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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008TEHRAN SECURITIES EXCHANGE TECHNOLOGY MANAGEMENT COMPANY (TSETMC) AFFILIATE MEMBERMorteza KhazanedariManaging DirectorThe major project for TSETMC is toimplement a new trading solution for theTehran Stock Exchange (TSE) in the year2008.TSETMC’s activities for the year 2008 are:The major project at TSETMC is to implement anew trading solution for the Tehran StockExchange (TSE) in the year 2008. The tradingsolution was installed on the purchased hardwarein early April 2007. This Solution is due to comeonline in the winter of 2008 after finalization ofinternal and external User Acceptance Testing(UAT). TSETMC is also assisting the newlyestablished CSD Iran Company for theimplementation of a new post-trade solution.TSETMC has a very close relationship with CSDIran Company since all of the post-trade activitieswere the responsibility of TSETMC before theenactment of the Capital Market Act by theIranian Parliament in 2005. CSD Iran Company isalso an Affiliated Member of <strong>FEAS</strong>.During the implementation of the new core tradeand post-trade solutions, TSETMC is assistingmajor brokerage firms in Iran for theimplementation of Brokerage Solutions.The plan is to introduce financial and commodityderivatives markets in TSE and the newlyestablished Iranian Mercantile Exchange (IME) inthe near future. TSETMC is supporting theintroduction of these markets and also their tradeand post-trade processing. TSETMC is an activemember of a consortium with the responsibility toestablish the Iranian Petroleum Exchange.TSETMC is the main contributor in thedevelopment and implementation of internationalstandards in Iran. TSETMC is helping theimplementation of a DVP Model2 for TSE’s equitymarket. In addition, the new CSD Companywould become a CCP of the equity market by2010. TSETMC is involved with CSD Iran for theprovision of needed infrastructure and riskmanagement mechanisms.Other ProjectsFinancial Information Processing of Iran (FIPI)TSETMC started a new project titled "FinancialInformation Processing of Iran" (FIPI). The mainobjective of the project is to establish a DataWarehouse to gather and maintain all importantinformation and data in Iranian financial markets.Stored data and information are processed anddelivered via different mediums (such as a website,Decision Support Systems and Standard reports) tovarious users.Digital Signature CertificateTSETMC defined a new project with Iranian CommerceMinistry to become a Certified Authorization (CA) bodyfor the Iranian Capital Market. Iranian Ministry ofCommerce acts as a root CA in Iran and authorizedTSETMC to provide Digital Signature Certificate tocapital market's participants. Such certificate has a vitalrule in electronic commerce as both parties couldtransact digitally with very high level integrity, privacy,authentication and none-repudiation.General InformationTehran Stock Exchange Services Company (TSETMC)is a subsidiary of the Securities and Exchange (SEO) ofIran. SEO regulates and overseas the Iranian capitalmarket. TSETMC was established on June 1994 as anindependent company owned by Tehran StockExchange (TSE) and its members. With theimplementation of the new Capital Market Act by theIranian Parliament, SEO was established and theownership of TSETMC was transferred to SEO. TheTSETMC’s main function is to develop, maintain,operate, and promote systems for all stages of thetrade-cycle services in Iran.Specifically, TSETMC is responsible to:• maintain all hardware and software used for tradeand post trade activities• develop and enhance existing software applications• provide consultancy and technical advice to mainexchanges in Iran• Act as a financial information processor for theIranian financial market* Please refer to page 128 for the Iran country report.Services ProvidedTradingMaintain Automated Trading System (ATS)Disseminate trade and financial information tointerested partiesInformation and SupportingProvide operational servicesManage operational risksOthersProvide consultancyManage TSE data centersImplement specialized softwareBrief HistoryTSETMC started its operation as a subsidiary of theNational Informatics Corporation (NIC) of Iran in July1984. Originally, TSETMC developed, maintained andoperated the computerized system of TSE used fortrade and post-trade activities. In June 1994, TSETMCwas incorporated as an independent company underthe ownership of the TSE, its members, and NIC.Currently, Securities and Exchange (SEO) of Iran is thesole owners of TSETMC.Form of SecuritiesDematerializedForm of Settlement and Transfers:Book-entryLegal StatusPrivate Joint Stock CompanySettlement PeriodFor TSE Markets:Equities: T+3Corporate Bonds: T+1Type of Commercial EntityPrivate sector for-profit companyDoes TSETMC act as a central counter party?No.Regulated BySecurities and Exchange Organization of Iran(www.seo.ir)OwnershipOwned by the Securities and Exchange Organization(SEO) of IranMemberships to International OrganizationsAffiliate Member of the Federation of Euro-Asian StockExchanges (<strong>FEAS</strong>)Board of Directors: 3 MembersRepresentatives of the Securities and Exchange (SEO)of IranFuture OutlookFrom March 2008 to March 2009, TSETMC intends to:• Lead the implementation of a new trading solution• Assist CSD Iran in the implementation of a post-tradesolution• Assist brokerage firms for implementing totalbrokerage solutions• Lead efforts for implementation of Straight ThroughProcessing (STP)• Contribute in the introduction of new instruments• Assist in the creation of the Iranian PetroleumExchange• Perform studies for creation of a Lending andBorrowing market• Contribute to the development and implementation ofinternational standards• Initiate studies and efforts to introduce CCP at CSDIran• Release the first phase of Financial InformationProcessing project• Continuing the Digital Signature Certificate projectCONTACT INFORMATIONContact Name Mr. Houman Farajollahi E-mail houman.farajollahi@tsetmc.com Website www.tsetmc.comPAGE 98
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008MEMBER LISTPAGE 99
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