Ranking Tehran Stock Exchange brokerage based on criteria of settlement risk from settlement guarantee fund (SGF) in Central Security Depository of Iran (CSDI)

Subject Areas : Journal of Investment Knowledge

Ali  Salehabadi ¹ (Faculty member of Emam Sadegh University)
Meysam  Alimohammadi ² (teacher in Kharazmi University (Corresponding author))
Javad  Marzani ³ (Master Student Financial Management Emam Sadegh University)

Received: 2016-04-07 Accepted : 2016-05-26 Published : 2017-02-19

Keywords: Ratings, settlement guarantee fund, brokerage firms, Multiple Attribute Decision Ma,

Abstract :

Brokerage firms are major financial institutions in the capital market and Due to the nature of the service brokerage firms, ranking them seem necessary. These firms can be compare and rank in different aspect that based on specific criteria. One of the risky processes in capital market is Settlement. Settlement Guarantee Fund as a risk management is one of common settlement method of securities transactions and need to be notice. This research is looking to evaluated brokerage firms based on the criteria of Settlement Guarantee Fund. Now Settlement Guarantee Fund is active as a unit of the Central Depository Company Formation and manage settlement risk in Tehran Stock Exchange (TSE) and Iran Fara Bourse (IFB). Using measures brokerage repeated default, default amount of latency and using TOPSIS method to rank list of active firms described Tehran Stock Exchange in 2013. The results show that in the list of members, SavAfarin and Saba Jahad Brokerage Company are highest and lowest ranking degree of settlement risk factors. There also appears to be a risk rating system established in the capital market seems necessary.

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