FEDERATION OF EURO-ASIAN STOCK EXCHANGES
all statistical data and cross member
comparisons on policies, practices and
statistical data, and a News Center with
headlines from member markets.
PUBLICATIONS & INFORMATION
FEAS Library: The Library can be accessed
through the Publications drop down menu on
the main page at www.feas.org or through this
link http://www.feas.org/Library.cfm. The FEAS
Library is open to experts and organizations
with financial market related material. If you
would like to make a submission to the FEAS
Library, please send your electronic files and
links to the FEAS secretariat at
[email protected].
FEAS Yearbook: This publication of annual
activities of the Federation and its members
began in 1997 and is now available
electronically on the website:
http://www.feas.org/Publications.cfm?Get=Year
book&Top=Pubs.
FEAS Website: the new FEAS website was
launched on 31 July 2002 and can be found at
www.feas.org. The new site now contains a
more concentrated emphasis on FEAS member
data with profile pages (including statistics,
holidays, market policies and practices and
direct links to their sites), Excel downloads for
2003 REGIONAL PERFORMANCE
Since 1999 FEAS member markets have
continued to streamline traded companies
down by 31% to a regional total of 7,003, yet
market capitalization has gradually returned to
1999 levels of US$ 200 billion after a severe
decrease to US$ 140 billion in 2000.* Again, for
the fourth year running, the statistics in this area
show that markets are providing better listings
with greater transparency, and that market
forces continue to push toward share quality
versus post-privatization quantity. Despite the
potentially negative impact of global events
taking place in the region, across-the-board
increases for the third year since 2000 were
posted over 2002 for stock, bond and other
CONTRIBUTORS
Please visit our Contributors’ sites. Contributors
can be seen on the FEAS website at:
http://www.feas.org/Contributors.cfm.
2004 Contributors to FEAS are:
Computershare Markets Technology:
http://www-uk.computershare.com
Hewlett-Packard:
http://www.hp.com
Istanbul Stock Exchange:
http://www.ise.org
Takasbank:
http://www.takasbank.com.tr/eng/
Tayburn Kurumsal:
http://www.tayburnkurumsal.com
Newsletter: A monthly publication which
includes general secretariat news, statistical
stock, bond and other volume comparisons on
monthly, year-to-date and prior period bases, in
addition to market cap, currency, number of
companies traded and index statistics.
Quarterly supplemental publications include
quarterly statistical analysis, press releases of
FEAS members and headlines of FEAS
activities. Archived copies of the newsletter can
be found on our website
http://www.feas.org/Publications.cfm?Get=New
sletter&Top=Pubs.
SUBSCRIBE
To subscribe for the electronic version of FEAS
publications, please go to www.feas.org and
click on subscribe. Subscriptions include
monthly notifications of statistics and newsletter
updates, as well as advance notice of FEAS
events and activities.
volumes at 68%, 89.5% and 46.4%,
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. Distribution among
instruments remains largely unchanged, but
modest increases in bond and stock turnover of
3% and 2% respectively offset the decline in
other instruments of 5% over the previous year.
The largest growth in turnover volume is again
bonds for the second straight year or a gain of
over US$ 80 billion compared to 2002; however,
as the 5-year statistical comparison shows,
other trading volume continues to have the
greatest US$ value at over US$ 700 billion.
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 16 FEAS member indices, adjusted on
an annual basis for currency fluctuations, only
two posted net losses, while one member
exceeded 200% for the year.
*For individual member statistics, please go to the
Member Profile sections in the following pages.
FEAS Region
2003-Market Cap. vs Monthly Stock Volume FEAS Region
2003-Monthly Volume FEAS Region
5-Year Volume Comparison
(US$ millions) (US$ millions) (US$ millions)
100,000
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0 900,000
30,000
200,000
25,000
150,000 20,000
100,000 15,000
10,000
50,000
5,000
0
0
J
F M A
M
Market Cap.
J
J
A
S
O N
D
Monthly Stock Volume
FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004
PAGE 6
800,000
700,000
600,000
500,000
400,000
300,000
200,000
J
F
Stocks
M
A
M
Bonds
J
J
A
Other
S
O
N
D
100,000
0
1999 2000 2001 2002 2003
Stocks
Bonds
Other