FEAS

What FEAS does

FEAS (Federation of Euro-Asian Stock Exchanges) is a non-profit membership federation founded in 1995 and headquartered in Yerevan, Armenia. It connects more than 50 capital market institutions across 30+ countries spanning Europe, Central Asia, the Middle East, the Mediterranean Basin, and MENA, including over 30 full-member stock exchanges (Abu Dhabi, Amman, Armenia, Astana International, Belgrade, Bucharest, Cyprus, Damascus, Egyptian, Athens, Iran Fara Bourse, Iraq, Kazakhstan, Macedonian, Muscat, Palestine, Tehran, and Uzbekistan), three affiliate-member depositories, 11+ supporting technology and financial services partners (Montran, swissQuant, Freedom Finance Global, BHM Capital, Nabix, Confinity Solutions), and 15+ observer and partner associations including the UN Sustainable Stock Exchanges Initiative and the EBRD.

FEAS's offerings are organizational rather than technology-based, comprising publications (yearbooks, fact sheets, quarterly newsletters, reports, infographics, comics), flagship events (the annual ConFEAS conference, General Assembly, Champions League Award, Capital Market Talks, FEAS Days in China), and professional development programs (onsite trainings in cities such as Bucharest, Abu Dhabi, and Milan, plus online workshops on IFRS sustainability disclosure standards and tokenization). An annual IPO calendar provides scheduled listings information across member exchanges.

The federation operates a non-profit, membership-based business model with three revenue streams: annual recurring membership dues (Full Members, Affiliate Members, Supporting Partners, billed annually), event and conference fees, and one-time publication sales. FEAS is governed by a Board of Directors drawn from member organizations, with leadership including Chairman Mohamed Farid and Vice Chairman Alina Aldambergen. The organization is not publicly traded, has no parent company, and operates as an independent coordination body for the Euro-Asian capital markets ecosystem.

Name

FEAS

Legal name

Federation of Euro-Asian Stock Exchanges

Website

https://feas.org

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

101–250 employees

Short description

FEAS is a non-profit membership federation connecting 50+ capital market institutions across 30+ Euro-Asian countries, including 30+ stock exchanges, depositories, and technology partners. It generates revenue from annual membership dues, flagship events like ConFEAS, and publications supporting regional capital market cooperation.

Ownership category

akta.pro rank

Headquarters

HQ city

Yerevan

HQ country

Armenia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Membership Dues: FEAS generates revenue through membership fees from stock exchanges (full members), depositories (affiliate members), and supporting partners (technology providers, financial services firms).
2. Event Fees: Revenue from hosting flagship events including ConFEAS annual conferences, General Assemblies, and training programs.
3. Publications: Revenue from selling publications including yearbooks, fact sheets, and other capital markets research materials.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

FEAS is a non-profit federation that convenes, advocates for, and supports stock exchanges and capital market institutions across the Euro-Asian region. Its core services include the annual ConFEAS conference, the General Assembly governance meetings, member training programs, capital markets publications (yearbooks, fact sheets, newsletters), an IPO calendar, and an awards ceremony. Members pay annual dues to access networking, advocacy, and educational resources.

Product overview

FEAS (Federation of Euro-Asian Stock Exchanges) is a federation organization, not a technology product company. Its offerings consist of member services including annual publications (yearbooks, fact sheets, newsletters, reports, comics), flagship events (ConFEAS conference, General Assembly, Champions League Awards), professional development programs (trainings, workshops on topics like IFRS and tokenization), and informational services (IPO calendars, Capital Market Talks). These are organizational offerings supporting cooperation, development, and promotion of capital markets across the Euro-Asian region, not commercial software products or technology platforms.

Differentiator

Problem solved

Functional benefit

Products and services

• ConFEAS Annual Conference FEAS's flagship annual conference convening member exchanges, regulators, depositories and clearing houses from the Euro-Asian region for knowledge sharing, networking and policy dialogue.
• General Assembly Annual governance meeting of FEAS members where strategic decisions, leadership elections, and federation policy positions are determined.
• FEAS Yearbook and Fact Sheets Periodically published capital markets statistical publications covering Euro-Asian member exchanges, including year-end data, listings, and trading volumes.
• FEAS Newsletters Periodic newsletters communicating member news, federation activities, and capital markets developments across the Euro-Asian region.
• Training Programs Professional capacity-building programs for staff of member exchanges and capital market institutions, covering regulatory, technical, and operational topics.
• IPO Calendar Aggregated IPO calendar tracking upcoming and recent listings across FEAS member exchanges, provided to members and public visitors.
• FEAS Awards Ceremony Annual awards ceremony recognizing outstanding contributions and achievements by member exchanges and capital market institutions in the region.

Named customers3 records

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

14 partnerships are on record, tiered core, supporting, minor and strategic.

• Freedom Finance GlobalcoreStrategic or Co-development Partner · 1 January 2025Freedom Finance Global is the largest investment company in Central Asia, providing retail and institutional services alongside investment banking and asset management. The company manages over $9 billion in assets for 270,000 clients and employs over 1,300 people. It is a wholly-owned subsidiary of Freedom Holding Corp., a Nasdaq-listed international conglomerate operating in more than 25 countries.
• Lightbox WealthsupportingStrategic or Co-development Partner · 1 October 2024swissQuant partnered with Lightbox Wealth to bring comprehensive investment tools to family offices across Europe, GCC, and APAC. The partnership empowers Single and Multi-Family Offices to make data-driven decisions.
• swissQuant (Affiliate Member)coreOthers · 1 April 2024swissQuant's vision of Augmented Finance puts clients at the core, fostering growth and strengthening relationships. Membership provides business support, knowledge sharing through training and webinars, research and publications, PR support, and participation in ConFEAS.
• swissQuantcoreTechnology or Integration · 1 January 2024swissQuant develops and delivers intelligent technology products and provides complementary services surrounding Quant-based technologies. Joined FEAS as Observer in 2023, became Affiliate Member in 2024.
• swissQuant (Observer)minorOthers · 1 January 2023swissQuant Group develops and delivers intelligent technology products and provides complementary or stand-alone services and consultancy surrounding Quant-based technologies. Spin-off from ETH in 2005, privately held company based in Zurich and London.
• Central Asian Stock ExchangeminorOthers · 1 January 2022Central Asian Stock Exchange is an efficiently functioning stock exchange playing a dynamic role in the accumulation and use of financial resources in Tajikistan's national economy.
• European Bank for Reconstruction & Development (EBRD)strategicOthers · 1 January 2015EBRD is an international financial institution that invests in changes in the economies of its countries of operations, promoting productive, sustainable, and equitable change.
• Securities Exchange Brokers Association (SEBA)coreOthers · 1 January 2009ISEBA was established on 6 October 2007 as a self-regulatory organization for brokers in Iran. It regulates relationships between members of the association with each other and with affiliated members. 43 market makers, 3 investment consultant firms, and 3 portfolio management firms are members of ISEBA.
• BHM CapitalcoreStrategic or Co-development Partner · 1 January 2006BHM Capital Financial Services is a private joint stock company listed in Dubai Financial Market (DFM) and regulated by the UAE Securities and Commodities Authority. Since its inception, it has been one of the top ranked firms in UAE's financial markets and a pioneer in financial technology.
• MontrancoreTechnology or Integration · 1 January 1979Montran has led financial technology innovation for over 45 years, delivering mission-critical solutions in trading, clearing and settlement, asset servicing, payments, and cash and liquidity management. With 500+ installations in 90+ countries.
• NabixsupportingTechnology or IntegrationNabix specializes in modern fintech solutions designed to streamline and automate investment businesses. They empower asset management firms, brokerage houses, stock exchanges, banks and financial enterprises with advanced technology.
• United Nations Sustainable Stock Exchanges InitiativestrategicOthersUN SSE Initiative is a global partnership that encourages responsible investment in securities exchanges worldwide.
• African Securities Exchanges AssociationstrategicOthersASEA represents African securities exchanges and works to develop and promote Africa's capital markets.
• Arab Federation of Capital MarketsstrategicOthersAFCM works to develop and promote Arab capital markets through cooperation among member exchanges and institutions.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• World Federation of Exchanges: The global industry association for exchanges and clearinghouses. WFE is the most direct global analog to FEAS, but operates at a broader worldwide scope rather than the Euro-Asian niche, and serves larger developed-market members.
• Asia Securities Industry & Financial Markets Association: ASIFMA is a broader industry association for capital markets participants across Asia. It is comparable in scope (capital markets trade body), but covers Asia more broadly with a commercial-bank and sell-side focus rather than FEAS's exchange-centric model.
• International Capital Market Association: ICMA is a global membership body for capital market participants, focused on primary market standards, repo, and sustainable finance. Comparable as a federation serving capital market infrastructure participants, though it concentrates on bond and fixed-income market standards rather than exchange operations.
• International Organization of Securities Commissions: IOSCO is the global standard-setter for securities regulators. While not a member-based exchange federation like FEAS, IOSCO is comparable in its convening role across capital market regulators and its influence on standards adopted by FEAS member exchanges.
• Securities Industry and Financial Markets Association: SIFMA is the largest US trade association for the securities industry. While far larger and US-focused, it is structurally analogous as a member-driven federation providing advocacy, training, and research to capital market participants, and serves as a benchmark for the scale a federation can reach.

Direct peers

• Africa Securities Exchanges Association: A peer federation representing African stock exchanges. ASEA is a direct comparable in mission and operating model (membership-based federation of regional exchanges) but serves a different geography, providing a regional mirror for FEAS's Euro-Asian footprint.
• Arab Federation of Capital Markets: AFCM is a direct peer organization promoting Arab capital markets development. It overlaps significantly with FEAS's MENA membership and pursues a similar agenda of cross-border cooperation, knowledge sharing, and training among regional exchanges.
• Association of Futures Markets: AFM is a peer organization representing derivatives and futures exchanges globally. It is an existing observer/partner of FEAS and shares the federation-based business model for capital-market-infrastructure institutions.

Regional players

• European Fund and Asset Management Association: EFAMA is a European federation of asset management associations. It shares FEAS's federation structure and convening role but focuses on investment management rather than exchange operations, making it a structurally analogous but functionally different regional body.

Others

• UN Sustainable Stock Exchanges Initiative: UN SSE is a UN-led partnership encouraging sustainable investment practices among exchanges. It is an existing partner of FEAS and operates with a thematic (ESG) mandate that complements FEAS's broader convening function rather than directly competing with it.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights7 records

Customer concentration

• Xx.com/FEASEuroAsian
• Facebookfacebook.com/feashq

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FEAS