According to the Economics News Agency, marketing is a process used to balance the market and ensure its liquidity, meaning that shareholders and bondholders can trade their securities as soon as they decide to sell their shares. In this regard, the Supreme Council of the Stock Exchange, in a resolution on September 11 this year, required all publishers to have a market maker, this issue caused liquidity in the stock market, but in the meantime, some believe that market makers disrupted capital market processes and others They accuse micro-investors of trying to fluctuate.
In this regard, “Siavash Vakili”, Director of Public Relations and International Affairs of the Exchange Organization, while rejecting these accusations, citing the 9-month trading statistics of market participants, said: Market players play a positive role in the capital market, liquidity is the most important task of market participants and available statistics. It confirms their role in the capital market.
Referring to the legal activities of most market participants, he said about how the Exchange Organization deals with the violations of some market participants: “The important issue is to pay attention to the difference between” violation “and” crime “, the Exchange Organization with publishers and financial institutions that violated the instructions. Dealing with marketers who are also involved in the marketing operations process will be different from criminalizing and filing lawsuits, but if necessary, action will be taken in accordance with its rules and regulations.
Vakili added: “So far, the main violations caused by the refusal of some publishers to comply with the September 11 decision of the Supreme Exchange Council and the regulation on the protection of investors’ rights, which has required all publishers (both new and old publishers) to have marketers.” In the first days of the implementation of this decree, from October 3, some publishers refused to implement it, and the necessary actions were taken in accordance with the regulations.
The Director of Public Relations and International Affairs of the Exchange Organization continued: It should be noted that the investigation of violations has steps. In the first stage, after the violation report is issued by the supervisory units, the issue is reviewed by the Exchange Committees and the Board of Directors decides. Or the Board for Investigating Violations of the Organization is presented. Disciplinary rulings can be appealed by convicts for up to one month.
He added: “The process of reviewing this appeal is done in the stock exchange organization, many violators can fulfill their obligations within this one-month period, and in this case, the corrective actions taken in accordance with the regulations will be considered in the disciplinary ruling, according to the legal deputy.” In the last two or three months, 207 stock exchange managers have received orders ranging from “reprimands” to “disqualifications” and “fines”, which has been unprecedented in the history of the stock exchange. If people see a violation of the relevant market or stock exchange, they can report the matter to the organization through the organization’s complaint reporting system at http://shekayat.seo.ir.
The stock exchange organization does not deal with any violations
He also said in response to some requests and pressures to announce the names of violators: “The Exchange Organization will never deal with violations, our red line is market stability and protection of the interests of investors and shareholders, and all mechanisms to deal with violations are seen in the Exchange Organization itself.” , But many violations are addressed in the early stages and addressed by publishers; Therefore, announcing the names of the violators is neither logical nor in the interest of shareholders and market participants.
Regarding the impact and consequences of the decision of the Supreme Stock Exchange Council on the capital market on September 11 this year, a lawyer said: “What happened during these two months was unprecedented in terms of creating marketing institutions.” Accordingly, out of about 650 active symbols in the capital market, 480 symbols are market-driven, which can reassure shareholders that the investment is liquid.
Contributing to liquidity is the job of marketers
The director of public relations and international affairs of the stock exchange organization also said about the fluctuation of market participants: “Using this term is incorrect.” The market maker is responsible for helping the market liquidity, and in this way, by using the tools of buying and selling shares at times when the buying queue or selling shares are formed, increases the liquidity of stocks and naturally within the range of quotes that are determined for it. It can move and perform the so-called “market maker” operation. This market maker process is currently being carried out positively by market capitalists.
In response to the question about the statistics of market participants’ activities and whether, according to these statistics, market participants played their role or not, he said: in a period of about 9 months, market participants have bought twice the volume of stock sales. During this period, the volume of purchases of shares of market participants has been more than 55 thousand billion Tomans, while the value of sales of their shares shows 27 thousand billion Tomans.
Vakili continued: “The important point is that in late summer and in the autumn season, when we witnessed market fluctuations and a drop in the index, market participants bought stocks three times the volume of sales from investors.” That is, they have performed their duty well to maintain the flow of market liquidity even when sales queues were formed in many symbols, which can be attributed to the nature of marketing operations.
The director of public relations and international affairs of the stock exchange organization added: “Marketers should have a profit according to the conventional way and international standards of their activity, because marketers are not piggy banks that act only one-sided and buy, but must act two-way (buy and sell).”
The stockbroker is the agent of stock transfer between sellers and buyers of stocks
The capital market expert added: “Technically, market participants are the agents of stock transfer between sellers and stock buyers, but their activity must be within the range of quotations that stock exchanges set for them.”
A lawyer said: the duty of the stock exchange organization in this field is supervisory, that is, if they buy a share in a quoted domain, they must also place a sale order in the same share and special domain. In this way, marketers benefit from the revenue while helping the market and the liquidity of stocks. Nowhere in the world can marketers be expected to act one-sidedly, sooner or later their resources will run out and they will no longer be able to do their job.
The Director of Public Relations and International Affairs of the Exchange Organization added: “We must pay attention to how stock trading would have been possible if stock market operators had not been active during the stock market fluctuation period.” In fact, in the three months since the decision of the Supreme Exchange Council on the obligation to market, they have played a very important role in liquidity and stabilization of the market and preventing the locking of market transactions. With this in mind, although 17 years have passed since the first marketers came into being, they are still emerging institutions and we must give them the opportunity to provide services in accordance with international standards.
Regarding some comments on the need to eliminate the range of stock fluctuations, the Director of Public Relations and International Affairs also said: “There are many differences of opinion on this issue, which sometimes cross the line of disagreement and lead to contradictions in views.” Approaches cover a wide range of perspectives, including limited to open and unlimited domains, and even asymmetric domains in the event of a market downturn or fluctuation. Or it is proposed to add one percent to the volatility range every month.
He continued: “The multi-panel discussion also has supporters, and each of the owners of various views also presents their own arguments and reasons and insists on their correctness.” Comparative studies in the world show that there is no single version in this regard. Of course, for the final decision, the market must have enough depth and stability to be able to make the right, realistic and expert decision to improve and improve the current situation.