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 25
members in 23 countries. Membership in the
Federation is open to emerging stock
exchanges in Europe and Asia. Until May, 2005
the position of President and Vice President will
be held by the Istanbul and Ukrainian Stock
Exchanges, respectively. The Governing Body
of FEAS is the General Assembly, comprised of
all 25 members, which meets once annually in a
member country. The Executive Committee,
made up of 12 members, is responsible for
developing 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 working committees: Rules &
Regulations, Technology and Marketing.
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
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.
REGIONAL DEVELOPMENT
Regional development highlights the 2003
achievements and provides a summary of
continuing programs into 2004, 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 2004.
WORKING COMMITTEES
RULES & REGULATIONS (R&RWC)
During 2003 the R&RWC made strides in areas
of “Best Practices” self-assessment workshops
to determine member adoption of the 28
guidelines, organization of a regional meeting of
top issuers, regulators and stock exchange
intermediaries and continuation of the stock
exchange revenue and expense analysis for the
Fiscal Year 2002 with comparisons to 5 previous
years – prepared by the FEAS Secretariat.
2004 Mandates:
• Completion of the ongoing revenue analysis
through 2003. Comparisons to World
Federation results are being explored.
• Member assessment on the implementation
of “Best Practices”, a joint FEAS/OECD
project, to be completed in 2004.
• Content review of the FEAS Rule Book to
bring it more in line with international
practices.
• Distribution, tabulation and reporting on the
results of the World Federation Trading
Survey with comparative results.
CONTACT INFORMATION
Contact Name
Mr. Aril Seren
Secretary General
E-mail
[email protected]
Website
www.feas.org
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
PAGE 4
MARKETING (MWC)
During 2003 the MWC continued to update the
regional marketing strategy in line with FEAS
marketing efforts and the new 5-year strategic
plan, including market linkages and assisted
with the implementation of the FDC by
assessing and testing data definitions and
updating reporting options.
2004 Mandates:
• Development of a regional marketing
strategy including preparations for a joint (top)
issuers/brokerage and intermediaries
conference in the region
•Completion and promotion of the FEAS
Yearbook 2003/2004.
•Continuation of the FEAS funded bilateral
exchange program into 2004. This project
promotes information/cultural exchange
between FEAS members.
•Promotion of FEAS members and their
investment products through the FEAS
website, specifically the utilization of the newly
implemented announcement section.
TECHNOLOGY (TWC)
In 2003 a methodology to facilitate the
implementation of the FDC, which is both easier
and at near zero cost to members, was
developed in the 4th quarter of 2002 for a 2003
implementation. Other achievements were to
provide up-to-date IT training for FEAS
members and to organize a team of IT and
business experts (from within FEAS members)
to provide expertise to those exchanges that
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 2004
bilateral initiatives program.
2004 Mandates:
• FEAS Data Center implementation of a 25%
completion rate in 2003,with the remaining
75% in 2004.
• Creation of a regional team of IT and
business experts to assist FEAS members
with specific issues from within their
exchange. The project will be funded through
the bilateral exchange program.
• IT training options to be combined with
regional IT conferences.
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 of 2004:
Amman, Bulgarian, Istanbul, Lahore,
Macedonian and Zagreb Stock Exchanges.