FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2012
TEHRAN STOCK EXCHANGE
TSE finalized its five-year Strategic Plan
last year under the vision of An Excellent
Exchange in the Region and a Driver for
Economic Growth in the Country.
Hassan Ghalibaf
CEO
Tehran Stock Exchange (TSE), as one of
the largest emerging markets in the Middle
East and North Africa region, has 347 listed
companies and 87 securities firms as its
members (December 2011).
TSE finalized its five-year Strategic Plan last
year under the vision of An Excellent Exchange
in the Region and a Driver for Economic Growth
in the Country. The Strategic Plan exemplifies
our dedication to quality and demonstrates
our commitment to keep our markets in line
with the evolving world standards. Under the
three concepts of transparency, efficiency and
integrity, our efforts are directed to activating
the market by discovering local companies
through TSE comprehensive marketing
plan and developing new projects such as
educational programs for promoting public
investment culture in the country and plan for
obtaining ISO 27001 certification for TSE’s IT
Security Management System. Our response
to the challenges is to pay special attention to
HISTORY AND DEVELOPMENT
Tehran Stock Exchange (TSE) was founded
in 1967, by starting with only six listed
companies. Since then, the Exchange has
experienced considerable changes in the
path of development. Today, five years
after its demutualization, which took place
on 6 December 2006, TSE has gradually
demonstrated its potentiality as a leading
Exchange in the region and developed into an
ever growing marketplace, including more than
three hundred and forty listed companies with
a market capitalization of above US$ 100 billion
(December 2011).
TSE is aiming at promoting the Iranian capital
market to respond to the socio-economic
development requirements of the nation. The
Exchange helps and stimulates industrial, as
well as economic growth and development of
the country’s financial sector. TSE is preparing
to maintain a strong and transparent market
in order to give opportunity to the investors to
convert their cash into securities at a fair and
honest price and vice versa, and is developing
to become a highly liquid secondary market for
securities to raise funds and win confidence
sustaining and improving the attractiveness
and competitiveness of our market, with
liquidity and efficiency. While addressing them,
we also take the opportunity to secure some
notable advances for TSE and increase our
attractiveness for both issuers and investors.
We embarked on significant market and
regulatory reforms to facilitate raising capital
by issuers. TSE continues to strive for the
establishment of a strong presence as a major
global exchange. In promoting international
relationship and creating opportunities, we are
discussing with index providers to enhance our
benchmark index. Also, Tehran Stock Exchange
is the chairman of FEAS working committee for
2011-2012 period.
Online trading as a new service is now
supported by TSE for both individual and
institutional investors with a highly efficient,
modern, and user-friendly system, which allows
customers to place their orders directly to
the Exchange’s trading system and set their
from all stakeholders. TSE is planning to
operate as a world-class marketplace for
Iranian securities and derivatives products. It
strives to offer issuers access to a wide national
marketplace.
By servicing Iran’s substantial long-term
demand for capital and exchange services
in accordance with international standards
and practices, it is believed that TSE has the
potential to become one of the preeminent
Exchanges in the Persian Gulf region and
beyond.
Privatization, as a priority is both followed by
the State and managed by TSE on the one
hand, to facilitate the economic reforms, and
on the other one, to improve and support the
Iranian securities market. Moreover, financing
through capital market is felt as an obligation
for the Iranian economy’s growth and in this
fashion, shares of two banks, two petrochemical
companies and a provider of electronic
services were listed and publically offered in
the Exchange in 2011. For the coming year,
introducing option market is in the agenda.
own bid/ask prices from all over the world
through the dedicated access provided by the
brokerage firms. This facility offers brokers the
opportunity to concentrate more on the added
value services, such as professional advisory
and market analysis and lower their operating
costs. It has been now over one and a half
years that derivatives market is launched in
the Exchange, initially with single-stock futures
contract on some of TSE’s listed companies’
shares. More studies are being carried out for
establishing option market. We are committed
to safeguarding and expanding the investments
of our clients by utilizing all our resources and
maximizing the stakeholder’s benefits. That is
designed to evolve alongside the emerging
trends in the international markets. At TSE,
sustainable improvement is an unending
process. We strive to adopt the highest
standards of the operations and quality control,
according to the international standards and
are constantly upgrading the expertise of our
team.
FUTURE OUTLOOK
• Expanding the country’s capital market
share by increasing the number of listed
companies, improving market liquidity and
introducing new financial tools.
• Applying effective rules and procedures
to protect market integrity through re-
engineering of procedures and setting new
or enhancing old rules and regulations.
• Expanding market with the use of updated
and efficient technology and processes.
• Developing financial knowledge and
improving investment and shareholding
culture in Iran by educational programs and
use of mass media.
• Facilitating market access by means of
information technology.
• Observing accountability and transparency
in co-operation with the stakeholders.
• Developing channels of knowledge-sharing
with other Exchanges.
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