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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 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 28 members and 6 affiliate members in 25 countries. Membership in the Federation is open to emerging stock 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 28 members plus 6 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, between the FEAS members and their operating regions. Harmonization of rules and regulations and adoption of new technology, for trading and settlement, by member securities markets, will facilitate the objectives of FEAS by promoting the development of the member markets and providing cross border trading opportunities for securities issued within FEAS member countries. 5-YEAR STRATEGIC PLAN In accordance with the Mission Statement, the 5-year strategic objectives systematically CONTACT INFORMATION approach compliance within the long-term mission of the Federation and will be the key focus over the next 5 years. Objective I: Promote ‘corporate governance’ in 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 and achieve effective dissemination of information. Objective II: Achieve convergence among FEAS members in: • listing requirements, • the settlement cycle, and • trading rules and software. Objective III: Promote mechanisms for reliable, transparent and continuous trading and settlement. Objective IV: Create greater awareness and visibility for the region’s stocks and investment opportunities. Objective V: Help promote the listing in home markets of ‘investment grade’ companies in the region’s markets. Objective VI: Help create linkages among the region’s: • intermediaries, • data providers, • settlement and custody institutions, • stock exchanges; while • encouraging cooperation among 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 2004 achievements and provides a summary of continuing programs into 2005, as well as the strategic objectives over the next 5 years. 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. WORKING COMMITTEE During the President’s meeting held in Muscat, Oman in May of 2004, the participants of the President’s Meeting unanimously declared that FEAS would be operating more efficiently with its new structure; the General Assembly and the Executive Board as the decision making bodies, the single Working Committee and the Secretary General as the Executive bodies and the Task Forces as bodies of preparatory work towards attaining the objectives of the Federation. The proposals were all were adopted for recommendation to the General Assembly. The General Assembly in turn, ratified the new structure during the General Assembly Meeting held in September 2004 in Zagreb, Croatia. In the joint Executive Committee held in Istanbul, Turkey in December of 2004, Amman Stock Exchange was elected as the Chair of the Working Committee. At the same meeting, members recognized the importance of appointing a leader for each task force that would continue lead and facilitate the Task Force to achieve the objectives set out for it by the Executive Committee.
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 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, only the remaining 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 April/May time frame and the second publication would be available in electronic format in the September/October time frame. 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 will be 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. Task Force 0404 – Media (Led by Muscat Securities Market) It has been recommended for approval by the General Assembly that a group of FEAS instructors or program materials could be sent to the stock exchanges to increase the proliferation of Media related information and training materials. Media conferences will be held in Istanbul, Turkey and Muscat, Oman during 2005. Task Force 0406 – Regional Indices (Led by Tehran Stock Exchange) FEAS members have decided to create an index of FEAS members, a regional index. It is planned that this index will at first be noninvestable, but may at a later date be transitioned to an investable index. Additional funding and resources have been allocated to this task force based on the importance given to it by members. 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. 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. Further, Karachi Stock Exchange has volunteered to fund their country’s corporate governance expert to travel anywhere necessary to disseminate all relevant information about corporate governance that it has. The Bucharest Stock Exchange will also host a conference on Corporate Governance in June of 2005. 2004 Mandates: • Publication and Distribution of the Semi Annual Report in April/May 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 1999 through 2004; and • 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 beginning with 25% of FEAS members implemented by the 1st quarter 2004: Amman, Bulgarian, Istanbul, Lahore, Macedonian and Zagreb Stock Exchanges. In 4th quarter of 2004, Belgrade Stock Exchange implemented the FDC and 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://128.121.21.20/feasdatacenter.org/ 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 a 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
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