FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2010
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ORGANIZATION
The Federation of Euro-Asian Stock Exchanges
(FEAS) was established with its Head Quarters
in Istanbul on 16 May 1995, with 12 founding
members and has grown to 33 members and
12 affiliate members in 29 countries as a not-
for-profit organization. Membership in the
Federation is open to Exchanges in Europe
and Asia and Affiliate Membership is open to
the Post Trade Institutions and Dealer
Associations of Member Exchanges.
The Governing Body of FEAS is the General
Assembly, comprised of all 33 members plus 12
affiliate members, which meets once annually in a
member country to discuss major issues
concerning the operations of FEAS and in order to
decide upon changes in the Charter and by laws,
its annual budget and to approve its activity and
Financial Reports as well as the Independent
Auditors’ Report. The Executive Committee, made
up of 13 members, is responsible for the
development of Federation policies, making major
administrative decisions, as mandated by the
General Assembly, approving the content and
scope of tasks assigned to the Working
Committee, and making recommendations to the
General Assembly.
The administration of the Federation is
entrusted to the Secretary General, who is
appointed by the General Assembly and whose
office is situated at the Headquarters of the
Federation. Secretary General is directly under
the authority of the President.
PHILOSOPHY
MISSION STATEMENT
The mission of FEAS is to help create fair, efficient
and transparent market environments among
FEAS members and their operating regions.
FEAS aims to minimize barriers to trade
through the adoption of best practices for
listing trading and settlement and by promoting
linkages among members for cross-border
trading.
In accordance with the Mission Statement,
5-year Strategic Objectives are set up to
systematically approach compliance with the
long term mission of the Federation. These
objectives are:
Objective I: Promote good “corporate
governance” for exchanges, brokerage
companies and listed companies. Facilitate
timely disclosure of material events to achieve
transparency through effective dissemination of
information.
Objective II: Encourage convergence among
FEAS Members in their: listing requirements,
trading rules technical infrastructure and
settlement cycle.
Objective III: Promote mechanisms for
reliable, transparent and uninterrupted
securities trading and settlement.
Objective IV: Create greater recognition and
visibility for the region’s securities and
investment opportunities both locally and
internationally.
Objective V: Encourage the listing of
“investment grade” securities in the respective
Home markets of the Region.
Objective VI: Encourage foreign investor
participation in Member Markets.
Objective VII: Promote linkages among the
Region’s: intermediaries, data vendors,
settlement and custody institutions, exchanges;
and also encourage cooperation among
Region’s Regulators.
Objective VIII: Promote and encourage
research activities and training for FEAS
Members and their personnel.
Objective IX: Assist Members of FEAS to
increase financial literacy through public
awareness.
CONTACT INFORMATION
As seen in the photo (from left to right)
Ms. Ege Adalioglu, Assistant Secretary General - [email protected]
Mr. Aril Seren, Secretary General – [email protected]
Mrs. Susan Gogus, Assistant Secretary General - [email protected]
Ms. Aydan Bal, Coordinator - [email protected]
FEAS region
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E-mail [email protected]
Website www.feas.org
DEVELOPMENT AND MARKETING
OF THE REGION
This section highlights the activities of the Task
Forces during 2009 while providing a summary
of continuing programs.
BILATERAL INITIATIVES PROGRAM
The Federation supports a fully funded
Bilateral visits Program to facilitate, on a
bilateral basis, the reciprocate 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
is to continue during 2010. During 2009,
15 bilateral visits were approved and have
been completed.
WORKING COMMITTEE
During the Working Committee Meeting that
was held in Minsk, Belarus on June 5-6, 2009
reports were given by the task forces including
Media, Regional Indices, Market Principles and
Corporate Governance, Affiliate Members,
FEAS Data Center. Updates were also provided
by the Secretariat on the status of the FEAS
Publications Report, Revenue and Expense
Analysis, Bilateral visits, Draft Financial Report
and the 2009 Calendar of Events. Second
Working Committee meeting was held in
November in Montenegro, prior to the General
Assembly. Reports were given by the task
forces including Media, Regional Indices,
Market Principles and Corporate Governance,
Affiliate Members, FEAS Data Center. Updates
were also provided by the Secretariat on the
status of the FEAS Publications Report,
Revenue and Expense Analysis, Bilateral visits,
Draft Financial Report and the 2010 Calendar
of Events.
Task Forces
This section highlights the activities of the Task
Forces during 2009 while providing a summary
of continuing programs