FEDERATION OF EURO-ASIAN STOCKbook EXCHANGES ANNUAL REPORT APRIL 2009 FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2009 TABLE OF CONTENTS Federation of Euro-Asian Stock Exchanges 3 Bloomberg 10 Is Investment 12 NASDAQ OMX 14 Tayburn Kurumsal 16 Finans Asset Management 18 Stock Exchange Profiles Abu Dhabi Securities Exchange 22 Amman Stock Exchange 26 Bahrain Stock Exchange 30 Baku Interbank Currency Exchange 34 Baku Stock Exchange 36 Banja Luka Stock Exchange 40 Belarusian Currency and Stock Exchange 44 Belgrade Stock Exchange 48 Bucharest Stock Exchange 52 Bulgarian Stock Exchange 56 Egyptian Exchange 60 Georgian Stock Exchange 64 Iraq Stock Exchange 68 Istanbul Stock Exchange 72 Karachi Stock Exchange 76 Kazakhstan Stock Exchange 80 Kyrgyz Stock Exchange 84 Lahore Stock Exchange 88 Macedonian Stock Exchange 90 Moldovan Stock Exchange 94 Mongolian Stock Exchange 98 Montenegro Stock Exchange 102 Muscat Securities Market 106 NASDAQ OMX Armenia 110 Palestine Securities Exchange 114 Sarajevo Stock Exchange 118 State Commodity & Raw Materials Exchange of Turkmenistan 120 Tehran Stock Exchange 124 Tirana Stock Exchange 128 “Toshkent” Republican Stock Exchange 132 Ukrainian Stock Exchange 136 Zagreb Stock Exchange 140 Affiliate Member Profiles Central Registry Agency Inc. 145 Central Securities Depository of Iran 146 Macedonian Central Securities Depository 147 Misr For Clearing, Settlement & Central Depository 148 Securities Depository Center (SDC) of Jordan 149 Takasbank - ISE Settlement and Custody Bank, Inc. 150 Tehran Securities Exchange Technology Management Company (TSETMC) 151 Member List 152 FEDERATION OF EURO-ASIAN STOCK EXCHANGES (FEAS) The Federation of Euro-Asian Stock Exchanges ANNUAL REPORT APRIL 2009 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. 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 ANNUAL REPORT APRIL 2009 FEDERATION OF EURO-ASIAN STOCK EXCHANGES Our continued commitment to the FEAS 5-year strategic plan is designed to achieve the objectives specified within the mission of the Federation and to attain a greater role Huseyin Erkan in the competitive global market President of FEAS & Chairman and CEO of the Istanbul Stock Exchange environment. During the previous year, the global economy As we are now on the verge of completing our among the securities commissions. Our major has undergone the most rigorous financial and fourteenth year of operation, most of you are target is to attract the global investors who will economic crisis in decades. Projections, on well aware of our accomplishments to date. benefit from FEAS services and continuously the other hand, do not seem promising either; Those that were particularly noteworthy are; invest in the Region. the depth and duration of the crisis remains to the planned upgrade and the implementation be uncertain to a large extent. The contagion of the FEAS Data Center (FDC) to standardize FEAS focus during the next five years will be of the real economy by the financial crisis has and promote cross market statistics and the discussed at the upcoming Presidents’ already resulted in rising unemployment in initiation and upcoming implementation (2009) Meeting. Some of the issues we will cover are many countries. Furthermore, in spite of the of the FEAS Index. I am confident that this will products such as ETF’s, based on joint sharp slow-down in demand in all economies, provide for better visibility and is also one step indices. we have seen inflation rise all over the world, further towards cross border trading. We led by developing countries. The priority of the realized special activities that promoted the The future outlook of our individual markets, as governments is to reverse this trend, along growth of stock exchange operations such as covered in the member profile pages, shows with restoring confidence and stability in the Bilateral Visits, establishing the FEAS Training that there continues to be work toward the financial system. We have seen governments Center, and the joint ISE/FEAS projects with challenges of member markets in providing dealing with immediate stability concerns, international associations and organizations competitive and viable financing options to making effort to alleviate the impact of the such as the World Bank, World Federation of both the government and private sectors, while current recession, and to put the global Exchanges (WFE) and the Organization for enhancing operations through technology and economy back on track. Economic Cooperation and Development expanding services to market participants. The (OECD). effort continues to focus on the areas of As far as the FEAS region is concerned, it has increased transparency through investment in persevered with a strong desire for continued During 2008, FEAS has jointly hosted with its infrastructure and developing regulations to growth in world economies in 2008, until the members four meetings and conferences. promote stronger corporate governance. financial crisis hit the world. The performance These were the Working Committee Meeting of the securities markets in the second half of held in Baku, Azerbaijan, the Second Annual FEAS will soon be celebrating its 15th 2008 is displayed in the consolidated regional Conference of the Montenegro Stock anniversary. Since its launch five years ago, statistics on the adjoining pages, reflecting the Exchange, entitled ‘A Step Forward’, held in SAR has been published as two semi-annual downturn felt around the world. The individual Budva, and the “Media Workshop: How to reports, released in April and October. Starting statistics of each of our members are available Interact with the Media During Times of Crisis”, from April 2009, there will be one FEAS in the member profile section. held in Istanbul, Turkey. In November 2008, yearbook every year and 3 quarterly FEAS the 14th FEAS General Assembly Meeting was Magazines, covering different regional The end-year results for 2008 show that held in Abu Dhabi, UAE, together with the third information, together with their stock exchange market capitalization in the FEAS region has Affiliate Member Meeting, in addition to a statistical data, in each issue. We intend this decreased by 47.4 per cent compared to end- Working Committee Meeting, Executive publication to be utilized as a summary 2007. While stock trading volume in US Dollar Committee Meeting and Annual Conference of reference to the Region and we attach great terms would be expected to increase as they Contributors. value to FEAS Yearbook and Quarterly have exceeded the volumes seen in 2007 Magazines as marketing instruments to attract during the same period, along with the Our continued commitment to the FEAS 5-year interest in the Region. I would like to take this appreciation of the US Dollar, the average strategic plan is designed to achieve the opportunity to extend my heartfelt thanks for daily trading volume is down by 8.4 per cent objectives specified within the mission of the their contributions to: Bloomberg, Finans Asset compared to end-year 2007. Bonds also Federation and to attain a greater role in the Management, Is Investment, Muscat Securities reflected weakness during the second half of competitive global market environment. Our Market, NASDAQ OMX Group and Tayburn 2008 in terms of trading volume on US Dollar focus during the previous five years has been Kurumsal for making this publication possible. basis. ‘Other’ category showed stability with on the areas of promoting corporate We hope that you will take a moment to visit limited growth over 2007, where the average governance; achieving effective dissemination our contributor section in the FEAS website at daily trading volumes increased by 9.5 per of information; facilitating timely disclosure; www.feas.org and read their articles in the cent over 2007. attaining regional convergence in listing following pages. requirements, settlement, trading rules and The Federation, on the other hand, as a software; creating greater awareness and In closing, I want to commend the efforts of all globally recognized regional institution, is visibility for the region’s stocks and investment our Task Force members in achieving our growing and maturing vigorously with its opportunities; promoting the listing of regional objectives through their commitment members towards its goals. Founded 13 years ‘investment grade’ companies in the region’s and the Secretariat for its success in ago by 12 regional exchanges, FEAS now markets; and creating linkages among the maintaining our cohesive organization. As we brings together a total number of 32 stock region’s intermediaries, data providers, close our 14th year, I am happy to