discovery, enhanced liquidity, and greater convergence with global market standards.. Beyond operational reforms, TSE also sought to invigorate professional and policy-oriented discourse on the future of financial markets in 2025. In this spirit, we hosted the inaugural conference titled “Securities Exchanges in the Cryptocurrencies Era; Confrontation or Convergence?” This landmark gathering created a vibrant platform for dialogue among policymakers, experts, and market participants on the evolving interface between traditional capital markets and digital assets. It reflected TSE's forward-looking stance, engaging thoughtfully with financial technology transformations while exercising prudent, measured implementation.
In summary, Tehran Securities Exchange endeavored throughout 2025 to cultivate a more resilient and trustworthy market ecosystem through the integration of incremental trading reforms, modernization of microstructural frameworks, and reinforcement of a future-oriented perspective. The experience of 2025 reaffirmed a vital principle: Even within pronounced macroeconomic turbulence, resolute and maturity-calibrated infrastructure reforms possess the transformative capacity to chart a credible pathway toward the sustainable evolution of capital markets.
Project of the year: Launching of the Trade-at-Last (TAL) mechanism—a foundational enhancement to the trading infrastructure reinforcing price integrity and market professionalism.
Event of the year: Holding conference “Securities Exchanges in the Cryptocurrencies Era; Confrontation or Convergence?” - marking the commencement of institutional dialogue on the future interplay between capital markets and digital assets.
Change of the year: Full elimination of the Base Volume mechanism—streamlining regulatory frameworks and advancing alignment with international market practices.
Accomplishment of the year: Strengthened market efficiency and greater harmonization of trading mechanisms with globally accepted standards - laying a more robust foundation for long-term market integrity and investor confidence.