FEDERATION OF EURO-ASIAN STOCK EXCHANGES
The FDC includes market statistics, company
data, ratios, stock price information, exchange
rates and sector data contained in 14 predefined
reports. To access the FEAS Data Center (FDC)
go to: http://64.78.38.242/reports/countrylist.asp
or go to www.feas.org and click on the FEAS
Members drop-down menu.
OECD/ISE PRIVATE SECTOR DEVELOPMENT
(PSD)
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.
SME Development: Regional work as the follow-
up of the meeting entitled “Business Incubation,
Finance and Growth in Emerging Markets” of
2002 was conducted. Emphasis was given to
the development of financing models and
methods for SME’s in Turkey, which can be
successfully applied to the FEAS region. The
project is to be finalized in a meeting to be held
in the spring of 2004.
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 were set
forth as a basic set of legal and market
guidelines, which cover key regulatory and
institutional issues. A self-assessment workshop
on FEAS member implementation of the best
practices on clearing, settlement custody, and
registration was held on 5-6 February 2003 in
Almaty, Kazakhstan. The working group made a
thorough evaluation of the assessment
methodologies developed by international
assessment organizations in order to come up
with a self-assessment method that targets
priorities applicable to the FEAS region. It was
decided that a draft questionnaire for self-
evaluation would be sent out to FEAS members
for their views. The results of this survey will be
published in the self-evaluation report in 2004.
SECI MODEL
SECI is the UN project, 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.
The SECI project is expected to be the
foundation of the FEAS common trading
platform. The initial stage of the SECI project is
the groundwork prepared by the Athens and
Istanbul Stock Exchanges. A MoU was signed
between regulatory bodies of the Turkish and
Greek capital markets in 2001, and working
groups from both exchanges examined issues
regarding technical links, regulatory
environment, and trading and settlement
procedures. Once all stages of cooperation and
linkages are implemented between Athens and
Istanbul, the other exchanges of the region will
be invited to join the existing set up.
As a side product of SECI, another initiative for
creating a common stock index of Greek,
Turkish and Israeli blue chips exists. The three
most important exchanges of South East
Europe-South East Mediterranean held a
trilateral meeting for the first time with the
objective of discussing ways to promote
cooperation.
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.
THE ORGANIZATION
WORKING COMMITTEE MEETINGS
12-13 JUNE 2003 - ISTANBUL, TURKEY
The first working committee meetings of 2003
were held in Istanbul, Turkey on 12-13 June,
2003 at the invitation of the Baku Stock and
Baku Interbank Currency Exchanges. All three
Working Committees focused on issues
mandated by the General Assembly in 2002 and
the Secretariat prepared a report to participants.
9TH ANNUAL GENERAL ASSEMBLY
EXECUTIVE COMMITTEE MEETINGS
18-19 SEPTEMBER 2003 – SOFIA, BULGARIA
The 9th Annual General Assembly of FEAS was
held in Sofia, Bulgaria on September 19th at the
invitation of the Bulgarian Stock Exchange. In
addition the 9th Executive Committee meeting
and a Joint Working Committee meeting were
held prior to the General Assembly on
September 18th. The meeting was opened by
the Bulgarian Deputy Prime Minister and Minister
of the Economy, Ms. Lidia Shuleva, who spoke
of the mutual benefit for regional capital market
development. Guests included Mr. Paul Arlman,
Secretary General of FESE.
Main decisions and topics of discussion
included:
• acceptance of the Bucharest Stock
Exchange application;
• adoption of the proposed 2004 mandates for
the Working Committees;
• extension of the FEAS bilateral exchange
program between members;
• adoption of the 2004 budget, audited
statements and 2003 year-end forecast;
• review of the 2003 accomplishments
including the status of special projects with the
OECD, the SECI and the World Bank Financial
Sector Learning Program;
• amendments to the Charter; and
• adoption of the dues restructuring for 2004,
among other topics.
New Member - Bucharest Stock Exchange
On 27 June 2003, the Bucharest Stock
Exchange (BSE) applied for membership in the
Federation and was confirmed unanimously at
the 9th General Assembly. The BSE was
re-established in April 1995, by a Decree of the
National Securities Commission (NSC), at the
request of 24 brokerage houses – the founding
members. The BSE is a self-financing and
self-regulating institution of public interest,
operating on corporate principles. Trading is
performed on the BSE in a dematerialized
environment. As of 30 September 2003, 112
companies were available for trading as well as
8 municipal bonds and 1 corporate bond issue.
Elections: Working Committees Chair
The Executive Committee elected the Chairs of
the three Working Committees for a two-year
term ending 31 December 2005 as follows:
Marketing Chair will remain the Amman Stock
Exchange, Rules and Regulations Chair will
remain with the Tehran Stock Exchange and
Chair of Technology will remain with the Istanbul
Stock Exchange.
2004 CALENDAR
2nd half of April
Joint FEAS/OECD Working Group, SME
Development Project
Istanbul, Turkey
8-11 May
President’s and Working Committee Meetings
Muscat, Oman
September
IT Conference/Training w/ CeBit Convention
Istanbul, Turkey
17-18 September
10th Executive Committee Meeting & General
Assembly
Zagreb, Croatia
18-19 September
FEAS/FESE/HP - IT Conference
Novigrad, Croatia
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
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