The Iranian exchange will NOT work because nobody will trade on it:

• traders need a common currency to work together. Once they've set on one, it's really hard to make them change - hence the fact that a number of commodities are still traded in pound sterling despite the fact that the UK hasn't been the main market for quite a bit of time. The existence of a standard is more important that which one it is. Cf the dominance of Windows as an operating system: it's used because it's used. To switch, you need everybody to switch at the same time. Only a monopolist (or a monopsonist) can force that, and Iran is far from being one;

• in addition, the oil market is not just about oil, today it is about all the financial instruments derived from oil - term sales, derivatives, structured products, etc... The same constraints as above apply to these markets, which are even more diverse and globalised than the oil markets. Also traders have all their references, price histories, and standard trading instruments based on the dollar. To change all this, again, would require massive effort and coordination (remember how much effort it took to switch to the euro in 1999);

• the other thing you need to have a market is a stable and trustworthy regulatory and legal system. People will not go trade in Iran because the risks or abitrary interventions and meddling are too high. The euro can be an alternative to the dollar as a reserve currency because European rule of law and regulation is seen as acceptable, and the currency is backed by a real economy, but Iran stands no chance to impose any switch of any kind for trade, financial instruments or anything else.

Please forget these ideas, they are totally cut from the reality of financial markets.