FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2013
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
BILATERAL INITIATIVES PROGRAM
The Federation supports a fully funded bilateral
visits Program to facilitate 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 continues during 2012.
In 2012, 12 bilateral trainings 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 (Kazakhastan), 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 conducted
the revenue and expense survey again in 2012
covering the financials of 2007 and 2011. The
R&E Report of 2008-2012 will be conducted
during the General Assembly in November
2013.
WORKING COMMITTEE
In 2012, members convened twice to hold
working committee meetings. During the
meetings in Istanbul on May 25, 2012
reports were presented by the task forces
including Rules and Regulations and Dealers
Associations Task Forces. Updates were also
provided by the Secretariat on the status of the
FEAS Publications, FEAS Marketing Exhibition
taking place during the WC and FEAS History
Movie updates, Bilateral visits, Draft Financial
Report 2012, FEAS Index and Calendar of
Events.
Bulgaria Stock Exchange hosted the working
committee meetings in Sofia on September
20, 2012, prior to the General Assembly.
The Secretariat provided the members with
information on the latest activities mandated by
the working committee participants. Also the
statue has been revised and updated.
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 2012 are
as follows: WC & 25th Executive Board Meeting
and 18th General Assembly Meeting -
September 20-21, 2012 - Sofia, Bulgaria
The 18th Annual General Assembly of FEAS was
held in Sofia, Bulgaria on September 21, hosted
by the Bulgaria Stock Exchange. The Working
Committee and 24th Executive Board meeting
were also held prior to the General Assembly.
Task Force 0901 - Rules and Regulation (Led
by the Bulgarian Stock Exchange)
During the meeting in Sofia, the Task Force (TF),
members discussed and provided feed-back
on the completed Rule Book. Together with 2
revisions, it was further decided that the work
of the task force should be broader than just
the PoMSaR and that other areas should be
explored for them to concentrate on, such as
coordinating the responses of FEAS members
to the IOSCO consultation reports. PUBLICATIONS & INFORMATION
Task Force 1001 - Dealers Associations
Affiliate, (Led by TSPAKB)
The Task Force has created a draft survey on
investor complaints. This survey has been sent
out to all members including exchanges, post
trade institutions and dealer’s associations. The
survey based on the report has been conducted
by the Leader of the Task Force. It was further
decided that this survey was conducted among
exchanges only, since there is only a limited
number of dealers’ association member of
FEAS. The exchanges were encouraged to send
the survey to financial intermediaries. • 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: www.feas.org/Publications.
aspx?Get=Annual%20Report&t=Pubs
It was noted that it would be very useful to have
a set of standards or principles for dealing with
investor complaints. The task force agreed
to work on producing such a set of high level
principles that would be both clear and broad
so as to be applicable across different regions.
The Cross Market Interest survey will be
conducted again because of the limited
response received. The Egyptian Exchange
and the Amman Stock Exchange will assist in
this survey both in encouraging members to
respond and in compiling the results. It should
be further noted that the Egyptian Exchange
and Amman Stock Exchange are now members
of this task force.
FEAS MEETINGS IN 2012
Working Committee & 24th Executive
Board Meetings on May 25, 2012 -
Istanbul, Turkey
The first working committee meeting of 2012
was held in Istanbul, Turkey on the 25th May,
2012 at the invitation of the Borsa Istanbul.
The 24th Executive Board Meeting was held
on the 25th of May following the WC meeting.
The Working Committee focused on issues
mandated by the General Assembly in 2011 and
the Secretariat prepared a report for participants
to discuss.
• FEAS Library: The Library can be accessed
through the Publications drop down menu
on the main page at www.feas.org or
through this link: www.feas.org/Library.
aspx. The FEAS Library is open to experts
and organizations with financial market
related material. If you would like to make
a submission to the FEAS Library, please
send your electronic files and links to the
FEAS secretariat at [email protected].
• F
EAS Website: The FEAS website was
re-launched very recently and can be found
at www.feas.org. Then the site, including a
new FEAS Statistics Page, was renewed.
The new site contains a new home page,
more concentrated emphasis on FEAS
member data with profile pages, cross
member comparisons on statistical data,
historical data and a News Center with
headlines from member markets.
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: www.feas.org/Contributors.cfm
Finans Asset Management
www.finansportfoy.com
Is Investment
www.isinvestment.com
Tayburn
www.tayburnkurumsal.com
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