The Iraqi Stock Exchange uses internationally approved systems

by **claud39** on Tue Apr 09, 2019 6:07 pm

[size=36][rtl]The Iraqi Stock Exchange uses internationally approved systems[/rtl][/size]

Tuesday 09 April 2019

The Iraqi Stock Exchange uses internationally approved systems Alsabaah-9965

Baghdad / Al-Sabah

The Iraqi Stock Exchange on 19 April 2019 celebrates the tenth anniversary of the launch and use of electronic trading systems and central deposit in the Iraqi market for securities for the first time in the history of the financial market in Iraq.

On the occasion, Taha Ahmed Abdul Salam, Chief Executive Officer of the market, reviewed the market's achievements over the past ten years by saying: "The Iraqi Stock Exchange contracted the purchase and use of the electronic trading and central depository systems of NASDAQ OMX in 2007."

Effective achievements

"During the record period, 12 key points were achieved: the study of the DS design of the two systems according to the prevailing Iraqi laws, the selection of customizations, the training of engineers and technicians on the systems functions, as well as the authorized training of each brokerage company by experts from the Abu Dhabi and Dubai Stock Exchange The construction of trading stations, installation and testing of systems and tests in the experimental and real environment, as well as measuring the capacity of the systems in cooperation with external experts, and building internal networks in the market and external trading of electronic stations and electronic trading sites and official Including the Securities Commission. "

Instructions and rules

"The issuance of instructions and rules of electronic trading in cooperation between the Board of Governors of the Iraqi market for securities and the Board of Commissioners Securities Commission after discussions for more than 5 months," pointing to cooperation with joint stock companies to prepare and audit the record of shareholders and transfer its registration to the Depository Center.

He pointed out the establishment of workshops on the mechanisms of the Depository Center for the purpose of depositing certificates of paper shares and converting them to digital balances on the system Dematerialization, as well as the activity and efforts of the local media to spread the culture of investment development.

He said: "Five companies were selected to launch trading on their shares according to electronic trading mechanisms and Central Depository in the first electronic trading session on April 19, 2009, which are the Bank of Ashur, Al-Mansour Bank, Commercial Bank, Ishtar Hotels and Al-Mansour Hotel."

"The share price index has been launched according to the company's capital weights and stock price," Abdul Salam said.

"Ten years after the launch of electronic trading and central deposit, the Iraqi Stock Exchange uses the latest electronic systems in accordance with the development mechanisms adopted in the Arab and international financial markets, through the organization of five trading sessions a week from 9:30 am to 12 noon, And the adoption of disclosure as a means of attracting investment and build investor confidence.

He disclosed that "the Iraqi market plans for securities extends to achieve the principles of emerging financial markets according to the indicators of trading achieved and develop the prevailing rules and regulations attractive to investment and achieve fair and transparent handling of securities and diversification of financial instruments in the Iraqi economy."

He pointed out that «in order to develop the capital market in Iraq, the next plans must take into account the development of market regulations and rules and the introduction of instructions to attract investmentAnd firstly, the need to diversify financial instruments in the economy and the financial market and open the prospects for investment savings, Representing the segments of the Iraqi economy, and interest in the culture of investment securities and follow up the affairs of shareholders through the websites of data and information in the flags of listed companies.

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