The Tehran Stock Exchange has launched a new online trading system which enables traders and brokers from any corner of the world to partake in transactions. The new system could also be connected to other countries by means of ‘multi-currency settlement capability’ system, reported SENA.
During a ceremony to inaugurate the new system, Ali Salehabadi, the president of the securities and exchange organization (SEO), said the new online trading system would facilitate the internationalization of the TSE as Iran’s major capital market.
The new online post trade system has more diverse capabilities compared to its foreign counterparts according to SEO officials. They also state it is entirely indigenous, being developed by the central securities depository of Iran (CSDI), noted Salehabadi during the inauguration ceremony on Sunday.
The SEO president said that risk management and short selling were among the strong points of the new system that makes it more efficient.
The new software automatically supervises data collection, data analysis and reliability of the information. The goal in establishing the new system is to improve the efficiency and accessibility in the capital market and to maximize data integration and release times. Trading has been conducted electronically for the last decade, but the new features enable traders and customers to conduct transfers from anywhere in the world with no need to refer to brokerage firms.
According to the SEO head, since 2010, as many as 614,000 people have experienced online trades, and today, on average, 70 percent of trades are done online. One of the main goals pursued by the SEO is to integrate the operational and management systems of the capital market, which they hope will lead to development of information technology and push through effective supervision through authentic and diversified IT channels.
Everyday at least 100,000 people visit the organization’s website, tsetmc, and the organization says there is no difference between what traders at Tehran Stock Exchange (TSE) see on the system and what people see on the website at home, added the SEO head during the inauguration ceremony.
During the event, officials said that the current system will continue operations until the end of the current Iranian calendar year (March 20, 2015).
