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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 2005 FEDERATION OF EURO-ASIAN STOCK EXCHANGES THE ORGANIZATION WORKING COMMITTEE MEETINGS – 10-11 MAY 2004 – MUSCAT, OMAN The first working committee meetings of 2004 were held in Muscat, Oman on 10-11 May, 2004 at the invitation of the Muscat Securities Market. All three Working Committees focused on issues mandated by the General Assembly in 2003 and the Secretariat prepared a report to participants. JOINT WORKING COMMITTEE AND EXECUTIVE COMMITTEE MEETINGS 14-15 DECEMBER 2004 – ISTANBUL, TURKEY The second combined working committee meeting of 2004 was held in Istanbul, Turkey on 14-15 December, 2004 at the invitation of the Istanbul Stock Exchange. The combined Working Committees focused on issues mandated by the General Assembly in 2003 and the Secretariat prepared a report to participants. During this meeting, Amman Stock Exchange was elected as the new head of the Working Committee. In addition, the President of FEAS, Mr. Osman Birsen, initiated a circular resolution in order to allow members to vote on the applications of 6 affiliate members. Based on the circular resolution, 6 new affiliate members were admitted to FEAS: • Central Securities Depository AD Skopje, Macedonia • Central Depository Company of Pakistan Limited • Central Depository of Armenia SRO • ISE Settlement and Custody Bank Inc., Takasbank, Turkey • Securities Depository Center of Jordan • Tehran Stock exchange Services Company, Iran 10TH ANNUAL GENERAL ASSEMBLY/EXECUTIVE COMMITTEE MEETINGS 16-18TH SEPTEMBER 2004 – ZAGREB, CROATIA The 10th Annual General Assembly of FEAS was held in Zagreb, Croatia on September 17th at the invitation of the Zagreb Stock Exchange. In addition the 10th Executive Committee meeting and a Joint Working Committee meeting were held prior to the General Assembly on September 17th. The meeting was opened by the Croatian Assistant Minister of Finance, Mr. Ante Zigman who spoke of Croatia’s positive feedback on its application for membership into the European Union (EU) and how Croatia’s program of economic growth and stability, reforms and institutional strengths could be an example to other countries applying to the EU in difficult economic times. Main decisions and topics of discussion included: • acceptance of the following new members - Abu Dhabi Securities Market - Banja Luka Stock Exchange - Belgrade Stock Exchange - Sarajevo Stock Exchange applications; PAGE 6 • amendment of the FEAS Charter to allow for affiliate members; • adoption of the proposed 2005 mandates for the Working Committee; • extension of the FEAS bilateral exchange program between members; • adoption of the 2005 budget, audited statements and 2004 year-end forecast; • review of the 2004 accomplishments including the status of special projects with the OECD, the SECI and the Trading Survey and Revenue and Expense Analysis; and • adoption of the dues restructuring for 2005, among other topics. Elections: President and Vice President of FEAS The General Assembly elected the President and Vice President of FEAS for a two-year term ending May 2007 as follows: The President will remain the Istanbul Stock Exchange, The Vice President is the Zagreb Stock Exchange. 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, yearto-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. CONTRIBUTORS Please visit our Contributors’ sites. Contributors can be seen on the FEAS website at: http://www.feas.org/Contributors.cfm. 2004 Contributors to FEAS are: Computershare Markets Technology: www.computershare.com Tata Consulting Services: www.tcs.com Dow Jones Indexes and STOXX Ltd. www.stoxx.com Garanti Securities www.garantisecurities.com Takasbank: www.takasbank.com.tr Is Investment: www.isinvestment.com DenizBank FSG: www.denizbank.com TurkDEX: www.turkdex.org.tr Tayburn Kurumsal: www.tayburnkurumsal.com FEAS REGION OUTLOOK Gokce Kabatepe, Managing Director Corporate Finance Raymond James Securities - Turkey With the inclusion of the first-wave of European Union (EU) accession countries from the Eastern European region to the EU, expectations are continually increasing for the amount of FDI to be attracted by the region. Coming privatizations in many of the countries of the region should be the main drivers behind the increasing levels of Foreign Direct Investment (FDI) into the region. The involvement of international investors is highly encouraged in the still-ongoing privatization programs of these countries and the participation of the private sector in large infrastructure projects is still substantially important. Among the countries in the region, Turkey especially is showing extraordinary recovery in the aftermath of its own 2001 crisis. This recovery reached peak levels in 2004 and the economic stability reached such levels that the IMF has named Turkey “a country on a way to become a tiger economy”. Furthermore, the fact that the EU accession talks will begin in October 2005 has been a major booster for the Turkish economy. The Middle East region, on the other hand, is still driving up export earnings continually with the help of firm oil prices. The rise in oil prices is also helping to offset the rise in import demand in the region.
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 2005 FEDERATION OF EURO-ASIAN STOCK EXCHANGES Aril Seren Secretary General of FEAS and Senior Vice Chairman of the Istanbul Stock Exchange 2004 REGIONAL PERFORMANCE: With the increase in membership with 4 new members, the FEAS region continues to grow in both depth and breadth. The FEAS Region is represented by 28 members in 25 countries. Since 2000 FEAS member markets have continued to reorganize their traded companies which in turn, decreased the total number of companies traded by 18.8% to a regional total of 7,892, yet market capitalization has reached its highest level of US$ 307 billion with a remarkable increase from US$ 138 billion in 2000 or by 121%.* 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. It is nice to see that the negative impact of global events which took place in 2001 is gradually diminishing with an extensive boost since 2001 for stock, bond and other volumes at 160.1%, 689.1% and 75.5%, 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 2004, allocation of traded instruments remains almost same as compared to 2003, except that bonds turnover increased by 3% and ranked second whereas stocks turnover decreased by 3% and ranked third which was exactly the opposite in the previous year (2003). The largest growth in turnover volume is again bonds for the third straight year, representing a gain of over US$ 143 billion as FEAS REGION 2004-MARKET CAP. VS MONTHLY STOCK VOLUME (US$ Millions) 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 J F M A M J J A S O N D Market Cap. Monthly Stock Volume 30,000 25,000 20,000 15,000 10,000 5,000 0 With the increase in membership with 4 new members, the FEAS region continues to grow in both depth and breadth. The FEAS Region is now represented by 28 members in 25 countries. compared to 2003; however, as the 5-year statistical comparison shows, other trading volume continues to have the greatest US$ value at over US$ 1,100 billion; an increase of 54.6% as compared to 2003. 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 on member indices. Within the year-end closing value of 18 FEAS member indices, adjusted on an annual basis for currency fluctuations, only two posted net losses, while one member exceeded 170% for the year. *For individual member statistics, please go to the Member Profile sections in the following pages. FEAS REGION 2004-MONTHLY VOLUME (US$ Millions) 120,000 100,000 80,000 60,000 40,000 20,000 0 J F M A M J J A S O N D Stocks Bonds Other 2005 CALENDAR • 16-18 FEBRUARY FEAS/BULGARIAN SE IT CONFERENCE SOFIA, BULGARIA • 17-18 MAY WORKING COMMITTEE AND 13TH EXECUTIVE COMMITTEE MEETINGS TBILISI, GEORGIA • 24 JUNE FEAS/BUCHAREST SE CORPORATE GOVERNANCE SEMINAR BUCHAREST, ROMANIA • SEPTEMBER 14TH EXECUTIVE COMMITTEE MEETING AND 11TH ANNUAL GENERAL ASSEMBLY TEHRAN, IRAN • OCTOBER FEAS/BAKU SE FURTHERING OF REGIONAL COOPERATION BAKU, AZERBAIJAN • 11-15 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 2000 2001 2002 2003 2004 Stocks Bonds Other PAGE 7
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