The year 2025 marked a pivotal milestone in the journey of the Iraq Stock Exchange (ISX), as it represented a continuation of the development and stability efforts initiated in 2024. The year witnessed an increased focus on strengthening institutional governance, developing the regulatory framework, and enhancing confidence levels in the market. A series of institutional and regulatory developments contributed to consolidating the overall framework of market operations and reinforc Executive Officer and a change in the Chairman of the Board. These changes contributed to setting renewed leadership visions and strengthening institutional continuity in line with regulatory developments and market requirements. At the level of governance and sustainable development, the Market launched— in cooperation with the Iraq Securities Commission— the Environmental, Social, and Governance (ESG) Governance Guide for listed companies on the Iraq Stock Exchange. This qualitative step aims to enhance disclosure levels, promote sustainable practices, and align the market with regional and international best practices.Within the framework of institutional and technical development efforts, the Iraq Stock Exchange initiated during 2025 the gradual transition of its trading infrastructure from the Equator system (NASDAQ OMX) to the Eclipse system. This transition forms part of a phased plan aimed at modernizing the trading environment, enhancing operational efficiency, and aligning market systems with internationally recognized standards. The process remains in the preparation and processing stage, with activities focused on technical aspects, institutional readiness, and coordination with relevant stakeholders, in preparation for completing implementation phases in the coming period. The year 2025 also witnessed the signing of several agreements and memoranda of understanding representing qualitative steps toward strengthening professional and institutional cooperation within the market. On the technological front, and in line with international capital market standards, the Market signed a contract to develop the official electronic website of the Iraq Stock Exchange with Mubasher, a company specialized in financial technology solutions and electronic trading services. This step aims to enhance the quality of services provided to investors, listed companies, and brokerage firms through a modern interface, real-time data, and a smoother, more transparent user experience.