FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT APRIL 2009
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
HISTORY
The Federation of Euro-Asian Stock Exchanges
(FEAS) was established with its Head Quarters
in Istanbul on 16 May 1995, with 12 founding
members and has grown to 32 members and 7
affiliate members in 29 countries as a not-for
profit organization. Membership in the
Federation is open to security exchanges in
Europe and Asia and Affiliate Membership is
open to the Clearing and Settlement affiliates
and Central Depositories of Member Stock
Exchanges. Until May, 2011 Presidency and
Vice Presidency positions will be held by the
Istanbul Stock Exchange and Muscat Securities
Market (starting from May 2009), respectively.
The Governing Body of FEAS is the General
Assembly, comprised of all 32 members plus 7
affiliate members, which meets once annually in
a member country to discuss major issues
concerning the operations of FEAS. The General
Assembly (GA) decides upon changes in the
Charter and by laws and approves FEAS' annual
budget. The GA also approves the yearly activity
plan, financial reports as well as the
Independent Auditors' Report.
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: DEVELOPMENT AND MARKETING
OF THE REGION
Objective I:
Promote good ‘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. BILATERAL INITIATIVES PROGRAM
The Federation supports a fully funded Bilateral
visits Program to facilitate, on a bilateral basis,
the reciprocate visits of personnel of FEAS
members with each other for the purpose of
exchange of, information and experience on
specific topics of interest to both parties. Almost
all Federation members have now participated
in this program, which is planned to continue
during 2009. During 2008 year to date, 13
bilateral visits were approved and 12 have been
completed and one postponed.
Objective II:
Achieve convergence among FEAS members in
their:
• listing requirements,
• trading rules and software;
• the settlement cycle.
Objective III:
Promote mechanisms for reliable, transparent
and uninterrupted securities trading and
settlement.
The Executive Committee, made up of 12
members, is responsible for the development of
the Federation's 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. Objective IV:
Create greater awareness and visibility for the
region’s securities and investment opportunities.
PHILOSOPHY 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.
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.
Objective V:
Help promote the listing of ‘investment grade’
securities in the respective Home markets of the
Region.
Objective VII:
Promote and encourage research and training
for FEAS members and their personnel.
In order to achieve these objectives the following
activities are planned and put into practice;
CONTACT INFORMATION
Contact Name Mr. Aril Seren, Secretary General
FEAS region
PAGE 4
E-mail [email protected]
Website www.feas.org
This section highlights the activities of the Task
Forces during 2009 while providing a summary
of continuing programs.
WORKING COMMITTEE
The activities of the Federation are organized
and implemented through the Working
Committee, as mandated by the Executive
Committee. It is chaired by the Amman Stock
Exchange. The Working Committee has
assigned some of the tasks to be worked on by
a number of Task Forces. (please see below)
During the Working Committee Meeting that
was held in Baku, Azerbaijan on May 14-15,
2008 reports were given by the task forces
including Media, Regional Indices ,Corporate
Governance, Affiliate Members and FEAS Data
Center. Updates were also provided by the
Secretariat on the status of the Semi Annual
Report, Revenue and Expense Analysis, Bilateral
visits, Draft Financial Report and the 2008
Calendar of Events. The second Working
Committee meeting was held in November in
Abu Dhabi, prior to the General Assembly where
Mr. Nader Azar from the Amman Stock
Exchange has been re-elected as the Working
Committee Chair and Bucharest Stock
Exchange has been appointed as the new
leader for the Governance Task Force.