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Thirty Days Of Forex Trading Pdf

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Tehran Stock Exchange
بورس اوراق بهادار تهران

Tehran Stock Exchange Logo.png

Tehran Stock Exchange new building 8275.jpg

Type Stock exchange
Location Tehran, Islamic republic of iran
Founded February iv, 1967[one]
Owner Public Joint Stock Company,[2] demutualized (not-listed and for-profit)[3]
Key people Mahmoud Goudarzi (CEO)[3]
Currency Iranian rial
Commodities Shares & rights, corporate participation certificates, futures[4] [5]
No. of listings 666 companies (Dec 2020)[6]
Market cap $226 billion (May 2020)[7]
Volume 82,479 one thousand thousand (2009)[4]
Indices TEPIX and TEDPIX (principal)
Website www.tse.ir
Notation: TSE is self-regulated nether SEO supervision. As of July 2010, no margin/lending is offered, except for futures. [4] [5]

The Tehran Stock Substitution (TSE) (Western farsi: بورس اوراق بهادار تهران, romanized: Burs-e Owraq-e Bahadar-e Tehran) is Iran's largest stock commutation, which beginning opened in 1967.[1] The TSE is based in Tehran. As of May 2012, 339 companies with a combined market capitalization of United states of america$104.21 billion were listed on TSE.[6] TSE, which is a founding member of the Federation of Euro-Asian Stock Exchanges, has been ane of the world'due south best performing stock exchanges in the years 2002 through 2013.[5] [8] [9] [10] [11] TSE is an emerging or "borderland" market.[12]

The most important reward that Iran'south capital market place has in comparison with other regional markets is that in that location are 37 industries[6] direct involved in it. Industries such as the automotive, telecommunications, agronomics, petrochemical, mining, steel iron, copper, banking and insurance, fiscal mediation and others trade shares at the stock market, which makes information technology unique in the Middle East.[ citation needed ]

The second reward is that well-nigh of the country-endemic firms are existence privatized nether the general policies of article 44 in the Iranian constitution. Under the circumstances, people are immune to buy the shares of newly privatized firms.

History [edit]

The former building of Tehran Stock Exchange at Hafez St, Tehran, Islamic republic of iran

The concept of stock industrialization dates to 1936, when Bank Melli, together with Belgian experts, issued a report detailing a program for an operational stock exchange in Iran. However, the program was not implemented prior to the outbreak of World State of war Ii, and did non gain traction until 1967, when the Government revisited the issue and ratified the "Stock Substitution Human activity [ permanent dead link ] ". Initially express in size and telescopic, the Tehran Stock Exchange (the "TSE") began operations in 1967, trading only in corporate and government bonds. Islamic republic of iran's rapid economical expansion in the 1970s, coupled with a popular desire to participate in the country's economical growth through the financial markets, led to a demand for equity. The Regime became actively engaged in the process, by granting shares to employees of large land-endemic and family-owned enterprises. Market place action increased essentially, every bit both companies and high-internet-worth individuals participated in the new-establish wealth associated with the TSE.[1]

Everything came to a standstill subsequently 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 try during the eight-year Iran–Republic of iraq State of war did not help matters. Following the cease of the state of war, the 1988 Upkeep Act re-established activity on the TSE, and within eight years the exchange saw its numbers rise to 249 companies listed. The Government fully embraced economical reforms and a privatization initiative in 1989 with a surge of activeness in share activity of many land-owned companies through the divers targets in the get-go "5-Year Economical Reform" where the Authorities together with the Parliament defined the economic prospects of the country for the coming v 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 marketplace leading to certain "meltdowns". Over the 1996 to 2000 flow an automated trading system was introduced, and a number of important regulatory mechanisms were strengthened.[thirteen] The market place has experienced its share of highs and lows in the past years including topping the World Federation of Exchanges' listing in terms of operation in 2004.[1] As of May 2014, TSE has had three bear market place in its history: August 1996 – July 1998 (−32%); December 2004 – July 2006 (−34%); and during the fiscal crisis of 2007–2008 (−38%).[xiv] In 2014, after reaching historic highs, TSE lost a quarter of its total marketplace capitalization because of the collapse of the Iranian rial and the slump in oil prices.[15] It was also decided in 2014 that some banks and fiscal institutions attached to the government inject money into the stock market through a fund chosen the Market Development Fund which is aimed at market making and decreasing the fluctuations in the stock market.[16]

Other complementary markets have also been established alongside the equities market place. In 2003, the Tehran Metallic Substitution (now called the Iran Mercantile Exchange after its merger with the Agricultural Substitution in 2006) was launched. The Oil Bourse and the over-the-counter Farabourse were launched in 2008 followed in 2012 by the Energy/Electricity Bourse and the FOREX bourse.[xiii]

TEPIX: Tehran Stock Exchange's main index (2000–2014).

Main Indicators for TSE* [4]
2006 2007 2008 2009
Number of Listed Companies 417 415 346 337
Market Capitalization (USD Millions) 43,794 45,574 49,040 58,698
Total Value of Share Trading (USD Millions) 6,230 7,872 15,252 16,875
Daily Average Trading Value (USD Millions) 26.1 32.v 63.8 65.4
Full Number of Trade in Share (Millions) xv,839 23,401 37,975 82,479
No. of Transactions (in thousands) 1866 2107 1978 2646
No. of Trading Days 239 242 239 258
Share Turnover Velocity (%) 15.6 16.37 26.v 28.74
P/Eastward ratio five.four v.2 iv.1 5.v
Dividend yield (%) 10.44 xiv.five 12.3 15.eight
Market Capitalization/Gdp (%) 17.9 15.4 14.1 fifteen.two

*Exchange rate: 1 Usa $=x,004 IRR (2009)

Manufacture affiliations [edit]

Since 1995, TSE has been a full member of the World Federation of Exchanges (the quondam Fédération Internationale des Bourses de Valeurs or FIBV), and is a founding member of Federation of Euro-Asian Stock Exchanges (FEAS).[3] Since July 2010 the TSE is a member of the International Options Market place Association.

[edit]

The symbol of the TSE is a highly stylized representation of an Achaemedian dynasty (550-330 BC) gun-metal relief antiquity, which was found in Lorestan province. The antiquity features four men, manus in hand, indicating unity and cooperation. They are shown standing within circles of the globe, which is in turn, according to aboriginal Iranian myth, supported on the backs of ii cows, symbols of intelligence and prosperity.[17]

Construction [edit]

  • The Securities & Exchange Council is the highest dominance and is responsible for all related policies, market place strategies, and supervision of the market place in Islamic republic of iran. The Chairman of the Council will be the Government minister of Economics; other members are: Minister of Trades, Governor of the Central Bank of Islamic republic of iran, Managing Director of the Bedroom of Commerce, Chaser Full general, Chairman of the Securities and Exchange Organization, representatives of the agile market associations, iii financial experts requested by the Economics Minister and approved by the Council of Ministers, and one representative for each article commutation.[18]
  • The Securities and Substitution Organization (SEO) is responsible for administration and supervisory duties, governed past the Lath of Directors. The SEO's Board of Directors are elected by the Securities and Exchange Council. SEO also actively promotes innovation in Islamic products and has formed a specific "Sharia committee" to assess the compatibility of new products with Islamic law. SEO is the sole regulatory entity for the regulation and evolution of the majuscule market place in Iran.[19]

Operations [edit]

Under its new structure, TSE has online trading, an arbitration board, digital signature, investor protection, surveillance mechanisms too as post-trade systems.[twenty] The TSE is open for trading five days a week from Saturday to Wed, excluding public holidays [ permanent dead link ] . Trading takes identify through the Automated Trade Execution System from 9am to 12 noon, which is integrated with a clearing, settlement, depository and registry organization. Settlement is T+iii.[3] The TSE is solely an order-driven market and all transactions are executed in the way and nether the principles of open up auction.[4]

Trading platform [edit]

The Tehran Stock Substitution (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 substitution such as the settlement organisation, geographical expansion, new exchange laws in society 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 2007.[21]

The new organization makes it possible to purchase and sell stocks on the same twenty-four hour period. The system has also fabricated it possible for ii,000 brokerage stations to piece of work simultaneously, while the number was just nearly 480 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 arrangement has made it possible to link the stock market to the international bourses. The bourse tin can now handle 700 transactions per second and 150,000 transactions per day.[22]

The trading arrangement is an order driven system, which matches ownership and selling orders of the investors. Investors can place their orders with TSE accredited brokers, who enter these orders into the trading arrangement.[23] Then, the organization automatically matches buy and sell orders of a particular security based on the price and quantity requirements. The mechanism for which the toll of equities is determined is as follows:[3]

  • The best toll (price priority)
  • Time of order priority

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 toll. Thus, when the lowest sell and the highest buy orders match in cost, the transaction is executed at the price. In short, the TSE market is a pure order-driven Market.[three]

The trading arrangement also generates and displays details of current and historical trading activity, including prices, volumes traded and outstanding purchase and sell orders. This ensures that investors have the required information to be able to accept informed investment decisions.

The range of toll movements is typically restricted to iii% daily either way from last endmost (raised to 5% since May 2015).[24] Restriction on Rights is vi%.[4] This can exist changed in specific situation by the Lath of the TSE in case of unusual toll movements resulting in an extremely high or low P/East ratio. Brusk selling is not permitted. In that location are no minimum trading lots.[3] [iv] Co-ordinate to the Iranian Commercial Police, companies are prohibited from share repurchases.[25] TSE Services Visitor (TSESC), who is in accuse of the site, supplies computer services. TSESC is a fellow member of Clan of National Numbering Agencies (ANNA).[23]

Market sectionalization [edit]

Besides the Chief and Secondary Market, there is a Corporate participation certificates Marketplace (corporate bonds). Secondary Marketplace is an exchange facility where the listed securities of small and mid-size companies tin be traded efficiently and competitively.[4] Whatever company, domestic or foreign, can listing their products on the exchange for as long as they come across the listing criteria. The value of 3 markets of Securities and Stock Exchange, Over-the-Counter (OTC) stock exchange and commodity exchange hit $100 billion in December 2010.[26] In 2010, the Kish Stock Substitution was launched to facilitate foreign investment and budgetary activities in Kish Isle free trade zone.[27]

Minimum Listing Requirements[4]
Description Chief Board Secondary Board Secondary Market
Minimum Uppercase (billion IRR) 200,000 100,000 xxx,000
Minimum Shareholders 1000 750 250
Gratuitous Float (%) twenty 10 15
Minimum Term of Operation (Years) 3 – –
Profitability (Years) 3 2 1
Equity to Asset Ratio (%) xxx 20 15
Market Makers Selective Selective Mandatory

TSE rate [edit]

Since 1998 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 charge per unit". In 2002 the "official charge per unit" was abolished, and the TSE rate became the basis for the new unified foreign exchange regime.[29]

OTC market [edit]

Since 2009, Iran has been developing an over-the-counter (OTC) market for bonds and equities (aka Iran Fara Bourse or Farabourse). Its shareholders include the Tehran Stock Substitution Corporation (20%), several banks, insurance companies and other fiscal institutions (60%), and individual and institutional shareholders (20%).[30] As of July 2011, Farabourse has a total market capitalization of $20 billion and a monthly book of $2 billion.[31]

Brokers [edit]

Trading takes identify through licensed individual brokers registered with the Securities and Exchange System of Iran. Thirty-one of the 88 brokerages agile in the TSE are licensed to trade the futures contracts. The leverage for futures contracts is ready at i-to-10. TSE will but deal in the derivatives through electronic trading.[v] As of 2013, Mofid, Keshavarzi, Agah and Nahayat Negar were the top 4 performers amidst TSE's brokerage firms. These firms executing 41% of the total value in on-line trading.[32]

Electronic trading and market data [edit]

Starting March 2011, investors are able to trade in the Iranian stock market through the Net from anywhere in the world, or get all the necessary data earlier traveling to Islamic republic of iran.[33] There are 87 online service providers which offer round-the-clock information and services about Islamic republic of iran and its stock market.[ citation needed ] As of September 2011, 40,000 shareholders are registered and conducting transactions online.[34] In 2013, 83 brokerage firms (out of TSE's 93 firms) offered on-line transactions, accounting for 18% of the total trading value.[32] In 2014, Islamic republic of iran's TSE was in talks to share its trading data with Thomson Reuters (and Bloomberg L.P. in 2015) once the sanctions are lifted.[35]

Trading fees [edit]

Equally of July 2010, trading fees include:

  • Equities and rights: 0.55% payable by the sellers and 0.v% the buyers.[4]
  • Participation bonds: 0.1% of transaction value payable by both the buyer and seller with a maximum of 100 million IRR.[4]

New products and services [edit]

Soon, TSE trades mainly in securities offered past listed companies. As of 2015, equities and corporate bonds (e.grand. Sukuk) are being traded at TSE.[20] The program is to introduce other fiscal instruments in the near hereafter. The introduction of project-based participation certificates that bear a fixed annual render during the period of the project and promise the final settlement of the profit at the date of its completion, has diversified the market place.[three] As of 2015, TSE does not offer much complicated Islamic finance instruments such as derivatives (except ETFs and a few put options), nor does it allow short sales or margin trading (except for futures) in dissimilarity to the neighboring Dubai Financial Marketplace.[xv]

Futures [edit]

In 2008, commodity Futures came onto the Islamic republic of iran Mercantile Exchange (IME).[36] In July 2010, TSE introduced vi single-stock futures contracts based on Parsian Depository financial institution and Karafarin Bank, which will expire in 2, 4 and six months.[v] Thirty-1 of the 88 brokerages active in the TSE are licensed to merchandise the futures contracts. The leverage for futures contracts is gear up at i-to-10. TSE volition only bargain in the derivatives through electronic trading.[five] In the TSE's derivatives market, over 13,200 single stock futures contracts were traded in 2011 with a value of over 510 billion Rials.[37]

Outlook [edit]

TSE projects (as of 2009) Status (as of November 2016)
Continuation of privatization plan and IPOs of state-endemic companies. Government's buying in GDP downward to 40% every bit of 2010 (from 80% in 2005). From 2005 until 2010, Iran privatized $63 billion worth of equity.[ citation needed ] More than data: Privatization in Iran. As of 2015, initial public offerings (IPOs) volition be conducted through the process of volume-building instead of auction, for more than transparency.[38]
Increasing liquidity in securities market with a review on trading regulations. New bylaw to facilitate foreign portfolio investment was ratified past the Council of Ministers in April 2010. Since then, as an incentive to investment in Iran, foreign investors in TSE are tax-exempt.[ citation needed ]
Launching derivatives market and introducing stock futures and options. In July 2010, TSE introduced six single-stock futures contracts, based on two companies which will expire in two, four and six months. Program to increase coverage to x companies past March 2011.[v] Some ETFs are at present available at Fara bourse. Futures on indices: originally expected by 2011.[eighteen] TSE embedded a special type of disinterestedness put options for two mining companies and a petrochemical visitor in August 2012 whereas the emitter guarantees a return of 20% (e.m. as a hedge against inflation) for the payment of 1% of the stock value.[39] Gilt option trading on the Iran Mercantile Exchange will be available in January 2017.[4] [forty] Call options for Mobarakeh Steel Company, National Iranian Copper Industries Company and IKCO were showtime introduced in 2016.[41]
Establishing Islamic bonds and products such equally Sukuk and Islamic Mortgage-Backed Securities (MBS), based on market development act and tax exemption. Sukuk and options are the next instruments to be bachelor.[18] Profit and awards accrued on participation papers are tax exempt.[42] Encounter also: (OTC) Bond market in Iran.
Enactment of anti-money laundering laws. Come across: Anti-coin laundering laws in Iran.
Setting up required mechanisms for tracking frauds and challenge confronting breach of market law. TSE has an electronic system for tracing marketplace corruption and insider trading.[18] Regulatory framework needs further strengthening and development.[15] Run across besides: Islamic republic of iran Securities and Substitution Commission.
Creating efficient corporate governance and investor relations frameworks. In 2006, the TSE introduced more stringent reporting and disclosure requirements for listed companies and enforcement measures for non-compliance.[43] Six-month corporate earnings announcements are mandatorily audited prior to publishing and seen every bit existence a reliable source of information past investors.[44] Starting April 2014, all companies have to report their short term investments at fair value instead of cost.[45] KPMG and PriceWaterhouseCoopers take suspended their operations in Islamic republic of iran because of international sanctions.[46] Lack of corporate research.[fifteen] Start Frontier in London has tied up with an Iranian investment banking firm, the Agah Group, to provide research on the country'southward leading companies.[ citation needed ] See besides: Accounting standards in Iran
Facilitating and expanding market place access by means of developing brokerage network, electronic trading and direct market place access. East-trading is possible since July 2010 on trial ground and will be offered to the general public starting March 2011.[33] [47] Mobile Telephone-Based Trading planned later in 2011.[33] There are 87 online service providers which offer circular-the-clock information and services about Iran and its stock marketplace.[ citation needed ] Lack of global custodians.[15] Run into also: Tehran Stock Exchange Services Company (TSESC).
Economic Agenda and market data. Real-time information available: Bid/Inquire Prices, Indices, Companies Announcements, Trading Book and Value through the TSE website and a organisation named "CODAL", including some corporate reports in English language (complimentary of charge).[4] Plans to offer TSE market data through Thomson Reuters and Bloomberg L.P.[35]
Promoting the shareholding civilisation in Iran. The Government is running financial literacy training programs in the guild.[4] Run across also: "Justice Shares" in Islamic republic of iran.

Economic sectors [edit]

As at 2008, about 30 firms, involved in xi industries, concord close to 75 percentage of shares in TSE. In September 2009, Telecommunication Visitor of Iran was privatized and became the largest company listed on TSE.

According to the Wall Street Journal in 2015, Iran is "full of well-run companies".[48] Likewise true, there are companies in Iran which suffer problems such every bit mismanagement, energy inefficiency, overstaffing, opaque auditing systems, obsolete marketing and distribution networks and high levels of debt.[20] [49]

2007: There were 324 companies listed on the TSE with a full marketplace capitalization (MC) of Us$42,452 1000000. Close to sixty% of the MC relates to listed companies from the post-obit sectors:[50]

  • Basic Metals,
  • Motor Vehicles and Trailers,
  • Chemicals and By-Products,
  • Non-Metallic Minerals Products.

A total of 161 companies from these sectors are listed on the TSE, which translates to 49.7% of total companies listed. Largest stocks include:

  • Mobarakeh Steel Co. with MC of Us$3,218 one thousand thousand, which translates to 7.6% of MC,
  • National Iranian Copper Industries Visitor (Persian: Sanaye Mese Iran) at 6.viii% of MC,
  • SAIPA at five.3% of MC.

2008: other companies in the meridian spots included:[51]

  • Gol Gohar Atomic number 26 Ore Company ($2.1 billion MC),
  • Chadormalu Mining and Industrial Company ($two billion),
  • Kharg Petrochemical Company (over $1 billion),
  • Ghadir petrochemical companies (over $1 billion),
  • Khouzestan Steel Visitor (over $1 billion),
  • Power Institute Projects Management Company (MAPNA) (over $1 billion),
  • Retirement Investment Firm (over $1 billion),
  • Iran Khodro (over $1 billion),
  • Metal and Mine Investment Companies (over $one billion).

This indicates that the upper-case letter market place in Tehran is heavily concentrated on four economic sectors with companies that make up nigh half of the full listed companies on the exchange. While 163 companies listed are spread out amongst 26 sectors, with the "Food and Beverages Sector" alone accounts to 32 companies at a market capitalization of U.s.a.$897.five million. Studies evidence that in 2008 about 30 firms, involved in 11 industries, hold close to 75% of shares in Tehran Stock Exchange.[52]

2009: A comparing of the top 100 Iranian companies and the Fortune 500 in 2009 indicated that the gross profit margins of the top 100 Iranian companies were almost double those of the Fortune 500. For Fortune 500 companies, the boilerplate gross profit margin was 6.ix% and for the Iranian companies, it was 13%.[53] The sector with the highest profit margin amidst the acme 100 Iranian companies in 2009 is mining, with a margin of 58%. The mining companies in the Fortune 500 had a gross profit margin of 11%. After mining, other industries with highest margins are base metals, and telecommunications.[53]

2011: The best performing industries in 2011, in terms of total sales, were the banking and automotive sectors. The worst performers were home appliances and electronics. In terms of gross profit margin, mining, telecommunications, and oil and gas exploration & production were the all-time performing industries. Sales totals of the superlative 100 Iranian companies on the listing ranged from $12.8 billion or the top ranking company, Iran Khodro, to $318 meg for the 100th company.[53]

2012: Companies showing the most turn a profit, are mostly in pharmaceutical, petrochemical and steel businesses. The precipitous reject of the Rial in 2012 has made exports more competitive.[ commendation needed ] Other favoured companies are state-owned industrial companies that rely on a more often than not domestic supply chain, turning locally produced raw materials into products targeting Iranian consumers.[48]

Top 10 Companies past Market place Capitalization[54] [55]
Name Marketplace Cap. (May 2012)
(million $)		 % of Total MC (May 2012) Name Market Cap. (June 2014)
(million $)		 % of Total MC (June 2014)
i. Telecommunication Company of Iran 9,702 9.31 Khalij Fars Petrochemical Company 14,434 11.00
2. National Iranian Copper Industries Company vi,572 6.31 Mobarakeh Steel Visitor v,576 4.25
iii. Mobarakeh Steel Visitor 6,164 5.91 Bandar Abbas Oil Refining Company v,227 iii.98
iv. Ghadir Investment Visitor iii,942 3.78 Tamin Petro 4,715 iii.59
v. Depository financial institution Pasargad 3,573 iii.43 Telecommunication Company of Islamic republic of iran 4,573 three.49
6. Gol Gohar Iron Ore Company three,194 3.06 Ghadir Investment Company iv,530 3.45
7. Khouzestan Steel Company 3,064 2.94 Iran Mobile Telecommunication 4,447 3.39
8. Omid Investment Corporation ii,908 ii.79 Gol Gohar Iron Ore Visitor 4,433 iii.38
nine. Pardis Petrochemical Company 2,773 2.66 Esfahan Oil Refining Visitor 4,398 3.35
10. Banking company Mellat 2,737 2.63 Parsian Oil and Gas Development 4,260 3.25
Total 44,629 42.82 Total 56,593 43.xiii

2015: Fluctuations in global prices of commodities and the official substitution rate of the Iranian currency take 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.[56]

Market participants [edit]

The Authorities of Islamic republic of iran directly holds 35 pct of the TSE, while securing another 40 pct through pension funds and investment companies such every bit the Social Security Investment Visitor, ane of the largest institutional investors on the TSE. Bonyads likewise play a pregnant office in TSE trading.[29] In 2016, TSE had 38,000 institutional investors.[57]

In 2005 fewer than v percent of Iranians endemic stock.[58] The Government is promoting the shareholding civilisation in Islamic republic of iran. By March 2010, 3.219 million shareholders had registered in the TSE, with investment firms having 562,375 shareholders, which makes it the "favorite industry" in the stock market.[59] The number of registered shareholders in the TSE increased to iv.five one thousand thousand in 2011,[34] 7 million in 2014 and 9 million in 2016.[57] [threescore]

Every bit of 2014, about 300 foreign investors (including 25 Iranian citizens abroad) comprise 0.5 percent of the TSE. This number increased to 746 in 2016.[57] By comparison, foreigners own 60 percent of Turkish equities.[ citation needed ] In 2016, there were 127 foreign institutional traders in Iran'southward equity markets.[61]

Funds management [edit]

As of 2009, 21 mutual funds managed by permitted brokerage firms and investment banks are investing in the TSE according to the investment funds regulation. Mutual funds are open up ended and their operation permission is issued by the Iran Securities and Commutation Organization (SEO).[4] Since and then, 41 funds take been established, four of which are fixed income funds and the residual of which are equity funds. Equally of August 2010, full assets under management within the Iranian fund management industry amount to approximately $230 million with great potential for evolution.[36] According to The Wall Street Journal in 2015, Western fund managers are already planning financial services companies in Tehran.[fifteen]

Indices [edit]

• TSE All-Share Price Index (TEPIX)
• TSE Dividend & Price "total return" Index (TEDPIX)
• TSE All-Share FF adapted (TEFIX)
• TSE TEFIX-30 - Blue scrap index
• TSE Cash Dividend Index (TEDIX)
• TSE-50 - (Elevation 50 most active companies)
• Each industry (sector) Index
• Industrial Index
• Fiscal Alphabetize
• Each Company Index (based on Price & Book)

In 1990, the All-Shares Price Index (TEPIX) was introduced to the market equally the main indicator of share price movements. TEPIX is a weighted market value of all share prices appearing on the TSE Lath and is measured every 2 minutes. In addition to the TEPIX, daily price indices of shares of each company, each sector, and the "Acme Fifty" most agile companies (TSE-50) are computed.

Overview of Turnover[62]
No. Shares Traded
(million)		 Daily Average Turnover
(one thousand thousand $)
July-09 20,256 100.vii
Aug-09 five,747 53.9
Sep-09 3,202 35.8
Oct-09 four,669 56.7
Nov-09 26,675 436.3
Dec-09 1,547 19.8
Jan-10 3,228 30.5
February-10 4,315 57.6
Mar-ten two,229 28.nine
April-x v,294 67.1
May-10 21,563 125.9
June-10 17,837 112.7
116,562 (total) 93.83 (boilerplate)

Performance [edit]

As of December 2010, TSE had a market capitalization of $84 billion.[63] TEDPIX, TSE's Price and Dividend Alphabetize, became the world's second-best performing equity index in 2010.[v]

2000–2004: The functioning of the TSE has had no correlation with major exchanges or emerging stock markets over the by few years and not even with the oil price.[64] While the overall indices of the globe's v major exchanges – New York Urban center, London, Paris, Frankfurt and Tokyo plunged by 40 to 70% between March 2001 and April 2003, the TSE index (Tepix) bucked the trend by going up nearly 80%.[eight]

2005–2006: In December, 2005, 419 companies with a market capitalization of IRR 32,741.7 one thousand thousand were listed in TSE. The TSE has had an exceptional performance over the past 5 years. In full general, the stock market place in 2005/06 shed value every bit it is manifested by the decline of its major stock cost indices. The TSE price index (TSPIX) at the finish of 2005/06, declined by 21.9%, while the Financial Sector Index, and the Industrial Index, declined by, 38.viii%, 19.4% respectively, and the Dividend Index gained xi.eight%, mostly due to a reported The states$100 billion capital flight from the land because of the international dispute surrounding the Iranian nuclear programme.[50]

2007: The market bottomed in June 2007 mainly considering of the renewed privatization drive in the Iranian economy.[65] [66] [67]

2008: The TSE was non directly affected past the international fiscal turmoil in 2008, but following the global reduction in prices of copper and steel, the bourse index dropped by 12.5 pct, as most of the companies listed on the exchange are producers of such bolt.[52] [68] TSE experienced an eleven% growth at the end of 2008 and ranked second in the world in terms of increase in the volume of trade after Luxembourg's Bourse.[69]

2009: The TSE sank near twoscore% in value between Baronial 2008 and March 2009, influenced past falling oil prices and declining markets in other parts of the world. As of Baronial i, 2009 information technology has recovered by more than x%.[ citation needed ] During Iranian twelvemonth 2009/10, the value of capital market was around $xx billion. Some iii million trade exchanges were made, pushing upward the index to 12,500 units from the previous 8,000 units.[ citation needed ]

2010: In the showtime month of Iranian 2010 (March 20 – April 21, 2010), the index hit the 14,000 unit marker, up from the previous 12,500, showing 12 percent growth. The value of one calendar month'due south trading transactions exceeded $ane billion against the previous twelvemonth's corresponding menses of $95 million.[ commendation needed ] Tehran Stock Exchange bourse index from June 2009 to 2010 grew 55 percent and the value of TSE's full market capitalization went up about 33 per centum, to over $71 billion.[70]

On August 2, 2010, the TSE main index (TEPIX) reached a tape level of xvi,056 points, despite US-sponsored sanctions against Iran.[ citation needed ] Thus, TEDPIX became the globe's second-best performing equity index.[5] Factors such as the global fasten in oil and metal prices, authorities back up for industries and oil sectors as well every bit the growth of stock marketplace liquidity menstruation contributed to the boom.[ citation needed ] Experts commented that the growth was likewise partly due to a government determination to sell off 20 percent of its equity in two major automakers. Given the relative depression market valuation of TSE stocks in 2010, the upward trend was expected to continue over the long run, rather than being a bubble.[ citation needed ] TEPIX reached a new record on September 18, 2010, when it hit xviii,658, upward from 11,295 at the first of the twelvemonth.[ commendation needed ] Every bit of December 2010, the TSE alphabetize rose about 64 percent since the start of 2010.[71] The Tehran Stock Exchange has been ranked as the best bourse alphabetize in Europe, Africa and Middle E in 2010 in terms of functioning of the primary index.[ citation needed ]

2011: On February 1, 2011, TEPIX and total market value reached an all-time loftier of 21,349 and U.s.a.$100 billion respectively.[72] An declared $200 million investments past Iranian expats too contributed to this increase.[73]

On Apr nine, 2011, TSE's main alphabetize (TEPIX) hit a new all-time record high at 26,222 over a heave from the stocks of metallic and shipping industries.[63] [74] According to the Earth Federation of Exchanges (WFE), TSE had the best performance amidst WFE member exchanges from May 2010 to May 2011. With a staggering 79% growth charge per unit in its main index, the TSE ranked 1st in WFE's "Broad Stock Alphabetize Functioning" category followed by the Colombo and Lima Stock Exchanges with 75.one% and 48.ix% rates respectively.[34]

Overall, Tehran stock substitution posted the second highest gains in global markets in 2011 (TEPIX upwards 29.half-dozen%). Meanwhile, the German'south DAX (DAX Index) lost 16.five% due and the FTSE 100(UKX INDEX) performed poorly, down 6.seven%. Stock markets of emerging economies, like Brazil's Brazil Bovespa Alphabetize (IBOV INDEX), shed 18.4%.[75] As, MENA stock markets had a poor year in 2011, reflecting both the political turbulence across the region and the battering suffered by most global markets as a effect of the eurozone crunch and the increasingly bearish outlook for the global economy.[76]

2012: TSE's overall index hit a new tape high in October 2012 surpassing 31,000 points. Export-oriented companies have been favoured because of the imposition of an oil embargo by the international customs and the consequent sharp decline in the value of the Iranian rial over 2012.[77]

2013: Post-obit Iranian rial'south stiff devaluation between 2012 and 2013 and the presidential elections, many Iranian investors started to motility their assets from gold into domestic equities.[78] TEPIX hit 68,461 on October 9 (soaring over 50,000 points). TEPIX reached 71,471 on October 14, 2013.[79] [80] Consequently, TSE'southward master alphabetize grew 130% in 2013.[35]

2014: As of September 2014, the TSE trades at price-to-earnings multiple of 6 times, with a 17 percent dividend yield. By comparing, the MSCI Frontier Markets index trades at price-to-earnings multiple of 12.iv times, with a 3.7 percent dividend yield.[81]

2015: The Iranian country is the biggest player in the economy, and the annual budget strongly influences the outlook of local industries and the stock market. The 2015 budget is non expected to bring much growth for many of the domestic industries.[56]

2016: Equally of June 2016, TSE had an boilerplate P/Eastward of 7 against 13.8 for MSCI Emerging Markets. TEDPIX annualized 10-yr operation in US$ was 10.i% (confronting 3.9% for MSCI Emerging Markets for the aforementioned period.)[82]

2018: in June 2018, the TEPIX index reached an all-time-high of 102,000.[83] Information technology is expected that listed consign-oriented companies (~50% of TSE capitalization) will be advantaged following the steep devaluation of the Iranian rial in 2018.[84]

2019: FY 2019 has been a "golden twelvemonth" according to financial economists. TEDPIX, i of the two main indexes, reached an all-time-high of 512,000 points.[85] According to the same experts, several factors contributed to this, namely meliorate regulation, increased knowledge of the stock market and wider access past the general population and the lackluster status of competing sectors such every bit gilt or real estate.[85]

Growth potential [edit]

Iran is the concluding, large untapped emerging market in the earth.[86] According to many experts, the economy of Islamic republic of iran has many investment opportunities, particularly on its stock commutation.[87] The Fundamental Banking company of Iran betoken that 70 pct of the Iranians own homes with huge amounts of idle money entering the housing marketplace.[88] Even so, if the stock market grows stronger, information technology will undoubtedly attract idle capital.[89] In terms of investment, the domestic rival markets of the bourse are the Iranian real estate market place, cars and gold (with gold being used equally a store of value, a hedging tool against hyperinflation and the devaluation of the Rial). According to Goldman Sachs, Islamic republic of iran is forecast to reach the highest economic growth between 2015 and 2025 and join the earth'south largest economies (globe's 12th economic system by 2025).[ citation needed ] Since 2012, TSE has served equally a safe haven against international sanctions and inflation.[90] [91]

Marketplace valuation [edit]

In 2007, the marketplace, with a capitalization of $37 billion, was trading at a fraction of the earnings multiples enjoyed by Iran's neighbours, while boilerplate earnings continued to abound at about 25 per cent a year.[92] As of 2010, the price-to-earnings charge per unit in Iran's market stands at effectually six while it is 15 in regional markets.[ commendation needed ] With the removal of obstacles to foreign investment Iran could potentially have a 2,000–3,000 billion United states of america dollar stock substitution market.[ citation needed ] Due to the price gains the boilerplate dividend yield has fallen from sixteen per cent in 2009 to 13 per cent in 2010.[93] Iran devalued its currency in July 2013.[94] Iran has a large young, educated labor force.[81] As of 2014, Iran'southward wage costs are lower than Vietnam's (i.e. cheap).[81]

Co-ordinate to Voltan Capital Management LLC in New York City, growth valuations and potential investment upside are similar to frontier markets in their early stage while it has developed characteristics such besides-educated workforce, a large middle-form and a wide industrial base of operations.[15] According to various sources, TSE is 200% undervalued in comparison to frontier market peers because of misperception and sanctions (2015).[95]

Privatization [edit]

In contempo years, the role of the private sector has been further on the increment. Furthermore, an amendment of the article 44 of the Iranian Constitution in 2004 has allowed 80% of state avails to be privatized, twoscore% of which will be conducted through the "Justice Shares" scheme and the residue through the Bourse Organization. The government will keep the title of the remaining 20%.[96] [97]

Under the privatization plan, 47 oil and gas companies (including PetroIran and Due north Drilling Company) worth an estimated $ninety billion are to be privatized on the Tehran Stock Substitution by 2014.[98]

Strange investors can bid in Iranian privatization tenders, merely need permission from the Economy Ministry on a case-by-instance ground.[99] The regime has reduced the bureaucratic channels and issues investment permits for strange nationals in less than vii days.[ citation needed ] Iran has announced it will begin to allow foreign firms to purchase Iranian state-run companies, with the possibility of obtaining full ownership.[ citation needed ]

Iranian expatriates [edit]

There are differing estimates of the total capital held by Iranian expatriates. I gauge places the number at $1.3 trillion US dollars.[100] Whatever the bodily number, it is clear that these funds are sufficiently big plenty to buy pregnant stakes in all state companies. In Dubai alone, Iranian expatriates are estimated to have invested upwards to $200 billion.[101] Fifty-fifty a 10 per centum repatriation of capital letter would take a significant impact.[102] In 2000, the Iran Press Service reported that Iranian expatriates had invested between $200 and $400 billion in the Usa, Europe, and China, but about nada in Iran.[103] FIPPA provisions employ to all strange investors, and many Iranian expatriates based in the Us go along to make substantial investments in Iran.[104]

Strange portfolio investment [edit]

The functioning of the TSE has had no correlation with major exchanges or emerging stock markets over the past few years and non even with the oil cost.[64] [105]

And then far, the Tedpix alphabetize has been driven by domestic investors, including wealthy Iranians, public sector pension funds and the investment arms of land-owned banks. For the alphabetize to prosper in the long run, more foreign investors need to make significant share purchases.[106] As at 2009, foreign portfolio investment accounts for just about ii percent of the stock market in Iran.[93] [107] Foreign investors detect information technology hard to invest directly or indirectly, since banks cannot transfer funds, and there are no custodian banks because of sanctions.[81] On 10 November 2018 Gottfried Leibbrandt, chief executive of SWIFT said in Belgium that some banks in Iran would exist disconnected from this financial messaging service.[108]

The new past-law on foreign portfolio investment was approved past the authorities in June 2005, merely ratified past the Council of Ministers in April, 2010. Under this new bylaw, strange investors can participate in the TSE for the starting time time. Initially, however, some limitations had been imposed on strange investors:

  • Strange investors may own a maximum of 10 percent of each listed company.
  • Foreign investors may non withdraw their main capital and capital proceeds for the first iii years of their investment. Repatriation is possible, afterward 1 year under the electric current regulations.

With the new law, Islamic republic of iran has increased the ceiling on foreign participation to twenty% and foreign investors can now invest in the majuscule marketplace, trade shares (including OTC) and:

  1. for small-scale-scale (foreign) investors, take out their money at any fourth dimension;[ commendation needed ]
  2. for large-scale investors which possess x percent of the agency's value or 10 per centum of the management position, can take their upper-case letter out of the land after 2 years upon receiving permission from the government.[109]
  3. this new law does not explicitly protect against control and manipulation through strange puddle of money (e.g. through funds located offshore or foreign agents based in Iran.)[110]

FOREX [edit]

Since April 2010, foreign investors have been able to open foreign-currency accounts at Iranian banks and exchange their currencies to rials and vice versa. Foreigners who want to merchandise in Iran must become a license, which the exchange says will take seven days on its website.[5]

Non-commercial risks [edit]

The Central Bank of Islamic republic of iran is as well in accuse of providing the investors with the necessary foreign exchange, which is too transferable.[ citation needed ] Moreover, nether the law, foreign investors are protected and insured confronting possible losses and damages caused by future political turmoil or regional conflicts.

Dual list [edit]

Iran is to target foreign investment in its free energy sector by creating an umbrella group of nearly fifty state-run firms and listing its shares on four international stock exchanges.[111]

Offshore funds [edit]

As of 2014, Turquoise Partners in Tehran (and Confido Capital OY in Helsinki) are some of the few opportunities for strange investors to participate on the Tehran Stock Commutation .[15] [112] Turquoise Partners publishes 1 of the few English newsletters that covers developments of the Tehran Stock Exchange and the Iranian economic system called "Islamic republic of iran Investment Monthly". In 2014, Mehrafarin Brokerage Company became the starting time broker to open an part in London.[113] ACL Ltd in London says information technology plans to launch a fund focused on Islamic republic of iran worth over $100 million, if sanctions are lifted.[114] Hundreds of Western hedge fund managers and investors have visited Iran in 2015, in anticipation of the lifting of sanctions.[fifteen] Renaissance Capital and London-based Sturgeon Capital have likewise shown interest in investing in the TSE.[115]

U.S. sanctions [edit]

U.Due south. persons need a license from the U.Due south. Treasury Department'southward Office of Foreign Avails Control (OFAC) in order to invest in the TSE.[116] Analysts expect TSE to be among the biggest early beneficiaries if the sanctions are lifted.[117]

Taxes [edit]

As of July 2010, taxes on TSE transactions are as follows:

  • Cash dividend: no revenue enhancement (22.five% at source from Visitor).[4]
  • Share transfers: the Tax Amendment has changed the regulations regarding adding of tax on transfer of shares and their rights in Iranian corporate entities.
    • In the case of shares listed on the Tehran Stock Exchange (TSE) the tax on transfer of such shares and other rights is 0.v per cent of the sales price.[29]
    • In the case of transfer of the shares and their rights to other corporate entities (i.e. those not listed on the TSE) a flat rate of 4 per cent of value of the shares and rights transferred applies. No other taxes will exist charged. The Subpoena has removed the requirement to value the shares in this category.[29]

Exemptions [edit]

  • Upper-case letter proceeds: no revenue enhancement.[iii]
  • Interest income: no revenue enhancement.[iii]
  • Participation papers: Profit and awards accrued are taxation exempt.[42]
  • Listed companies: ten% revenue enhancement exemption, companies holding 20% free float shares are provided xx% revenue enhancement exemption.[4]
  • Foreign investors: Strange investors in TSE are tax-exempt.[ citation needed ]

Come across also [edit]

  • International Rankings of Islamic republic of iran in Economy
  • List of banks in Iran
  • Tabriz Stock Exchange
  • List of Mideast stock exchanges

Further reading [edit]

  • Ownership Structure and Firm Performance: An empirical study on listed firms of Tehran Stock Exchange; Based on Industry Nomenclature. Ali Tahbaz Hendi (LAP LAMBERT Academic Publishing). December 2012. ISBN 978-3843380416.
  • Short-term Prediction of Tehran Stock Exchange Toll Index (TEPIX): Using Bogus Neural Network (ANN)

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External links [edit]

  • Tehran Stock Commutation (TSE) (in Persian and English language)
    • TSE Indexes
    • TSE Annual Report 2010
  • Sukuk (Islamic Financial Instruments)
  • Tehran Securities Commutation Technology Management Company (TSETMC) (in Persian)
  • Securities and Exchange Brokers Clan - Self-regulatory organisation of TSE
  • Financial Tribune - (Iranian English paper) Offers daily reports on the TSE
  • Iran Securities and Exchange Organization (SEO) – Offers Quarterly Message of Islamic republic of iran Islamic Majuscule Market
  • Federation of Euro-Asian Stock Exchanges – TSE statistics/regulations/operations/international comparisons/calendar and latest news
  • Islamic republic of iran'south Upper-case letter Markets – Comprehensive 2003-Study
  • Turquoise Partners – Monthly report on the Tehran Stock Exchange and Iran's economy
  • Iran Daily: "Iranian Bourse Prospects for Strange Investment" [ permanent dead link ]
  • Islamic republic of iran CSD Company – Clearing and settlement of trading, fundamental registry
Videos
  • Islamic republic of iran'south Stock Commutation and Foreign Investment - Explains how to invest in Tehran Stock Exchange and OTC market and what is the procedure to receive license for trading in the TSE (2015)
  • Investing in Islamic republic of iran – Role I [ permanent dead link ] Part Ii Function Iii Part 4 Part V Half-dozen – CNBC (December 2010)

Source: https://en.wikipedia.org/wiki/Tehran_Stock_Exchange

Posted by: ledbettermaring.blogspot.com

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