Friday, June 23 2017 19:47

Decision to move FEAS headquarters from Istanbul to Yerevan "was not digested" by Istanbul and Baku Stock Exchanges

Decision to move FEAS headquarters from Istanbul to Yerevan "was not digested" by Istanbul and Baku Stock Exchanges

ArmInfo. The decision to move the headquarters of the Federation of Eurasian Stock Exchanges (FEAS) from Istanbul to Yerevan "did not digest" the Istanbul and Baku stock exchanges.  With the move of FEAS headquarters in May 2017, seven of its members left Istanbul due to Armenofob hysteria.

As noted in the message of the Azerbaijani agency Turan, June 14 this year. At the general meeting of shareholders of the Baku Stock Exchange it was decided to withdraw from the FEAS. "Recently observed tendencies in the organization seriously limit its ability and sustainability, reduce the international reputation," Turan refers to the BSE report.

As Secretary General of FEAS and general director of Nasdaq OMX Armenia Stock Exchange Konstantin Saroyan told ArmInfo earlier, the decision to move the head office to Yerevan was made after the stock exchange of Istanbul announced its withdrawal from FEAS, despite being one of the founders of the Federation. According to Saroyan, moving FEAS headquarters from Istanbul to Yerevan will first of all contribute to raising the rating of Armenia. Regarding further actions, he noted that FEAS will continue to operate according to its strategy, but henceforth emphasizing a particular focus from the practical point of view on business development of exchanges, which will include the exchange of information, the synchronization of certain laws, etc. "We would like to help increase the visibility of exchanges and markets. After all, the composition of FEAS includes small countries that are interested in being represented on the financial map, in particular for investors. This will contribute to the development of our country. After all, making visible the securities market, for example state bonds, will be a serious achievement for Armenia," said Secretary General of the FEAS Saroyan, expressing the hope that thanks to the changes in the Eurasian Federation, the stock exchanges of the CIS countries will also be attracted due to Armenia's membership in the EEMP.

To recall, Armenia, which is one of the 12 founders of FEAS, in November 2016 became a member of the Federation. On May 16, 2017, at an extraordinary meeting of the General Assembly of FEAS, a decision was made to move the head office of the Federation of Eurasian Stock Exchanges (FEAS) from Istanbul to Yerevan. With the prevailing number of votes for and against, Armenia was chosen as the country representing the head office of FEAS. The president of this organization, the chairman of the Egyptian exchange, Mohammed Omran, noted that Egypt approved the decision to move the central office from Turkey to Armenia, considering the strong relations between Armenia and Cyprus. He also added that the Egyptian Executive Council, consisting of 33 members, decided to move the office to Armenia, after which Turkey ceased membership in the organization. Prior to this, since 1995, since the establishment of the Federation, the head office of FEAS operated in Istanbul. According to the decision made by the General Assembly, Nasdaq OMX Armenia will assist in the administration of FEAS, whose general secretary Nasdaq OMX Armenia general director Konstantin Saroyan was elected. The overwhelming majority of the General Assembly with the support of the Executive Council approved his candidacy.

To recall, FEAS was established on May 16, 1995 in Istanbul by 12 stock exchanges: the Amman Stock Exchange, the Bratislava, Kazakh, Bulgarian, Istanbul, Karachi, Ljubljana, the State Commodity and Raw Materials Exchange of Turkmenistan, the Tehran Stock Exchange, the Tel Aviv Stock Exchange, Yerevan Stock Exchange and Zagreb Stock Exchange. Prior to moving the headquarters from Istanbul to Yerevan, FEAS had 33 members, 11 affiliated members, 3 observers and 4 bilateral members, including stock exchanges, post-trading financial institutions, dealer associations and regional federations from more than 30 countries. The purpose of the Federation is to develop the capital markets of the member countries of FEAS, in particular, to improve the organizational structure, to solve problems of regulation and self- regulation of the mechanism for brokers and dealers, and to organize effective monitoring.

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