FEDERATION OF EURO-ASIAN STOCK EXCHANGES
SEMI ANNUAL REPORT OCTOBER 2006
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
Aril Seren
Secretary General of FEAS and
Senior Vice Chairman of the Istanbul Stock Exchange
SPONSORS
Please visit our sponsor sites. Sponsors can be
seen on the FEAS website at:
http://www.feas.org/Contributors.cfm.
2006 Contributors to FEAS are:
Auerbach Grayson and Company:
www.agco.com
Finans Asset Management:
www.djist.com, www.nfist.com
Fortis:
www.fortis.com.tr
Is Investment:
www.isinvestment.com
Kardemir AS:
www.kardemir.com
Klimasan AS:
www.klimasan.com.tr
OMX:
www.omxgroup.com
Tata Consulting Services:
www.tcs.com
Tayburn Kurumsal:
www.tayburnkurumsal.com
2005 REGIONAL PERFORMANCE
Following the admittance of the Central
Depositories and Custodies of existing
members to membership, the FEAS region has
been further refined. The FEAS region is
represented by 31 exchange members and
8 affiliate members in 28 countries.
The 5-year statistical comparison shows
that markets are providing better listings
with greater transparency, and that market
forces continue to push toward share
quality versus post-privatization quantity.
Since 2001 FEAS member markets have
continued to reorganize their traded companies
to a regional total of 8,238, and market
capitalization has continued to grow to a level
of US$ 601.5 billion in 2005 with a remarkable
increase from US$ 115.3 billion in 2001 or by
421.6%. The market capitalization has
increased by 65.9% in 2005 in comparison to
US$ 362.6 billion in 2004.* The 5-year statistical
comparison shows that markets are providing
better listings with greater transparency, and
that market forces continue to push toward
share quality versus post-privatization quantity.
The regional performance in 2005 has reached
its highest since the negative impact of global
events which took place in 2001. The trading
volumes in the stock segment have witnessed
phenomenal growth over the last few years, by
70.3% and 350.2% as compared to 2004 and
2001. It was also the biggest growth among the
three trading segments (Stocks, Bonds, Other).
Bonds ranked second in growth as compared
to 2004 by 36.3%, other turnover increased by
27.2% and ranked third. Other volume is
represented by such instruments as derivatives,
T-bills, currency, repo/reverse repo, etc. 2006 CALENDAR
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 first half of 2005
closing value of 19 FEAS member indices,
adjusted on an annual basis for currency
fluctuations, only two posted net losses, while
one member exceeded 300% for the year. 15TH EXECUTIVE COMMITTEE MEETING
AND 12TH ANNUAL GENERAL ASSEMBLY
CAIRO/SHARM EL SHEIKH, EGYPT
• 15-16 FEBRUARY
FEAS/OECD JOINT ROUNDTABLE FOR
CORPORATE GOVERNANCE
ISTANBUL, TURKEY
• APRIL 13-14
AFFILIATE MEMBER MEETING
ISTANBUL, TURKEY
• MAY 16-17
WORKING COMMITTEE MEETING
CHISINAU, MOLDOVA
• JUNE 16
CORPORATE GOVERNANCE
TASK FORCE MEETING
BUCHAREST, ROMANIA
• NOVEMBER 1-4
* For individual member statistics, please go to the Member
Profile sections in the following pages.
FEAS REGION
2006-MARKET CAPITALIZATION
VS STOCK VOLUME
(US$ millions)
FEAS REGION
2006 MONTHLY VOLUME
(US$ millions)
FEAS REGION
5-YEAR VOLUME COMPARISON
(US$ millions)
700,000 70,000 180,000 1,600,000
600,000 60,000 160,000 1,400,000
500,000 50,000 400,000 40,000 100,000 300,000 30,000 80,000 200,000 20,000
100,000 10,000
0
0
Jan
Feb
Market Cap.
Mar
Apr
May
Jun
Monthly Stock Volume
140,000
1,200,000
120,000
1,000,000
800,000
60,000 600,000
40,000 400,000
20,000 200,000
0
Jan
Stocks
Feb
Bonds
Mar
Other
Apr
May
Jun
0
2002
Stocks
2003
Bonds
2004
2005
2006 Q2
Other
PAGE 7