The Federation of Euro-Asian Stock Exchanges (FEAS) decided to move its headquarters from Istanbul to Yerevan during an extraordinary general assembly meeting in Tehran on May 16.

In a written statement on May 17, the organization said a majority of members of the general assembly had decided to relocate FEAS’ headquarters to Armenia after 22 years of operations in Turkey.

“It is a historical and turning point for the federation after three years of struggle,” said Mohammed Omran, the chairperson of the federation and the executive chairman of the Egyptian Exchange.

“Having two young and ambitious exchanges; Cyprus Stock Exchange and Iran Fara Bourse as new board members replacing the withdrawing exchanges [Borsa Istanbul and Sarajevo Stock Exchange] will definitely enhance the dynamism of the federation,” Omran added.

In moving FEAS’ headquarters to Armenia, NASDAQ OMX Armenia will start to support the administration of the federation, according to the statement.

The secretariat has been entrusted to Konstantin Saroyan, CEO of NASDAQ OMX Armenia, who was also appointed FEAS secretary-general, according to the statement.

His appointment was recommended by the Executive Board and approved by the majority of the General Assembly, it added.

FEAS was established on May 15, 1995, with 12 founding members, the Amman Stock Exchange, Bratislava Stock Exchange, Central-Asian Stock Exchange (Kazakhstan), First Bulgaria Stock Exchange, Istanbul Stock Exchange, Karachi Stock Exchange, Ljubljana Stock Exchange, State Commodity Raw Materials Exchange (Turkmenistan), Tehran Stock Exchange, Tel Aviv Stock Exchange, Yerevan Stock Exchange and Zagreb Stock Exchange, according to the statement.

The purpose of the federation is to contribute to the cooperation, development, support and promotion of capital markets in the Eurasian region.

FEAS currently has more than 40 members, including stock exchanges, post-trade institutions, dealers associations and regional federations from over 30 countries.