FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2010
FEDERATION OF EURO-ASIAN STOCK EXCHANGES
On May 16, 1995, the draft charter and the
name of the federation as “Federation of
Euro Asian Stock Exchanges” or “FEAS” in
short, were adopted by acclamation.
Aril Seren
Secretary General of FEAS
HISTORY OF FEAS
Chapter I. HOW IT WAS BORN
It was the autumn of 1992;
The Soviet Union had been disintegrating
during the last 20 months. So was
Yugoslavia. Eastern European Communist
Regimes had been topping and giving
way to more liberal and Nationalist
governments.
I was then in Mexico City for the occasion
of the General Assembly of FIBV, the
International Federation of Stock
Exchanges. The Istanbul Stock Exchange
was being voted to become the next
member of FIBV. I was representing the
ISE there. I was curious about the
success of FIBV as an institution and
wanted to see how the members
co-operated. I saw a lot of camaraderie
and discussion of common issues,
especially among the European and Latin
American members, each group
belonging to a Regional Federation.
During 1991 and 1992, we saw stock
exchanges being established throughout
the ex-Soviet, newly independent
Republics of Eastern Europe, Caucasus
and Central Asia. Also the old stock
exchanges of Ex Yugoslav Republics and
ex-iron curtain countries were being re-
vitalized.
They all needed new knowledge on how
to establish, organize and operate stock
exchanges in the new environment of
financing of the capitalist institutions.
I remember asking myself, if bringing
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together these newly established
exchanges within a regional federation
would achieve the necessary sharing of
knowledge and experience and enable
further development with less mistakes
along the way.
At the next meeting of FIBV, I noticed that
the European Federation would not take
in the East European Exchanges. It was
the Federation of European Union
members and its charter did not allow
membership to non EU countries’
exchanges. I also noticed that exchanges
of the Middle East and Indian
subcontinent did not belong to either FIBV
or a regional federation of their own.
I had some personal friends and contacts
among the Euro Asian Exchanges
through International meetings and
institutions. While I was considering what
sort of co-operation among these
exchanges would be most beneficial to
all, a lady paid me a visit in Istanbul, who
had been doing some work in Central
Asian republics on behalf of the US. Her
work was coming to an end and she
wanted to find out if there would be any
form of working together in the Euro Asian
Region. She was Rosalind Marshall.
Together, we drafted a charter for a
Regional Federation of Stock Exchanges
and sent it to a number of friends and
colleagues, inviting them to comment on
the draft and to join others within such a
federation. I received positive responses
with comments on the draft from eleven
exchanges. The late chairman of ISE,
Tuncay Artun, offered to host them in
Istanbul, during the opening ceremony of
the new premises of ISE during mid 1995.
Those Exchanges were located at;
Armenia, Bulgaria, Croatia, Iran, Israel,
Jordan, Kazakhstan, Pakistan, Slovakia,
Slovenia, Turkmenistan, Turkey. The 12
Exchanges convened at the New Building
of ISE on May 16, 1995, in conjunction
with the opening ceremony. Tuncay Artun
chaired this first meeting where the draft
charter and the name of the federation as
“Federation of Euro Asian Stock
Exchanges” or “FEAS” in short, were
adopted by acclamation. All founding
members of the new federation became
members of the Executive Committee,
Tuncay Artun was elected as the president
and I was appointed by the meeting as
the Secretary General. I, in turn,
appointed Rosalind Marshall as the
Assistant Secretary General. The Prime
Minister of Turkey, who was attending the
ceremonies, paid a visit to meeting hall to
congratulate the founding of FEAS.
Following the completion of the
paperwork for the founding procedure,
the Government of Turkey ratified the
Federation as “Special International
Institution” established in Turkey; Istanbul
as its headquarters.
The Federation started its work on 17 May
1995 at a designated part of the ISE
building where the FEAS office and FEAS
Meeting Hall were provided free-of-charge
for FEAS.