JUNE 2013 - FEAS

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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013 TEHRAN STOCK EXCHANGE CAPITAL MARKET DEVELOPMENT AND ECONOMIC OUTLOOK In 2012, the second phase of Iran’s Targeted Subsidy Program was not implemented, due to the considerable increasing in national liquidity and inflation rate through the first phase. Following this, reforming subsidies on energy carriers was postponed. Gross Domestic Product (GDP) by the current price has been $ 496 billion during 2012 with an annual growth of 0.4%. Additionally, the inflation rate in October 2012 was 24.9% comparing the same month of the last year. According to the Iranian Central Bank (CBI) report on 27 October, growth of Monetary Base from 23/7/2011 to 22/7/2012 has been 24%; while it was 10.5% in the same period of the last year (23/7/2010 - 23/7/2011). During this period, the liquidity growth has also been 25.5% compared to 21.5% for the same time in the last year. Liquidity was IRR 392 trillion at the end of July 2012 which has increased by IRR 40,400 billion in about four months. Reviewing the changes in the Mandatory Base components during a 50-month period, ended to 20 August 2012, indicates that rising of the banks’ debt to the Central Bank (Central Bank’s receivables from banks) is the most important item in growth of the index during the period. As the CBI’s report (27 Oct. 2012) shows, the banks’ debt has grown 10.8% during the period, from 20 March to 22 August 2012. The other effective factor on the Mandatory Base growth is the increasing of the government’s debt to the Central Bank. Besides, according to the Central Bank’s report on 27 November 2012, Iran’s export in the first 3-month of the last Persian year (20 March to 20 June 2011), has been $38,751 million, and in the same time in 2012, it has been $25,918 million, which shows a 33.1% decline. Iran’s Import in the same time has been $17,816 million in 2011 and $16,043 million in 2012, which shows a 10% drop. (1 US$= IRR 12,260, December 2012 - http://cbi.ir) ECONOMIC CHARTS AND TABLES Average Estimation 2000-05 2006 2007 2008 2009 2010 2011 2012 Real GDP Growth (Annual Change;%) 5.5 5.8 10.8 0.6 3.5 3.2 2.5 3.4 Consumer Price Inflation (Year Average;%) 13.5 11.9 18.4 25.4 10.8 12.4 22.5 12.5 Current Account Balance (% of GDP) 5.1 9.3 10.5 6.5 3 6 7.8 7.1 Real GDP Growth (Annual Change;%) 5.5 5.8 10.8 0.6 3.5 3.2 2.5 3.4 Oil and Non-Oil Real GDP Growth (Annual Change;%) 5.9 6.2 11.4 0.9 4.3 3.6 2.6 3.5 Current Oil Production and Exports (Million barrels day) 3.7 4 4.1 3.9 3.6 3.6 3.6 3.7 Consumer Price Inflation (Year Average;%) 13.5 11.9 18.4 25.4 10.8 12.4 22.5 12.5 General Government Fiscal Balance (% of GDP) 2.9 2.3 7.4 0.7 1 1.7 2.4 1 General Government Non-Oil Fiscal Balance (% of Non-Oil GDP) -17.8 -25.3 -18.1 -26.1 -15.2 -16.5 -16.8 -16.1 General Government Non-Oil Revenue (% of Non-Oil GDP) 10.1 12.4 12.8 14.1 12.5 10.8 12.1 11.9 Exports of Goods and Services (Billion U.S Dollars) 41.4 82.3 105.2 109.9 95.6 116.5 137.1 140.8 Imports of Goods and Services (Billion U.S Dollars) 35.4 62.1 73.9 88.4 85 92.4 100.3 105.1 Current Account Balance (Billion U.S dollars) 605 20.6 32.6 22.9 10.9 24.4 36.9 35.2 Current Account Balance (% of GDP) 5.1 9.3 10.5 6.5 3 6 7.8 7.1 Gross Official Reserves (Billion U.S dollars) 25.9 60.5 82.9 79.6 78 78.9 104.6 138.7 Source: IMF, Regional Economic Outlook, Middle East and Central Asia, October 2011 Key Information Contacts Tehran Stock Exchange Corporation www.iranbourse.com Securities and Exchange Organization www.seo.ir Iranian Privatization Organization www.en.ipo.ir TSE’s Technology Management Company http://english.tsetmc.com Central Bank of the Islamic Republic of Iran www.cbi.ir Iranian Chamber of Commerce, Industries and Mines (ICCIM) www.iccim.com Organization for Investment, Economic & technical Assistance (OIETAI) a division of the Ministry of Finance www.investiniran.ir Iran Farabourse www.irfarabourse.com Central Securities Depository of Iran (CSDI) www.csdieng.com Iran Mercantile Exchange http://ime.co.ir CONTACT INFORMATION Contact Name Mr. Amir Yousefianpour E-mail int@tse.ir Website www.iranbourse.com PAGE 82
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013 TIRANA STOCK EXCHANGE Anila Fureraj General Manager The development of transparent capital market, based on international standards and activation of capital market as a trading platform for different financial instruments, is the main objective of TSE. Tirana Stock Exchange is the only securities market in Albania. The development of transparent capital market, based on international standards and activation of capital market as a trading platform for different financial instruments, is the main objective of TSE. The presence of an active domestic capital market and efficient, would give companies the option to increase capital by understanding that brings real benefits for the capital market. An active and efficient capital market will expand the capital market in Albania by providing various investment opportunities and mechanisms to ensure efficient and transparent pricing will increase access to finance for Albanian companies. As requirement of new law “On Securities” were draw the Rules of Tirana Stock Exchange that was approved by Financial Supervisory Authority Board. In these rules are include in a systematic manner rules of membership, listing, trading, clearing and settlement of transaction on securities that will be trading in Tirana Stock Exchange. Rules of Tirana Stock Exchange were prepared and adapted with contemporary general principals for functioning of capital market of European countries and have like purpose protections of investors and ensure a full transparency of companies that will be listing in Exchange, protection of minor stakeholders interests and ensure the equal treatment for all shareholders, application of International Standard of Accounting for all companies that be listing in Exchange and prevention of illegal practice in trading securities on Exchange. The capital market needs for particularly attention from business. Till offer and demand for the market product will be in continuously in development, than time is coming that activity of this market will grow and will be useful for participant of this market. HISTORY AND DEVELOPMENT TSE is the first and the only stock exchange in Albania, established in 1996 originally as a department of Bank of Albania (BoA). The activity at hand, at that time, was the trading of the T-Bills with 12 months-to-maturity, five series of government bonds and privatization vouchers. It also held out the primary auctions for Treasury Bills until August 1st, 1998, than this market moved to Monetary Operations Department, at BoA. TSE was structured as a joint stock company and a state - owned one,, on March 2002, and shareholder was State, represented by Minister of Finance (100% of the shares). It’s authorized and subscribed Capital is equal to 20,000,000 lek (~EUR163,000) with a no. of shares of 20,000. On 07.13.2007, after several periodical - limited licenses since 2002, the Albanian Financial Supervisory Authority, licensed Tirana Stock Exchange with an infinite validity license. The license empowers TSE “To operate as a securities market for the trading of Government/ Corporate Debt Securities and Shares” with no time restriction. Market Structure -Trading TSE is an order-driven “open outcry - call market” which uses a manual trading system with physical presence of licensed commissioners (members) on the trading floor. Securities’ prices on the trading sessions are set according to “single price method”, while trading is held: - every Monday and Wednesday, from 10.00 - 12.00, for the official market. - every Friday for trading in the parallel market. The eligible tradable instruments are: shares, government and corporate bonds. In order to trade, TSE commissioners should be physically presented in the trading sessions. Each trading session is conducted in two rounds. Organized as an auction market, TSE calculates a single price for each tradable instrument, at the end of each trading day. Clearing and settlement for every type of securities traded at TSE, is done on a net basis within T+3, in full accordance with “Delivery versus Payment - DVP” principle. Clearing and settlement for transactions executed at TSE is done in cooperation with second tier commercial banks and Albanian Share Registrar for joint-stock company shares. Membership TSE records 5 licensed members, three commercial banks and two private companies, which offer brokerage services for investors. FUTURE OUTLOOK Activating the securities market as a common trading platform for several financial instruments, will be the strategic objective of the TSE. Achievement of such an important goal shall be carried out through: • Working closely with and assisting in the continuance of domestic top level businesses, TSE members, etc. to make them aware of advantages the securities market may offer them as well as providing these stockholders with necessary information, in order to be listed at TSE, • Bilateral negotiations with Albanian Government towards the inclusion of TSE in the privatization process of the state-owned enterprises (SOEs). These negotiations will cover identification of potential strategic and non-strategic state owned companies, which can be privatized through IPO, • Negotiations with the Albanian Government and the Ministry of Finance towards the assignment of TSE, by Ministry of Finance (MoF), as Government’s agent in organizing primary auction for long-term public debt securities, • Negotiation and cooperation with MoF and AFSA towards the compilation of legal and fiscal incentives, which are deemed necessary to encourage private companies to raise their capital through IPOs and TSE listing, PAGE 83
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