and listed companies. Facilitatetimely disclosure of material events to achievetransparency through effective dissemination ofinformation.Objective II: Encourage convergence amongFEAS Members in their: listing requirements,trading rules technical infrastructure andsettlement cycle.Objective III: Promote mechanisms for reliable,transparent and uninterrupted securities tradingand settlement.Objective IV: Create greater recognitionand visibility for the region’s securities andinvestment opportunities both locally andinternationally.Objective V: Encourage the listing of“investment grade” securities in the respectivehome markets of the Region.Objective VI: Encourage foreign investorparticipation in Member MarketsObjective VII: Promote linkages amongthe Region’s: intermediaries, data vendors,settlement and custody institutions, exchanges;and also encourage cooperation amongRegion’s Regulators.Objective VIII: Promote and encourageresearch activities and training for FEASMembers and their personnel.Objective IX: Assist Members of FEAS toincrease financial literacy through publicawareness.FEAS PROJECTS AND ACTIVITIESThis section highlights the summary ofcontinuing programs and the activities of theTask Forces during 2012.FEAS ONSITE TRAINING PROGRAMThe Federation of Euro-Asian Stock Exchanges(FEAS) launched an onsite training programin cooperation with its members in Turkey. Theprimary objective of the program is to provideparticipants with hands-on experience in peerinstitutions after a week long training program.The training will enable the participants to gaininsight and perspective on different levels ofthe securities working environment. Further, theparticipants will be able to mingle with eachother in exchanging views and ideas. Traineeswill be assigned mentors by the sponsorsduring the hands-on practice.At the end of the program, the mentor willconduct a report documenting the participant’sactivities and commitment whereas the fellowwill be asked to write a detailed report reflectingthe value-addedness and relevance of theprogram. Each participant will be awardedwith a certificate signed both by FEAS and thesponsoring institution.The first group of 10 different members weretrained in Istanbul in December 2011, whereIMKB hosted and sponsored the Onsite training.The second group of 10 different members weretrained in Tehran on November 2012, whereTehran Stock Exchange hosted and sponsoredthe program.It has been decided during the Executive BoardMeeting that, the third Onsite Training Programwill be hosted by Egyptian Exchange in Egypt inSeptember 2013.CONTACT INFORMATIONAs seen in the photo (from right to left)Ms. Ege Adalioglu, Deputy Secretary General - egea@feas.orgMr. Mustafa Baltaci, Secretary General - mustafa.baltaci@feas.orgMs. Aydan Bal, Coordinator - aydanb@feas.orgE-mail secretariat@feas.orgWebsite www.feas.orgFEAS regionPAGE 4
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013FEDERATION OF EURO-ASIAN STOCK EXCHANGESBILATERAL INITIATIVES PROGRAMThe Federation supports a fully funded bilateralvisits Program to facilitate visits of personnel ofFEAS members with each other for the purposeof exchange of information and experience onspecific topics of interest to both parties. Almostall Federation members have now participatedin this program, which continues during 2012.In 2012, 12 bilateral trainings have beensuccessfully completed.FEAS INDICESThree indexes were launched in June 2009;a composite, and two regional sub-indexes.The Dow Jones FEAS Indexes are designed tounderlie index-linked investment products suchas funds and structured products. Dow JonesFEAS Composite Index currently includes anumber of component stocks in 11 memberexchanges. In November 2011 a blue chipinvestable index was launched called the Titans50. The index universe is defined as all stocksin the Dow Jones FEAS Composite Index.Exchanges represented in the index are: AbuDhabi (UAE), Almaty (Kazakhastan), Amman(Jordan), Banja Luka (Bosnia and Herzegovina),Belgrade (Serbia), Bucharest (Romania), Cairo(Egypt), Istanbul (Turkey), Karachi (Pakistan),Manama (Kingdom of Bahrain), Muscat (Oman),Nablus (Palestine), Sarajevo (Bosnia andHerzegovina), Skopje (Republic of Macedonia),Sofia (Bulgaria) and Zagreb (Croatia). The 50Blue Chip companies which are in the indexwere selected based on a ranking which iscalculated by weighting each stock’s floatadjustedmarket capitalization at 60%, sales/revenue at 20% and net income at 20%. The top50 stocks by final rank are selected as indexcomponents.REVENUE AND EXPENSE REPORTIn line with the decisions of the 17th GeneralAssembly, the FEAS Secretariat conductedthe revenue and expense survey again in 2012covering the financials of 2007 and 2011. TheR&E Report of 2008-2012 will be conductedduring the General Assembly in November2013.WORKING COMMITTEEIn 2012, members convened twice to holdworking committee meetings. During themeetings in Istanbul on May 25, 2012reports were presented by the task forcesincluding Rules and Regulations and DealersAssociations Task Forces. Updates were alsoprovided by the Secretariat on the status of theFEAS Publications, FEAS Marketing Exhibitiontaking place during the WC and FEAS HistoryMovie updates, Bilateral visits, Draft FinancialReport 2012, FEAS Index and Calendar ofEvents.Bulgaria Stock Exchange hosted the workingcommittee meetings in Sofia on September20, 2012, prior to the General Assembly.The Secretariat provided the members withinformation on the latest activities mandated bythe working committee participants. Also thestatue has been revised and updated.Task ForcesThere are 2 task forces focusing on varioussectoral topics. Each task force is steered by amember who is expected to provide guidanceto task force members in producing studies onsector-related issues. The activities which havebeen undertaken by the task forces in 2012 areas follows:Task Force 0901 - Rules and Regulation (Ledby the Bulgarian Stock Exchange)During the meeting in Sofia, the Task Force (TF),members discussed and provided feed-backon the completed Rule Book. Together with 2revisions, it was further decided that the workof the task force should be broader than justthe PoMSaR and that other areas should beexplored for them to concentrate on, such ascoordinating the responses of FEAS membersto the IOSCO consultation reports.Task Force 1001 - Dealers AssociationsAffiliate, (Led by TSPAKB)The Task Force has created a draft survey oninvestor complaints. This survey has been sentout to all members including exchanges, posttrade institutions and dealer’s associations. Thesurvey based on the report has been conductedby the Leader of the Task Force. It was furtherdecided that this survey was conducted amongexchanges only, since there is only a limitednumber of dealers’ association member ofFEAS. The exchanges were encouraged to sendthe survey to financial intermediaries.It was noted that it would be very useful to havea set of standards or principles for dealing withinvestor complaints. The task force agreedto work on producing such a set of high levelprinciples that would be both clear and broadso as to be applicable across different regions.The Cross Market Interest survey will beconducted again because of the limitedresponse received. The Egyptian Exchangeand the Amman Stock Exchange will assist inthis survey both in encouraging members torespond and in compiling the results. It shouldbe further noted that the Egyptian Exchangeand Amman Stock Exchange are now membersof this task force.FEAS MEETINGS IN 2012Working Committee & 24th ExecutiveBoard Meetings on May 25, 2012 -Istanbul, TurkeyThe first working committee meeting of 2012was held in Istanbul, Turkey on the 25th May,2012 at the invitation of the Borsa Istanbul.The 24th Executive Board Meeting was heldon the 25th of May following the WC meeting.The Working Committee focused on issuesmandated by the General Assembly in 2011 andthe Secretariat prepared a report for participantsto discuss.WC & 25th Executive Board Meetingand 18th General Assembly Meeting -September 20-21, 2012 - Sofia, BulgariaThe 18th Annual General Assembly of FEAS washeld in Sofia, Bulgaria on September 21, hostedby the Bulgaria Stock Exchange. The WorkingCommittee and 24th Executive Board meetingwere also held prior to the General Assembly.PUBLICATIONS & INFORMATION• FEAS Library: The Library can be accessedthrough the Publications drop down menuon the main page at www.feas.org orthrough this link: www.feas.org/Library.aspx. The FEAS Library is open to expertsand organizations with financial marketrelated material. If you would like to makea submission to the FEAS Library, pleasesend your electronic files and links to theFEAS secretariat at secretariat@feas.org.• FEAS Year Book (FEAS BOOK) &Magazines (INTERFEAS): This publicationof annual activities of the Federation andinformation on its members, began in1997 and is available electronically onthe website: www.feas.org/Publications.aspx?Get=Annual%20Report&t=Pubs• FEAS Website: The FEAS website wasre-launched very recently and can be foundat www.feas.org. Then the site, including anew FEAS Statistics Page, was renewed.The new site contains a new home page,more concentrated emphasis on FEASmember data with profile pages, crossmember comparisons on statistical data,historical data and a News Center withheadlines from member markets.SUBSCRIBETo subscribe for the electronic version of FEASpublications, please go to www.feas.org andclick on subscribe. Subscriptions includemonthly notifications of statistics and newsletterupdates, as well as advance notice of FEASevents and activities.CONTRIBUTORSContributor sites can be seen on the FEASwebsite at: www.feas.org/Contributors.cfmFinans Asset Managementwww.finansportfoy.comIs Investmentwww.isinvestment.comTayburnwww.tayburnkurumsal.comPAGE 5
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