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Articles of Association
Listings of non-transferable commodities in the Secondary Market:
The offering seller of the commodities in the secondary market should submit separate applications for each time of offering which should be approved and confirmed by the Offering Committee. Offering a certain commodity in the secondary market shall not justify continuation of the offering of that commodity without going through the required process mentioned in the relevant instruction.
Meeting the abovementioned requirements the listing request must be submitted by the listing brokerage firm to the Offer Committee of the exchange and the Committee shall decide on the application within 5 business days.
In case of approval of the Offer Committee to list the nominated commodity in the Secondary Market, IME is required to submit the prospectus of the listed commodity with other documents to the SEO. In case that the SEO will not comment about not offering the commodity within 3 working days, the IME shall be authorized to release the prospectus publicly.
It should be mentioned that all documents submitted in order to list commodities to the secondary market must be kept and preserved in the archives of the IME and must be presented to the SEO upon request and in case that the SEO discerns that the rules and regulations have not been complied with during the process of handling the applications for listing of the commodities in the secondary market of the IME or the method or the amount of the information presented by the applicant, it shall be authorized to prevent offering the commodity.
In addition after listing and during the period prior to offering date of the commodity in the secondary market, whenever the Offering Committee discerns that the commodity is void of listing condition in the market or the seller of commodity has acted in violation of the rules and regulations, it shall delist the commodity from the secondary market and shall not allow the offering of the commodity. However after each time of offering, the commodity shall automatically be delisted from the secondary market as per rules and regulations.
The commodities listed in the spot market and suspended in accordance with rules and regulations may be listed in the Secondary market as per following:
1. In case of suspension of a seller’s commodity in the spot market, he may present the expertise report of the listing of the commodity in the secondary market to the Offering Committee and then listings shall be decided in accordance with articles 6 and 7 of the secondary Market Instruction.
2. In case of listing a commodity in the secondary market the maximum period aloud for trading shall be three month from the date of suspension. During this period, the seller shall not be required to follow the listings process for each time of offering.
3. During the abovementioned 3-month period, in case of removal of suspension, the commodity shall cease to continue trading in the secondary market and shall resume trading in the spot market.
4. In case of continuation of suspension status for the end of three month period, the exchange must submit a report on decisions regarding cessation of trading in the Secondary Market to the Board of Listing.
5. In case of approval of the continuation of suspension by the Board of Listing, the commodity shall continue to be traded in the secondary market but it is necessary for the commodity to follow the listings process as per rules and regulations for each time of offering.
6. The maximum period of continuation of listing and trading the commodities referred to in this paragraph in the secondary Market shall be six months effective from the date of suspension from the spot market and by termination of this period the commodity shall automatically delisted from the Secondary Market.
IME’s oil and petrochemical trading floor witnessed on Wednesday, April 26, 2017, trade of 20,000 tonnes of vacuum bottom from Tehran, Shiraz and Bandar-e-Abbas Oil Refineries.
Iran Mercantile Exchange published its Seventh English quarterly newsletter, Winter 2017.
The agricultural trading floor of Iran Mercantile Exchange will play host to offering of 134,000 MT of various commodities, on Wednesday, April 26.
Saturday, April 29, 2017 09:05
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