FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT APRIL 2009
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
Task Forces
This section highlights the activities of the Task
Forces during 2009 while providing a summary
of continuing programs
In 2005, decision was taken to combine the two
working committees into one and to form, 12
Task Forces to carry out the mandates given by
the Executive Committee. Since then, some
Task Forces have completed the tasks assigned
to them and some new task forces were formed,
the existing Task Forces are listed below:
Task Force 0404 – Media (Led by Muscat
Securities Market)
Muscat Securities Market has been appointed
as the leader of the FEAS Media Task Force.
Following the Media Relations Task Force
meeting held on 15 May 2008 in Baku and the
Working Committee prior to the General
Assembly in Abu Dhabi on November 10, the TF
participants agreed on the following issues
1. A Media Gathering will take place prior to
General Assembly meetings
2. Journalists from the member countries will be
invited to be present at the FEAS meetings to
cover the events in local media. The aim is to
increase awareness for the Federation and the
hosting exchange.
3. A workshop for Media Relations took place in
July 2008, in Istanbul.
4. Muscat Securities Market Forum was held in
Muscat in December 2008
5. A FEAS movie will be produced by Tehran SE
and a draft film will be presented by the Working
Committee.
6. The Task Force will continue with its work in
accordance with the 2009 Activity Plan as
approved at the General Assembly Meeting in
Abu Dhabi
7. One of the Arabic Stock Exchanges would
arrange a training course for journalists in Arabic
language and other countries will follow along
the same format to organize training courses in
their own languages (Russian, English etc.)
Task Force 0406 - Regional Indices (Led
by Tehran Stock Exchange)
As part of the Marketing plan for the FEAS
Region, Dow Jones came forward with a
proposal to calculate the FEAS indexes. Based
on this proposal the Task Force, together with
the Secretariat, has conducted a survey among
FEAS members for the creation of the index and
the facilitation of the negotiations with Dow
Jones Indices on the Index Agreement.
Following the approval by General Assembly,
The Index Agreement was signed in October,
2007. This agreement stipulates that FEAS will
work with Dow Jones to calculate a benchmark
index which will include an extensive number of
companies from more than 15 stock exchanges
from the Region (more exchanges are planned
to be added at a later review date). The expected
launch date will be in the first half of 2009.
Task Force 0412 – Corporate Governance
(Led by Karachi Stock Exchange)
All members of FEAS, place a strong emphasis
on good Corporate Governance. A task force
was created to provide a vehicle for members to
update the information contained in the
Corporate Governance section of the Rule Book
and to inform all member stock exchanges of
international regulations and practices regarding
corporate governance which are gaining
importance for a better valuation of stocks. At
the same time, the issue of good Corporate
Governance for Stock Exchanges has become
important as Stock Exchanges are changing
from Mutual Entities into For-profit Companies.
The Bucharest Stock Exchange hosted a
conference on Corporate Governance in June of
2005 and FEAS jointly hosted roundtable
meetings with the OECD on February 15-16,
2006. The Belgrade Stock Exchange, in
partnership with the IFC, published a Corporate
Governance Manual in 2007. FEAS Secretariat
has conducted a survey and a glossary and the
draft was discussed during the Working
Committee in Baku. Majority of the members
have filled out the survey and the report was
discussed General Assembly. Bucharest Stock
Exchange has been appointed as the new
leader of the Corporate Governance Task Force
at the General Assembly in Abu Dhabi.
Task Force 0501 – Affiliate Members (Led by
ISE Settlement and Custody Bank,
Takasbank)
Affiliate members have designed and are in the
process of implementing both new web pages
on the FEAS web site and new pages in the
FEAS Semi Annual Report. The third meeting of
the Affiliate Task Force was held on November
10, 2008 in Abu Dhabi prior to the General
Assembly.
It was pointed out that, a letter to SWIFT from
FEAS regarding the reduction in subscription
and transaction costs, was decided to be sent.
The analysis will be made on the cost efficiency.
The leaflet on Corporate Governance has been
handed to the members. The next meeting will
be organized, via the internet or using
teleconference or videoconference if possible.
There will be a CSD conference in Budapest in
May and the notes of the conference will be
delivered to members by the FEAS Secretariat.
The next task force meeting topic will be
‘’money laundering’’. Affiliate Members Task
Force will continue to contribute to the mission
of the FEAS for future development and
promotion of the Securities Market settlement
and custody systems.
Task Force 0502 – FDC Implementation
(Led by Istanbul Stock Exchange)
The database has been reformatted in order to
provide members with the service of
disseminating their end of day data on a daily
basis to investors. The FDC will be instrumental
in the development of the FEAS Index, 13
member exchanges will be using the FEAS Data
Center to distribute their end of day trading
data. The renewed database is expected to go
live in the second half of 2009 and subsequently
will start to supply in FEAS Index with new
exchange data.
Task Force 0504 – Research and
Development (Led by the Istanbul Stock
Exchange)
This task force brings members together to work
on joint research projects of general interest for
FEAS members that will consolidate their
experiences and knowledge. This Task Force
has recently conducted a study and a survey on
Initial Public Offerings, the impact of IPO,
Privatization Programs and the Investment base
of Member Exchange and it was presented as a
report at FEAS Working Committee in Baku. The
report on the analysis of the survey results was
handed to the members at the Working
Committee prior to the General Assembly in Abu
Dhabi. For 2009 Working Committee, they are
working on a research on impact of indexes and
index based products on Exchange
development, in coordination with the Index
Task Force.
Training Center Project
In accordance with the decision taken at the last
FEAS General Assembly, FEAS established a
FEAS Training Center in Istanbul at the Istanbul
SE FEAS Headquarters facilities. It is designed
to provide members with educational
opportunities and training programs for their
personnel. The primary goal of the FEAS
Training Center, with the FEAS Training
Program, is to provide FEAS Members with a
wide range of educational and training options
with emphasis on Exchange management
whereby the Exchange Personnel will have the
opportunity to receive training in line with their
interests and motives. Other target groups for
training are Companies and Media and the
Personnel of listed. In line with the Media Task
force goal, the Media members and the
personnel of the stock exchanges will benefit
from Media Trainings in Muscat and in Istanbul.
In November 2007, MSM Stock Exchange held
a gathering in Muscat where all topics on Media
have been discussed and exhibited. In July 7-8,
2008 the FEAS Media Relations Workshop for
FEAS members was held in Istanbul where they
have discussed ‘’How to interact with Media
during times of crises’’. Several members and
speakers from Turkish and Egyptian Media
talked about the current global crisis and its
effects. Also, a training program will be
designed in 2009 where the first topic will be
based on private equity and investment of
venture capital.
2009 Mandates:
• Publication and Distribution of the FEAS Year
Book in May and FEAS Quarterly Magazines in
August, November( 2009) and February(2010)
• Hold a conference with Issuers, Brokers &
Mutual Fund Managers in conjunction with the
launching of the FEAS Index
• Continuation of the ongoing Revenue Analysis
from 2007 through 2008.
• 2009 Spring Working Committee Meeting and
18th Executive Committee Meeting to take to
take place in Minsk hosted by Belarus Stock
Exchange.
• The 15th Annual General Assembly Meeting
will take place in Budva, Montenegro to be
hosted by Montenegro Stock Exchange, in
September, 2009
• A conference will be hosted by the
Montenegro Stock Exchange in late September
in Montenegro, for the third year running
• The Serial Seminars for members of the media
to continue.
• The 3rd Media Relations Workshop is
proposed to be held in Istanbul in November
2009
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