FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT APRIL 2011
IRAQ STOCK EXCHANGE
ISX introduced a new index in June 2010
after the Automation go life.
Taha Ahmed Abdul Salam
CEO
Iraq Stock Exchange (ISX) had established
under the Law (74), April 18th,2004 and start
operations in June 2004. The ISX operates
under the oversight of the Iraq Securities
Commission (ISC).
The exchange is a self-regulated organization.
Independent financially and administratively
from the Iraqi government, It is organized as a
non-profit entity that is owned by its members,
namely licensed brokerage firms. It is
regulated by the Iraq Securities Commission
and follows the operational procedures
outlined in its By-laws that are fully compliant
with the Iraqi Securities Law.
HISTORY AND DEVELOPMENT
1. For the period of 1992-2003 the Baghdad
Stock Exchange was operating and was well
known.
The previous Baghdad Stock Exchange was
established by the law No. 24 in 1991. The
market was related to the government and it
listed (113) different companies, some private
and others from the mixed sector. During that
period, especially in 2003, the market had
gained an annual trading volume exceeding,
US$17.5 million. However, this market was
closed by a decision of its Governing Council
in March 19, 2003.
2. Establishment of Iraq Stock Exchange
On 18 of April 2004, the temporary law No. 74
was issued. It gave the authority to establish
two important capital development bodies
concerning financial sectors, they are:
A. Iraq Stock Exchange (ISX).
B. Iraq Security Commission (ISC).
ISX Start Operations in 2004 with manual
trading till April 2009. Since April 18th, 2009 till
now ISX Using Automation trading, holding
five sessions weekly from Sunday to Thursday.
ISX introduced a new index in June 2010 after
the Automation go life.
ISX has organized a number of training
courses for Brokerage firms 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, (Equator & Horizon SYSTEMS).
3. Meaning of Iraq Stock Exchange
The ISX is an entity capital market not related
or powered by the government. It is directed by
a Board of Governors (BOG) and consists of
nine members, representing different economic
sectors of investment.
The market is where the investments,
exchange stocks, purchasing and selling takes
place. It is considered one of the channels in
which funds can flow between persons and
commissions through different sectors that
may help to mobilize and develop financing
and financial channels in order to give
readiness for different investments.
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.
ISX also update its information throw the
website: www.isx-iq.net. The ISX has
successfully joined FEAS (Federation of Euro-
Asia Stock Exchanges) on September 21st,
2005. And the Federation of Arab Stock
Exchange in June 2006.
FUTURE OUTLOOK
Iraq Stock Exchange has the following goals
for 2011:
1- Continue the ISX trading operations.
2- Signing a cooperation agreement with Erbil
Stock Exchange. Which it allow that market
trading through using the electronic trading
system and the Depository.
3- working with the ISC to issued the
Custodian Banks agreement.
4- Authorize five new brokerage firms
accordance ISC instructions.
5- Organizing the first conference of the ISX in
April 16-17, 2011 in Baghdad.
6- Continue to Accept New companies to be
list in ISX regarding the listing requirements.
7- Participate in conferences under FEAS and
Arabic Federations.
8- Assist in the eventual privatization after
issued the privatization low.
9- Hold meetings with investors.
10- Publish trading data and information about
the ISX to encourage investment in ISX.
11- issued Companies Guide which will
present information and financials data.
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