An Iranian official says the Tehran Stock Exchange (TSE) is joining the World Federation of Exchanges (WFE).

Hassan Qalibaf Asl, chair of the TSE, has told Iranian media that the WFE has in a letter approved TSE�s membership, noting that the Iranian market will join the world body after the Securities and Exchange Organization of Iran (SEO), gains its rightful place within the International Organization of Securities Commissions (IOSCO).

SEO is Iran�s regulatory body that supervises and develops the domestic capital market while IOSCO is an association of organizations that regulates the world's securities and futures markets. The WFE, aka the International Federation of Stock Exchanges, is the trade association of 64 publicly regulated stock, futures, and options exchanges.

Qalibaf Asl said the move allows for the Iranian capital market entry into the global network of stock exchanges and access to information of those markets. This way, noted the official, international investors can observe and match other market indices with the Iranian ones and would see the Iranian counterpart as a competitor.

The official added that TSE�s integration into the WFE will provide an opportunity for the Iranian market to develop and promote its global status through participation in international capital market conventions and work groups.

The Tehran Stock Exchange was established in 1967. Currently, more than 700 companies with a combined market capitalization of over 170 billion dollars are reportedly listed on the TSE.

TSE, which is among the five biggest markets in the Middle East, is considered as one of the world's best performing stock exchanges.

The market has surged over 20% since the implementation of a nuclear deal on January 17 when TSE ended the day at about 65,000 points, even as global stock markets have tumbled.

Despite a decline in the past two years, its overall index has been steadily going up recently.

All investors at the TSE are required by law to have a broker. Before Iran�s nuclear agreement that prompted sanctions relief earlier this year, the Tehran Stock Exchange had been in free-fall, but soon the trend reversed.

By Press TV