Agenda ConFEAS 2025

10:00 – 10:30

10:30 – 11:00

11:00 – 11:15
Sardor Koshnazarov, Consultant, NAPP

11:15 – 11:30
Lamon Rutten, Commodity Exchange Advisor

11:30 – 12:30
Moderator: Konstantin Saroyan, Secretary General at FEAS
Speakers: Salliane Taylor, Principal Advisor Bloomberg | Jalil Tarif, Secretary General at Union of Arab Securities Authorities | Henri Bergstrom, Board Advisor at EMRGO | Kevin Piccoli, Deputy Director at CFTC | Radu Hanga, Chairman of the Board of Governance at Bucharest Stock Exchange, FEAS Chairman

In establishing the architecture of financial markets’ infrastructures in developing economies, it is important to design the structure of institutions participating in the processes, their roles and responsibilities. Whether they should be public, private, or governmental entities. What should be shareholding structure? Whether there should be segregated market places for different types of financial instruments? Determining the regulatory framework and market structure is equally crucial, with considerations for a unified regulatory approach versus specialized regulators for each market. The role of regulators in the instruments/issuers admission processes. The level of delegation of supervision and oversight functions. Concurrently, staying attuned to emerging trends in intermediaries while aligning academic insights with practical implementation is imperative for optimizing and evolving financial market structures in developing nations.

12:30 – 14:00

14:00 – 15:00
Moderator: Konstantin Saroyan, Secretary General at FEAS
Speakers: George Paresishvili, CEO at Republican Stock Exchange “Toshkent“ | Haitham Al Salmi, CEO at Muscat Stock Exchange, CEO | Zharas Mussabekov, CFO at Astana International Exchange | Abdulla Salem Alnuaimi, CEO at Abu Dhabi Securities Exchange | Ivan Shteriev, CEO at Macedonian Stock Exchange | Hayk Yeganyan, CEO at Armenia Securities Exchange

The role of stock exchanges plays a pivotal part in facilitating the debut of companies into the public market. Despite challenges such as regulatory uncertainty and external factors like rising interest rates and geopolitical tensions, stock exchanges remain essential hubs for fostering economic growth reflecting broader economic trends, technological innovations, and investor sentiment.
Given the global nature of financial markets, how can stock exchanges collaborate internationally to establish standardized practices, regulatory frameworks, and technological interfaces, fostering a more interconnected and resilient global financial system?

15:00 – 15:40
Moderator: Michael Volter, Advisor, Professional Board Member and Executive Consultant
Speakers: Khikmatullo Tillaboev, Advisor to the Chairman at UZEX | Michele Carlsson, Managing Director at Nasdaq | Alina Aldambergen, Chairman of the Management Board at KASE | Guy Melamed, Co-founder & CEO at Exberry | Askarzhon Zakhirov, Head of the Department for Development of the Crypto-Assets at NAPP

The discussion will cover topics related to regulated markets of instruments traded outside capital markets, such as commodities, FX, money market instruments, etc. What new instruments are evolving? What kind of technologies are used on these markets? Whether there is a synergy with a capital market? How cost efficiency could be reached?

15:40 – 16:00

16:00 – 17:00
Moderator: Bahodir Atakhanov, Chairman at NAII
Speakers: Otar Sharikadze, Senior Advisor at TBC Bank | Munir Yakubov – Portfolio Investments | Vachik Gevorgyan, CEO at Apricot Capital | Bekhruzbek Ochilov, Investment Banking Director at Alkes Research | Karen Srapionov, Managing Partner at Avesta Investment Group | Tusup Nukenov, Deputy Chairman at Freedom Finance

Financial intermediaries play pivotal roles in the development of capital markets, providing diverse financial services beyond traditional banking. The panel discussion can explore the significant contributions of non-bank financial institutions, including their role in fostering market liquidity, promoting financial inclusion, and offering innovative investment products. Topics may include regulatory considerations, the evolving landscape of financial technology, and the collaborative opportunities between non-bank institutions and banks. Additionally, the discussion can delve into the challenges and opportunities presented by the dynamic nature of non-bank financial institutions in shaping the future of capital markets.

17:00 – 17:20

17:20 – 18:00
Moderator: Arman Melkumyan, Secretary General at AECSD
Speakers: Peter Fredriksson, Chairperson at Baymarkets | Vahan Stepanyan, CEO at Central Depository of Armenia | Miguel Espinoza, Head of CSD Product at Montran | Sherali Abdujabbarov, Central Securities Depository Uzbekistan | Mohammed Said Al Abri, CEO at Muscat Clearing and Depository | Sherali Abdujabbarov, Central Securities Depository Uzbekistan

The conversation focuses on post-trading activities, covering services such as safekeeping of securities, clearance, and risk management. Emphasis is placed on the trend of shortening settlement cycles, potentially moving from T+3 to T+1 or T+0, and the implications for market liquidity and risk mitigation. The discussion also addresses technological innovations and regulatory changes impacting CSDs and CCPs, highlighting their role in fostering resilience and stability in modern capital markets.

18:00 – 18:30
Moderator: Zurab Lalazashvili, Managing Partner at BDO
Speakers: Viktoriya Mustafina, Deputy Chairman at UZEX | Saad Alawneh, Director of the Listing Department at Amman Stock Exchange | Dragos Rosu, Head of Strategy and Corporate Affairs at Hidroelectrica | Natalya Khoroshevskaya, CEO at KASE Clearing Centre

The panel tackles crucial challenges hindering transparency, accountability, and sustainability in today’s business landscape. It delves into fostering diverse and inclusive boards, addressing the tension between short-term pressures and long-term vision, and exploring how to enhance transparency on environmental, social, and governance (ESG) factors. This comprehensive discussion aims to equip attendees with a deeper understanding of these pressing issues, insightful perspectives from leading experts, and practical solutions for improving their corporate governance and investor relations practices.

18:30 – 18:40

18:40 – 18:45

18:45 – 19:30

19:30 – 22:00

10:00 – 18:00