FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2010
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
In 2005, decision was taken to combine the two
working committees into one and to form, 8 Task
Forces to carry out the mandates given by the
Executive Committee. Since then, some Task
Forces have completed the tasks assigned to
them and some new task forces were formed, the
existing Task Forces are listed below:
Task Force 0404 – Media (Led by Muscat
Securities Market)
Following the Media Relations Task Force meeting
held on prior to the General Assembly in Budva,
Montenegro on September 24, the TF participants
agreed on the following issues;
1. Journalists from the member countries will be
invited to be present at the FEAS meetings to
cover the events in local media. The aim is to
increase awareness for the Federation and the
hosting exchange. In line with that, a Marketing
Exhibition will be organized, with a co-host during
the General Assembly Meetings in Istanbul for the
15th Year Anniversary of FEAS.
2. A workshop for Media Relations took place in
January 2010, in Istanbul.
3. Muscat Securities Market Forum was held in
Muscat in November 2009
4. A FEAS movie was produced by the FEAS
Secretariat based on the EC decision for the
production company.
5. The Task Force will continue with its work in
accordance with the 2010 Activity Plan as
approved at the General Assembly Meeting in
Montenegro.
6. Muscat Securities Market Projects on
encouraging the more advanced members of
FEAS to partner with less developed exchanges
within FEAS to help foster their growth through the
experience and resources of the more advanced
exchanges.
Task Force 0406 – Regional Indices (Led
by Tehran Stock Exchange)
As part of the Marketing plan for the FEAS
Region, and following approval by General
Assembly, The FEAS Dow Jones Index
Agreement was signed in October, 2007.
Three indexes were launched in June of 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 of 11 of the 33
member exchanges of the Federation of Euro-
Asian Stock Exchanges.
Task Force 0412 – Environmental and
Social Corporate Governance (Led by
Bucharest Stock Exchange)
All members of FEAS, place a strong emphasis
on good Corporate Governance. A task force
was created to provide a vehicle for members
to update the information contained in the
Corporate Governance section of the Rule
Book and to inform all member stock
exchanges of international regulations and
practices regarding corporate governance
which are gaining importance for a better
valuation of stocks. At the same time, the issue
of good Corporate Governance for Stock
Exchanges has become important as Stock
Exchanges are changing from Mutual Entities
into For-profit Companies. The Bucharest Stock
Exchange hosted a conference on Corporate
Governance in June of 2005 and FEAS jointly
hosted roundtable meetings with the OECD on
February 15-16, 2006.
The Belgrade Stock Exchange, in partnership
with the IFC, published a Corporate
Governance Manual in 2007.
FEAS Secretariat has conducted a survey and
a glossary and the draft was discussed during
the Working Committee in Baku. Half of the
members have filled out the survey and the
report was discussed General Assembly.
Bucharest Stock Exchange has been
appointed as the new leader of the Corporate
Governance Task Force at the General
Assembly in Abu Dhabi.
FEAS Secretariat held a workshop on
Environmental and Corporate Governance on
January 2010 for the members where members
discussed ideas on CG processes with
experts.
Also FEAS Secretariat co-organized a seminar
with UNPRI in January 2010, where the host of
the seminar Istanbul Stock Exchange became
one of the signatories of UNPRI.
Task Force 0501 – Affiliate Members
(Led by ISE Settlement and Custody Bank,
Takasbank)
The fourth meeting of the Affiliate Task Force
was held on October 21, 22, 2009 in Antalya,
Turkey.
Task Force 0502 – Technology
(Led by Istanbul Stock Exchange)
The database has been upgraded to allow
more space to add additional FEAS members
in addition to the capability to upload corporate
actions of the participating exchanges. The
FDC will be instrumental in the development of
the FEAS Index and promotion of members’
daily trading data. This year additional member
exchanges will be implementing a feed into the
FEAS Data Center from their respective
exchanges.
Task Force 0504 – Research and
Development (Led by the Istanbul Stock
Exchange)
This task force brings members together to
work on joint research projects of general
interest for FEAS members that will consolidate
their experiences and knowledge. This Task
Force has recently conducted a study and a
presentation on a model of Linkages between
FEAS Member Exchanges, at FEAS Working
Committee prior to the General Assembly in
Montenegro.
Training Center Project
In accordance with the decision taken at the
FEAS General Assembly, FEAS established a
FEAS Training Center in Istanbul at the Istanbul
Stock Exchange FEAS Headquarters facilities.
It is designed to provide members with
educational opportunities and training
programs for their personnel. The primary goal
of the FEAS Training Center, with the FEAS
Training Program, is to provide FEAS Members
with a wide range of educational and training
options with emphasis on Exchange
management whereby the Exchange Personnel
will have the opportunity to receive training in
line with their interests and motives. Other
target groups for training are Companies and
Media and the Personnel of listed. In line with
the Media Task force goal, the Media members
and the personnel of the stock exchanges will
benefit from Media Trainings in Muscat and in
Istanbul.
In November 2007, MSM Stock Exchange held
a gathering in Muscat where all topics on
Media have been discussed and exhibited.
In July 7-8, 2008 the FEAS Media Relations
Workshop for FEAS members was held in
Istanbul where they have discussed ‘’How to
interact with Media during times of crises’’.
Several members and speakers from Turkish
and Egyptian Media talked about the current
global crisis and its effects. Also, a training
program will be designed in 2009 where the
first topic will be based on private equity and
investment of venture capital.
On January 19-21, 2010, FEAS Media
Relations Workshop and GEAS Environmental
and Corporate Governance Workshop were
held in Istanbul for FEAS members. Several
members and experts discussed the different
Media Tools and the new era of the
Environmental Corporate Governance.
2009 Mandates:
a. Continuation of Task Force Activities
i. Media Task Force
1. Training
2. Exhibition
ii. FEAS Index
1. Investable Index
iii. Environmental Social and Corporate
Governance
1. Training
iv. Affiliate Members
1. Conference
2. Business Continuity Study for CSD
Affiliate Members
v. FDC Implementation (Technology)
1. Further implementation of FDC
2. Development of Corporate Actions
website
vi. Research and Development
1. Closer coordination with members on
regional approach
vii. Rules and Regulation
1. Revision of FEAS Rulebook
2. Conference for CEOs of Exchanges
and Regulators
viii. Blue Chip Listing
1. Survey and Report
2. Training on Listing of Blue Chips
b. GEMS Training
c. FEAS Publications
d. Bilateral Program
e. FEAS Movie
f. New Products/Marketing Conference
g. Sponsor’s Conference
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