Established: 1967
Address: No 3, West 13th St. Qeisar Aminpour Blvd,Saadatabad,Tehran,Iran
Contact Person: Mohamad Saheb Bayani
Email: int@tse.ir
Website: tse.ir
- Joined FEAS in 1995 as Founding member
The year 2025 unfolded under the shadow of significant macroeconomic turbulence and heightened investor sensitivity in Iran’s capital market.
Compared to 2024, the market activity transpired in an increasingly complex environment—shaped by evolving expectations, dynamic liquidity flows, and elevated external risks.
Nevertheless, Tehran Securities Exchange (TSE) remained steadfast in its commitment to mitigating the impact of short-term fluctuations through the gradual refinement of trading mechanisms and a focused pursuit of enhanced market efficiency.
In this context, TSE's strategic approach throughout 2025 centered on a phased, infrastructure-driven pathway toward sustainable market development.
Our primary emphasis was placed on strengthening price discovery processes, reducing transactional frictions, and cultivating a more orderly and reliable framework for investment decision-making—particularly for institutional and long-term investors. Rather than resorting to ad hoc interventions, this strategy was anchored in calibrated, maturity-appropriate reforms aligned with the evolving sophistication of our market.
A landmark initiative in this trajectory was the introduction of the Trade-at-Last (TAL) mechanism. Designed to temper emotional volatility during closing auction sessions, TAL enhances the transparency of closing prices and elevates the overall quality of price formation.
By enabling participants to execute orders at the official closing price, this mechanism establishes a more harmonized framework responsive to the needs of professional and institutional market participants - a tangible step toward the gradual alignment of TSE's operational architecture with internationally recognized practices.
Advancing further along this reform agenda, in December 2025, TSE implemented the complete elimination of the Base Volume (BV) mechanism, a watershed moment in the evolution of Iran's capital market microstructure. Originally introduced in the early 2000s as a regulatory instrument during a period of market immaturity, the BV requirement had progressively outlived its utility as market depth and sophistication expanded. Its removal paves the way for a more organic price formation process grounded in genuine supply and demand dynamics - expected to foster more efficient price