FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2010
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
E. Nevzat Oztangut
Chairman, The Association of Capital
Market Intermediary Institutions of
Turkey Panteley Karassimeonov,
Director “International
Affairs&Communications”
Bulgarian Stock Exchange Osman Birsen
The President of the Federation of
Euro-Asian Stock Exchanges
(1997-2007)
I would like to extend my sincere
congratulations for the 15th anniversary
of FEAS, for successfully bringing
together exchanges, post trade
institutions and brokers’ associations
of the Euro-Asian region. “I had my first contacts with FEAS in
1997, when I took up the job of
International Affairs Director at the
Bulgarian Stock Exchange. This was
the beginning of a long and lasting
relationship between me and a whole lot
of people from the Secretariat and the
member exchanges. Looking back now I
must say that our exchange gained a lot
from its membership in FEAS, especially
at a time when our capital market was
pretty young and inexperienced. Since the beginning of the 1980’s,
liberalization, globalization and the
widespread use of advanced
telecommunication technology have
allowed the world to change at much
faster pace as compared to the previous
century. The increased access to facilities
created by the internet has in effect
caused the world to shrink; this as a
result has brought about a broader
playing field and tougher competition in
all areas. Inevitably through these
changes stock exchanges have had to
transform and grow their business models
and operating practices. In order to cope
with this new environment, some
exchanges have chosen to merge and
some others have looked for
geographical integration and cooperation
as a means for survival. The Istanbul
Stock Exchange has carried out its
international relations in line with the
world trends and worked to enhance
cooperation among the emerging
exchanges in the Euro-Asian area as a
founder and strong supporter of the
Federation of Euro-Asian Stock
Exchanges.
Since its inception in 1995, the Federation
of Euro-Asian Stock Exchanges has
played a key role in the development of
the region’s capital markets through its
various training programs, which we are
proud to have supported. These training
programs provided us with a deep
understanding of each other's markets
and further strengthened the partnership
between neighbouring markets.
I am confident that FEAS will continue to
provide the high level of commitment it
has already demonstrated to develop the
capital markets of its members.
But apart from the serious work that
we accomplished in the organization,
there were always very pleasant and
memorable moments at our gatherings.
Every year a different exchange was
hosting the FEAS annual assembly
meetings and that gave us the
opportunity not only to get to know each
other better, but to also get acquainted
with new countries and their traditions.
I will always remember the wonderful
moments I experienced in Turkey,
Macedonia, Jordan, Ukraine, Croatia,
Romania, Georgia, Serbia, Egypt… I am
truly sorry that I missed for one reason or
another some of the meetings held in
distant capitals in Asia and the Middle
East.
What is very valuable to me is that
throughout all these past years I made so
many friends from different countries,
whom I am sure I can always rely on for
some good advice or information. This is
what makes FEAS such a unique, cross-
cultural organization. I use the opportunity
to thank all the staff at the Secretariat for
their efforts to coordinate the interests of
so many member exchanges and to
assist us on many different occasions.”
PAGE 18
During my chairmanship in both the
Istanbul Stock Exchange and the
Federation of Euro-Asian Stock
Exchanges I have placed the upmost
importance on international cooperation.
During my 10 year tenure we have tried to
develop the Federation by increasing the
number of its members and more
importantly, by fostering relations among
the member exchanges and their
managers to create a real family
atmosphere which in turn, encourages
collaboration amongst the Federation’s
members. I am very proud to see that the
members of FEAS still share the same
views and the excitement to bear the
responsibility in improving the Federation
along the same principles today.