Iraq Stock Exchange will implement an electronic system for trading

Iraq Stock Exchange will implement an electronic system for trading


stock exchange

Executive Director announced to the Iraqi market for securities Taha Ahmed Abdulsalam signing of an agreement with Nasdaq OMX »American information technology to transform the e-trading system to the middle of next year.

That «the signing of the agreement obtained after studies and negotiations continued for months, and after analyzing the technical specifications through design study discussed by the Board of Governors and management of the market with the Securities Commission and its member brokerage firms in the Iraqi market for securities.

He Abdulsalam said in a statement to Al-Hayat newspaper that the Nasdaq will develop the existing mail system to become the latest system known as Pax Stream, and the task is expected to be completed by mid-2014.

He added: «I will be the most important leading markets in the Middle East through the successful development of mechanisms and systems of work and attracting investment in securities for investors Iraqis and non-Iraqis, and previous experience in the applications of electronic systems since 2009 proved the power of the Iraqi Stock Exchange». And is supposed to help the transition to a program X-Stream market on the proliferation and development of trading in line with international standards.

The head of business development company Nasdaq in the Middle East and Africa, Michelle Carlson: «We are very proud of the positive follow-up activities of the Iraqi market for securities. The ratios of trading in 2004, about 14 billion shares, before rising to about 211 billion in 2009, and more than 625 billion last year, and $ 600 billion during the first half of the year. The market value in 2004 of more than $ 1.7 billion and $ 3.125 billion in 2009, and 5.597 billion last year, and $ 10.156 billion during the first half of the year.

The expert stressed economy Emad Aboud’s «life» that «the stock market of Iraq can be considered promising markets in if invested in optimal shape, especially as the three largest telecommunications companies began offering its shares for trading on the market, but to manage them overcome a lot of problems during the short period next ».

Carter said «of the most prominent problems lack of awareness among local investors, there are a limited number of regular customers, while Iraqis others from venture capitalists tend to invest in sectors other direct such as real estate, industry and trade, so it must promote awareness they have to secure the entry of at least 50 billion dollars to the market.