FACTOID # 6: Michigan is ranked 22nd in land area, but since 41.27% of the state is composed of water, it jumps to 11th place in total area.
 
 Home   Encyclopedia   Statistics   States A-Z   Flags   Maps   FAQ   About 
   
 
WHAT'S NEW
 

SEARCH ALL

FACTS & STATISTICS    Advanced view

Search encyclopedia, statistics and forums:

 

 

(* = Graphable)

 

 


Encyclopedia > Tehran Stock Exchange
TSE Logo

The Tehran Stock Exchange (TSE) (Persian: بورس اوراق بهادار تهران) is Iran's largest stock exchange, which first opened in April 1968. The TSE is based in Tehran. As of April 2007, a total of 324 companies, with a market capitalization of US$42 Billion were listed on TSE . Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... Persian (Local names: فارسی Fârsi or پارسی Pârsi)* is an Indo-European language spoken in Iran, Afghanistan and Tajikistan as well as by minorities in Uzbekistan, Turkmenistan, India, Pakistan, Azerbaijan, Georgia, Southern Russia, neighboring countries, and elsewhere. ... This article or section does not cite any references or sources. ...

Contents

About the TSE Logo

Gun-metal relief discovered in Lorestan province, among the Achaemedian dynasty's (550-330 BC) antiquities. Featuring four men, hands in hands, indicating unity and cooperation; standing inside circles of the globe, which is itself, according to Iranian ancient myths, put on the back of two cows, symbols of intelligence and prosperity.


History

See also: Economy of Iran and Privatization in Iran

The idea of having a stock exchange to speed up the process of industrialization in Iran dates back to 1936, when Bank Melli Iran completed a report working out the details for the formation of a stock market and laid down the preliminary foundations. The outbreak of the World War II and subsequent economic and political events delayed the establishment of the stock exchange until 1967 when the Stock Exchange Act was ratified. The Tehran Stock Exchange (TSE) opened in April 1968. Initially only Government bonds and certain State-backed certificates were traded in the market. During 1970's the demand for capital increased the demand for stocks. At the same time institutional changes like the transfer of shares of public companies and large private firms owned by families, to the employees and the private sector led to the expansion of the stock market activity. The restructuring of the economy following the Islamic Revolution in 1979 expanded public sector control over the economy and reduced the need for private capital. At the same time the abolishment of interest-bearing bonds terminated their presence in the stock market. As a result of these events, the TSE started a period of standstill. This came to an end in 1989 with the revitalization of the private sector through privatization of state-owned enterprises and promotion of private sector economic activity based on the First Five-year Development Plan of the country. Since then the Stock Exchange has expanded continuously. The economy of Iran has been improving steadily over the past two decades but a continuing strong labour force growth unmatched by commensurate real economic growth is driving up unemployment to a level considerably higher than the official estimate of 11%. According to experts, annual economic growth above five per... According to the Fourth Five-Year Economic Development Plan (2005-2010), the Privatization Organization of Iran affiliated to the Ministry of Economic Affairs and Finance is in charge of setting prices and ceding shares to the general public and on the stock market. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... Year 1968 (MCMLXVIII) was a leap year starting on Monday (link will display full calendar) of the 1968 Gregorian calendar. ... Government debt (public debt, national debt) is money owed by government, at any level (central government, federal government, national government, municipal government, local government, regional government). ... Protestors take to the street in support of Ayatollah Khomeini. ... For other senses of this word, see interest (disambiguation). ... Year 1989 (MCMLXXXIX) was a common year starting on Sunday (link displays 1989 Gregorian calendar). ... This article does not adequately cite its references or sources. ...


Structure

See also: Government of Iran
  • The Securities & Exchange Council is the highest authority and is responsible for all related policies, market strategies, and supervision of the market. The Chairman of the Council will be the Minister of Economics; other members are: Minister of Trades, Governor of the Central Bank of Iran, Managing Director of the Chamber of Commerce, Attorney General, Chairman of the Securities and Exchange Organization, representatives of the active market associations, three financial experts requested by the Economics Minister and approved by the Council of Ministers, and one representative for each commodity exchange.
  • The Securities and Exchange Organization (SEO) are responsible for administration and supervisory duties, governed by the Board of Directors. The SEO’s Board of Directors are elected by the Securities and Exchange Council.

The December 1979 constitution, and its 1989 amendment, define the political, economic, and social order of the Islamic Republic of Iran. ...

Operations

See also: Tehran Stock Exchange Services Company (TSESC)

The TSE is open for trading five days a week from Saturday to Wednesday, excluding public holidays. Trading takes place through the Automated Trade Execution System from 9am to 12:30am, which is integrated with a clearing, settlement, depository and registry system. The TSE is solely an order-driven market and all transactions are executed in the manner and under the principles of open auction.
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 brokers, who enter these orders into the trading system. Then, the system automatically matches buy and sell orders of a particular security based on the price and quantity requirements. The mechanism for which the price of equities is determined is as follows: Tehran Stock Exchange Services Company (TSESC) (Persian: شرکت خدمات بورس تهران) is a subsidiary of the Tehran Stock Exchange (TSE). ... Investment is a term with several closely related meanings in finance and economics. ... A Stock broker sells or buys stock on behalf of a customer. ... The introduction to this article provides insufficient context for those unfamiliar with the subject matter. ...

  • ''The best price (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 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. Look up Market in Wiktionary, the free dictionary. ...


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. The range of price movements is typically restricted to two per cent daily. This can be changed in specific situation by the Board of the TSE in case of unusual price movements resulting in an extremely high or low P/E ratio. Short selling is not permitted. There are no minimum trading lots. The TSE presently seeks to install the new trading system which will be purchased from Atos Euronext Market Solutions (AEMS) during second quarter of 2007.
The volume of a solid object is the three-dimensional concept of how much space it occupies, often quantified numerically. ... Invest redirects here. ... The P/E ratio (price-to-earnings ratio) of a stock (also called its earnings multiple, or simply multiple, P/E, or PE) is used to measure how cheap or expensive its share price is. ... It has been suggested that Short (finance) be merged into this article or section. ... The introduction to this article provides insufficient context for those unfamiliar with the subject matter. ... Euronext N.V. is a pan-European stock exchange based in Paris[1] and with subsidiaries in Belgium, France, Netherlands, Portugal and the United Kingdom. ...


Presently, TSE trades mainly in securities offered by listed companies. Equities and Corporate Bonds are being traded at TSE at the moment. The plan is to introduce other financial instruments in the near future. 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.
Securities are tradeable interests representing financial value. ... Ownership equity, commonly known simply as equity, also risk or liable capital, is a financial term for the difference between a companys assets and liabilities -- that is, the value that accrues to the owners (sole proprieter, partners, or shareholders). ... Look up bond in Wiktionary, the free dictionary. ... Financial instruments package financial capital in readily tradeable forms - they do not exist outside the context of the financial markets. ... This article or section does not cite any references or sources. ...


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. See: transparency (optics) alpha compositing GIF#Transparency transparency (overhead projector) market transparency transparency (telecommunication) transparency (computing) For X11 pseudo-transparency, see pseudo-transparency. ...


TSE is a full member of the World Federation of Exchanges (the former Fédération Internationale des Bourses de Valeurs or FIBV) and a founding member of Federation of Euro-Asian Stock Exchanges (FEAS). The Federation of Euro-Asian Stock Exchanges (FEAS) is a non-profit international organization comprising the main stock exchanges in Europe and Asia. ...


Economic Sectors

See also: Economy of Iran and List of Major Iranian Companies

As of April 2007, there are 324 companies listed on the TSE with a total market capitalization of US$42,452.5mn from a myriad of sectors in the economy. Close to 60% of the market capitalization relates to listed companies from the Basic Metals Sector, Motor Vehicles and Trailers Sector, Chemicals and By-Products Sector, and Non-Metallic Minerals Products Sector. A combined total of 161 companies from the said sectors are listed on the TSE , which translates to 49.7% of total companies listed on the TSE. Largest stocks include Mobarakeh Steel Co. with a market capitalization of US$3,218mn, which translates to 7.6% of total market capitalization, Ind.Co. Copper National Iran (Sanaye Mese Iran) which represents 6.8% of total market capitalization, and Saipa Co at 5.3% of total market capitalization. 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. While a total of 163 companies listed are spread out amongst 26 sectors, with a the Food and Beverages Sector alone accounts to 32 companies at a market capitalization of US$897.5mn. The economy of Iran has been improving steadily over the past two decades but a continuing strong labour force growth unmatched by commensurate real economic growth is driving up unemployment to a level considerably higher than the official estimate of 11%. According to experts, annual economic growth above five per... This page lists all the major Iranian companies operating inside and outside of Iran. ... Mobarakeh Steel is one of the largest industrial complex in Iran and has been established and commissioned after the revolution and entered into operational stage in early 1993. ... Market capitalization, often abbreviated to market cap, is a measurement of corporate size that refers to the current stock price times the number of outstanding shares. ... SaiPa is a Finnish ice hockey team playing in SM-liiga based at Kisapuisto (capacity 4847), Lappeenranta. ...


Indices

• TSE All Share Price Index (TEPIX)
• Industrial Index
• Financial Index
• TSE Dividend & Price Index (TEDPIX)
• TSE Dividend Index (TEDIX)
• TSE-50


In 1990, the All-Shares Price Index (TEPIX) was introduced to the market as the main indicator of share price movements.TEPIX 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-50) are computed. Look up Index in Wiktionary, the free dictionary. ...


Performance

See also: Next Eleven

As of December 4, 2005, a total of 419 companies with a market capitalization of IRR 327417 billion were listed in TSE. With its stunning performance in the last five years, the TSE has astonished and fascinated global financial analysts. While the overall indices of the world’s five major exchanges – New York, 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%. Given this eye-popping record, some seasoned market gurus have been tempted to suggest that the TSE is really a place to be.[1] A Map of the nations in the list. ... December 4th redirects here. ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... IRR may refer to: in finance, the internal rate of return the Individual Ready Reserve of the United States military the Iranian Rial This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... A financial analyst (or securities analyst, research analyst, equity analyst, investment analyst) works with financial analysis. ... NY redirects here. ... This article is about the capital of England and the United Kingdom. ... City flag City coat of arms Motto: Fluctuat nec mergitur (Latin: Tossed by the waves, she does not sink) Paris Eiffel tower as seen from the esplanade du Trocadéro. ... For other uses, see Frankfurt (disambiguation). ...   , literally Eastern capital) is a unique subnational administrative region of Japan with characteristics of both a prefecture and a city. ...


Share trading in terms of the number of shares traded increased in 2005/06 by 2.3%. However it decreased in terms of value and number of deals where they decreased 2005/06 by 45.5% and 9.6% respectively. In general, the stock market in 2005/06 shed value as it is manifested by the decline of its major stock price indices. The TSE price index (TSPIX) at the end of 2005/06, declined by 21.9%, while the Financial Sector Index, and the Industrial Index, declined by, 38.8%,19.4% respectively, and the Dividend Index gained 11.8%, mostly due to a reported 100 billion USD capital flight from the country because of the Iranian nuclear programme's dossier, but things have stabilized quite a bit since 2006.[2] 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ... It has been suggested that ex-dividend date be merged into this article or section. ... Seen in Asian markets in the 1990s capital flight is when assets and/or money rapidly flow out of a country. ... This article is about Irans nuclear power programme. ...


Foreign Portfolio Investment

See also: Foreign Direct Investment in Iran and Privatization in Iran

The new by-law for Foreign Portfolio Investment (FPI) was approved by the government in June 2005. Under this new bylaw, foreign investors can participate in the TSE for the first time. Initially, however, some limitations have been imposed on foreign investors:
• Foreign investors may own a maximum of 10 percent of each listed company.
• Foreign investors may not withdraw their main capital and capital gain for the first three years of their investment. Repatriation is possible once a year under current regulations. This article needs additional references or sources for verification. ... According to the Fourth Five-Year Economic Development Plan (2005-2010), the Privatization Organization of Iran affiliated to the Ministry of Economic Affairs and Finance is in charge of setting prices and ceding shares to the general public and on the stock market. ... Look up portfolio in Wiktionary, the free dictionary. ... Invest redirects here. ...


A subsidiary of Iran's largest bank, Melli Investment Bank with branches in Dubai, UAE, plans to launch a fund of up to $300 million to invest in Tehran's Stock Exchange, providing the first chance for foreigners to have an exposure to the Iranian economy. The market, with a capitalisation of $37 billion, is trading at a fraction of the earnings multiples enjoyed by Iran's neighbours, while average earnings continue to grow at about 25 per cent a year. The fund will be composed of blue chip companies such as Iran Khodro and Arak Petrochemical Company (a subsidiary of National Iranian Petrochemical Company) and will be registered in the Cayman Island and managed from Iran.[3] Bank Melli Iran (BMI)also called the National Bank of Iran is an Iranian Bank. ... Coordinates: Emirate Dubai Government  - Sheikh Mohammed bin Rashid Al Maktoum Area [1]  - Metro 4,114 km² (1,588. ... Institutional fund management is fund management conducted by large financial firms such as banks, insurance companies and major investment organisations (e. ... Irans economy is a mixture of central planning, state ownership of oil and other large enterprises, village agriculture, and small-scale private trading and service ventures. ... The P/E ratio (price-to-earnings ratio) of a stock (also called its earnings multiple, or simply multiple, P/E, or PE) is used to measure how cheap or expensive its share price is. ... A blue chip stock is the stock of a well-established company having stable earnings and no extensive liabilities. ... It has been suggested that Iran National be merged into this article or section. ... The National Iranian Petrochemical Company (NIPC), a subsidiary to the Iranian Petroleum Ministry, is owned by the government of the Islamic Republic of Iran. ... Institutional fund management is fund management conducted by large financial firms such as banks, insurance companies and major investment organisations (e. ...


Share transfer tax

See also: Labour and tax laws in Iran

The Amendment has changed the regulations regarding calculation 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 0.5 per cent of the sales price. No other taxes are payable (i.e. capital gain tax). Roughly one-fourth of Irans labour force is engaged in manufacturing and construction. ... In finance, a capital gain is profit that results from the appreciation of a capital asset over its purchase price. ...


In the case of transfer of the shares and their rights to other corporate entities (ie. those not listed on the TSE) a flat rate of four per cent of value of the shares and rights transferred applies. No other taxes will be charged. The Amendment has removed the requirement to value the shares in this category.


See also

A Map of the nations in the list. ... The economy of Iran has been improving steadily over the past two decades but a continuing strong labour force growth unmatched by commensurate real economic growth is driving up unemployment to a level considerably higher than the official estimate of 11%. According to experts, annual economic growth above five per... According to the Fourth Five-Year Economic Development Plan (2005-2010), the Privatization Organization of Iran affiliated to the Ministry of Economic Affairs and Finance is in charge of setting prices and ceding shares to the general public and on the stock market. ... This page lists all the major Iranian companies operating inside and outside of Iran. ... Bank Markazi, Tehran, Iran Bank Markazi Iran or Bank Markazi Jomhouri Islami Iran (Persian: بانک مرکزی جمهوری اسلامی ايران) is the Central bank of Iran. ... ISO 4217 Code IRR User(s) Iran Inflation 15. ... The Shetab system is the only electronic banking clearance and automated payments system used in Iran. ... Iran is planning to open a stock exchange, under names variously referred to in English as Iran Petroleum Exchange, International Oil Bourse or Iranian Oil Bourse, for the express purpose of trading oil, petrochemicals and gas in various non-dollar currencies, including euros. ... Tehran Stock Exchange Services Company (TSESC) (Persian: شرکت خدمات بورس تهران) is a subsidiary of the Tehran Stock Exchange (TSE). ... Roughly one-fourth of Irans labour force is engaged in manufacturing and construction. ... The traditional Middle East and the G8s Greater Middle East This is a list of stock exchanges of the Middle East. ...

References

  1. ^ The Tehran Stock Exchange: A Maverick Performer?, Middle East Economic Survey, May 23, 2005
  2. ^ Iran – Ambitious modernization program for the Tehran Stock Exchange
  3. ^ Financial Times: Iran fund opens bourse to foreign investors

External links

  • Tehran Stock Exchange (TSE)
  • Tehran Stock Exchange Services Company (TSESC)
  • Iran CSD Company
  • World Federation of Exchanges (WFE)
  • Federation of Euro-Asian Stock Exchanges (FEAS)
  • Association of National Numbering Agency (ANNA)
  • Iran's Capital Markets (Comprehensive Study)

  Results from FactBites:
 
tehran stock exchange (581 words)
TSE Council is the highest authority in the stock exchange.
The Board of Directors of the latter is the highest policy-making authority in TSE and appoints the general secretary as the chief executive officer, CEO, for aperiod of two years.
TSE is a member of FIBV, a founding member of Federation of Euro-Asian Stock Exchanges (FEAS).
  More results at FactBites »

 
 

COMMENTARY     


Share your thoughts, questions and commentary here
Your name
Your comments

Want to know more?
Search encyclopedia, statistics and forums:

 


Press Releases |  Feeds | Contact
The Wikipedia article included on this page is licensed under the GFDL.
Images may be subject to relevant owners' copyright.
All other elements are (c) copyright NationMaster.com 2003-5. All Rights Reserved.
Usage implies agreement with terms, 1022, m