Question on margin

[jaycon62]

Is there a minimum IQD amount required to buy stock in ISX? I know that this is a requirement in some US markets, such as the Futures market, but I didnt see it in the requirements posted here. Its causing me to run into a SNAFU with Warka

[jaycon62]

I'm referring to margin if that wasnt clear

[24mm exposed grid]

Margin ?

You need to buy the stocks in full outright. No margin here. You must have the full value of the shares you wish to purchase, in your account in order to buy.

Minimum quantity orders apply when dealing through Warka, 200,000 shares per company.

[jaycon62]

Margin ?

You need to buy the stocks in full outright. No margin here. You must have the full value of the shares you wish to purchase, in your account in order to buy.

Minimum quantity orders apply when dealing through Warka, 200,000 shares per company.


Here's what they sent me :
Our brokerage office in accordance with standard procedures followed by all Iraqi brokerage firms sets a higher price margin when submitting a order in the event the share price increases i.e. if the last share trading price was IQD 1.5 our brokerage office will set a price IQD 2.5 and a much higher price margin is set for the Company industry as the share price might fluctuate and rise above IQD 5 in one trading session where the available balance in the account becomes insufficient to cover the buy order.


Very ambiguous huh? No specifics. The way I read this is the amount authorized must take into acct 1IQD +/- per share.

[24mm exposed grid]

Here's what they sent me :
Our brokerage office in accordance with standard procedures followed by all Iraqi brokerage firms sets a higher price margin when submitting a order in the event the share price increases i.e. if the last share trading price was IQD 1.5 our brokerage office will set a price IQD 2.5 and a much higher price margin is set for the Company industry as the share price might fluctuate and rise above IQD 5 in one trading session where the available balance in the account becomes insufficient to cover the buy order.


Very ambiguous huh? No specifics. The way I read this is the amount authorized must take into acct 1IQD +/- per share.

Ambiguous ? Yes, but thats the norm for just about every statement that comes out of Iraq.

The paragragh that you have posted, was actually discussed on a thread a week or so ago. To be honest, the only thing I remember about it was that the statement from Warka, about price rising to 5 dinar from 2.5, contradicts the 20% price cap that is supposedely in place.

[jaycon62]

Ambiguous ? Yes, but thats the norm for just about every statement that comes out of Iraq.

The paragragh that you have posted, was actually discussed on a thread a week or so ago. To be honest, the only thing I remember about it was that the statement from Warka, about price rising to 5 dinar from 2.5, contradicts the 20% price cap that is supposedely in place.


Can you point me in the direction of that thread? much obliged!

[24mm exposed grid]

Its here

http://www.investorsiraq.com/showthread.php?t=131494

I dont think it offers much, for what you need. Having skipped through it again, I see that you have already posted a comment within the thread anyway.

[jaycon62]

Its here

http://www.investorsiraq.com/showthread.php?t=131494

I dont think it offers much, for what you need. Having skipped through it again, I see that you have already posted a comment within the thread anyway.

You're right, not much help, thanks for trying. Hope I didnt miss this train!:sweating:

If anyone else is having this problem, feel free to post suggestions. I sent them this response along with a modified request detailing my intentions:

Dear Sirs,
I have modified again my request to purchase stock.
Please purchase company shares in order listed on document if
funds are insufficient to purchase all 5 companies. In addition if this document is
not sufficient to accomplish the purchase/s, please send exact detailed format required
to allow purchase of shares in companies indicated up to the balance in my IQD acct.
Thank you,

Will f/u for the late entry investors such as myself

[24mm exposed grid]

You're right, not much help, thanks for trying. Hope I didnt miss this train!:sweating:

If anyone else is having this problem, feel free to post suggestions. I sent them this response along with a modified request detailing my intentions:

Dear Sirs,
I have modified again my request to purchase stock.
Please purchase company shares in order listed on document if
funds are insufficient to purchase all 5 companies. In addition if this document is
not sufficient to accomplish the purchase/s, please send exact detailed format required
to allow purchase of shares in companies indicated up to the balance in my IQD acct.
Thank you,

Will f/u for the late entry investors such as myself

Not really too sure what all of this is about.

I put through my very last buy order (for the foreseeable future) on Sunday, decided to go for some Bank of Baghdad to complete my portfolio. I did have a little over 3 million sitting in my Warka account and I asked to buy 2.2 million dinars worth of BoB at market price.

I just received the usual acknowledgement, that my order would be placed today (4th Aug). Nothing else

[theopptomist]

Hey Jay, it sounds more like they are asking for a condition on a purchase order:-

Say Warka was trading at 3 Dinar, you would place your order with the maximum buy price of 4 dinar. This would decrease your risk of not being able to complete your 200,000 minimum share order should there only be 50,000 shares to buy at 3 dinar.

I think they are asking you to account for this when placing orders. IMO

What is your take on this 24?

[jaycon62]

Hey Jay, it sounds more like they are asking for a condition on a purchase order:-

Say Warka was trading at 3 Dinar, you would place your order with the maximum buy price of 4 dinar. This would decrease your risk of not being able to complete your 200,000 minimum share order should there only be 50,000 shares to buy at 3 dinar.

I think they are asking you to account for this when placing orders. IMO

What is your take on this 24?


Thats kinda what I got out of it too, so I added one dinar to each share price and authorized the amount it would have taken to buy at the inflated/doubled rate. Hope it works. Crow PM'ed me to the effect that there may be some increased volatility in the very near future! Keeping fingers crossed:sweating: