FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT APRIL 2009
IRAQ STOCK EXCHANGE
Taha Ahmed Abdul Salam
CEO
Iraq Stock Exchange (ISX) introduced a
special index in October 2004 which closed in
December 2004 at 64.996 points, December
2005 at 45.644 points, December 2006 at
25.288 points, December 2007 at 34.590
points and December 2008 at 58.360.
The ISX held approximately 139 sessions in
2008 compared with 119 sessions in 2007.
The total trading volume for the year of 2008
reached US$ 257 million, a decrease of 27%
when compared with the year 2007. The total
traded shares in 2008 were 151 billion shares,
a decrease of 0.6% when compared with the
year 2007. The total numbers of transactions
realized in 2008 was 31 thousand.
The number of shares traded for non Iraqis
was 15 billion shares and the trading volume
was US$ 21.5 million.
The ISX will sign a Data Feed Agreement
with MUBASHER to distribute the ISX data
and accordingly enable its interested
subscribers access to the delayed and real-
time market information.
The number of listed companies in 2008
increased to reach 96 compared with 94
companies in 2007. September 21st, 2005. Also, ISX has
successfully joined the Union of Arab Stock
Exchange in June 2006.
ISX has organized a number of training
courses for brokers and training courses for
the IT staff and other ISX employees. These
training courses include Automation Trading in
ISX and run TWS for the brokers,
ELECTRONIC SYSTEMS (Equator & Horizon
SYSTEMS). The ISX will sign a Data Feed Agreement with
MUBASHER to distribute the ISX data and
accordingly enable its interested subscribers
access to the delayed and real-time market
information via the Internet, satellites and other
communication networks. Mubasher shall
disseminate the Data in Arabic and English in
real-time or delayed basis through its online
and offline network.
The ISX publishes a monthly newsletter called
the Capital Market. Published in Arabic, the
Capital Market covers all financial events
which happen within the ISX and the listed
companies. The Iraq Stock Exchange
publishes its information in the website
www.isx-iq.net.
The ISX has successfully joined FEAS, which
held its annual meeting in Shiraz on
HISTORY AND DEVELOPMENT
History
1. The ISX was established according to Law
#74 on April 18, 2004 and began trading on
June 24, 2004.
2. The ISX ‘s headquarters are in Baghdad and
has the right to open branches in other Iraqi
cities.
3. The ISX is a completely separate entity from
the Baghdad Stock Exchange and is not
responsible for any outstanding liabilities or
obligations incurred by that organization, which
no longer exists.
4. The ISX is committed to developing a
transparent, open, and competitive trading
environment.
5. The ISX is financially and administratively
independent from the Iraqi government
including the Ministry of Finance. It is
organized as a non-profit entity that is owned
by its members, the Brokers.
6. The ISX has the right to file law suits and
bring matters to the proper investigative
authorities. The Chairman of the Board of
Governors will represent the ISX with regard to
such matters.
PAGE 68
ISX Goals
1. Organize, train, and educate its members
and listed companies in methods and
practices that protect investors and build trust
in the integrity of the market.
2. Enhance the transparency and
competitiveness of the market.
3. Organize fair and effective clearance
operations.
4. The primary business of the ISX is the
selling, trading, clearing, and settlement of
equity securities. In undertaking these activities
the ISX is consistent with the goals of
protecting investors and promoting investor
confidence in the market.
5. Develop a financial market in Iraq capable of
providing capital to Iraqi companies thereby
supporting the growth of the national economy.
6. Encourage domestic and foreign investment
through the ISX.
7. Perform analyses and publish relevant
information regarding the performance of the
ISX.
8. Continue soliciting assistance from stock
markets in the region and throughout the
world.
9. Perform other activities that contribute to the
success of the ISX.
The world financial crises didn’t affect the ISX
yet, I believe that because Iraq Stock
Exchange is still a small market and we don’t
work very closely with banks and insurance
companies we didn’t have credit problems.
We at the ISX are doing our best to transform
our exchange to meet or exceed the standards
in the region.
FUTURE OUTLOOK
• List more companies as they meet listing
requirements,
• Participate in conferences and international
symposiums,
• Initiate development and training programs in
cooperation with other exchanges, especially in
the Middle East,
• Begin operating the automated electronic
trading system in March 2009
• Assist in the eventual privatization of state
owned enterprises,
• Issue a new Securities Law in cooperation
with the Iraqi Securities Commission,
• Hold meetings and symposiums with
financial investment companies and investors,
• Publish trading data and information about
the ISX to encourage investment in Iraq,
• Work with Mubasher to distribute the ISX
data and accordingly enable its interested
subscribers to access the delayed and real-
time market information via Internet, satellites
and other communication networks. Mubasher
shall disseminate the Data in Arabic and
English in real-time or delayed basis through
its online and offline network.
.