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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010 TABLE OF CONTENTS Federation of Euro-Asian Stock Exchanges 4 NASDAQ OMX 28 Bloomberg 30 IS Investment 32 Central Registry Agency Inc. 34 Finans Asset Management 35 Tayburn Kurumsal 37 Garanti Asset Management 38 Stock Exchange Profiles Abu Dhabi Securities Exchange 42 Amman Stock Exchange 46 Bahrain Stock Exchange 50 Baku Interbank Currency Exchange 54 Baku Stock Exchange 56 Banja Luka Stock Exchange 60 Belarusian Currency and Stock Exchange 64 Belgrade Stock Exchange 68 Bucharest Stock Exchange 72 Bulgarian Stock Exchange 76 Egyptian Exchange 80 Georgian Stock Exchange 84 Iraq Stock Exchange 88 Istanbul Gold Exchange 92 Istanbul Stock Exchange 94 Karachi Stock Exchange 98 Kazakhstan Stock Exchange 102 Kyrgyz Stock Exchange 106 Lahore Stock Exchange 110 Macedonian Stock Exchange 112 Moldova Stock Exchange 116 Mongolian Stock Exchange 120 Montenegro Stock Exchange 124 Muscat Securities Market 128 NASDAQ OMX Armenia 132 Palestine Securities Exchange 136 Sarajevo Stock Exchange 140 State Commodity & Raw Materials Exchange of Turkmenistan 142 Tehran Stock Exchange 146 Tirana Stock Exchange 150 “Toshkent” Republican Stock Exchange 154 Ukrainian Stock Exchange 158 Zagreb Stock Exchange 162 Affiliate Member Profiles Central Registry Agency Inc. 167 Central Securities Depository of Iran 168 Macedonian Central Securities Depository 169 National Depository Center of Azerbaijan 170 Misr for Clearing, Settlement & Central Depository 171 Securities and Exchange Brokers Association of Iran (SEBA) 172 Securities Depository Center (SDC) of Jordan 173 Takasbank - ISE Settlement and Custody Bank, Inc. 174 Tehran Securities Exchange Technology Management Company (TSETMC) 175 The Association of Capital Market Intermediary Institutions of Turkey (TSPAKB) 176 Member List 177 FEDERATION OF EURO-ASIAN STOCK EXCHANGES (FEAS) The Federation of Euro-Asian Stock Exchanges Annual Report June 2010 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 Ms. Ege Adalioglu, Assistant Secretary General Designed by: Tayburn Kurumsal Mrs. Susan Gogus, 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 ANNUAL REPORT JUNE 2010 Established on 16 May 1995, the Federation of Euro-Asian Stock Exchanges (FEAS) today has 33 members and 12 affiliate members in 29 countries. MEMBERS Abu Dhabi Securities Exchange Amman Stock Exchange Bahrain Stock Exchange Baku Interbank Currency Exchange Baku Stock Exchange Banja Luka Stock Exchange Belarusian Currency and Stock Exchange Belgrade Stock Exchange Bucharest Stock Exchange Bulgarian Stock Exchange Egyptian Exchange Georgian Stock Exchange Iraq Stock Exchange Istanbul Gold Exchange Istanbul Stock Exchange Karachi Stock Exchange Kazakhstan Stock Exchange Kyrgyz Stock Exchange Lahore Stock Exchange Macedonian Stock Exchange Moldova Stock Exchange Mongolian Stock Exchange Montenegro Stock Exchange Muscat Securities Market NASDAQ OMX Armenia Palestine Securities Exchange Sarajevo Stock Exchange State Commodity & Raw Materials Exchange of Turkmenistan Tehran Stock Exchange Tirana Stock Exchange “Toshkent” Republican Stock Exchange Ukrainian Stock Exchange Zagreb Stock Exchange AFFILIATE MEMBERS Association of Certified Capital Market Professionals (ACCMP), Jordan Central Registry Agency Inc. Central Securities Depository of Iran Macedonian Central Securities Depository Misr for Clearing, Settlement & Central Depository MSM Brokers Association, Oman National Depository Center of Azerbaijan Securities and Exchange Brokers Association of Iran (SEBA) Securities Depository Center (SDC) of Jordan Takasbank - ISE Settlement and Custody Bank, Inc. Tehran Securities Exchange Technology Management Company (TSETMC) The Association of Capital Market Intermediary Institutions of Turkey (TSPAKB) PAGE 2 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010 FEDERATION OF EURO-ASIAN STOCK EXCHANGES The future outlook for our markets seems to depict that our member markets continue to provide competitive and viable financing options to both public and private sectors. Huseyin Erkan President of FEAS & Chairman and CEO of the Istanbul Stock Exchange After the most severe global recession for investment products such as funds and personnel and assisting FEAS Members to decades, most of the economists now expect structured products. The FEAS Composite increase financial literacy through public a sustained recovery in the global economy. In Index currently includes 375 stocks from 12 of awareness. fact, some major economies have exited from the 33 member exchanges, including Abu recession in the second and third quarter of Dhabi, Amman, Bahrain, Belgrade, Bulgaria, I would like to take this opportunity to extend 2009 by burst of global monetary and fiscal Istanbul, Karachi, Macedonia, Muscat, my heartfelt thanks for their contributions to stimuli. After contracting by 2.1% in 2009, Sarajevo and Zagreb. Our aim is to launch an Bloomberg, Central Registry Agency, Finans global real GDP is forecasted to expand by investable blue chip index in the forthcoming Asset Management, Garanti Asset Management, 3.2% in 2010. Within this context, another years. IS Investment, Muscat Securities Market, significant expectation is the differential in NASDAQ OMX, Takasbank, Tayburn Kurumsal economic growth between developed (2.1%) During 2009, the FEAS jointly hosted with its and The Association of Capital Market and emerging economies (5.7%). Yet, members three meetings and conferences. Intermediary Institutions of Turkey for making conservative recovery forecasts still reflect These were the Executive Committee Meeting this publication possible. We hope that you will concerns about credit availability and the and Working Committee Meeting held in take a moment to visit our contributor section medium-term fiscal outlook in the developed Minsk, Belarus in June; the 15th FEAS General in the FEAS website at www.feas.org and read countries. As regards to the average GDP- Assembly Meeting and Executive Committee their articles in the following pages. weighted public-debt-to- GDP ratio in Meeting held in Budva, Montenegro, together developed markets and emerging markets, it with the Exchange Traded Products The future outlook for our markets seems to is obvious that many developed countries Conference hosted by STOXX in September; depict that our member markets continue to have moved into unchartered territory over the furthermore in October a meeting of the Post provide competitive and viable financing past couple of years. While the emerging Trade Affiliate Members of FEAS was held in options to both government and private countries’ public debt stock climbed to around Antalya, Turkey. Besides these meetings, the sectors, while enhancing operations through 44% of GDP in 2009 from just 35% in 2006, FEAS Secretariat continues to pursue activities technology and expanding the services offered the developed countries debt ratio that will promote the growth of member stock to market participants. We surely continue to skyrocketed from less than 80% to around exchanges operations such as bilateral visits, focus on the areas of increased transparency 95% of GDP . workshops and seminars held by the FEAS through investing in infrastructure and Training Center, and the joint ISE/FEAS developing regulations to promote stronger Even though developed countries felt the projects with international associations and environmental social governance. The efforts burden of the crisis most heavily in 2008, the organizations such as the UNPRI, World of all our Task Force Members will surely play domino effect of the crisis on the developing Federation of Exchanges (WFE) and other a vital role in achieving our objectives through markets of FEAS were felt in 2009. During International Organizations. their commitment and hard work and the 2009, the FEAS region’s financial markets Secretariat for maintaining our cohesive have performed in excess of world markets Our renewed commitment to the revised FEAS organization. As we close our 15th year, we when you compare the performance of the 5-year strategic plan is also designed to look to the future with a renewed sense of FEAS Index to that of the Dow Jones World achieve the objectives as specified in the purpose and a detailed strategy for achieving Index (i.e. 52% vs. 30% increase respectively). mission statement of the Federation and to get our goals. While the market capitalization of the FEAS a more vital role in the global market region has increased by 35% in 2009, the environment. During the next five years, our average daily trading volume is down by focus will be more on promoting “corporate 15.3%. (We have included a special section governance”, facilitating timely disclosure, after the FEAS pages that review the growth
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