Iranian commentators have recently referred to a "crisis" on the Tehran Stock Exchange. The slump is particularly evident because the market's key index (Tepix) rose by nearly 80 percent between March 2001 and April 2003, while the indices of exchanges in Frankfurt, London, New York, Paris, and Tokyo tumbled by 40-70 percent. The gains in Iranian securities had continued until recently, too, culminating in a tripling of the key Tehran index in the period from 2001 to May 2005.