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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008TEHRAN STOCK EXCHANGEDr. Ali RahmaniManaging DirectorDuring the past two years of its operation,the newly demutualised TSE has madegreat efforts in launching the necessaryentities for market development.Based on the Securities Market Law, ratified in2005, and in order to found an orderly selfregulated market for trading the securities bothby brokers and traders, Tehran StockExchange Corporation (TSE) was establishedon 6 December 2006. The shareholders arecategorized into three main groups ofbrokerage companies, financial institutes andretail investors – legal and natural persons.During the past two years of its operation, thenewly demutualised TSE has made greatefforts in launching the necessary entities formarket development. The TSE appropriatelybenefits the available cooperation groundswith other participants in the Iranian capitalmarket to thrive the securities market so that itmight fulfill its principal ideal, which isincreasing the share of the capital market infinancing business activities and creatingvalue for the direct and indirect stakeholders.It has been highly endeavored to achieve atransparent, fair and efficient market. Listedcompanies' reporting improvement, increasingstock price daily fluctuation and trainingcourses have contributed market efficiencyand pricing, which considerably lowered theconcerns among market participants. Besides,in the current year (i.e. 2008), a new listingdirective at the TSE was designed and ratifiedto increase the listing quality. To list the stateownedcompanies, including issuers inprivatization plan, joint workgroups wereformed, which in conclusion, detected theproblems of share offering to the privatesector. Quality and quantity of disseminatedinformation in this year significantly improved.Securities and Exchange Organization (SEO)followed fundamental measures, such aslaunching Issuer's Information Network(Codal), training the senior financial directorsand on-time receiving of information toimprove the Corporations' Reporting System.The TSE has also introduced two projects:Investors' Relationship System and CorporateGovernance System.FUTURE OUTLOOK• Installing of the new trading software, AtosEuronext• Upholding the privatization plan throughstate-owned corporations' IPOs• Providing shorter settlement cycles and bookentry settlement systems to meet the currentinternational standards of securities markets• Providing diverse securities of high quality toraise funds (new products; e.g. Sukuk)• Preparing arrangements to provide newcalculation methods for indices• Planning to set up Iran Financial Center(I.F.C)CONTACT INFORMATIONContact Name Mr. M. E. JahandoostE-mail int@tsemail.comWebsite www.tse.irPAGE 80