Economy, Business And Markets

FINEX 2016 Opens in Tehran

FINEX 2016 Opens in Tehran FINEX 2016 Opens in Tehran

While stock markets in Tehran are going through a lull of activity, companies are preparing for the Ninth International Exhibition of Exchange, Bank and Insurance, also known as FINEX 2016, which opens in Tehran on Sunday.

First Vice President Es’haq Jahangiri and Economy Minister Ali Tayyebnia are scheduled to attend the exhibition’s opening ceremony, SENA reported.

Around 350 companies active in banking, insurance and financial services are attending the three-day event.

Tehran Stock Exchange is at a two-week low and Iran Fara Bourse isn’t any better. Both markets are near four-month lows. The first quarter was awful for stockholders, as bearishness dominated trading.

TSE shed a tenth of its size during the period. Its more vibrant rival, IFB, declined 5.9%. The slow pace-mending relations with the international community added to the negative sentiment from expecting weak corporate results.

Poor market conditions do not lend well to calls for investment in Iran’s capital markets, but that is exactly what FINEX’s creators are aiming to do: connect Iran’s financial industry with foreign companies.

Mustafa Baltaci, secretary-general of the Federation of European and Asian Stock Exchanges, NASDAQ Dubai’s CEO Hamed Ali, Central Bank of Iran’s officials and the head of the Securities and Exchange Organization, Mohammad Fetanat-Fard, are also scheduled to attend the opening ceremony.

Greater cooperation between Iranian exchanges and NASDAQ Dubai can bring the much-needed expertise and credibility to Iranian exchanges, though Iranian financial services have a long regulatory compliance road ahead.

Much effort was put into expanding the international scope of the exhibition, in a departure from the trend set in previous years due to sanctions. However, foreigners do not seem eager enough about Iran due to concerns lingering about unknowingly breaking existing US sanctions and inviting political risks by dealing with the Islamic Republic.

Nonetheless, FINEX organizers have enlisted 50 foreign experts and high-level executives for holding conferences and workshops on finance, SENA reported.

Startups also have a place in the expo. According to SEO’s news agency, over 600 Iranian and foreign startups, including financial technology firms are expected to attend the event.

The exhibition is being held at Tehran’s International Exhibition Fairground from 10:00 to 18:00 until July 12.