Inter-Exchange Federation Affair

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					                            Inter-Exchange Federation Affairs
                                                 4 February 2010

         African Securities Exchanges Association
         Asian and Oceanian Stock Exchange Federation
         Federation of Euro-Asian Exchanges
         Federation of European Securities Exchanges
         Federation of Ibero-American Bourses
         South Asian Federation of Exchanges
         Union of Arab Stock Exchanges
         World Federation of Exchanges

World Federation of Exchanges Inter-exchange federation affairs February 2010   1
                   African Securities Exchanges Association

President :                         Dr./Mrs. Ndi Okereke Onyuike, Director General/Chief Executive Officer
                                    of the Nigerian Stock Exchange
Secretary General :                 Mr. Donald Ouma
Website :                 
Contact :                 

     1. Summary of Highlights
        1. The Association has initiated discussions with FTSE Group with a view to partnering in
           order to develop, launch and manage a FTSE branded ASEA index.
        2. The 13th Annual General Meeting and Conference of the Association was held from 2nd –
           4th December 2009, in Abuja, Nigeria and was hosted by the Nigerian Stock Exchange.
        3. Following the AGM, on December 2nd 2009, the officials of the Executive Committee of
           the African Securities Exchanges Association are as follows:-
                     i. President: Dr./Mrs. Ndi Okereke Onyuike, Director General/Chief Executive
                        Officer of the Nigerian Stock Exchange
                    ii. Vice President: Mr. Simon Rutega, Chief Executive Officer of the Uganda
                        Securities Exchange
                   iii. Mr. Maged Shawky Sourial, Executive Chairman of the Egyptian Exchange
                   iv. Mr. Peter Mwangi, Chief Executive of the Nairobi Stock Exchange
                    v. Mr. Ekow Afedzie, Deputy Managing Director of the Ghana Stock Exchange
                   vi. Mr. Geoff Rothschild, Director: Government & International Affairs of the
                        JSE Ltd.
                  vii. Mr. Sunil Benimadhu, Chief Executive of the Stock Exchange of Mauritius

     2. The name of the Association is “African Securities Exchanges Association” (ASEA).

     3. When was the association created?

          The African Stock Exchanges Association (ASEA) was registered in Nairobi on 13 th
          November 1993 with the object of, inter alia, establishing an association for systematic mutual
          cooperation, exchange of information, materials and persons, mutual assistance and joint
          programs between the members. The membership of the association is open to any Stock
          Exchange or nascent Stock Exchange located in the African region. The Association has been
          holding annual conferences, which are hosted by different members each year where issues
          relevant to the growth of the regional capital markets are addressed.

     4. Where is the secretariat located?
        ASEA Secretariat
        Nairobi Stock Exchange
        Nation Centre, First Floor, Kimathi Street,
        PO Box 43633, Nairobi 00100,
        Tel: +254 20 2831000
        Fax: +254 20 224200

World Federation of Exchanges Inter-exchange federation affairs February 2010                                2
     5. What is the main role of the association?
        1. To establish an association for systematic mutual cooperation, exchange of information,
            materials and persons, mutual assistance and joint programmes between the members;
        2. To promote the establishment of securities exchanges in all African countries;
        3. To promote the development of common standards of training and professionalism
            among members of the Association and other market players;
        4. To promote common standards of issuing, listing, trading and settlement of securities;
        5. To facilitate the development and promotion of products and services for Africa’s capital
        6. To assist members in the promotion and development of the range of services associated
            with the capital markets;
        7. To develop and promote a data bank and information system for the mutual benefit of
        8. To study, and research on matters of mutual interest to members;
        9. To disseminate information; produce materials in all media, hold conferences, seminars
            and exhibitions, and conduct other public education activities relevant to the interests of
        10. To ensure that the views and interests of the Association are promoted in the appropriate
            worldwide fora; and
        11. To do all other things, not inconsistent with the foregoing as shall promote the objects
            and powers.

     6. Members of the Association
        Following the thirteenth (13th) annual general meeting of the Association on December 2nd
        2009 which ratified the formal admission of the Bolsa de Valores de Cabo Verde as a Full
        member, the membership of the Association is as follows:-

          Full Members
              1. Bolsa de Valores de Cabo Verde
              2. Bolsa de Valores de Moçambique
              3. Botswana Stock Exchange
              4. Bourse de Casablanca
              5. Bourse Régionale des Valeurs Mobilières de l’Afrique de l’Ouest
              6. Dar-es-Salaam Stock Exchange
              7. Egyptian Exchange (formerly Cairo and Alexandria Stock Exchanges)
              8. Ghana Stock Exchange
              9. JSE Ltd
              10. Khartoum Stock Exchange
              11. Libyan Stock Market
              12. Lusaka Stock Exchange
              13. Namibian Stock Exchange
              14. Nairobi Stock Exchange
              15. Nigerian Stock Exchange
              16. Malawi Stock Exchange
              17. Uganda Securities Exchange
              18. Stock Exchange of Mauritius
              19. Stock Exchange of Swaziland
              20. Zimbabwe Stock Exchange

          Observer Member
             1. Central Securities Clearing System Ltd. (Nigeria)

          Affiliate Member
              1. South Asian Federation of Exchanges (SAFE)

World Federation of Exchanges Inter-exchange federation affairs February 2010                        3
          The full members represent twenty seven (27) African states - Benin, Botswana, Burkina
          Faso, Cape Verde, Côte d'Ivoire, Egypt, Ghana, Guinée Bissau, Kenya, Libya, Mali, Malawi,
          Mauritius, Morocco, Mozambique, Namibia, Niger, Nigeria, Sénégal, South Africa, Sudan,
          Swaziland, Tanzania, Togo, Uganda, Zambia, and Zimbabwe.

          The African states which the ASEA members represent belong to the following regional
          economic groupings within Africa alone –

          •     Economic and Monetary Community of Central Africa (CEMAC)
          •     Intergovernmental Authority on Development (IGAD)
          •     Southern African Development Community (SADC)/Southern African Customs
                Union (SACU)
          •     West African Economic and Monetary Union (UEMOA)
          •     Community of Sahel-Saharan States (CEN-SAD)
          •     East African Community (EAC)
          •     Economic Community of Central African States (ECCAS)
          •     Economic Community of West African States (ECOWAS)
          •     Middle East Free Trade Area (MEFTA);

     7. Conferences

          The Nigerian Stock Exchange (NSE) hosted the thirteenth (13th) Annual Conference of the
          African Securities Exchanges Association (ASEA) which took place at the Transcorp, Hilton
          in Abuja, Nigeria from 2 – 4 December 2009. The theme of the conference was “GLOBAL
          CRISIS: Opportunities for African Capital Markets”.

          Participants were welcomed to the conference by the Minister of State for Finance, Planning
          and Economic Development (General Duties), of the Republic of Uganda, Hon. Fred Jachan
          Omach. The President of the Republic of Uganda, His Excellency President Yoweri Kaguta
          Museveni officially opened the Conference. The President stressed the need for stock
          exchanges to be at the forefront of providing avenues for mobilizing savings and investments
          from which African governments can benefit by raising funds through issuance of bonds to
          fund infrastructure.

     8. Upcoming Conferences
     9. The fourteenth (14th) ASEA AGM and Conference will be hosted by the Lusaka Stock
        Exchange in Lusaka, Zambia.

     10. Which are the governmental bodies at the national or international level that the association
         interacts with, if any?

          Partnerships and Alliances
          1. Cooperate with other regional bodies such as the New Partnership for Africa’s
             Development (NEPAD), and the United Nations Economic Commission for Africa
             (UNECA) to promote the role of the Association in capital mobilization and economic
             development strategies by:
                  a. Issuing joint publications or papers;
                  b. Organizing joint events discussing issues on the African investment front;
                  c. Displaying our publications at their events;
                  d. Having hyper links on their websites to the ASEA website

          2. Ensure presence in the Regional bodies such as CEMAC, COMESA, EAC, ECOWAS,
             MEFTA, SADC and UEMOA.

          3. Cooperate with other significant associations in the exchange industry, such as World
             Federation of Exchanges (WFE), International Organization of Securities Commissions
             (IOSCO), the Federation of Euro-Asia Stock Exchanges (FEAS), the South Asian

World Federation of Exchanges Inter-exchange federation affairs February 2010                       4
              Federation of Exchanges (SAFES), exchange associations in the Greater Arab Free Trade
              Area (GAFTA) and the Gulf Cooperation Council (GCC) in the following areas:
                  a. Attend their conferences and meetings;
                  b. Apply for affiliate membership;
                  c. Display our publications at their events;
                  d. Having hyper links on their websites to the ASEA website.

          Branding and Promotional Events
          1. Create a distinct corporate brand and identity for the ASEA to be available on relevant
             publications and for sponsorships of relevant events;
          2. Record a professionally, done promotional video providing a brief about ASEA and its
             member exchanges which serves as a promotional tool for ASEA to be played at all our
             conferences and road shows;
          3. Conduct an annual road show to promote ASEA as well as the individual members’ capital
             markets mainly covering;
          4. Intensify the cooperation with African Investor and other similar organizations through the
                  a. Preparation of periodical articles to be published in their magazine and newswire;
                  b. Aligning their events to promote the Association either through an attached or
                     separate event or a road show to leverage on the attendees at their events at more
                     affordable costs to the Association;
                  c. Displaying our publications at their events.

          Information Services
          1. Continue to upgrade and update the ASEA website;
          2. Provision of ASEA statistics to reputable global data vendors such as Bloomberg, Reuters,
             and Thompson Watch, amongst others.

          1. Print a brochure about ASEA (other than the annual yearbook) that can be distributed in
             events or sent to key people in the field to increase awareness of ASEA;
          2. Continue to issue the ASEA yearbook with more informative data, which conforms to
             global international standards and facilitates the investment decision making process of the
             regional and global investor.

          Membership Drives
          1. Approach nascent and existing African Exchanges to offer them our technical assistance
             and membership.
          2. To encourage co-operation among the members in order to promote the development.

World Federation of Exchanges Inter-exchange federation affairs February 2010                          5
                 Asian and Oceanian Stock Exchanges Federation

President :                         Mr. Ito Warsito, President Director of Indonesia Stock Exchange
Secretariat :                       Mr. Tetsuo Otashiro, Tokyo Stock Exchange Group, Inc.
Website :                 
Contact :                 

      from April 2009 submission

The objective of the Federation is to exchange of information and to promote mutual assistance among
its members, with a view to developing the securities markets in the Region.

The history of the AOSEF goes back to 1978 when top executives of stock exchanges in East Asian
countries first gathered in Tokyo on the occasion of the Centennial Anniversary of Japanese securities
markets. The gathering was followed by another meeting in Tokyo in 1982, at which the East Asian
Stock Exchanges Conference (EASEC), an informal, fraternal organization, was formed. In 1990, with
the adoption of a charter and also with admission of two stock exchanges in the Oceanian region at its
annual meeting in Manila, the organization was formalized and renamed as the East Asian and
Oceanian Stock Exchanges Federation (EAOSEF). In 2005, with the admission of the Bombay Stock
exchange and the National Stock Exchange of India, the organization was renamed as the Asian and
Oceanian Stock Exchanges Federation (AOSEF).

AOSEF Members—18 exchanges (As of January 2010)

Australian Securities Exchange                                        New Zealand Exchange
Bombay Stock Exchange                                                 Osaka Securities Exchange
Hochiminh Stock Exchange                                              Philippine Stock Exchange
Hong Kong Exchange and Clearing                                       Shanghai Stock Exchange
Indonesia Stock Exchange                                              Shenzhen Stock Exchange
Korea Exchange                                                        Singapore Exchange
Bursa Malaysia                                                        Taiwan Stock Exchange
Mongolian Stock Exchange                                              The Stock Exchange of Thailand
National Stock Exchange of India                                      Tokyo Stock Exchange Group

World Federation of Exchanges Inter-exchange federation affairs February 2010                          6

   Completed study / task forces
   Cross Border Trading
   Study of Market – Market Linkage Models
   Proposed linkage models
   Review on post-demutualization and post-listing
   Debt Market Structure
   Regulation vs Self-regulation
   Exchange’s Information Management
   Follow-up report on Cross Border Trading
   Market Information Sharing
   Liquidity of Small Cap Stocks
   Harmonization and Coordination Project

   On-going project / study forces / task forces
   <Task Force>
   Understanding Customer Needs
   Financial Literacy
   Impact to Exchange Business
   Structured Products
   New Markets
   Corporate Governance
   Trading Platform Trends and regulatory Frameworks
   IT/ Technology work shop (October 2006, November 2007 )
   Market Information work shop (July 2005, October 2006, November 2007)
   Market Surveillance work shop (Summer 2009)

                    Asian and Oceanian Stock Exchanges Federation – calendar 2010-2011

Asian and Oceanian Stock Exchanges Federation (AOSEF) calendar:

         Month                                       Meeting                              Host / Place
                                         AOSEF General Assembly                   Indonesia Stock Exchange /
      Spring 2010
                                        AOSEF Working Committee                           Indonesia
                                                                                   Bombay Stock Exchange /
        Fall 2010                       AOSEF Working Committee                 National Stock Exchange of India
                                                                                             / India
                                         AOSEF General Assembly                   Osaka Securities Exchange /
      Spring 2011
                                        AOSEF Working Committee                               Japan
                                                                                The Stock Exchange of Thailand
        Fall 2011                       AOSEF Working Committee
                                                                                          / Thailand

AOSEF Secretariat
Tokyo Stock Exchange Group, Inc.
Corporate Communications
2-1 Nihombashi-kabuto-cho, Shuo-ku, Tokyo 103-8224, Japan
Tel: +81-3-3665-1208 Fax: +81-3-3665-1412

AOSEF Website:
World Federation of Exchanges Inter-exchange federation affairs February 2010                                    7
              Federation of Euro-Asian Stock Exchanges

President :                         Mr. Hüseyin Erkan, Chairman & CEO, Istanbul Stock Exchange

Secretary General :                 Mr. Aril Seren
Website :                 
Contact :                 

Mission Statement
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.

In accordance with the Mission Statement, 5-year Strategic Objectives are set up to
systematically approach compliance with the long-term mission of the Federation. These
objectives are:

Objective I: Promote good “corporate governance” for exchanges, brokerage companies and
listed companies. Facilitate timely disclosure of material events to achieve transparency
through effective dissemination of information.

Objective II: Achieve convergence among FEAS members in their:
listing requirements, trading rules and technical infrastructure, settlement cycle.

Objective III: Promote mechanisms for reliable, transparent and uninterrupted securities
trading and settlement.

Objective IV: Create greater awareness and visibility for the region’s securities and
investment opportunities both locally and internationally.

Objective V: Help promote the listing of “investment grade” securities and foreign investor
compliant products in the respective Home markets of the Region.

Objective VI: Promote linkages among the Region’s: intermediaries, data providers,
settlement and custody institutions, stock exchanges; and also make efforts to initiate
cooperation among Region’s Securities Commissions.

Objective VII: Promote and encourage research and training for FEAS members and their

Objective VIII: Assist members of FEAS to increase financial literacy through public

World Federation of Exchanges Inter-exchange federation affairs February 2010                        8
2010 Mandates:

     1. Continuation of Task Force Activities
            a. Media Task Force
                     i. Training in January
                    ii. Exhibition in conjunction with General Assembly
            b. FEAS Index
                     i. Investable Index Study
            c. Environmental Social and Corporate Governance
                     i. Training in January
            d. Affiliate Members
                     i. Conference TBD
                    ii. Business Continuity Study for CSD Affiliate
            e. FDC Implementation
                     i. Further implementation and Development in line with
                        promotion on the FEAS website
                    ii. Development of Corporate Actions website
            f. Research and Development
                     i. Closer coordination with members on regional
            g. Rules and Regulation
                     i. Revision of FEAS Rulebook
                    ii. Conference for CEOs of Exchanges and Regulators
            h. Blue Chip Listing
                     i. Survey and Report
                    ii. Training on Listing of Blue Chips
     2. Market Data Training during Spring Working Committee
     3. FEAS Publications
     4. Bilateral Training Program
     5. FEAS Movie Production
     6. New Products/Marketing Conference in conjunction with General
     7. Sponsor’s Conference

Activity Plan :

Activity                 Activity Planning           Term             Detailed Explanation of Activities
1. Harmonization         Compare Rules                    2009-          Suggest amendments to the FEAS Rule Book
   and                   and Regulations                   2011            based on MiFiD impact for both EU and non-EU
   Convergence           with new                                          FEAS Members
                         international                                    Train and Inform FEAS Members about the
                         standards                                         changes in the FEAS Rule book
                         (MifiD etc.).                                    Organize a conference for CEO of Exchange and
2. Training              Design training             indefinite           Training on Cross-border ETF implementation
                         program for 2010                                  and post trade services (see awareness objective)
                         where the first                                  FEAS Media Workshop 2
                         training will be                                 FEAS ESG Workshop / UNPRI Seminar
                         based on Media                                   Evaluate and Report on Training Program’s
                         Relations and                                     effectiveness and options for improvement
                         Corporate                                        GEMS Training in Istanbul
                         Governance                                       Training on Listing of Blue Chips based on Task
                                                                           Force Report
World Federation of Exchanges Inter-exchange federation affairs February 2010                                         9
Activity                 Activity Planning           Term             Detailed Explanation of Activities
3. Awareness,              Evaluation of             indefinite  Re-launch of current indexes with new members and
   Marketing and            the best way to                        revised constituents
   Data                     create a                              Execute redesigns and implement FDC at FEAS
   Dissemination            corporate action                       members locations
   : FEAS Index             site for FEAS                         Study on feasibility of FEAS investable indexes
   and FDC                  FDC Members                           Study performance of sub-regional indexes for
                           Feasibility of                          potential gains and success in creation of products
                            computing blue                          based on those indexes
                            chip indexes for                      Investable Index calculation and Marketing
                            groups of                              Campaign Launch
                            markets                               Begin development stage for corporate actions site
                                                                  Continued Negotiations and or implementation of
                                                                   data feed with Reuters or some other similar data
                                                                  Host Conference on New Product Innovation ( ETF,
                                                                  Database and Corporate Actions sites to be reviewed
                                                                   and modified as necessary
                                                                  FDC Implementation at FEAS members locations
                                                                  Monitoring and reporting of Indexes performance
                                                                   and product development
4. Marketing               Inter FEAS                 2009-     March Edition ( 1st issue Inter FEAS )FEAS Book
and Awareness:              Magazines                   2010         ( Year Book) preparations
FEAS                        format survey                         Printing and Distribution of FEAS Book( Special
Publications                review report                            Edition)
                                                                  August Edition ( 2nd issue Inter FEAS)
                           FEAS Book                                Preparations
                            Special 15th                          Printing and Distribution of August Edition and
                            Anniversary                              November Edition ( 3rd issue Inter FEAS)
                            Issue                                    preparations
                           FEAS Film                             Monthly Newsletter
                                                                  Utilize FEAS Film for events
5. Training               Members                    indefinite  Conduct bilateral visits
Between                    provided with                          Implement post bilateral reporting through the news
Members:                   online access to                        section of the website
Bilateral Visits           Bilateral                              Implement Evaluation and program redesign
                           Exchange visits
                          Evaluation
6. Media                  Researching                indefinite       FEAS Media Workshop-Screening of FEAS Film
Relations                  different tools                             FEAS Conference Marketing Exhibition with
                           and venues for                               STOXX
Train Media                interacting with                            MSM Project for information Booklets to be
members,                   the media                                    implemented at a chosen exchange
students and              Media TF                                     FEAS Movie first draft evaluation
investors locally          prepare training                            Media involvement at 15th Anniversary celebration
                           programs and                                 in conjunction with GA
                          Media
                           involvement in

World Federation of Exchanges Inter-exchange federation affairs February 2010                                     10
Activity                 Activity Planning           Term             Detailed Explanation of Activities
7. Coordination           Business                    indefinite        Prepare and conduct survey for compliance with
of FEAS                     Continuity                                   ISO 25999 certificate for Business Continuity (BC)
Member CSD                  survey in the                               Workshop on BC and related Risk Management (
activities                  FEAS Region                                  venue Georgia)
                          Study on member                               Creation of report after completing research and
                            practices                                    study
                          Compilation of                                Deliver revised Report and Recommendations if
                            member and                                   necessary
8. Coordination           Pending….                   indefinite        Cross Border Linkages
for FEAS                                                                Preparations of Annual Exhibition
Members Dealer
9. Research and            Research on all            2009-           Deliver Reports
Development                 planned                     2010            Deliver Revise Reports if necessary and list of
                            activities (see                              project ideas for 2010
                            other activities                            Develop a draft action plan based on the cross
                            under different                              border links report, for the Federation.
                            objectives)                                 Develop details on the action plan as adopted at
                           Research on                                  GA
                            Index Impact
                           Develop a draft
                            action plan
                            based on the
                            cross border
                            links report, for
                            the federation.

10. Corporate             Workshop ESG                 2009-            FEAS ESG Workshop
Governance                 for FEAS                     2010             Workshop and seminar with UNPRI Evaluation of
                           members:                                       the Workshop
                           speakers to be                                ESG implementation survey on listed Companies
                           discussed                                      and member exchanges
                                                                         Compiling ideas on the next workshop from the
                                                                         Planning for the speakers and the seminar topics
11. Increase              Defining and                 2009-           Distribute questionnaire to the members
Blue Chip                  Listing Blue                 2010            Compile the results
Listings                   Chips Status at                              Workshop on Blue Chip Listings
                           member                                       Conduct a report and evaluating the status of
                           exchanges                                       members on the Blue Chip listing
                                                                        Work on a manual on approaching the Blue Chip
                                                                           Companies for Listing

World Federation of Exchanges Inter-exchange federation affairs February 2010                                        11
                                           2010 Calendar of Meetings

       Date                            Event                                    Host          Place
                                                                    FEAS and Istanbul
   January 19                   Media Workshop                                               Istanbul
                                                                     Stock Exchange
                                                                  FEAS, Istanbul Stock
 January 20-21                   ESG Workshop                                                Istanbul
                                                                  Exchange and UNPRI
               FEAS Working Committee, 20th
               Executive Committee Meetings                             Amman Stock
  May 19-21                                                                                  Amman
                 and Market Data Training                                Exchange
              Stock Exchanges and Regulators
  September                                                                     TBD           TBD
               FEAS Working Committee, 21st
                                                                        Istanbul Stock
 October 25-27 Executive Committee and 16th                                                  Istanbul
                     General Assembly
                                                                       Sarajevo Stock    Sarajevo, Bosnia
     October              SASE Annual Conference
                                                                         Exchange          Herzegovina
                      Zagreb Stock Exchange Annual
     October                                       Zagreb Stock Exchange Novagrad, Croatia
                             BELEX International                       Belgrade Stock
   November                                                                              Belgrade, Serbia
                                Conference                               Exchange

 January 2010 Corporate Governance Seminar                                      FEAS     Istanbul, Turkey

January 2010                    Media Workshop                                  FEAS     Istanbul, Turkey

World Federation of Exchanges Inter-exchange federation affairs February 2010                               12
                       Federation of European Securities Exchanges (FESE)

President :                         Mr. Spyros Capralos, Chairman, Athens Exchange
Secretary General :                 Ms. Judith Hardt
Website :                 
Contact :                 

The Federation of European Securities Exchanges (FESE) represents 42 Securities Exchanges (in
equities, bonds, and derivatives) through 23 Full Members from all EU Member States and Iceland,
Norway and Switzerland as well as 7 Corresponding Members from European emerging markets.

Through its members’ activities on a global scale, FESE enjoys links with the regulatory community
and industry from around the world and works closely with the European Association of Central
Counterparty Clearing Houses (EACH) and European Central Securities Depositries
Association (ECSDA) in particular in the context of the Code of Conduct on Clearing and Settlement.

The main counterparts of FESE at the European level are the European Commission, the European
Parliament, the EcoFin Council, the European Securities Committee (ESC), the Committee of
European Securities Regulators (CESR) and the European Securities Market Group (ESME). At
the international level, FESE engages in a dialogue especially with the CFTC, the SEC, and IOSCO.

In all of its activities, FESE is guided by the following overarching objectives:
         Fostering the global competitiveness of European exchanges through              effective
          representation of their interests in the EU and international policy affairs;

         Promoting public recognition of the exchanges and their contribution to the European and
          global economy;

         Providing a forum for open and forward-looking debate on capital markets;

         Providing a network for exchange of views, cooperation and learning among members.

FESE is a Member of the European Parliamentary Financial Services (EPFSF) and is registered on
the European Commission's 'Register of Interest Representatives'.

 In addition FESE has regular contact with the World Federation of Exchanges and is one of the
founding members of the European Capital Markets Institute (ECMI)

World Federation of Exchanges Inter-exchange federation affairs February 2010                   13
                            Activities of the FESE Task Forces and Committees

Regulatory activities

Business Continuity Task Force
    The proposal for a Directive on Identification and Designation of European Critical
       Infrastructure (criteria to define ECI)
    The work of the CIP Expert groups
    Pandemic Flu - Measures in place in the different exchanges
Clearing and Settlement Task Force
    Code of Conduct
    CESR work on post-trade regulatory barriers
    ESCB-CESR’s recommendations
    Securities Law Directive (Legal Certainty; Giovannini barriers 3, 9, 13 and 15)
    Differences in standard settlement periods (Industry Barrier 6)
Company Law and Corporate Governance Task Force
   Accounting: IFRS and the governance of the IASB
   Remuneration in the financial sector and remuneration of directors
   Regulatory and supervisory standards for hedge funds, private equity and other systemically
     important market players
Derivatives Task Force
    Assessing the need for post-trade policy action in derivatives markets
    Analysing the functioning of the OTC markets in the context of post-trading
    MiFID Level 3 and Commodities Review
    Analysing proposed improvements to OTC markets (transparency; standardisation)
Global and Cross-Sectoral Issues Task Force
    The future of European Financial Supervision
    The transatlantic agenda
    The work of the European Securities Markets Expert Group (ESME) in the context of its
       analysis of the legal coherence of the EU securities framework
Market Abuse and Transparency Obligations Task Force
   The Commission’s review of the Transparency Obligations Directive and Market Abuse
   The work of the relevant ESME Sub-Groups
   The industry initiatives in the field of removing the relevant Giovannini Barriers

MiFID Task Force
    Monitoring the implementation of MiFID
    Input to the Commission on MiFID Review and ex-post assessment

Prospectus Directive Task Force
    The Commission’s assessment of the functioning of the PD
    The work of the Prospectus Sub-Group of ESME

Economics and Statistics Committee
    Publication of standard and reliable statistics - based on the sound FESE Statistics
    Provide standardised metrics able to describe the new post-Mifid European trading
    Stress relevance and role of regulated Exchanges in the post-MiFID environment, with
      particularly reference to the FESE Statistics methodology
    Publication of the European Equity Market Report and extension to Systematic Internalisers
      and crossing-networks
    Provide economic analysis on specific topics related to securities markets
    Evaluate the adoption of innovative analytical tools aimed at improving the acquisition,
      storage and distribution of quantitative information on securities markets functioning
    Work with CESR on statistics methodology
    Improvement to the FESE statistics and index databases
    Projects with the ECB and BIS
    Several pieces of researches including:

World Federation of Exchanges Inter-exchange federation affairs February 2010               14
         Update of the Share Ownership survey
         Update of the FESE European Exchange Report
         Listed Securities Survey (including sector and size breakdown)
         Evaluation of Economic Impact of Financial Services Action Plan
         XBRL developments in FESE Member exchanges
         Trading of non-EU shares in European exchanges
         Securitised derivatives typologies

                                                    FESE – calendar 2010

                  Meeting                                            Date        Venue
                                                              19th March         Brussels
 FESE Board                                                     20th May         Brussels
                                                          10th or 12th October    Paris
                                                               13th April
 FESE Management Committee                                   30 September        Brussels
                                                             29th November

 FESE General Assembly                                       29th November        TBC

 FESE Convention

                                                                19th May         Brussels
 FESE Budget & Audit Committee
                                                               12th October       Paris

World Federation of Exchanges Inter-exchange federation affairs February 2010               15
                     Ibero-American Federation of Exchanges (FIAB)

Chairman / President :              Mr. Adelmo J.J. Gabbi, Bolsa de Comercio de Buenos Aires Chairman
Secretary General :                 Mrs. Elvira Maria Schamann
Website :                 
Contact :                 


Foster cooperation among its Members, in order to promote the development and advancement of their
securities markets, in the best interests of all market participants;

Cooperate with national and international entities having legislative, regulatory, or other functions
related with financial and securities markets with the aim of ensuring homogeneous standards and
regulations as to securities issuance, circulation, distribution, and registration; trading; issuers;
brokers; securities markets; securities depositories and custodians; as well as in connection with any
fiscal and other issues deemed to be relevant to market development;

Promote integration of the Federation’s securities markets, stimulating interactivity among market
participants as well as the free circulation, within their respective jurisdictions, of securities issued in
any of its Members home countries;

Encourage the establishment of rules and procedures ensuring solvency, competence, legitimacy, and
fair information disclosure to all savers investing through Member Exchanges.

Member exchanges

Bolsa de Comercio de Buenos Aires
Mercado de Valores de Buenos Aires
Bolsa de Comercio de Rosario
Mercado de Valores de Rosario
Mercado a Término de Rosario - ROFEX
Bolsa Boliviana de Valores
Bolsa de Comercio de Santiago
Bolsa de Valores de Colombia
Bolsa Nacional de Valores (Costa Rica)
Bolsa de Valores de Guayaquil
Bolsa de Valores de Quito
Bolsa de Valores de El Salvador
Bolsas y Mercados Españoles - BME
Bolsa Mexicana de Valores
Bolsa de Valores de Panamá
Bolsa de Valores de Lima
Euronext Lisboa
Bolsa de Valores de República Dominicana
Bolsa de Valores de Montevideo
Bolsa de Valores de Caracas
World Federation of Exchanges Inter-exchange federation affairs February 2010                            16
                                               FIAB projects/publications
          Alliances, consolidations, initiatives of demutualization of stock
        exchanges and other structural changes in the international exchanges              On-Going Project
        arena - Evaluation of its impact on Latin American securities markets.
          Risk management, mechanisms and strategies in member exchanges                  On-Going Project
          Corporate Governance in listed companies and exchanges                          On-Going Project
          IFRS implementation in member exchanges´countries                               On-Going Project
          The value chain in regulated markets: experiencies and trends in
                                                                                           On-Going Project
        vertical and horizontal integration of business
          Market Highlights 2010                                                          On-Going Project
          FIAB Monthly Statistical Report                                                 On-Going Project
          FIAB Fact Book 2010                                                             On-Going Project
          FIAB Quarterly News                                                             On-Going Project
          FIAB Library: online database                                                   On-Going Project
          FIAB Library: Semiannual updates from member exchanges
                                                                                           On-going Project

       FIAB forthcoming events 2010                                       Dates               Place
Working Sub-Committee Meeting (**)                               19 March            Sao Paulo, Brazil
FIAB High Tech – Santiago (***)                                  22 and 23 April     Santiago de Chile
Executive Committee                                              10 May              Dominican Republic
Executive Committee                                              5 and 7 September   El Salvador
37° General Assembly                                             6 September         El Salvador
FIAB Annual Meeting                                              6 and 7 September   El Salvador
IIMV (Ibero-American regulators)-FIAB joint
                                                                 tbc                 tbc
   FIAB SC has the following task forces to work during 2010: a) Markets development task force:
will work, mainly, in the analysis of risk administration mechanisms; b) Products and markets task
force: will collaborate taking a close look to innovative products in the region, such as ETFs issue,
commercial papers, and structured products; c) Competitive scenario and tendencies in regulation: this
task force will follow the work and proposals by IOSCO and COSRA, with support from FIAB
    Meeting open to FIAB member exchanges, speakers and invited guests. Issues to be addressed
include: High frequency trading, direct market access, protocols for a better connected world,
technology challenges for markets integration, and technological infrastructure and architecture for
securities regulated markets.

World Federation of Exchanges Inter-exchange federation affairs February 2010                                 17
                 South Asian Federation of Exchanges

President :                         Mr. Adnan Afridi, Managing Director & CEO, Karachi Stock Exchange
Secretary General :                 Mr. Aftab Ahmad Ch.
Website :                 
Contact :                 

South Asian Federation of Exchanges (SAFE) is an organization for regional cooperation amongst
securities market participants of South Asia comprising Twenty Three (23) member entities, including
Stock Exchanges, Commodities Exchanges, Central Depositories and Clearing Companies, of eight
South Asian Countries (i.e. Bangladesh, Bhutan, India, Maldives, Mauritius, Nepal, Pakistan and Sri
Lanka) and UAE.

SAFE is a “Not for Profit” organization, established in January 2000 in Bangladesh on the initiative of
the Chittagong Stock Exchange and continued working till the mid of year 2005 through its Secretariat
in Bangladesh.

The Secretariat is now permanently located at Islamabad – Pakistan.

Prime objective of SAFE is to provide a forum for regional cooperation and to facilitate the
development of securities market in the South Asian region for mutual economic growth and
development. The objectives are defined by the charter of SAFE and all activities undertaken by the
Federation have to fall with in the ambit of these pre-defined objectives.

         To encourage co-operation among the members in order to promote the development of their
          respective securities markets.

         To work towards common standards including international accounting standards and best
          business practices in securities markets.

         To represent the members in related international forums.

         To encourage cross border listing and trade in the region.

         To co-operate in human resource development and the transfer of technology.

         Other issues of common interest as and when they arise.

SAFE Highlights of the Year 2009:

         Launching of South Asian Index: The Federation has launched its first ever DOW JONES
          SAFE 100 Index on the occasion of 8th General Assembly held on March 11, 2009 at Abu
          Dhabi, UAE. The index is a market capitalization weighted, free float adjusted index to track
          the performance of leading stocks of the prominent sectors listed on the bourses of the region.

World Federation of Exchanges Inter-exchange federation affairs February 2010                           18
          It has paved the way for the introduction of new products in the region such as ETFs and as
          well as Futures trading based on this index.

         Status of SAFE: SAFE is a SAARC Recognized Body and NOT FOR PROFIT organization.

         New Memberships: SAFE has awarded new memberships to two more entities, VIZ: MCX
          Stock Exchange of India (MCX-SX) and Abu Dhabi Securities Exchange (ADX), UAE. With
          the addition of these 2 new entities, total membership of SAFE has grown to 23.
          SAFE is also proud to announce awarding of Associate Member status to Global Board of
          Trade, Mauritius and shall be welcoming Singapore Mercantile Exchange, Dubai Gold &
          Commodity Exchange, Bourse Africa and National Spot Exchange Limited in 2010.

         Publication of Quarterly Newsletter: Soon after its inception, SAFE Secretariat started
          taking out publication of the SAFE quarterly Newsletter solely for the purpose of reporting its
          activities to its member exchanges. However, this medium has rapidly evolved, over the years,
          into a tool of interexchange communication. Each publication now boasts extensive coverage
          of member entities that have the opportunity of publicizing news and events from their
          respective regions.

         First Country Roundtable held at Karachi, Pakistan: The South Asian Federation of
          Exchanges (SAFE) has kick started a series of country Roundtables with the first Roundtable
          held in Pakistan on Dec 17, 2009 at Pearl Continental Hotel, Karachi, Pakistan. The title of the
          roundtable was “Developing the next generation capital and commodity markets
          ecosystem in Pakistan: Creating value & inclusive growth in the society”. The aim of
          holding the roundtable was to provide a platform to the policy makers, the regulators and the
          industry leaders/professionals to focus on the agenda of creating the next generation markets
          which are not only efficient & transparent, but which also work with a purpose of introducing
          the financial growth, stability & security to the society in Pakistan. The outcome of the
          roundtable is received in the way of fruitful discussions to come out with a road map of
          modernizing our capital/commodity market system in such a way that our markets create
          significant value at the middle and bottom of the socioeconomic pyramid thereby driving
          inclusive and equitable growth in our economy.
          The roundtable focused on how to reposition our markets so that these market places can offer
          a greater variety of instruments/products such as essential commodity products, the
          environmental products like power/carbon, and foreign exchange/currencies products etc., so
          as to cater to the dictates of the new and emerging economy of Pakistan. The conference as
          attended by a wide variety of professionals associated with various spheres of securities
          markets from all over the region.

          Daily compiling of market statistics of SAFE Exchanges: The SAFE Secretariat has
          completed the task of designing the template containing prominent indexes of South Asian
          regional exchanges. The Secretariat has been posting the template on the web site of SAFE for
          trial purpose which is being updated on daily basis. The trial runs of the template have been
          completed successfully and now efforts are under way to get it published by the prominent
          business newspapers of the South Asian region on daily basis. As and when the daily market
          statistics of SAFE exchanges start getting published, it will give further visibility to the

     Future Plans for 2010:

         Launch of ETF: SAFE Secretariat is hosting a conference of potential asset management
          companies jointly with ADX at Abu Dhabi during September/October this year for the
          purpose of launching its first ever ETF based on DJ SAFE 100 Index for the local Market. It
          may be mentioned that SAFE launched its South Asian regional index on the occasion of its
          8th General Assembly which was held on March 11, 2009 at Abu Dhabi, UAE.

World Federation of Exchanges Inter-exchange federation affairs February 2010                          19
         Third South Asian Capital Markets Conference: Third thematic conference of SAFE
          which was scheduled to be held from January 28 to 30, 2009 in Mumbai, India had to be
          postponed due to unfortunate incidence of terrorist attack in Mumbai. It has been rescheduled
          and is now being held in the first quarter of 2010 in Mauritius. The Secretariat will keep
          updating its member entities about the event as and when its details are finalized. Titled as
          “Expanding the Asset Classes in the South Asian region”, it will be a collaborative effort with
          Multi-Commodity Exchange Stock Exchange of India Limited and Global Board of Trade,
          Mauritius. The Conference will be attended by capital market institutions, financial services
          industry, and regulatory authorities of South Asian region.

         SAFE Data Centre: Keeping in view the need for standardization of cross market data
          statistics, SAFE Secretariat has decided to work with some donor agency to help establish
          SAFE Data Centre thus paving the way for the provision of standardized regional markets
          statistics / data to the global investors.

         SAFE Institute of Capital Markets: SAFE envisions establishing a dedicated training
          institute for imparting capital markets related education and fulfilling its basic objective of
          capacity building. The vision has been with us for the last two years, yet concrete measures to
          enliven the same could sadly not be taken. This year SAFE has put the plan in action to
          establish and float such a venture through private partnership. The institute shall be one of its
          own kind providing quality programmes for potential as well as existing securities market

         South Asian Financial Markets Review: The Executive Committee of South Asian
          Federation of Exchanges has retained FTKMC, India to release/publish a high profile yearly
          review – South Asian Financial Markets Review. This initiative will further ignite the
          interest of international investors in our region as a whole and towards respective countries as
          Towards this objective, the proposed SAFMR will not only contain information, research,
          views/comments and analysis regarding South Asian financial markets but will also review the
          performance of these markets and discuss critical policy and regulatory issues in the region
          and define and address the challenges facing the financial markets. The SAFMR will highlight
          the collective performance of the regional financial markets and also highlight the strengths
          and opportunities of the individual economies of the region. The Review will assist in setting
          up a broad-based emerging theme for the South Asian markets in the near to medium term.
          The inaugural issue of South Asian Financial Markets Review is scheduled for release in April
          2010 to coincide with the upcoming AGM and Capital Markets Conference. Simultaneous
          with the work generated internally, we propose to invite professionals from various streams
          from all member exchange countries for their perspectives and viewpoints in the form of
          contributing articles to SAFMR.

         SASRF Activities: As part of focal activities for 2010, SAFE has identified its SASRF forum
          to be focused upon in the coming year. Though SAFE was able to bring together all securities
          regulators of the region on one platform through its SASRF forum, yet, unfortunately, the
          forum has not registered much activity since its inception. Hence it has been decided to focus
          upon planned collaborative activities in way of meetings and other forum discussion to bring
          out the true potential of the SASRF and take maximum benefit from such a forum.

World Federation of Exchanges Inter-exchange federation affairs February 2010                           20
Chairman / President :              Mr. Aomar Yidar, Casablanca Stock Exchange
Secretary General :                 Dr. Fadi Khalaf
Website :                 
Contact :                 

     1. The name of the Union is Union of Arab Stock Exchanges

     2. The registered office for the Union is Beirut – Lebanon

     3. The Union was established to consolidate and develop ties of cooperation and coordination
        between the joint of Arab economic institutions, and to encourage Arab investment.

     4. The union guidelines are :
            a. Coordinate action among its members.
            b. Facilitate the exchange of technical assistance in the areas of specialization.
            c. Contribute the unification of laws and regulations in this area.
            d. Overcome the difficulties of the Arab investment and expand its base.
            e. Diversify and promote technical investment in the Arab stock exchanges.

     5. In order to establish the union’s objectives, the following are some tasks that should be
        completed :
            a. Development, increase of efficiency and performance of the Arab Stock Exchanges,
                Clearing companies, and brokerage firms.
            b. Find the channels of communication between members of the Union so as to facilitate
                the inclusion of securities registered within the Union to serve the goal of developing
                Arab capital markets.
            c. To Work on the free circulation of stock between the Arab stock exchanges.
            d. Harmonization of regulations of the stock exchanges within the union.
            e. Assistance in the organization of new releases (bonds, shares or other securities), and
                urge the establishment of official bodies to review the relevant national issues and
                assistance in organizing and handling of such issues.
            f. Encourage the establishment of financial companies which carry out the functions of
                financial intermediation, especially the ones which carry out the functions of the
                coverage, promotion and marketing of new releases.
            g. To provide and exchange data and information between the members of the Union.
            h. To broaden the base of investment in securities through the dissemination of
                awareness between the Arab citizens.
            i. Assistance in expanding the centers and the establishments of stock exchanges and
                clearing companies and depository centers in the Arab countries through the provision
                of studies and expertise necessary to do so.
            j. Specialized training programs and conferences which contribute to the upgrading of
                employees of the members of the Union.

World Federation of Exchanges Inter-exchange federation affairs February 2010                       21
                k. Preparation and participation in Arab and international programs related to stock
                l. Issuance of bulletins and periodical reports which aim to strengthen ties among the
                   members of the Union.
                m. Establishment of a website for the Union.
                n. Solving problems between the members and being the role of arbitration when
                   requested to do so.
                o. Unification of terminology in the field of stock exchanges.
                p. Cooperation and coordination between the Arab world and their associations
                q. Cooperation and coordination with the international stock markets and their
                r. Establishment of a database of all members of the Union.
                s. Any other tasks identified by the Council of the Union within the framework of its

     6. Organization structure of Union of Arab Stock Exchanges:
           a. Council : The Union Council consist of all members of the federation and has the
               highest authority in the Union of Arab stock Exchanges which is responsible for
               determining public policy in the framework of the objectives of the foundations for it.
           b. Secretariat: Secretariat is the executive organization of the Union, headed by
               Secretary-General, who has the financial and administrative powers to establish by the
               implementation of tasks related to the functioning of the Union.

     7. Members of the Union of Arab Stock Exchanges:

                a. Stock Exchanges
                        Saudi Stock Exchange ( Tadawul )
                        Kuwait Stock Exchange
                        The Egyptian Exchange
                        Casablanca Stock Exchange
                        Bahrain Stock Exchange
                        Beirut Stock Exchange
                        Doha Securities Market
                        Tunis stock Exchange
                        Dubai Financial Market
                        Amman Stock Exchange
                        Abu Dhabi Securities Exchange
                        Muscat Securities Market
                        Libyan Stock Market
                        Iraq Stock Exchange
                        Palestinian Securities Exchange

                b. Regulator
                       Capital Market Authority – Egypt

                c. Central Clearing Companies
                       Kuwait Clearing Company
                       Misr For Clearing, Settlement and Central Depository (MCSD)
                       Custodian And Clearing Center Of Financial Instruments For Lebanon And
                           Middle East (MIDCLEAR)
                       Securities Depository Center – Jordan
                       Tunisian Central Depository

                d. In addition to 25 affiliated members

World Federation of Exchanges Inter-exchange federation affairs February 2010                      22
     8. The General Secretary of the Union is Dr. Fadi Khalaf. Dr. Khalaf was elected by majority
        votes on January 8, 2009. He presided over the Beirut stock exchange since 1999, during
        which he adopted a system of continued trading by following a modern international
        computerized system for trading, remote trading and online trading. Dr. Khalaf was able to
        continue the activities of Beirut Stock Exchange during war in Lebanon.

     9. The president of the council is the chairman of the stock exchange that hosts the final annual
        council meeting, and he is appointed until the next annual council meeting.

     10. Activities Schedule of 2010 :

              Meeting                                        Date               Place

Meeting for the Arab Stock
Exchanges using the NYSE                               February 3-4             Beirut
Technology trading system
       General Assembly                                 April 14-15             Lybia

   Launching of the portal
                                                        April 14-15
    website of the UASE

    Annual IT Conference                                 June 9-10              Beirut

   Annual Conference 2010                             October 27-28             Beirut

 Launching of the quarterly
  magazine of the UASE

World Federation of Exchanges Inter-exchange federation affairs February 2010                      23
            World Federation of Exchanges

Chairman :                          Mr. William Brodsky, Chairman & CEO, CBOE
Secretary General :                 Mr. Thomas Krantz
Website :                 
Contact :                 

The purpose of the Federation is to contribute to the development, support and promotion of organized
and regulated securities and derivatives markets, in order to meet the needs of the world's capital markets
in the best interest of their users.

The goals are :

         To demonstrate the role, functioning and integrity of regulated markets;
         To maintain a platform for securities markets professionals to discuss issues of common interest,
          to identify new approaches and solutions which enhance the competitive position of regulated
          markets, and to develop programs which support stock exchange operations, including research
          papers, workshops, benchmarking, and best practices;
         To establish harmonized standards for business processes in trading securities and derivatives,
          including cross-border;
         To deepen the cooperative relationship with supervisory authorities in order to advocate the
          benefits of stock exchange front-line self-regulation within the total regulatory framework; and
         To support emerging exchanges in their efforts to develop markets which function according to
          WFE member standards, thus contributing to global respect for the business practices of a well-
          run industry.

The WFE is a central reference point for the securities industry, and for exchanges themselves. We
offer member guidance in their business strategies, and in the improvement and harmonization of their
management practices.

To meet the goals of the WFE mission, we focus on the following areas:

         We post over 10 years of market statistics, and business news in our monthly newsletter,
          Focus. Our Annual Reports and notes from public meetings are available online. We report
          business management surveys, and thematic studies.
         We hold public meetings (topical workshops, conferences…) and run private committees (to
          transfer know-how and share expertise)
         We sponsor research (such as Securities Lending Report...)
         We provide professional relations with various expert bodies
         We promote standards for generally accepted principles of securities business conduct (e.g
          corporate governance )

World Federation of Exchanges Inter-exchange federation affairs February 2010                             24
The WFE Board of Directors targeted the following priorities for 2010, pledging to:
     Support reform in the regulation of OTC derivatives markets, which were a contributing factor in
      the recent financial crisis. The exchange community offers a clear alternative and a model for
      post-trade clearing and settlement, risk management and transparency in pricing. WFE intends to
      convey this message through constructive collaboration with policy makers and regulators,
      including a closer working relationship with the IOSCO, to ensure that these reforms are
      coordinated globally, and in a manner which reduces systemic risk.
     Continue to press for international cooperation and coordination among regulators and exchanges
      on intermarket mechanisms.
     Examine the structure of fixed income markets in order to evaluate how post-trade transparency,
      risk management and investor protection could help these markets recover from the drop in
      liquidity that they have experienced since the credit crisis.

               WFE Topics for study/task forces                                 Remarks
     2008 Cost & Revenue Survey                                                Published on the website
                                                                                10 year review and 2009 market
     Market statistics                                                         highlights are published.

                                                                                   IOSCO affiliate membership
                                                                                    is approved.
     Regulation
                                                                                   The Regulation Committee
                                                                                    meets in June 2010
                                                                                   Ongoing work on improving
     WFE Communications/ Brand                                                     the website and publications.
                                                                                   Switching to recycled paper.
                                                                                   Leveraging      the      50th
     Communications Task Force                                                    The 50th Anniversary jubilee
                                                                                   WFE Award for Excellence.
      Market policy : - Short-selling
                      - Circuit-breakers
                      - Fragmentation
                      - OTC Clearing
                                                                                New statistics definitions being
     Statistics Advisory Group
                                                                                approved. Group meets in April
                                                                                JSE is conducting a fixed
                                                                                income survey. The draft to be
     Fixed income survey
                                                                                reviewed at WC meeting in
                                                                                WFE report on “exchanges and
                                                                                sustainable     investment”    is
     Sustainability
                                                                                posted on the website. This
                                                                                report is updated constantly.
                                                                                New Chairman is Ravi Narain of
     IOMA
                                                                                NSE India.

World Federation of Exchanges Inter-exchange federation affairs February 2010                                       25
                                World Federation of Exchanges – calendar other events 2010

 Month                          Meeting                             Details          Date from     Date to         Place
February                    WFE Board of
                                                          Contact the Secretariat    1 February   1 February   Hosted by BME
  2010                       Directors

 March                                                                                                         Hosted by BSE
                           WFE Working
                                                          Contact the Secretariat     29 March     30 March     and NSE of
  2010                   Committee Meeting
                              FIA Meeting            10 March     10 March     Boca Raton
  April                     AOSEF Annual
                                                               15 April     18 April         Bali
  2010                        Meeting
                                                                                                                Hosted by US
                          IOMA Conference                 Contact the Secretariat     18 April     21 April      Derivative
                                                                                                                Hosted by the
                          Statistics Advisory
                                                          Contact the Secretariat     19 April     19 April    Shanghai Stock
                           CCP12 Meeting                  Contact the Secretariat     22 April     22 April      New York
                             ISG Meeting                   10 May       12 May      Washington DC
                            WFE Board of                                                                         Hosted by
                                                          Contact the Secretariat     24 May       24 May
                             Directors                                                                            HKEX
  June                      IOSCO Annual
                                                                6 June      10 June        Montreal
  2010                        Conference

  July                                                                                                           Hosted by
                           WFE Working
                                                          Contact the Secretariat      1 July       2 July     BM&FBOVESP
  2010                   Committee Meeting
                             ISG Meeting                  6 October    8 October       London
                            WFE Board of                                                                         Hosted by
                                                          Contact the Secretariat    10 October   10 October
                             Directors                                                                         NYSE Euronext
                           WFE Working                                                                           Hosted by
                                                          Contact the Secretariat    10 October   10 October
                         Committee Meeting                                                                     NYSE Euronext
                           WFE General                                                                           Hosted by
                        Assembly and Annual               Contact the Secretariat    11 October   12 October
                             Meeting                                                                           NYSE Euronext
                           CCP12 Meeting                  Contact the Secretariat    29 October   29 October    Amsterdam
November                 Union of Arab Stock
                             Exchanges                                               3 November   4 November       Beirut
  2010                                                           org
                         World Congress of                                                           11
                                                               8 November                Kuala Lumpur
                         Accountants (IFAC)                                                       November

     World Federation of Exchanges Inter-exchange federation affairs February 2010                                 26