FEDERATION OF EURO-ASIAN STOCK EXCHANGES
SEMI ANNUAL REPORT OCTOBER 2006
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 31 members and 8 affiliate
members in 28 countries. Membership in the
Federation is open to security exchanges in
Europe and Asia and Affiliate Membership is
open to the Clearing and Settlement
Depositories of Member Stock Exchanges.
Until May, 2007 the position of President and
Vice President will be held by the Istanbul and
Zagreb Stock Exchanges, respectively.
The Governing Body of FEAS is the General
Assembly, comprised of all 31 members plus
8 affiliate members, which meets once
annually in a member country. The Executive
Committee, made up of 12 members, is
responsible for the development of Federation
policies, making major administrative
decisions, as mandated by the General
Assembly, approving the content and scope
of tasks assigned to the Working Committee,
and making recommendations to the General
Assembly.
PHILOSOPHY
MISSION STATEMENT
The mission of FEAS is to create fair, efficient
and transparent market environments, with
little or no barriers to trade, within the
operating regions of FEAS members. In order
to facilitate the objectives of FEAS members
work toward the harmonization of rules and
regulations and adoption of new technology,
for trading and settlement. These actions
further promote the development of the
member markets and provide cross border
trading opportunities for securities issued
within FEAS member countries.
5-YEAR STRATEGIC PLAN
In accordance with the Mission Statement,
5-year Strategic Objectives are set up to
systematically approach compliance with the
long-term mission of the Federation. These
objectives are:
Objective I:
Promote ‘corporate governance’ for 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 to achieve
transparency through effective dissemination
of information.
Objective II:
Achieve convergence among FEAS members
in their:
• listing requirements,
• the settlement cycle, and
• trading rules and software.
Objective III:
Promote mechanisms for reliable, transparent
and uninterrupted securities trading and
settlement.
Objective IV:
Create greater awareness and visibility for the
region’s securities and investment
opportunities.
Objective V:
Help promote the listing of ‘investment grade’
securities in the respective Home markets of
the Region.
CONTACT INFORMATION
Contact Name Mr. Aril Seren, Secretary General
FEAS region
PAGE 4
E-mail [email protected]
Website www.feas.org
Objective VI:
Help create linkages among the region’s:
• intermediaries,
• data providers,
• settlement and custody institutions,
• stock exchanges; and also
• make efforts to initiate cooperation among
Region’s Securities Commissions.
Objective VII:
Promote and encourage research and training
for FEAS members and their personnel.
REGIONAL DEVELOPMENT
Regional development highlights the activities
during the first half of 2005 achievements and
provides a summary of continuing programs
into the second half of 2005.
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 2006.
During the 2006 12 new bilateral exchanges
were approved and 5 out of those 12 had
been completed by September of this year.