The Tehran Stock Exchange TSE Persian: The most important advantage that Iran's capital market has in comparison with other regional markets is that there are 37 industries [6] directly involved in it. Industries such as the automotivetelecommunicationsagriculturepetrochemicalmining, steel iron, copperbanking and insurancefinancial mediation and others trade shares at the stock market, which makes it unique in the Middle East.

The second advantage is that most of the state-owned firms are being privatized under the general policies of article 44 in the Iranian constitution. Under the circumstances, people are allowed to buy the shares of newly privatized firms.

The concept of stock industrialization dates towhen Bank Mellitogether with Belgian experts, issued a report detailing a plan for an operational stock exchange in Iran.

However, the plan was not implemented prior to the outbreak of World War II, and did not gain traction untilwhen the Government revisited the issue and ratified the " Stock Exchange Act ". Initially limited in size and scope, the Tehran Stock Exchange the "TSE" began operations intrading only in corporate and government bonds.

Iran's rapid economic expansion in the s, coupled with a popular desire to participate in the country's economic growth through the financial markets, led to a demand for equity. The Government became actively engaged in the process, by granting shares to employees of large state-owned and family-owned enterprises.

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Market activity increased substantially, as both companies and high-net-worth individuals participated in the new-found wealth associated with the TSE. Everything came to a standstill after the Islamic Revolution leading in a prohibition against interest-based activities and nationalization of major banks and industrial giants. Mobilization of all resources towards the war effort during the 8-year Iran-Iraq war did not help matters.

Following the end of the war, the Budget Act re-established activity on the TSE, and within eight years the exchange saw its numbers rise to companies listed.

The Government fully embraced economic reforms and a privatization initiative in with a surge of activity in share activity of many state-owned companies through the defined targets in the first " Five-Year Economic Reform " where the Government together with the Parliament defined the economic prospects of the country for the coming five years.

Attention to promotion of the private sector and new interest in the TSE brought life back to the market. However, lack of regulation and out-of-date legal framework led to crisis in the market leading to certain "meltdowns".

Over the to period an automated trading system was introduced, and a number of important regulatory mechanisms were strengthened. Other complementary markets have also been established alongside the equities market. Inthe Tehran Metal Exchange now called the Iran Mercantile Exchange after its merger with the Agricultural Exchange in was launched.

The symbol of the TSE is a highly stylized representation of an Achaemedian dynasty BC gun-metal relief artifact, which was found in Lorestan province. The artifact features four men, hand in hand, indicating unity and cooperation.

They are shown standing inside circles of the globe, which is in turn, according to ancient Iranian myth, supported on the backs of two cows, symbols of intelligence and prosperity.

Under its new structure, TSE has online tradingan arbitration board, digital signatureinvestor protection, surveillance mechanisms as well as post-trade systems. Trading takes place through the Automated Trade Execution System from 9am to 12 noon, which is integrated with a clearing, settlement, depository and registry system. The Tehran Stock Exchange TSE has started an ambitious modernization program aimed at increasing market transparency and attracting more domestic and foreign investors. Concrete measures that have been taken in the planning and operations of the stock exchange such as the settlement system, geographical expansion, new exchange laws in order to attract local and foreign capital.

The TSE has installed the new trading system which has been purchased from Atos Euronext Market Solutions AEMS in The new system makes it possible to purchase and sell stocks on the same day. The system has also made it possible for 2, brokerage stations to work simultaneously, while the number was just about in the past. The rise in electronic dealing, non-stop input and updated data on orders, transactions and indices are among other features of the new system. The new system has made it possible to link the stock market to the international bourses.

The bourse can now handle transactions per second andtransactions per day. The trading system is an order driven system, which matches buying and selling orders of the investors. Investors can place their orders with TSE accredited brokerswho enter these orders into the trading system. The mechanism for which the price of equities is determined is as follows: Under the price priority rule, a selling buying order with the lowest highest price takes precedence.

Under the time priority rule, an earlier order takes precedence over others at the same price. Thus, when the lowest sell and the highest buy orders match in price, the transaction is executed at the price.

In short, the TSE market is a pure order-driven Market. The trading system also generates and displays details of current and historical trading activity, including prices, volumes traded and outstanding buy and sell orders. This ensures that investors have the required information to be able to take informed investment decisions. Short selling is not permitted. There are no minimum trading lots.

TSESC is a member of Association of National Numbering Agencies ANNA. Besides the Main and Secondary Marketthere is a Corporate participation certificates Market corporate bonds. Secondary Market is an exchange facility where the listed securities of small and mid-size companies can be traded efficiently and competitively.

Since importers and exporters have also been permitted to trade foreign-exchange certificates on the TSE, creating a floating value for the rial known as the "TSE rate". In the "official rate" was abolished, and the TSE rate became the basis for the new unified foreign exchange regime.

SinceIran has been developing an over-the-counter OTC market for bonds and equities aka Iran Fara Bourse or Farabourse. Trading takes place through licensed private brokers registered with the Securities and Exchange Organization of Iran. Thirty-one of the 88 brokerages active in the TSE are licensed to trade the futures contracts.

The leverage for futures contracts is set at 1-to TSE will only deal in the derivatives through electronic trading. Starting Marchinvestors are able to trade in the Iranian stock market through the Internet from anywhere in the world, or get all the necessary information before traveling to Iran. Presently, TSE trades mainly in securities offered by listed companies. As ofequities and corporate bonds e. Sukuk are being traded at TSE. The introduction of project-based participation certificates that bear a fixed annual return during the period of the project and promise the final settlement of the profit at the date of its completion, has diversified the market.

Incommodity Futures came onto the Iran Mercantile Exchange IME. According to the Wall Street Journal inIran is "full of well-run companies". A total of companies from these sectors are listed on the TSE, which translates to This indicates that the capital market in Tehran is heavily concentrated on four economic sectors with companies that make up nearly half of the total listed companies on the exchange.

A comparison of the top Iranian companies and the Fortune in indicated that the gross profit margins of the top Iranian companies were almost double those of the Fortune For Fortune companies, the average gross profit margin was 6.

After mining, other industries with highest margins are base metals, and telecommunications. The best performing industries inin terms of total saleswere the banking and automotive sectors. The worst performers were home appliances and electronics.

Companies showing the most profit, are mostly in pharmaceutical, petrochemical and steel businesses. The sharp decline of the Rial in has made exports more competitive.

Fluctuations in global prices of commodities and the official what time does the new zealand forex market open rate of the Iranian currency have a big impact on the profitability of companies which produce global commodities that are either exported or sold on the free market domestically.

More than half the weight of the Iranian stock market cap belongs to such companies. The Government of Iran directly holds 35 percent of the TSE, while securing another 40 percent through pension funds and investment companies such as the Social Security Investment Companyone of the largest institutional investors on the TSE. Bonyads also play a significant role in TSE trading. In fewer than 5 percent of Iranians owned stock. By March3. As ofabout foreign investors including stock market statistics great depression Iranian citizens abroad comprise 0.

This number increased to in As of21 mutual funds managed idnfbs forex permitted brokerage firms and investment banks are investing in the TSE according to the investment funds regulation.

Mutual funds are open ended and their operation permission is issued by the Iran Securities and Exchange Organization SEO. Inthe All-Shares Price Index TEPIX was introduced to the market as the main indicator of share price movements. Forex cuanto es un lote is a weighted market value of all share prices appearing on the TSE Board and is measured every two minutes.

In addition to the TEPIX, daily price indices of shares of each company, each sector, and the "Top Fifty" most active companies TSE are computed. The performance of the TSE has had no correlation with major exchanges or emerging stock markets over the past few years and not even with the oil price. In December,companies with a market capitalization of IRR 32, The TSE has had an exceptional performance over the past 5 years. The market bottomed in June mainly because of the renewed privatization drive in the Iranian economy.

The TSE was not directly affected by the international financial turmoil inbut following the global reduction in prices of copper and steel, the bourse index dropped by Some 3 million trade exchanges were made, pushing up the index to 12, units from the previous 8, units. On August 2,the TSE main index TEPIX reached a record level of 16, points, despite US-sponsored sanctions against Iran. Given the relative low market valuation of TSE stocks inthe upward trend was expected to continue over the long run, rather than being a bubble.

On February 1,TEPIX and total market value reached an all-time high of 21, and USD billion respectively. On April 9,TSE's main index TEPIX hit a new all-time record high at 26, over a boost from the stocks of metal and shipping industries.

Overall, Forex trading through hdfc stock exchange posted the second highest gains in global markets in TEPIX up Meanwhile, the German's DAX DAX INDEX lost Stock markets of emerging economies, like Brazil's Brazil Bovespa Frankfurt stock exchange floor trading IBOV INDEXshed Export-oriented companies have been favoured because of the imposition of an oil embargo by the international community and the consequent sharp decline in the value earn on binary options divorce or not the Iranian rial over Following Iranian rial 's strong devaluation between and and the presidential electionsmany Iranian investors started to move their assets from gold into domestic equities.

TEPIX reached 71, on October 14, As of Septemberthe TSE trades at price-to-earnings multiple of 6 times, with a 17 percent dividend yield. By comparison, the MSCI Frontier Markets index trades at price-to-earnings multiple of The Iranian state is the biggest player in the economy, and the annual budget strongly influences the outlook of local industries and the stock market.

The budget is not expected to bring much growth for many of the domestic industries. Iran is the last, large untapped emerging market in the world. According to Goldman SachsIran is forecast to reach the highest economic growth between and and difference between non qualified stock options and iso the world's largest economies world's 12th economy by According to Voltan Capital Management LLC in New York Citygrowth valuations and potential investment upside are similar to frontier markets in their early stage while it has developed characteristics such as well-educated workforcea large middle-class and a broad industrial base.

In recent years, the role of the private sector has been further on the increase. Foreign investors can bid in Iranian privatization tenders, but need permission from the Economy Ministry on a case-by-case basis. There are differing estimates of the total capital held by Iranian expatriates. So far, the Tedpix index has been driven by domestic investors, including wealthy Iranians, public sector pension funds and the investment arms of state-owned banks. For the index to prosper in the long run, more foreign investors need to make significant share purchases.

The new by-law on foreign portfolio investment was approved by the government in Junebut ratified by the Council frankfurt stock exchange floor trading Ministers in April, Under this new bylaw, foreign investors can participate in the TSE for the first time. Initially, however, some limitations had been imposed on foreign investors:. Since Aprilforeign investors have been able to open foreign-currency accounts at Iranian how to make money commenting on blogs and exchange their currencies to rials and vice versa.

Foreigners who want to trade in Iran must get a licensewhich the exchange says will take seven days on its website. The Central Bank of Iran is also in charge of providing the investors with the necessary foreign exchangewhich is also transferrable.

Iran is to target foreign investment in its energy sector by creating an umbrella group of nearly 50 state-run firms and listing its shares on four international stock exchanges.

As ofTurquoise Partners in Tehran stock trade usaa Confido Capital OY in Helsinki are some of the few opportunities for foreign investors to participate on the Tehran Stock Exchange.

InMehrafarin Brokerage Company became the first broker to open an office in London. Treasury Department's Office of Foreign Assets Control OFAC in order to invest in the TSE.

From Wikipedia, the free encyclopedia. Economic history of Iran. Government of Iran and Islamic banking. Tehran Stock Exchange Services Company. Iranian Difference between non qualified stock options and iso BourseIran Mercantile Exchangeand Energy bourse in Iran. Value of the Iranian RialCentral Bank of Iranand Iran's Forex bourse.

Banking in Iran and Shetab Banking System. Internet in Iran and Financial data vendor. Bond market in Iran. Derivatives market in Iran. Economic sectors in IranIndustry of Iranand List of Iranian companies. BonyadSetadSocial Security Organizationand Civil Servants Pension Organization.

Ghadir Investment Company and Venture capital in Iran. Next Eleven and Iranian Economic Reform Plan. Inflation and monetary policy in Iran. Foreign direct investment in Iran and Kish Stock Exchange.

Iran portal Business and economics portal. Retrieved August 5, Archived from the original on Retrieved July 31, Financial Times, March 11, Retrieved March 12, Archived from the original on August 4, Are you brave enough to invest in Iran? Wall Street Journal Market WatchMarch 26, Retrieved March 28, Archived from the original on March 10, Turquoise Partners July Retrieved August 16, Turquoise Partners, AprilRetrieved June 21, Tehran stock exchange prepares for flood of foreign investment.

Financial TimesMay 4, Retrieved October 16, Retrieved August 2, Archived from the binary options moneybookers on December 13, Tehran Stock Exchange, May 19, Retrieved July 8, New Stock Exchange Kicks off Work in Southern Iran". Retrieved October 5, Retrieved February 5, International Business Times, April 11, Retrieved April 16, Turquoise Partners, January Retrieved February 16, Enhancing Transparency in Equity Market Via Book Building.

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Reuters, October 20, Retrieved April 12, Fox News, October 31, The Wall Street Journal. Bank Melli Iran will launch fund to invest in bourse. Archived from the original on February 3, Retrieved June 23, Lining Up to Invest in Iran. CNBCApril 6, Retrieved December 25, A Vast Diaspora Abroad and Millions of Refugees at Home.

Retrieved December 28, Risk and return in the Tehran stock exchange. Retrieved July 27, Tehran exchange extends advance. Retrieved November 8, Tehran Times, April 18, Retrieved May 1, Oil, auto giants plan investments in Iran. Iran Daily, July 3, PressTV, June 24, Financial TribuneJuly 23, Iran Nuclear Deal Sends Tehran Stocks Higher.

Wall Street JournalApril 5, Retrieved April 8, Companies listed on the Tehran Stock Exchange. Aabsal Azarab Industries Bahman Group Bank Mellat Bank Pasargad Bank Saderat Behran Oil Chadormalu Mining Darou Pakhsh Data Processing Iran EN Bank Ghadir Investment Iran Combine Manufacturing Iran Khodro Iran Tractor Manufacturing Iranian Aluminium Jaber Ebne Hayyan Pharmaceutical Karafarin Bank Loghman Pharmaceuticals MAPNA MCI Mobarakeh Steel North Drilling Offset Press Pars Khodro Pars Oil Parsian Bank SADRA SAIPA Saipa Shisheh Sepahan Oil Company Sina Bank Tejarat Bank TCI Tidewater Middle East Tolypers.

Taxation Subsidy reform plan Labor Privatization Banking and insurance Energy Foreign direct investment Environment Science and technology. Agriculture Automobile Aviation Banking and Insurance Communications and IT Construction Defense Energy Healthcare Industry Media Mining Petroleum Pharmaceuticals Space Tourism Transport.

Chamber of Commerce Industries and Mines Central Bank General Inspection Office Government Oil Bourse Iran Mercantile Exchange Islamic Revolutionary Guard Corps Management and Planning Organization Ministry of Commerce Ministry of Finance Ministry of Petroleum National Development Fund Ravand Institute Religious foundations Setad Social Security Supreme Audit Court Tehran Stock Exchange. Banks Companies Economic laws International rankings Iranian people by net worth Military equipment manufactured Nuclear facilities Power stations Reservoirs and dams.

Energy Gas Oil Nuclear Petrochemicals Wind. Airlines Banks Charities Companies Economic Reform Labor and tax laws Privatization Science and technology. Primary market Secondary market Third market Fourth market. Common stock Golden share Preferred stock Restricted stock Tracking stock.

Authorised capital Issued shares Shares outstanding Treasury stock. Broker-dealer Day trader Floor broker Floor trader Investor Market maker Proprietary trader Quantitative analyst Regulator Stock trader. Electronic communication network List of stock exchanges Opening times Multilateral trading facility Over-the-counter.

Alpha Arbitrage pricing theory Beta Bid—ask spread Book value Capital asset pricing model Capital market line Dividend discount model Dividend yield Earnings per share Earnings yield Net asset value Security characteristic line Security market line T-model. Algorithmic trading Buy and hold Concentrated stock Contrarian investing Day trading Dollar cost averaging Efficient-market hypothesis Fundamental analysis Growth stock Market timing Modern portfolio theory Momentum investing Mosaic theory Pairs trade Post-modern portfolio theory Random walk hypothesis Sector rotation Style investing Swing trading Technical analysis Trend following Value investing.

Block trade Cross listing Dark liquidity Dividend Dual-listed company DuPont analysis Efficient frontier Flight-to-quality Haircut Initial public offering Margin Market anomaly Market capitalization Market depth Market manipulation Market trend Mean reversion Momentum Open outcry Public float Public offering Rally Returns-based style analysis Reverse stock split Share repurchase Short selling Slippage Speculation Stock dilution Stock market index Stock split Trade Uptick rule Volatility Voting interest Yield.

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Shapour MohammadiPresident of the Securities and Exchange Organization SEO ; Hassan Ghalibaf AslCEO [3]. TSE is self-regulated under SEO supervision. Market Capitalization USD Millions. Continuation of privatization plan and IPOs of state-owned companies. As ofInitial Public Offerings IPOs will be conducted through the process of book-building instead of auctionfor more transparency.

Increasing liquidity in securities market with a review on trading regulations. New bylaw to facilitate foreign portfolio investment was ratified by the Council of Ministers in April Since then, as an incentive to investment in Iran, foreign investors in TSE are tax-exempt.

Launching derivatives market and introducing stock futures and options. In JulyTSE introduced six single-stock futures contractsbased on 2 companies which will expire in two, four and six months.

Plan to increase coverage to 10 companies by March Establishing Islamic bonds and products such as Sukuk and Islamic Mortgage-Backed Securities MBSbased on market development act and tax exemption. Sukuk and options are the next instruments to be available. OTC Bond market in Iran.

Anti-money laundering laws in Iran. Setting up required mechanisms for tracking frauds and claiming against breach of market law. TSE has an electronic system for tracing market abuse and insider trading. Iran Securities and Exchange Commission. Creating efficient corporate governance and investor relations frameworks.

Inthe TSE introduced more stringent reporting and disclosure requirements for listed companies and enforcement measures for non-compliance.

Accounting standards in Iran. Facilitating and expanding market access by means of developing brokerage networkelectronic trading and direct market access. E-trading is possible since July on trial basis and will be offered to the general public starting March Tehran Stock Exchange Services Company TSESC. Economic Calendar and market data. Promoting the shareholding culture in Iran. The Government is running financial literacy training programs in the society.

Telecommunication Company of Iran. Khalij Fars Petrochemical Company. Bandar Abbas Oil Refining Company. Gol Gohar Iron Ore Company. Esfahan Oil Refining Company. Parsian Oil and Gas Development.