FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT APRIL 2009
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
Aril Seren
Secretary General of FEAS and
Senior Vice Chairman of the Istanbul Stock Exchange
2008 MARKET ACTIVITY IN THE REGION
The FEAS Region contains 32 member
exchanges and 7 affiliate members
(represented by clearing and settlement
institutions) in 29 countries.
As of December 2008, the number of traded
companies in FEAS member markets reached
a regional total of 11,298, and market
capitalization reached US$ 559,951.0 billion
showing a decrease of US$ 505,386.3 billion or
47.4% over 2007. But on the other hand the
FEAS markets have had a sustained increase
from US$ 377,279.6 bllion in 2004 of US$ 194,
607 or by 48.4% in spite of the global crisis. *A
5-year study shows that markets are providing
stronger listings with greater transparency, and
2009 CALENDAR OF MEETINGS
FEAS Working Committee Meeting, 18th
Executive
Committee Meeting and Seminar
Date: June 5-7, 2009
Host: Belarusian Currency and Stock Exchange
Place: Minsk, Belarusia
FEAS Training on new products (derivatives)
Date: tbd
Host: FEAS /ISE
Place: FEAS Training Center, Istanbul
Banja Luka Annual Conference
Date: May 2009
Host: Banja Luka SE
Place: Banja Luka, Bosnia and Herzegovina
8th BELEX International Conference
Date: September 2009
Host: Belgrade SE
Place: Belgrade, Serbia
As of December 2008, FEAS member markets
traded companies reached a regional total of
11,298, and market capitalization reached
US$ 559,951.0 billion by the end of H2 2008
with a sustained increase from US$ 377,279.6
billion in 2004 or by 48.4%
that market forces continue to push toward
issuer quality versus material privatization
quantity. The trading volumes in the stock
segment continued to grow over the last 5
years with a slight dip in the volume in number
quantity terms in 2006; the total trading volume
in stocks in number quantity terms has
exceeded the volumes of 2007. The bonds
segment showed by year-end 2008 mild
weakness in dollar terms among the three
trading segments (stocks, bonds, other)
showing a 5.2% decrease in the trading volume
as compared to 2007. Turnover in the other
segment is also reflecting the current economic
woes that are being experienced around the
world but to a lesser degree with an 8.6%
increase from the same period last year. The figures show regional a shift in trading from
stocks to bonds and other, the other trading
segment continues to be ranked first as the
most popular trading segment within the region.
Other volume is made up by trading in such
instruments as t-bills, currency, repo/reverse
repo and derivatives
FEAS 2nd Media Relations Workshop
Date: November 2009
Host: FEAS
Place: FEAS Training Center, Istanbul FEAS 15th Annual General Assembly
Date: September 28-30, 2009
Host: Montenegro Stock Exchange
Place: Podgorica - Budva, Montenegro
FEAS Corporate Governance Workshop
Date: November 2009
Host: FEAS
Place: FEAS Training Center, Istanbul SASE 4th Annual Conference
Date: October 2009
Host: Sarajevo SE
Place: Sarajevo, Bosnia Herzegovina
Montenegro SE Conference
Date: September 2009
Host: Montenegro SE
Place: Podgorica - Budva, Montenegro Zagreb 19th Annual Conference
Date: October 2009
Host: Zagreb SE
Place: Novigrad, Croatia
FEAS Affiliate Meeting and Working Committee
Date: September 28-30, 2009
Host: Montenegro Stock Exchange
Place: Podgorica - Budva, Montenegro Gathering of Issuers and Brokers in
Conjunctions with FEAS Index Launch
Date: tbd
Host: FEAS
Place: Istanbul, Turkey
In addition, the development in the FEAS
markets can be seen through results in the
adjusted annualized return on member indices.
* For individual member statistics, please go to the Member
Profile sections in the following pages.
FEAS 19th Executive Committee Meeting
Date: September 28-30, 2009
Host: Montenegro Stock Exchange
Place: Podgorica - Budva, Montenegro
FEAS REGION
2008-MARKET CAPITALIZATION
VS STOCK VOLUME
(US$ millions)
1,200
60,000
1,000
FEAS REGION
2008-MONTHLY VOLUME
(US$ millions) FEAS REGION
5-YEAR VOLUME COMPARISON
(US$ millions)
250,000 700,000
600,000
200,000
800
40,000
500,000
150,000 400,000
100,000 300,000
600
400
20,000
200,000
50,000
200
0
0
Jul
Aug
Market Cap.
Sep
Oct
Nov
Dec
Monthly Stock Volume
100,000
0
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Stocks
Bonds
Other
2004
Stocks
2005
2006
Bonds
2007
2008
Other
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