interest in the TSE brought life back to the market. However, lack of regulation and out-of-date legal framework led to crisis in the market leading to certain "meltdowns". Over the 1996 to 2000 period an automated trading system was introduced, and a number of important regulatory mechanisms were strengthened. The market has experienced its share of highs and lows in the past years including topping the World Federation of Exchanges' list in terms of performance in 2004. As of May 2014, TSE has had three bear market in its history: August 1996 – July 1998 (−32%); December 2004 – July 2006 (−34%); and during the financial crisis of 2007–2008 (−38%). In 2014, after reaching historic highs, TSE lost a quarter of its total market capitalization because of the collapse of the Iranian rial and the slump in oil prices. It was also decided in 2014 that some banks and financial institutions attached to the government inject money into the stock market through a fund called the Market Development Fund which is aimed at market making and decreasing the fluctuations in the stock market. Other complementary markets have also been established alongside the equities market. In 2003, the Tehran Metal Exchange (now called the Iran Mercantile Exchange after its merger with the Agricultural Exchange in 2006) was launched. The Oil Bourse and the over-the-counter Farabourse were launched in 2008 followed in 2012 by the Energy/Electricity Bourse and the FOREX bourse. *Exchange rate: 1 US $=10,004 IRR (2009) Industry affiliations Since 1995, TSE has been a full member of the World Federation of Exchanges (the former Fédération Internationale des Bourses de Valeurs or FIBV), and is a founding member of Federation of Euro-Asian Stock Exchanges (FEAS). Since July 2010 the TSE is a member of the International Options Market Association. Logo The symbol of the TSE is a highly stylized representation of an Achaemedian dynasty (550-330 BC) gun-metal relief artifact, which was found in Lorestan province. The artifact features four men, hand in hand, indicating unity and cooperation. They are shown standing inside circles of the globe, which is in turn, according to ancient Iranian myth, supported on the backs of two cows, symbols of intelligence and prosperity. Structure The Securities & Exchange Council is the highest authority and is responsible for all related policies, market strategies, and supervision of the market in Iran. The Chairman of the Council will be the