FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 5
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
SME Development: A meeting, entitled
“Business Incubation, Finance and Growth in
Emerging Markets”, was held in Istanbul on
16-17 September 2002. As a follow-up to the
2001 agenda, topics centered around the
successful implementation of similar financing
models and methods, used in developed
economies, with the goal of structuring a model
that can be applied to the FEAS region.
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 was set forth
as a basic set of legal and market guidelines,
covering key regulatory and institutional issues
such as regulation of and by stock exchanges,
institutional framework of stock exchanges and
operation of stock exchanges as well as clearing,
settlement custody, registration, issuers and
intermediaries. A self-assessment workshop on
FEAS member implementation of these best
practices will be held on 5-6 February 2003 in
Almaty, Kazakhstan.
Other Publications: In August 2002 a joint
OECD/FEAS effort produced the ‘Basic Elements
of a Law on Concession Agreements’. This
publication is in both Russian and English.
THE ORGANIZATION
Working Committee Meetings
15-16 July 2002 – Baku, Azerbaijan
The first working committee meetings of 2002
were held in Baku, Azerbaijan, on 15-16 July
2002 at the invitation of the Baku Stock and Baku
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.
On 28 August 2002, the Armenian Stock
Exchange (ARMEX) applied for membership in
the Federation and was confirmed unanimously
at the GA. ARMEX is the successor of the
Association of Securities Market Participants,
and on 13 February 2001 was formally registered
with the SEC as a self-regulatory organization
and is the only registered stock exchange in
Armenia. For additional information, please
contact [email protected] or see
www.armex.am
Elections:
President: The Istanbul Stock Exchange was
re-elected for an additional two year term until
May 2005.
Interbank Currency Exchanges. All three working
committees focused on issues mandated by the
General Assembly in 2001.
8th Annual General Assembly
6-7 September 2002 – Kiev, Ukraine
FEAS held its 8th Executive Committee meeting
and General Assembly in Kiev, Ukraine. The
President of the Ukraine, Mr. Leonid Kuchma,
SECI Model
SECI is the UN project titled 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. A trilateral meeting
betweenrepresentatives of the Athens, Istanbul
and Tel Aviv markets was held in Athens, Greece
28 June and in Istanbul, Turkey on 19 October
2002 to facilitate trilateral cooperation in the
areas of member-to-member cross trading,
common clearing and settlement systems,
creation and promotion of common indices as
well as the creation of a common fund to promote
the three markets. The targeted date to enable
cross-border trading is May 2003, subject to
consultations with local regulators.
New Member - ARMEX
Vice President: The Ukrainian Stock Exchange
(USE), headed by the Chairman, Mr. Valentin
Osklosky, was elected to the position of Vice
President for a two-year-term from May 2003 to
May 2005. In his remarks Mr. Osklosky
committed the USE, in its new role as VP, toward
promoting growth in the region.
The Karachi Stock Exchange (KSE), as a founding
member of the Federation and current VP until
May 2003, was recognized for its contributions
during its tenure.
Executive Committee: In recognition of their
contributions to the Federation, the Baku
Interbank Currency Exchange and the Lahore
and Mongolian Stock Exchanges were newly
elected to the Executive Committee for a two-
year term from 1 January 2003 to 31 December
2004. The Executive Committee members are:
Amman, BBVB, Bulgarian, Istanbul, Kazakhstan,
Kyrgyz, Lahore, Macedonian, Mongolian,
Tehran, Ukrainian and Zagreb Stock Exchanges.
2003 CALENDAR
opened the General Assembly. In his comments
Mr. Kuchma informed the delegation of the
developments of the capital market of the
Ukraine and the need for their cooperation with
the Federation to move their market toward
globalization. Also in attendance were
Mr. Koustantin Petrov, Deputy State Secretary
of the Cabinet Ministry and Mr. Igor
Paravishnikov, Deputy Chairman of State
Tourism.
6-7 February
Joint FEAS/OECD Working Group,
Best Practices for the Development of
Stock Exchanges in Transition Economies
Almaty, Kazakhstan
16-17 April
Working Committee Meetings w/World Bank
Video Conference Seminar Muscat, Oman
September
IT Conference/Training w/ Intermediary
Linkages Convention Istanbul, Turkey
17-19 September
9th Executive Committee Meeting &
General Assembly Sofia, Bulgaria