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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
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