Iran Market

ADDRESSING THE NEEDS OF INVESTORS

IRAN MARKET REPORTER Is produced by Mofid Securities Co. Distributed electronically via email.

----------------------- Reporter

VOluME 1 ISSuE 7 NOVEMbER 2011

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Contents
3 5 9 13 15
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Overview
During November the market experienced a decline of 7.3 percent largely due to non-economic factors.

Stock
Considering the earlier decline in the share prices, some believe that there might be undervalued companies in some TSE sectors. While the sugar sector index rose by 19 percent almost all indices decreased.

Fund
All Funds Index declined by 4.3 percent while most of large funds NAVs decreased even more than 8 percent during November.

Bahar-e-Azadi, one of the official Irans gold coins, is being minted by the Central Bank of Iran (CBI) since 1980 (1358 Shamsi). It is made of 8.13598 grams gold with purity of 21.6 Karat (90%).

Commodity
The value of commodities traded on the IME rose by 11 percent in November compared to the previous month. Wheat was new to the market and 3000 MT of wheat were traded in the export ring with the average price of 325 USD.

News
In the month that TSE did not have a satisfactory performance, IME hit the jackpot by setting new records in future contracts and trade value.
Iran Market Reporter No. 7 Nov 2011 ( Issue 7, Vol. 1) www.emofid.com

Overview
Entering the month of November, investors took a defensive position as the combination of both systematic and unsystematic risks further affected the market sentiment and reduced the clarity in the investment decisions. Considering the earlier decline in the share prices, some believe, at least based on the PE ratios, that there might be undervalued companies in some TSE sectors. again as the market headed toward the new IAEA report scheduled on Nov 8. The report contained new claims which Iran regards them as politically motivated. Nevertheless, the report was finally used by the US and the allies as an excuse to impose new round of sanctions which Iran called them both unjustified and ineffective.

Sentiment affected by non-economic factors

Foods and Pharmaceuticals Show Resilience

Comparing with the overall market performance, it seems that companies involved in In early November, it was expected that winFoods and Pharmaceuticals did much better ing a parliamentary vote of confidence by in November. The index of Pharmaceuticals the minister of economic affairs and finance fell just 2.5 percent while the performance of might help to raise confidence among inves- Food sector should be analyzed beyond the tors. The stock market actually rebounded and 6.6 percent decline in the headline number. rose as much as 100 points on Nov 2, the day The index includes almost 19 companies after the vote. while one of them, Behshahr Industrial DeHowever, the uncertainties started to rise velopment Corp. [TSBE4], is actually a Holding company. Behshahr itself makes up 50 percent of the index, so its 16 percent decline in November looks like a noise in the performance of the index. Excluding Behshahr, the index of Food virtually remained unchanged through November to show a clear sign of resilience. There may be at least two reasons to explain why investors were more positive on these two sectors. First, they are usually among investors options when they are trying to construct a defensive portfolio. Second, both sectors are historically excluded from any kind of possible sanctions.

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Iran Market Reporter No. 7 Nov 2011 ( Issue 7, Vol. 1)

Overview
Sugar Outperforms the Market
benefit from the recent appreciation of USD. Sugar producers continue to experience high- As a sign of positive effect from the foreign exer-than-average increase in their share prices. change market, reports show that the exports of petrochemical products rose 34 percent in The Suger index rose as much as 19 percent as investors still bet on positive adjustment in dollar terms in the first seven months of this year; it is far better than the 11 percent inprofit statements. crease in their weights. Some sugar producers are old companies with valuable assets, potentially ready to Basic Metals make one-off profits. Moreover, for years, The index of Basic Metals fell 10 percent in huge imports of sugar has always been a key November, almost 3 percent more than the factor in adjusting the domestic market but TEDPIX. The index includes key companies the prospect for further reliance on imported especially the main steel and copper prosugar, and many other commodities, is going ducers. This is probably the decline in global to change; considering the recent developcommodities prices, lasted till the final week ments in the foreign exchange market. of November, that might played a role in the overall sector performance. Cement The decline in the index of cement industry was also limited to 3 percent. It is another sector with potentials to benefit from an strengthening US dollar as there are companies located near the borders where the neighbors, namely Iraq and Afghanistan, are implementing construction projects. It is estimated that nearly 7 million tons of cement is exported this year (from April, 2011) the export may reach to 10 millions of tones by the end of the year Hopefully enough to close the gap between the domestic demand and supply.

Chemicals
It seems the decline in the chemicals was excessive, considering the profit potentials of industry. The TSE Chemicals Index fell 7.2 percent through November while many experts believe that the industry is well positioned to
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Iran Market Reporter No. 7 Nov 2011 ( Issue 7, Vol. 1)

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Stock | Market Summary

Trade Value (M USD) TSE1 Farabourse2 1 Tehran Stock Exchange
2

Trade Volume (M)

3,906 1,437

Number of Trades
287,167 93,945

Number of Trading Days

20 20

841.03 397.23

OTC Market

Tehran Stock Exchange

Value of Index High Low Average Compared to Compared to Compared to last month % last month % last year % (in USD Term)
-7.31% -7.40% -6.32% -7.12% -7.20% -7.70% -8.03% -8.13% -7.05% -7.85% -7.93% -8.43% 31.65% 33.83% 21.20% 34.96% 34.73% 36.54%

24,017 26,002 23,978 25,081 TEDPIX1 20,415 22,124 20,348 21,319 TEDPIX (FM) 29,163 31,254 29,163 30,382 TEDPIX (SM) 2 31,028 33,591 31,028 32,475 FFI 18,453 19,927 18,308 19,230 Industry Index 1,487 1,613 1,476 1,552 TEDFIX 30* 1 2 TSE Dividend & Price Index (All-share Index) Free Float Index

*TEDFIX 30 is a total return index weighted by free-float market capitalization that measures the performance of 30 most traded stocks listed on Tehran Stock Exchange (TSE).

TEDPIX

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Iran Market Reporter No. 7 Nov 2011 ( Issue 7, Vol. 1)

Stock | Gainers & Losers

10 Top Gainers
Company Piranshahr Suger Co. Hamadan Glass Co. Hegmatan Sugar Co. Alborz Insurance Co. Tabriz Oil Refining Co. Darou pakhsh Co. Tidewater Middle East Co. Aburaihan Pharmaceutical Co. Housing Investment Co. Shahed Investment Co. Last Price
12,832 2,213 14,354 3,667 2,412 7,908 2,674 8,581 1,717 3,000

Change (%)
49.94% 34.77% 32.32% 27.50% 8.50% 8.10% 3.04% 0.35% 0.18% 0.13%

10 Top Losers
Company Baghmishe Co.1 Bama Co. Bafgh Mining Co. Iran Transfo Co. Shahid Ghandi Communication Cable Co. Tukafoolad Investment Co. SADRA National Iranian Lead & Zinc Co. (NILZ) Parsian Insurance Co. Informatics Services Corp. 1 Listed in Farabourse Last Price
2,234 13,436 11,579 3,284 1,613 1,629 1,627 2,526 1,936 10,149

Change (%)
-47.07% -33.56% -28.98% -27.15% -26.41% -25.58% -25.16% -23.80% -19.97% -19.47%

Iran Market Reporter No. 7 Nov 2011 ( Issue 7, Vol. 1)

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Stock | Most Active

10 Most Active (Value)
Company Pasargad Bank Ansar Bank SADRA Iran Telecommunications Co. Tourism Bank1 Midhco1 Iranzamin Bank Kermanshah Petrochemical Co. Mobarakeh Steel Pardis Petrochemical Co. 1 Listed in Farabourse Change (%)
(7.09) (2.57) (25.16) (7.96) (0.36) (2.20) 16.26 17.64 (11.14) (2.03)

Value (M USD)
136,635,471 84,173,623 36,066,253 35,625,386 35,246,422 34,737,580 33,917,996 30,177,377 21,715,704 20,589,180

10 Most Active (Volume)

Company Parsian Bank Tourism Bank1 Pasargad Bank Midhco1 SADRA Mobarakeh Steel Iran Bank -R1 Iran Tele. Co. Saipa Iran Bank1 1 Listed in Farabourse Change (%)
(7.09) (2.57) (0.36) 16.26 (25.16) (2.20) (52.35) (7.96) (5.32) (9.74)

Volume (M Share)
686,315,769 319,653,328 279,428,411 251,426,004 211,038,539 171,266,248 142,815,576 120,026,915 97,840,636 97,525,209

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Iran Market Reporter No. 7 Nov 2011 ( Issue 7, Vol. 1)

Stock | Average P/E

Highest P/E
Sector Sugar & Byproducts Transportation and Storage Coal & Lignite Mining Post and telecommunications Metal Ores Mining Wood & By-products Computer & Related Activities Basic Metals Fabricated Metal Products except Machinery & Equipments Other non-metalic mineral products Average P/E
14.78 10.36 9.80 9.17 9.06 8.97 7.82 7.64 7.64 7.32

Percent of Market Cap.

0.42% 0.88% 0.02% 12.50% 8.73% 0.01% 1.38% 15.83% 0.20% 0.19%

Lowest P/E
Sector Medical, Precision & Optical Instruments Radio, TV & Communication Equipment Financial leasing Real Estate And Construction Motor Vehicles And Auto Parts Technical & Engineering Services Cement, Lime & plaster Textiles Electric Machinery & Apparatus Agriculture Average P/E
3.87 4.23 4.27 4.39 4.41 4.46 4.68 5.17 5.34 5.38

Percent of Market Cap.

0.09% 0.03% 0.43% 1.24% 5.59% 1.83% 2.83% 0.03% 0.76% 0.01%

Iran Market Reporter No. 7 Nov 2011 ( Issue 7, Vol. 1)

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Fund | All Funds Overview

Top 10 Best Funds (Regarding return rate)
Working Days NAV (Rial) Asset Under Man- Last Month Last 6 Last 12 Since Inception agement (USD)1 (%) Months (%) Months (%) (Compound Return)
5,646,430 11,861,723 4,655,919 3,005,435 7,599,908 25,562,874 3,124,551 2,412,345 1,578,719 4,128,144 -2.00 -8.10 -9.10 -8.10 -8.30 -8.50 -10.10 -9.10 -10.80 -7.00 -7.30 -4.30
2

1,303 4,783,939 Melli Bank 869 2,807,215 Boursiran 1,214 3,958,325 Agah 594 1,882,300 Ganjineh Bahman 1,304 3,997,740 Pishtaz2 656 1,982,874 Momtaz2 742 2,147,055 Farabi 627 1,873,125 Novin 1,321 3,677,412 Sahm Ashena 1,350 3,625,495 Pouya TEDPIX All Funds Index3 1 USD to Rial exchange rate: 10,855

-0.30 -3.10 -8.20 -5.00 -2.20 -2.20 -11.10 -2.60 -12.10 -6.70 -4.30 1.20

39.90 42.20 27.30 40.40 37.60 31.40 29.00 40.00 20.10 24.60 31.70 24.80

55.10 54.30 51.30 47.60 47.60 46.40 45.70 44.20 43.30 41.70

Managed by Mofid

Including 60 Funds

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Iran Market Reporter No. 7 Nov 2011 ( Issue 7, Vol. 1)

Fund | Mofids Funds

Commentary
Last month the market experienced a decline of 7.3 percent largely due to non-economic factors. From a fundamental economic perspective the growth in earnings in many of the important sectors including telecommunications, petrochemicals and other service sectors has been significant. Baring new negative political news, we expect that the market will start a positive trend within two month (one or two month before the Iranian New Year). The Iranian Rial has weakened by about 10% in the past two month (in the unofficial market) and for important natural resource segment of the market that is considered a very important positive factor that has not yet been fully reflected in the prices.

Pishtaz Mutual Fund

Pishtaz Mutual Fund Inception date Working Days Asset under managementM Rials 1 Month 3 Month 6 Months 12 Months Life (Compound Return) NAV (Rial) 12 Months Hight Low
May 9, 2008 1,304 82,497 -8.30% -5.20% -2.20% 37.60% 47.60% 3,998,353 4,446,214 2,842,097

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Fund | Mofids Funds

Funds Composition Farabourse Banking & other Monetary Inst. Telecomunication Metal Ores Mining Holding Other Industries Percent
24.39 16.22 17.65 11.04 8.02 12.28

Momtaz Mutual Fund

Momtaz Mutual Fund Inception date Working Days Asset under managementM Rials 1 Month 3 Month 6 Months 12 Months Life (Compound Return) NAV (Rial) 12 Hight Months Low Funds Composition Metal Ores Mining Telecomunication Banking & other Monetary Inst. Holding Farabourse Other Industries www.emofid.com
Feb. 16, 2010 656 277,485 -8.50% -5.20% -2.20% 31.40% 46.40% 1,983,110 2,230,904 1,509,138

Percent
18.64 14.21 13.06 10.33 6.80 36.96 11

Iran Market Reporter No. 7 Nov 2011 ( Issue 7, Vol. 1)

Fund | Mofids Funds

Pishro Mutual Fund
Pishro Mutual Fund Inception date Working Days Asset under managementM Rials 1 Month 3 Month 6 Months 12 Months Life (Compound Return) NAV (Rial) Funds Composition Metal Ores Mining Banking and other Monetary Institutions Telecomunication Basic Metals Farabourse Other Industries
Apr. 20, 2011 228 199,155 -8.70% -5.70% -0.80% -4.30% 957,454

Percent
20.71 13.93 13.17 6.82 5.85 39.52

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Iran Market Reporter No. 7 Nov 2011 ( Issue 7, Vol. 1)

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Commodity | Summary
Iran Mercantile Exchange
The value of commodities traded on the IME rose by 11 percent in November compared to the previous month. Wheat was new to the export market and 3000 MT of wheat were traded in the export ring with the average price of 325 USD.
Groups of Product Industrial Agricultural Oil & Petrochemical Total Export Ring Domestic Ring Export Ring Domestic Ring Export Ring Domestic Ring

Us dollar rose against Rial by 0.79 percent from 10,770 to 10,885 during November while Euro fell by 4.03 percent in the same period. You can find the detail rate of other currencies against Rial in the next page table.
Value (USD)
7,423,307 625,433,064 1,009,446 45,075,836 114,948,404 424,433,958 1,218,324,015

Percent
0.61% 51.34% 0.08% 3.70% 9.43% 34.84% 100%

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Iran Market Reporter No. 7 Nov 2011 ( Issue 7, Vol. 1)

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Commodity |
Iranian Rial Exchange Rate (As of November 30)1
Code Currency in IRR USD United States Dollar GBP Pound Sterling CHF Swiss Franc AED United Arab Emirates Dirham KWD Kuwaiti Dinar JPY100 Japanese Yen HKD Hong Kong Dollar OMR Omani Rial CAD Canadian Dollar TRY Turkish Lira QAR Qatar Riyal SAR Saudi Riyal BHD Bahrain Dinar CNY Chinese Yuan MYR Malaysian ringgit EUR Euro 1 Official rates according to Central Bank of Iran (CBI)

Exchange Rate

Compared to Last Month (%)

10,855 16,927 11,794 2,956 39,153 13,934 1,394 28,196 10,508 5,863 2,982 2,895 28,796 1,705 3,424 14,467 0.79% -1.64% -4.37% 0.78% -0.40% 2.38% 0.50% 0.79% -2.30% -4.36% 0.78% 0.77% 0.80% 0.53% -2.26% -4.03%

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Iran Market Reporter No. 7 Nov 2011 ( Issue 7, Vol. 1)

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News
TSE offers Kermanshah Petrochemical Industries Co. (KPI)
November 14, 2011 TSE: On 13 November 2011, trading on Kermanshah Petrochemical Industries equity shares was started on Tehran Stock Exchange for the first time after listing. At the first day, 23.5 Million equity shares of KPI were traded at the price of IRR 4,500 (0.416 USD) with the total value of IRR 105.9 billion (USD 9.8 million). lion). KPIs free float shares exceed 40 percent. Kermanshah Petrochemical Industries Co. was established in 1996.The companys plant is located in Kermanshah-Harsin road. Currently, 467 people are employed by this company.

Initial Public Offering

KPIs daily production capacity exceeds 1,200 tons of ammonia and 2,000 tons of urea fertilizer which can be increased to With regard to the share price, market value double. Companys capital amounts IRR 882 of KPI reached to IRR 3,970 billion (USD 367 mil- billion.

TSE Starts trading on PARDIS Petrochemical Company

November 28, 2011 TSE: On 27 November 2011, trading on the equity shares of PARDIS Petrochemical started on Tehran Stock Exchange (TSE) for the first time after listing. PARDIS, a producer of Urea/Ammonia, was transferred to TSE from Iran Farabourse (SMEs Exchange) in November 2011. With regard to its price of IRR 26,727 per share, the market capitalization of TSE increased IRR 27,000 billion (USD 2.48 billion). So far, 1st and 2nd phases of this complex have commenced production respectively in 2001 and 2004, whose products have remarkably promoted Irans share in global production of Urea/Ammonia. In order to expand its production capacity, PARDIS has started early steps of phase 3 since 2010.

The company is located in the Pars Special Zone of Economy and Energy, in Assaluyeh terPARDIS Petrochemical Company, a producer ritory, 270 KM away southeast of Bushehr Port. and supplier of Urea/Ammonia, is the owner March 2010 PARDIS was listed in Iran Farof the greatest complex of producing Urea abourse. After Parsian Electronic Trade Co., and Ammonia in the Middle East and its plant PARDIS is the second company that was transis one of the greatest producing plants of ferred from Iran Farabourse within 2011. such products in the world.
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News
Traded: 100,000 Mt of Wheat in IME
November 28, 2011 IME: From the beginning of the year to the moment more than 100,000 metric tons of feed wheat offered by the Government Trading Company (GTC) has been traded in the agriculture trading ring of the IME. International Affairs and Public Relations : with respect to the season of wheat trading, at the moment 3 grades of wheat like Durum, feed wheat and Export are offered and traded in IME. According to the report more than 100,000 metric tons of wheat has been traded in IME during the current Iranian year ( beginning from March 20) at 3,600 Rials (300 USD). Moreover, 12,000 metric tons of durum wheat offered by GTC traded in the trading floor of the exchange at 4,200 Rials. Durum wheat is generally used in producing spaghetti and Pasta. In the meantime, exporting wheat was priced 325 USD for transaction of 5,000 MT. According to the exchange officials low import tariffs is the cause of low volume of export trades of wheat regarding the price.

During Aban: 24% Increase in the Exchange Trade Volume

November 27, 2011 IME: The value of transactions in Iran Mercantile Exchange (IME) during Aban of 1390 (Iranian calendar month beginning from 23 of October 21 of November of 2011) marked 12,000 billion Rials ( approx 12 billion USD) with the trades of the volume of 1660 thousand metric tons of various commodities in agricultural, industrial and petrochemical trading sessions. According to the report published by the International Affairs and Public Relations of the exchange, drawing a comparison between Aban and previous month, Mehr,
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shows 24% and 25% increase in volume and value respectively. Based on the report, the volume of the transactions in the industrial and mineral trading ring of IME in the past month reached 952,000 metric tons which is 35% higher than the same trades in the month before, showing also 40% increase in value. During the same period the volume of transactions of copper, precious metals concentrate, steel, gold bullion, iron ore and aluminum increased and the trades of cement and metallurgy coke took a downward trend.
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Iran Market Reporter No. 7 Nov 2011 ( Issue 7, Vol. 1)

News
In the ring of petrochemicals and oil byproducts the volume and value of trades remained the same level as the previous month. Accordingly, the volume of trades reached 595,939 metric tons in a situation that the volume of trade of previous month was slightly over 596,000 metric tons. At the same time, the value of trades remained the same figure, 4,444 billion Rials, as the previous month. In this trading ring commodities like vacuum bottom (VB), Lub cut, lubricating oil , and chemical products experienced increase in volume while the transactions of sulfur, feed gas and polymers faced a reduction in volume. However, the most remarkable and outstanding changes occurred in the volume of the agricultural commodity transactions where the volume and value of trades topped 112,442 metric ton and 442 billion Rials showing respectively 280 and 240% increase in compare with the previous month. The highest volume is assigned to trades of wheat transactions followed by barley contracts.

Gold Coin Future Contract of Tir 1391 Kick off Hitting New Record
November 27, 2011 IME: With the commencement of the newly launched gold coin future contract of Tir 1391 (Iranian calendar month ending in July 22nd ) a new record was marked in the volume and value of transactions of gold coin futures in IME. the settlement price of Saturday 26 of November was quoted as 8 million and 500 thousand Rials (640 USD) for the contract month of Tir. In this day the settlement price of gold futures contract for the contract month of Ordibehesht of 1391 ( ending 21 of May 2012) was quoted as 7,992,000 Rials with a 1.6% increase in compare with the previous day. The future contract prices for the month of Esfand ( ending 23 of March 2012 showed a 1.32% increase with the settlement price of 7,347,000 Rials . Meanwhile, the future transwww.emofid.com

actions of Day contract month kept the pace with the market and experienced 0.81% increase in the settlement price as 6,719,000 Rials. Based on the report a new record in value and volume was registered in the market on Saturday 18,667 gold coin contracts traded which is considered a new record for these contracts valued 1,423 billion Rials . The last record was registered in the day before hitting 1,212 billion Rials.

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News | Special Report

High on the Upper Orbit of Progress
This is the article published at issue 47 of Swiss Derivatives Review: Four years ago, as the Iran mercantile Exchange (IME) was established, few in the market suspected how quickly it would grow and develop. Today, in transaction value, it is on par with the 50 year-old Tehran Stock Exchange. With this success, the exchange has become a main pillar of Irans capital market. The IME has been active for more than four years. The first experience of commodity exchanges in Iran goes back to 2003 when the Tehran Metal Exchange was launched under the Law of the Third Development Plan. The Agricultural Commodity Exchange was inaugurated a year later. In 2005, the Law on the Securities Market prepared the ground for the merger of these two institutions. According to the Law, the administration was further required to take action to launch a commodity exchange. The Iran Mercantile Exchange was born two years later as a result. Since then, the efficient performance of the IME encouraged the government to pursue the deregulation of market prices leading to real and sound price discovery for numerous products and commodities through the IME. The government ratified a bill to deregulate the pricing of petrochemicals and oil byproducts in order to set up a viable market and provide access to a transparent and fair market place. This was to be done by launching a crude oil and oil by products exchange,
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a responsibility vested in the IME. Today the IME trades minerals and metals, petroleum and petrochemicals, agricultural products and crude oil in the form of spot, credit, forward and futures contracts.

An investment for development

Under the provisions of the Deed of the 20-year vision of the Islamic Republic of Iran, the country endeavors to become a developed country and the first economic power of the Middle East by 2025. But such a proud goal requires efficient, precise and organized planning and instruments. Obstacles and constraints which have hampered the Iranian economy for ages must be removed and eliminated. Irans economy has long suffered from government incumbency and there is now a move toward economic liberalization. This development in turn supported the flourishing of the IME. Needless to say that the implementation of economic liberalization, the privatization of state companies and the subsidy reform plan will require their own tools and mechanisms to achieve their purpose. Providing a proven price discovery mechanism, the Iran Mercantile Exchange is one of them. This is confirmed through the recent experience of the exchange. The governments reliance on exchange mechanisms for the liberalization of major products such as steel, oil by-products and petrochemicals
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Iran Market Reporter No. 7 Nov 2011 ( Issue 7, Vol. 1)

News | Special Report

demonstrates that the IME like other mercantile exchanges in the world is now a pillar of Irans economy. At present over 187 domestic (147 private firms and 40 governmental companies) and 62 foreign companies from China, Russia, Turkey, South Korea, UAE, India, Qatar, Bahrain, Germany, Chile, Malaysia, Morocco, Spain, Azerbaijan and Switzerland have been admitted and listed on the IME and offer their products regularly. More than 180 different products and raw materials are being offered and traded in different ring sessions of industrial, agricultural and petrochemical transactions of the exchange. exchanges experiencing downward trends of value and indices.

Prospects and the way forward

Almost all basic products have now been admitted to the exchange, and the IME is working at full capacity in the spot market to create space for new financial instruments such as options. We believe that, taking into account the current speed of development, there is plenty of potential untapped on the road to prosperity. The Iran Mercantile Exchange keeps up with its own projects to complete its risk management system, attract new investors andhigh on its agenda launch options contracts. Relevant studies have been conducted and, with the software Continuous growth A glance at the transaction volume reveals the now in place, we are waiting for the green light of the market regulator to kick off operagrowing presence of participants of different tions. industrial and economic sectors. In the first half of 2011, the volume of trades has jumped The IME is looking for comments from its 10% to over 9.2 million metric tonnes while peers in world capital and commodity martheir value increased 88% year-on-year to USD kets and hopes to share experiences in this 10.6 billion. During the same period, more field. Consequently, the IME was present at than 561,000 transactions were reported on the 32nd SFOA conference (Brgenstock the IME futures market for a total valuation of Meeting). It was an invaluable opportunity about USD 3 billion, a growth of 1,400% com- for the IME to meetand be seen among pared to the first half-year 2010 and a testahundreds of experts and executives of the ment to the openness of market participants international capital markets; shared common towards futures trading and new financial grounds are paving the way for future coopinstruments. This is a harbinger for a modern, eration and benefit from the experiences and transparent and lawful price discovery, be it expertise of the other participants. for currencies, gold or other commodities and underlings. This progress takes place on the backdrop of many countries struggling with the consequences of financial crisis and many
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