FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT APRIL 2014
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 continued during 2013. In
2012 8 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 18th General
Assembly, the FEAS Secretariat conducted
the revenue and expense survey again in 2013
based on the member data of 2008 and 2012.
The R&E Report of 2009-2013 will be conducted
during the General Assembly in November
2014.
WORKING COMMITTEE
In 2013, members convened twice to hold
working committee meetings. During the
meetings in Sarajevo on May 22, 2013, hosted
by Sarajevo Stock Exchange, 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, Bilateral visits, Draft Financial
Report 2013, FEAS Index and Calendar of
Events.
Muscat Securities Market hosted the working
committee meetings in Muscat on December
3, 2013, prior to the General Assembly.
The Secretariat provided the members with
information on the latest activities mandated
by the working committee participants. Also
membership, criteria and vetting process have
been revised and updated.
Task Forces
There are 3 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:
Rules and Regulation (Led by the Bulgarian
Stock Exchange)
The Task Force regularly updates the Rule Book
to make sure that it is in line with international
policies including EU regulations and G-20
communiques. There are also other regulatory
initiatives by International Organization of
Securities Commissions (IOSCO) and European
Securities and Markets Authority (ESMA), mostly
covering technical basis. Periodically, the Task
Force will update the Rule Book by reviewing all
the rules and regulations.
A complementary session will be held during
the next meeting to discuss “crowd funding”.
A specialist actively involved in crowd funding
business is to be invited to the next gathering to
enlighten the members.
Investors Relations Task Force
The Investor Relations Task Force was
established at the WC in Sarajevo to address
multi-pronged aspects of investor protection,
investor complaints and market awareness.
There are four streams in due respect:
Stream 1 - Handling Investor Complaints
The final version of the guideline for best
practices on investor complaints based on
the findings that were collated through a
previously-conducted survey was conducted.
Stream 2 -Market Interest
The survey will be revised as a first step.
Stream 3- Exchange interrelations with
brokerage firms
Task Force will work on the current mechanics
and governance in terms of the relationships.
Survey will be revised based on the change of
audience who are exchanges now not brokers.
Result of the survey will be reported and the
outcome should be complementary to Stream
1’s work.
Stream 4 - CSDs role for investor protection
and governance
This stream works on CSDs role on different
angles.
SME Task Force
The outline of the Task Force plans and the
survey were delivered. Survey results and a brief
assessment will also be conducted.
FEAS MEETINGS IN 2013
Working Committee & 26ndth
Executive Board Meetings on May 22,
2012 -Sarajevo,Bosnia & Herzegovina
The first working committee meeting of 2013 was
held in Istanbul, Turkey on the 22nd May, 2013
at the invitation of the Sarajevo Stock Exchange.
The 26th Executive Board Meeting was held on
the 22nd of May following the WC meeting.
WC & 27th Executive Board Meeting
and 19th General Assembly Meeting -
December 3-4, 2013- Muscat,Oman
The 19th Annual General Assembly of FEAS was
held in Muscat, Oman on December 3-4,2013,
hosted by the Muscat Securities Market. The
Working Committee and 27th Executive Board
meeting were also held prior to the General
Assembly.
PUBLICATIONS & INFORMATION
• 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. http://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 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&t=Pubs
• F
EAS Website: The FEAS website was
re-launched in November 2012 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 with the FEAS movie, dedicated
pages to the FEAS Indexes a 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: http://www.feas.org/Contributors.cfm.
Finans Asset Management
www.finansportfoy.com
IS Investment
www.isinvestment.com
Tayburn
www.tayburnkurumsal.com
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