Baku Stock Exchange quits FEAS

By Azernews

By Sara Israfilbayova

Baku Stock Exchange (BSE) has left the Federation of European and Asian Stock Exchanges (FEAS).

BSE reported that the decision was made at the annual general meeting of BSE shareholders.

“The latest trends occurring in the FEAS seriously limit the prospects of its further activities, call in question its sustainability, as well as dramatically reduce the international influence and strategic importance. As a result, seven members, including the Baku and Istanbul stock exchanges, left the organization,” reads the message posted on June 14.

 FEAS was established on 16 May, 1995 in Istanbul with 12 founding members. Currently there are 33 members, 11 affiliate members, 3 observers and 4 bilateral members including post trade institutions, dealers associations and regional federations from 30 countries.

The purpose of the Federation is to contribute to the cooperation, development, support and promotion of capital markets in the Euro-Asian Region.

At an extraordinary session of the General Assembly of FEAS, on May 16, 2017, it was decided to move the head office of the organization from Istanbul to Yerevan.

BSE, which is the main stock exchange in Azerbaijan, has been a member of FEAS since 2001.

BSE began its operations on February 15, 2000 with the support of the State Committee for Securities of Azerbaijan. The first trading operation at the stock exchange was carried out on September 1, 2000.