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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2008 FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2008 TABLE OF CONTENTS Federation of Euro-Asian Stock Exchanges 3 Deutsche Boerse 10 Garanti Asset Management 13 Is Investment 14 NASDAQ OMX 16 Tayburn Kurumsal 18 Finans Asset Management 20 Quartal FLife 21 Stock Exchange Profiles Abu Dhabi Securities Market 24 Amman Stock Exchange 28 Armenian Stock Exchange 32 Bahrain Stock Exchange 36 Baku Interbank Currency Exchange 40 Baku Stock Exchange 44 Banja Luka Stock Exchange 46 Belarusian Currency and Stock Exchange 50 Belgrade Stock Exchange 54 Bucharest Stock Exchange 58 Bulgarian Stock Exchange 62 Cairo and Alexandria Stock Exchanges 66 Georgian Stock Exchange 70 Iraq Stock Exchange 74 Istanbul Stock Exchange 78 Karachi Stock Exchange 82 Kazakhstan Stock Exchange 86 Kyrgyz Stock Exchange 90 Lahore Stock Exchange 94 Macedonian Stock Exchange 96 Moldovan Stock Exchange 100 Mongolian Stock Exchange 104 Montenegro Stock Exchange 108 Muscat Securities Market 112 Palestine Securities Exchange 116 Sarajevo Stock Exchange 120 State Commodity & Raw Materials Exchange of Turkmenistan 122 Tehran Stock Exchange 126 Tirana Stock Exchange 130 “Toshkent” Republican Stock Exchange 134 Ukrainian Stock Exchange 138 Zagreb Stock Exchange 142 Affiliate Member Profiles CDA Central Depository of Armenia 147 Central Registry Agency Inc. of Turkey 148 Central Securities Depository of Iran 149 Macedonian Central Securities Depository 150 Misr For Clearing, Settlement & Central Depository 151 Securities Depository Center (SDC) of Jordan 152 Takasbank - ISE Settlement and Custody Bank, Inc. 153 Tehran Securities Exchange Technology Management Company (TSETMC) 154 Member List 155 FEDERATION OF EURO-ASIAN STOCK EXCHANGES (FEAS) The Federation of Euro-Asian Stock Exchanges Semi Annual Report April 2008 is published by the Federation of Euro-Asian Stock I.M.K.B Building, Emirgan 34467 Istanbul, Turkey Exchanges. Tel: (90 212) 298 2160 Fax: (90 212) 298 2209 All editorial material was collated and edited by the Federation of E-mail: [email protected] Euro-Asian Stock Exchanges. The design, production and distribution Web address: www.feas.org was coordinated by the Federation of Euro-Asian Stock Exchanges. Contacts: Mr. Aril Seren, Secretary General Mrs. Susan Gogus, Assistant Secretary General Designed by: Tayburn Kurumsal Ms. Ege Adalioglu, Assistant Secretary General Although every care has been taken to ensure the accuracy of the information contained within the publication, the Secretariat cannot be held liable for any inaccuracies, errors or omissions, nor held liable for any actions taken on the basis of the information provided herein. © The Federation of Euro-Asian Stock Exchanges PAGE 1 FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2008 FEDERATION OF EURO-ASIAN STOCK EXCHANGES The FEAS, as a globally recognized regional institution, is growing and maturing together with its members towards its goals. Huseyin Erkan President of FEAS & Chairman and CEO of the Istanbul Stock Exchange Throughout 2007, the FEAS region has upgrade and the implementation of the FEAS commissions.Our major target is to attract the persevered with a strong desire for continued Data Center (FDC) to standardize and global investors who will benefit from FEAS growth in world economies as seen in 2006. promote cross market statistics and the services and continiously invest in the Region. (consol?dated stats) The performance of the initiation and upcoming implementation (2008) securities markets in the second half of 2007 of the FEAS Index for better visibility and for Looking at the individual future outlooks of our is displayed in the consolidated regional moving toward cross border trading which will markets, as covered in the member profile statistics on the adjoining pages. The also make it simpler to observe and track the pages, one can see that there continues to be individual statistics of each of our members FEAS Region.There were special activities that work toward the challenges of member are available in the member profile section. promoted the growth of stock exchange markets in providing competitive and viable The Federation, as a globally recognized operations such as bilateral visits, establishing financing options to both the government and regional institution, is growing and maturing the FEAS Training Center and in line with it, private sectors, while enhancing operations together with its members towards its goals. the joint ISE/FEAS development project and through technology and expanding services to Founded 13 years ago by 12 regional international associations with organizations market participants. Their efforts continue to exchanges, FEAS now has a total number of such as the World Bank, World Federation of focus on the areas of increased transparency 32 stock exchange members from 29 different Exchanges (WFE) and the Organization for through expense in infrastructure and countries and 8 affiliate members. Economic Cooperation and Development developing regulations to promote stronger FEAS is growing in membership with (OECD). corporate governance. additional Securities Exchanges and Affiliates. To date, FEAS has jointly hosted 3 meetings I would like to take this opportunity to extend In today’s economic conditions, where the and one conference in 2007; the Working my heartfelt thanks for their contributions to: increasing oil prices led to quickly expanding Committee Meeting held in Kiev, a conference Garanti Asset Management, Deutsche Boerse, savings and sovereign wealth funds’ the long titled Growing Capital Markets, Today for Finans Asset Management, Is Investment, expected failure and fluctuations in the global Tomorrow, in Budva, with the Montenegro NASDAQ OMX, Quartal Flife and Tayburn markets were not realized locally due to the Stock Exchange. The Media Task Force Kurumsal for making this publication possible. strength in regional markets and for this meeting in Istanbul, Turkey and in September We hope that you will take a moment to visit reason regional co-operation will continue to 2007, the 13th General Assembly Meeting in our contributor section in the FEAS website at play an important role in the on-going Belgrade, Serbia together with the second www.feas.org and read their articles in the development of our markets. Two of our Affiliate Member Meeting, in addition to a following pages. members’, Bulgaria and Romania, EU Working Committee Meeting and Executive membership will further develop their Committee Meeting.This year we will hold our FEAS is celebrating its 13th anniversary. Since economic and legal structures to promote Working Committee Meeting in Baku, its beginning in publishing four years ago, organized growth in their financial markets and Azerbaijan which will be hosted by the Baku FEAS SAR has been published as two semi further the perspective of other FEAS Stock Exchane. The General Assembly will be annual reports, in April and October annually. members. When we look at the year end held in the UAE and hosted by the Abu Dhabi As you will remember, the initial and continued results for 2007 we see that market Securities Market. aim of transitioning from an annual to semi capitalization in the region has increased by annual publication is two-fold. First, through 54.3% over 2006. Stock trading volume in FEAS is striving to place greater importance providing two publications rather than just one, dollar terms is up by 21.9%, in volume on regional development over the next 5 years. the market performances of FEAS members increased by 97.0% to 44,847.4 million and the FEAS will hold a President’s Meeting to are reflected in an updated fashion. Second, average daily trading volume increased refocus the ourselves on the future. the environments (both political and 160.9% in 2007. Bonds showed the largest Our continued commitment to our 5-year economic), within which those markets increase in dollar trading volume of 25.7%, strategic plan is designed to achieve the operate, are brought to the attention of the volume increased by 77.9% and average daily objectives specified within the mission of the readers more timely and concisely. Further trading volume increased by 76.7% in bonds Federation and to attain a greater role in the with new format changes to the October trading. Other category showed the largest competitive global market environment. Our edition, readers will receive a sort of reference increase in volume with an increase of 115.2% focus over the previous 5 years has been on guide to our members markets and their over 2006 where as dollar volume and average the area of promoting corporate governance, trading practices and procedures. daily trading volumes increased by 14.8% and facilitating timely disclosure, achieving 109.8% respectively. To put this into effective dissemination of information, attaining In closing, I want to commend the efforts of all perspective in the last 5 years the FEAS region regional convergence in listing requirements, our Task Force members in achieving our has seen a 365% increase in market cap, settlement, trading rules and software, creating regional objectives through their commitment 651% in stock trading volumes, 513% in bonds greater awareness and visibility for the region’s and the Secretariat for its success in trading volume and 195% in other trading stocks and investment opportunities, maintaining our cohesive organization. As we volume. promoting the listing of
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