FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2012
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
specific topics of interest to both parties. Almost
all Federation members have now participated
in this program, which continues during
2012. Until May 2012, 8 bilateral have been
successfully completed.
FEAS INDICES
Three indexes were launched in June 2009;
a composite, and two regional sub-indexes.
The Dow Jones FEAS Indexes are designed to
underlie index-linked investment products such
as funds and structured products. Dow Jones
FEAS Composite Index currently includes a
number of component stocks in 11 member
exchanges. In November 2011 a blue chip
investable index was launched called the Titans
50. The index universe is defined as all stocks
in the Dow Jones FEAS Composite Index.
Exchanges represented in the index are: Abu
Dhabi (UAE), Almaty (Kazakhstan), Amman
(Jordan), Banja Luka (Bosnia and Herzegovina),
Belgrade (Serbia), Bucharest (Romania), Cairo
(Egypt), Istanbul (Turkey), Karachi (Pakistan),
Manama (Kingdom of Bahrain), Muscat (Oman),
Nablus (Palestine), Sarajevo (Bosnia and
Herzegovina), Skopje (Republic of Macedonia),
Sofia (Bulgaria) and Zagreb (Croatia). The 50
Blue Chip companies which are in the index
were selected based on a ranking which is
calculated by weighting each stock’s float-
adjusted market capitalization at 60%, sales/
revenue at 20% and net income at 20%. The top
50 stocks by final rank are selected as index
components.
REVENUE AND EXPENSE REPORT
In line with the decisions of the 17th General
Assembly, the FEAS Secretariat will conduct
the revenue and expense survey again in 2012
covering the financials of 2007 and 2011.
WORKING COMMITTEE
In 2011, members convened twice to hold
working committee meetings. During the
meetings in Macedonia on May 24, 2011,
reports were presented by the task forces
including Media, Blue Chip Listing, Rules
and Regulations, Affiliate Members, FEAS
Data Center. Updates were also provided
by the Secretariat on the status of the FEAS
Publications, FEAS Marketing Exhibition and
FEAS History Movie, Revenue and Expense
Analysis Survey Changes, Bilateral visits, Draft
Financial Report and the 2011, Corporate
Governance, FEAS Index and Calendar of
Events.
Kazakhstan Stock Exchange hosted the
working committee meetings in Almaty on
September 27, 2011, prior to the General
Assembly. The members had the opportunity
to canvas the task force activities through
reports and presentations. As a result most of
the task forces have been finalized due to their
completion of the mandates. Some of them
were turned into projects like Affiliate Task Force
and Listing Task Force. Rules and Regulation
Task Force and Dealers Associations Task Force
still keep their projects within the task forces.
The Secretariat provided the members with
information on the latest activities mandated by
the working committee participants.
Task Forces
There are 2 task forces focusing on various
sectoral topics. Each task force is steered by a
member who is expected to provide guidance
to task force members in producing studies on
sector-related issues. The activities which have
been undertaken by the task forces in 2011 are
as follows:
Task Force 0901 – Rules and Regulation (Led
by the Bulgarian Stock Exchange)
During the meeting in Almaty, the Task
Force (TF) outlined the new book which was
renamed the Principles of Market Structure and
Regulation (POMSaR). Further changes are
being outline currently in order to finalize this
publication
Task Force 1001 –Dealers Associations
Affiliate, (Led by TSPAKB)
The Task Force has created a draft survey
on Self Regulated Organizations (SROs) with
results to be compared to a similar study
by IOSCO. This survey has been sent out
to all members including exchanges, post
trade institutions and dealer’s associations.
Preliminary results will be provided at the
Working Committee with final results to be given
at the General Assembly.
FEAS MEETINGS IN 2011
WORKING COMMITTEE & 22ND EXECUTIVE
COMMITTEE MEETINGS 24 -25 MAY 2011 –
OHRID, MACEDONIA
The first working committee meeting of 2011
was held in Ohrid, Macedonia on the 24th May,
2011 at the invitation of the Macedonia Stock
Exchange. The 22nd Executive Committee
Meeting was held on the 25th of May following
the WC meeting. The Working Committee
focused on issues mandated by the General
Assembly in 2010 and the Secretariat prepared
a report for participants to discuss.
WC & 23RD EC AND 17TH GENERAL
ASSEMBLY MEETING – SEPTEMBER 27-29 –
ALMATY, KAZAKHSTAN
The 17th Annual General Assembly of FEAS
was held in Almaty, Kazakhstan on September
29, hosted by the Kazakhstan Stock Exchange.
The Working Committee and 23rd Executive
Committee meeting were also held prior to the
General Assembly.
PUBLICATIONS & INFORMATION
•
to make a submission to the FEAS Library,
please send your electronic files and links
to the FEAS secretariat at secretariat@feas.
org.
• F
EAS Year Book (FEAS BOOK) &
Magazines (INTERFEAS): This publication
of annual activities of the Federation and
information on its members, began in
1997 and is available electronically on the
website: http://www.feas.org/Publications.
aspx?Get=Annual%20Report&Top=Pubs
• FEAS Website: the FEAS website was re-
launched in March 2010 and can be found
at www.feas.org. The new site contains
a new home page with the FEAS movie,
dedicated pages to the FEAS Indexes a
more concentrated emphasis on FEAS
member data with profile pages (including
statistics, holidays, market policies and
practices and direct links to their sites),
Excel downloads for all statistical data and
cross member comparisons on policies,
practices and statistical data, and a News
Center with headlines from member
markets.
• N
ewsletter: A monthly publication
which includes general secretariat news,
statistical stock, bond and other volume
comparisons on monthly, year-to-date
and prior period bases, in addition
to market cap, currency, number of
companies traded and index statistics.
Quarterly supplemental publications
include quarterly statistical analysis, press
releases of FEAS members and headlines
of FEAS activities. Archived copies of
the newsletter can be found on our
website http://www.feas.org/Publications.
aspx?Get=Newsletter&Top=Pubs
SUBSCRIBE
To subscribe for the electronic version of FEAS
publications, please go to www.feas.org and
click on subscribe. Subscriptions include
monthly notifications of statistics and newsletter
updates, as well as advance notice of FEAS
events and activities.
CONTRIBUTORS
Contributor sites can be seen on the FEAS
website at: http://www.feas.org/Contributors.
cfm.
Finans Asset Management
www.finansportfoy.com
Is Investment
www.isinvestment.com
FEAS Library: The Library can be
NASDAQ OMX Group
accessed through the Publications drop
www.nasdaqomx.com
down menu on the main page at www.feas.
org or through this link. http://www.feas.
Tayburn
org/Library.aspx The FEAS Library is open
www.tayburnkurumsal.com
to experts and organizations with financial
market related material. If you would like
Bloomberg
www.bloomberg.net
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