Iran Mercantile Exchange gets WFE membership

July 1, 2016 - 19:1

TEHRAN- Chairman of Securities and Exchange Organization of Iran (SEO) Mohammad Fetanat announced that Iran Mercantile Exchange’s (IME) membership status in World Federation of Exchanges (WFE) became final, IRNA reported.

Fetanat, who made the remarks on Thursday in an MOU signing ceremony between IME and Pakistan Mercantile Exchange Limited (PMEX), explained the Islamic Republic’s request for membership of WFE, the trade association of 64 publicly regulated stock, futures, and options exchanges, has been accepted. 
The senior Iranian official noted that Iran’s membership in different international bodies has been eased following the implementation of the nuclear deal, known as Joint Compressive Plan of Action (JCPOA), with the world powers in January.
Since the annulment of the financial embargo, the Iranian administration is shifting from a bank-based financial system into a more market-based one (i.e. switching the trend of financing away from banks towards securities market). This has made it vital for the country’s capital market to improve its validity among other international markets via gaining global bodies’ membership. 
Iran, reportedly, became a member of International Organization of Securities Commissions (IOSCO), association of organizations that regulate the world’s securities and futures markets, earlier in April.
As Amir Hamooni, CEO of Iran Fara Bourse (IFB), Iran's secondary securities exchange, recently told the Tehran Times, IFB currently awaits for being accepted as an affiliate member of IOSCO and plans to apply for WFE membership in the next step.


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