Tuesday, 24 May 2005

At the Working Committee (WC) meeting on May 17th, Takasbank, ISE Settlement and Custody Bank, Turkey, applied for membership in the FEAS Working Committee. The meeting continued with the reports from Task Forces:

1.       Media Task Force: Two programs were proposed by the Task Force, first one in Istanbul, Turkey in August to draft a uniform curriculum for training the media and second to be in Muscat, Oman on December 11-15 to provide that training to the instructor group and participating members.

2.       Index Task Force: Mr. Lars Hamish from Dow Jonex/Stoxx gave a presentation on the DJI Indeces, their product range and the proposed FEAS Index and its specifications. The Committee assigned Index Task Force to conduct a survey among FEAS members in order to seek the opinions of the participating members on practical issues of index creation.

3.       Market Principles Task Force: the report from the World Federation of Exchanges (WFE) on te Market Principles and Standards was discussed.

4.       Corporate Governance Task Force: Draft Code for Corporate Governance prepared by the Cairo and Alexandria Stock Exchanges (CASE) was presented at the meeting.


The proposal for new task force for Affiliate members was approved. The latest status on the FEAS publications such as Semi Annual Report, Trading Survey, and Revenue Analysis and 2005 Bilateral Initiatives Program were presented at the meeting.


At the Executive Committee (EC) on May 18th, financial reports including (membership dues in arrears) as of May 2005 and draft Audit Report for 2004 were presented. The Charter Amendment to Article 5.c.3 and 5.c.4.-Section III/Members and Affiliates was proposed for recommendation to the General Assembly. Misr for Clearing, Settlement and Central Depository (MSCD) of Egypt were approved to be proposed for voting by circular resolution as an affiliate member. The need for FDC Task Force was discussed and it was decided that the ISE should prepare areport about the renewal of format of the FDC, to fit the needs of the regional index.


On May 17th, a roundtable discussion was held on Capital Market and Economic Development. Mr. Valeri Chechelashvili, Minister of Finance and Mr. Osman Birsen, President, FEAS gave opening speeches on the importance of the capital markets in the economic development. There were comments and recommendations from FEAS members about expanding the securities markets and obtaining more benefit from them for development.