Federation of Euro – Asia Stock Exchanges – FEAS

The Federation of Euro-Asian Stock Exchanges (FEAS) was established on 16 May 1995 with 12 founding members; currently there are 33 members and 12 affiliate members, including both post trade institutions and dealers associations.

Membership in the Federation is open to emerging stock exchanges in Europe and Asia. Until the year 2011 the position of President and Vice President will be held by the Istanbul Stock Exchange and Muscat Securities Market. The mission of FEAS is to help create fair, efficient and transparent market environments among FEAS members and their operating regions.

FEAS aims to minimize barriers to trade through the adoption of best practices for listing trading and settlement and by promoting linkages among members for cross-border trading.

Members in the FEAS body and all of these exchanges have a good reputation at their locations. The other members of FEAS from Turkey are the ISE Settlement and Custody Bank, the Istanbul Stock Exchange, The Association of Capital Market Intermediary Institutions of Turkey and the Central Registry Agency.

The Federation is established for an indefinite time with the following objectives.

a) To encourage cooperation among the Members in order to promote the development of their respective securities markets.
b) To act as a representative voice of the Members vis-a-vis The Federations and Associations of Exchanges in the world.
c) To promote the development of more integrated International Exchanges in the region and offer listing and trading opportunities for Securities issued in the region.
d) Any other objectives approved by the General Assembly.

The ultimate decision making body is the General Assembly. It consists of Members and Affiliate Members who rights and obligations are the same except for restrictions on some of the voting rights as specified in the Charter for the Affiliates.

The Governing Body of FEAS is the General Assembly, comprised of all 33 members, which meets once annually in a member country. The Executive Committee, comprised of 12 members, is responsible for the development of Federation policies, making major administrative decisions, as mandated by the General Assembly, approving the content and scope of tasks assigned to the Working Committee and making recommendations to the General Assembly.

The President, Vice President and Executive Committee are elected by the General Assembly. They are responsible for the development of Federation policies, administrative decisions and the making of recommendations to the General Assembly.

The Executive Committee will have the mandate for decision making on issues, which can later be ratified by the General Assembly

The Executive Committee shall approve the members of the Working Committee for a term of one year and is entrusted with the direction on the same. The Chairperson of the Working Committee will be elected from among the members of the Working Committee by its members for two years. The Working Committee will make proposals to the Executive Committee for tasks (research and projects) for adoption and report on the progress of these tasks to the Executive Committee. The Working Committee may form Task Forces upon approval of the Executive Committee. Task Forces will have a clearly defined objective and time frame. Their work progress will be reported to the head of the Working Committee for follow-up and guidance. The Secretariat will provide necessary support to the Task Forces.

MEMBERSHIP
A) Categories of Membership
a) The Founding Members of The Federation consist of Exchanges from countries in Europe, outside the European Union and EFTA, including CIS, Central and South Asia and the Middle-East. Any subsequent Membership will be open to exchanges or an association of exchanges located in Europe and Asia subject to approval by the General Assembly.
b) Exchanges will be entitled to propose the following entities in their respective countries for Affiliate Membership: Central Depositories
Clearing and Settlement Institutions
Dealer's Associations
c) Membership in the Federation shall take the form of full or affiliate membership. In these Articles of the Federation Exchanges and Associations of Exchanges are referred to as Full Members and Affiliate members as listed in Article 4A(b) are referred to as Affiliates. Full Members and Affiliates are referred to collectively as Members.
B) Privileges
a) Members shall be entitled to vote on all issues as the General Assembly, with equal voting rights however, with the exception for Affiliates on elections and casting votes to modify the Charter. In the case of elections and charter amendments there will be one vote per country accepted, to be exercised only by Full Members. countries with more than one Member shall cast their vote as one, through a consensus.
If a consensus is not possible, prior to casting the vote, the vote of the Member admitted first to the Federation shall prevail.
b) Full Membership will not be limited to one Exchange or one Association of Exchanges per country, but voting rights will vary as per the exceptions defined in Article 4B(a) above. Affiliate Membership will not be limited to one Central Depository, Clearing and Settlement Institution or Dealer's Association per country.
c) All Members shall observe their respective obligations as set forth in the Articles of the Federation