FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 4
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 24
members in 22 countries. Membership in the
Federation is open to emerging stock exchanges
in Europe and Asia. Until May, 2003 the position
of President and Vice President will be held by
the Istanbul and Karachi Stock Exchanges from
May 2003-May 2005, the position of President
and Vice President will be held by the Istanbul
and Ukrainian Stock Exchanges. The Governing
Body of FEAS is the General Assembly,
comprised of all 24 members, which meets once
annually in a member country. The Executive
Committee, comprised of 12 members, is
responsible for developing of Federation policies,
making major administrative decisions, as
mandated by the General Assembly, approving
the content and scope of tasks assigned to the
Working Committees and making
recommendations to the General Assembly.
Currently, the Federation has three (3) working
committees: Rules & Regulations, Technology
and Marketing.
REGIONAL DEVELOPMENT
Regional development highlights on 2002
achievements and a summary of continuing
programs into 2003.
Bilateral Initiatives Program
The FEAS funded 2002 Bilateral Initiatives
Program facilitates on a bilateral basis the
exchange of personnel of one FEAS member
with another for the purpose of exchanging
information and experience on a specific topic(s)
of interest to both exchanges. Over half the
Federation members participated in this project,
which will continue into 2003.
5-Year Strategic Plan
A new 5-year strategic (2003-2008) plan was
adopted by the General Assembly. Seven
objectives covering areas of corporate
governance, disclosure, dissemination,
transparency, trading systems, investor
awareness, regional visibility, listing, market
linkages within the region, research and training
were among the top priorities. A detailed plan
for the achievement of these objectives over the
5-year period is currently underway.
Working Committees
Rules & Regulations (RRWC)
During 2002 the RRWC made strides in areas
of data definitions and query prioritization for
the FEAS Data Center (FDC), completion of
the revenue/expense analysis for the years
1998-2000, adoption of Best Practices
(developed jointly by FEAS/OECD and the ISE)
in the area of corporate governance, and updates
to the FEAS Rule Book in the areas of trading,
clearing and settlement, derivative markets and
market linkages. For 2003 the mandates will be:
• “Best Practices” self-assessment workshop to
determine member development toward the
guidelines outlined in the joint FEAS/OECD/ISE
Best Practices for Stock Exchanges in Transition
Economies.
• Organization of meetings of top issuers,
regulators and stock exchange intermediaries
on a region level within the context of the joint
Istanbul Stock Exchange/OECD/FEAS project
on Private Sector Development.
• To organize a team of IT and business experts
(from within FEAS members) who will provide
expertise to those exchanges who have
specifically asked for assistance. Potential target
issues include FDC and CTP requirements to be
incorporated with, but not limited to: project
management, trading systems, back office
systems, market data and WAN and will be
administered within the 2002-2003 bilateral
initiatives program.
Seminars and Special Projects
IT Seminar (September - Kiev, Ukraine):
In September the post General Assembly
program included an IT seminar. Among the
guest speakers was Mr. Alexander de Lange,
Director of International Sales of Hewlett
Packard’s Capital Markets Solutions (CEEMEA)
Financial Services Team, which supports the
structuring of comprehensive solutions for
customers in the financial services arena.
• Continuation of the stock exchange revenue
and expense analysis for the Fiscal Year 2002 w/
comparisons to previous years.
Marketing (MWC)
During 2002 the MWC upgraded the content
and redesigned FEAS publications, specifically
the FEAS Year Book and the monthly newsletter.
On 31 July the new FEAS website was launched.
Sponsorship options were redeveloped and
offered internationally.
Alexander de Lange
Mr. de Lange targeted the current development
and need for market linkages in the FEAS region.
For the year 2003 the MWC will continue to: For more information, please see:
http://www.co.uk/infrastructure
• update the regional marketing strategy in line
with FEAS marketing efforts and the new 5-year
strategic plan including market linkages. OECD/ISE Private Sector Development
(PSD)
•assist with the implementation of the FDC by
assessing and testing data definitions and
updating reporting options.
Technology (TWC)
The main focus of the TWC over the last 4 years
has been in the design, development and
implementation of the FEAS Data Center (FDC)
among other priorities of IT programs and training
and market linkages. 2003 mandates include:
• A methodology to facilitate the implementation
of the FDC, which is both easier and at a near
zero cost to members, was developed in the 4th
quarter 2002 for a 2003 implementation.
• To provide up-to-date IT training for FEAS
members.
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.