FEAS Yearbook FEAS Yearbook 2008 | Page 56

FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008 TEHRAN STOCK EXCHANGE xxxxx Dr. Ali Rahmani Managing Director Based on the Securities Market Law, ratified in 2005, and in order to found an orderly self regulated market for trading the securities both by brokers and traders, Tehran Stock Exchange Corporation (TSE) was established on 6 December 2006. The shareholders are categorized into three main groups of brokerage companies, financial institutes and retail investors – legal and natural persons. During the past two years of its operation, the newly demutualised the TSE has made great efforts in launching the necessary entities for market development. The TSE appropriately benefits the available cooperation grounds with other participants in the Iranian capital market to thrive the securities market so that it might fulfill its principal ideal, which is increasing the share of the capital market in financing business activities and creating value for the direct and indirect stakeholders. FUTURE OUTLOOK • Installing of the new trading software, Atos Euronext • Upholding the privatization plan through state-owned corporations' IPOs • Providing shorter settlement cycles and book entry settlement systems to meet the current international standards of securities markets It has been highly endeavored to achieve a transparent, fair and efficient market. Listed companies' reporting improvement, increasing stock price daily fluctuation and training courses have contributed market efficiency and pricing, which considerably lowered the concerns among market participants. Besides, in the current year (i.e. 2008), a new listing directive at the TSE was designed and ratified to increase the listing quality. To list the state- owned companies, including issuers in privatization plan, joint workgroups were formed, which in conclusion, detected the problems of share offering to the private sector. Quality and quantity of disseminated information in this year significantly improved. Securities and Exchange Organization (SEO) followed fundamental measures, such as launching Issuer's Information Network (Codal), training the senior financial directors and on-time receiving of information to improve the Corporations' Reporting System. The TSE has also introduced two projects: Investors' Relationship System and Corporate Governance System. • Providing diverse securities of high quality to raise funds (new products; e.g. Sukuk) • Preparing arrangements to provide new calculation methods for indices • Planning to set up Iran Financial Center (I.F.C) CONTACT INFORMATION Contact Name Mr. M. E. Jahandoost E-mail [email protected] Website www.tse.ir PAGE 56