Retired Official Praised for Pulling Stock Market Shutters Down for 70 Days/ If Only It Had Been a Hidden Camera!

While the Tehran Stock Exchange, with more than 70 days of closure during the war, became the world's record holder for trading halts among global financial markets, Hojjatollah Seydi, head of the Securities and Exchange Organization, was praised for his management at a ceremony. It is a strange tribute that shows what goes on in the world of retired managers.

According to the economic reporter of Ambassador Arjan; Economic news sometimes surprises people so much that they smile unconsciously. The news of honoring Hojjatullah Saidi, the head of the Securities and Exchange Organization, under the pretext of "managing the capital market during the war", is one of those events that is more like a friendly joke than an official event!

The story is that with the start of the war and military attacks in March of last year, the Tehran Stock Exchange pulled down the shutters from March 10, 1404. This long shutdown continued until May 18, 1405, and by registering more than 70 days of shutdown, it left a strange and unprecedented record among all financial markets in the world.

But when we look at the stock markets of other countries, we realize the depth of the story. The Saudi and UAE stock markets were closed for only two days under the same conditions. The stock exchanges of Qatar, Bahrain and Oman did not stop working even for a single day and the wheel of their economy did not stop. Even Wall Street did not recognize the shutdown. What's more interesting is that even after the ceasefire announcement, there was no news of immediate reopening and the market activists had to wait for another month until Mr. Rais finally saw fit to open the glass hall!

Now, in a ceremony that was recently held at Sepeh Bank, this management model was appreciated! While capital market managers were expected to take a look at the world's successful stock exchanges and learn how to maintain the market's liquidity and dynamism even in times of crisis, it was as if it was preferred that instead of following the example of others, they would receive a medal of honor for "clearing the problem" and closing the market for a long time!

The interesting and thought-provoking point of the story is that Mr. Saidi has long since reached the retirement age, but he is still leaning on the chairmanship of the Stock Exchange Organization with the special support of Madanizadeh, the Minister of Economy. Perhaps if there was to be a ceremony, it would be better to mark the end of the management period of a retired manager and open the way for a fresh breath in the market, rather than honoring the method that caused the biggest blow to the liquidity and confidence of retail shareholders.

I wish instead of praising the closing of the stock exchange and the locking of the liquidity of millions of shareholders, we would learn a little from the stock exchanges of other countries; Where the crisis is an opportunity, not a reason to turn off the light in the hall!