62 Market-Making Fund Assemblies in 22 Days: What an Iranian Market Maker Guarantees, and What It Never Did (Tuesday, 4 August 2026)

Between 13 July and 3 August 2026 (22 Tir to 12 Mordad 1405), 62 assemblies of dedicated market-making funds were logged in Sahmino's calendar from Codal filings, an institution named every week and explained almost never. A market maker commits to posting orders on both sides of the board, but that commitment has a ceiling. In the session of Monday, 3 August 2026, Bank Mellat sat all day at 1,199 rials, the top of its permitted band, with all five rows of the sell side of the order book empty.