Ever tried to sell a stock?? Read this!!

[lglwzrd]

well, i wanted to sell 2 of my stocks that were in the red and buy better stocks with the sales proceeds. so, i placed a sell order last night-and just received this e-mail from our friend, mr i:

Dear XXXXXXXX:


Your request has been received and will be submitted to the ISX noting that in accordance with the current internal process and procedure of the ISX it takes a minimum period of 40 days just to register and upload shares in the ISX system. This registration and upload must first be completed before the sell order can go through and as mentioned this is an internal ISX policy out of our control further noting that our brokerage office and several others have submitted complaints to the ISX regarding this matter in the hope of a positive change to best serve our clients and investors.

Thanks for the referral and you fine associate can count on receiving the very best from our bank and staff.

Enjoy the day and best regards,

Mr I
Deputy Managing Director
Senior Executive
International Affairs.


now, this raises more questions than answers.....i guess we have been buying original issued shares. so, when mine are available to sell, do they wait in line until the available inventory is used up??

it is ponderous!!!!!
im just shocked-incredibly shocked!! and fyi, warka is my proxy.....

[geowhiz]

:headbang: I figured this proxy program would bite us in the eventually.

[lglwzrd]

i dont know if it would be any different if you held them in your good name!!!!

[lglwzrd]

a lot can happen in 40 days. if those negative stocks turn positive, can i recall the sell order??

[RoyalBeluga]

I'm not going to sell any stocks unless I really need to :smoke:

[geowhiz]

a lot can happen in 40 days. if those negative stocks turn positive, can i recall the sell order??


If this is really the case Ill be calling Mr I on the phone. Regardless of the which direction the stocks are going a 40 day delay for a sell order is ridiculous. :no:

[mike032588]

If this is really the case Ill be calling Mr I on the phone. Regardless of the which direction the stocks are going a 40 day delay for a sell order is ridiculous. :no:


Yes that is rediculous we need to get in contact with him to further go over this.. Geo you want to do it? If not i will do my best to get a hold of him....

[iamrealdreamer]

things take time, it will get better! :rock:

[lglwzrd]

i wonder with all of the stocks going electronic could be part of the delay?? has anybody here ever sold any stocks?? i think lance did-and bailed out completely.

[geowhiz]

Yes that is rediculous we need to get in contact with him to further go over this.. Geo you want to do it? If not i will do my best to get a hold of him....


Ill call Warka around 4 AM MST tonight which is 2 PM Iraq time (no big deal Im up anyway because of my job). This is potentially scary stuff and I just want to clear it up if the delay is because of an ISX issue or a Proxy issue. (Plus I want to know why my 3 yr CD hasnt hit my account yet).

[Thaiville]

You know i thought that this type of issue could also come up with Warka Accounts if a big RV hits.

A control measure to keep flows of money in and out of WARKA or Iraq without easy access to wire funds elsewhere.

We will see.

[lglwzrd]

You know i thought that this type of issue could also come up with Warka Accounts if a big RV hits.

A control measure to keep flows of money in and out of WARKA or Iraq without easy access to wire funds elsewhere.

We will see.
you are limited to $10,000.00 wire or e transfers from your dollar acct per day-unless you can provide documentation-ie stock purchase (usa) of a real estate purchase-then you can transfer more...so it will take 100 days per million dollars......iraqi banking law-not warka

[latefordinar]

This[ is what tripped me up with the 5 day window to buy paid up shares of Karbala Hotel.

I could not sell any shares of my lesser performing stocks within a reasonable window of time to purchase paid-up shares. The safest surest way to take advantage of paid-up shares is to keep 1-2 million IQD in your account for purchases.

I am sticking with my original investment plus dividends to bolster my IQD account.
with my picks I'm doing reasonably well with free shares and was able to execute a few sell orders before this new rule came into play.

This has cost me the opportunity to buy paid-up shares on several occasions, But my original investment was about 7 million dinar and is now worth nearly 12 million dinar (current total shares 5 million)
(42%) gain...I'm not willing to add 1,000,000 IQD every 3 months or so solely for the purpose of purchasing paid-up shares... there is obviously an opportunity cost at play here But, I consider my current Hold position a safe haven (heaven).... though I would like to buy more ahead of the curve... overall I'm satisfied with my picks and don't mind holding dar- Salem bank North bank and several others for the long term.

I don't care for the "sell" window but I'm still on track with my original goals, though it would be nice to balance my portfolio by selling at the peaks and buying at the valleys, I'm content with the Hold position for the short term.:bandit:

[GottaDash]

Hmmm. My stocks are in my own name.

Anyone sell stocks in their own name? Is it faster?

Heck, I'll probably just try it with a dud I bought. See what happens.

What good is it going to do you all to call Mr. I? He says in the email that Warka and other brokers have put in complaints with the ISX. It's out of his and Warka's control. It's an ISX problem. Seems like you just want to complain to him - which I'm sure he already gets plenty of.

Anyway, I hope it works out for you all.

[War Eagle]

I had the same idea-to sell some lessor performing stocks,and replace them with some better ones-ABSOLUTELY,POSITIVELY DID NOT WORK OUT-I can NOT get ANY stocks sold-UNBELIEVABLE!!!!!!!!!!!!!!!!!!!!!!

[geowhiz]

Hmmm. My stocks are in my own name.

Anyone sell stocks in their own name? Is it faster?

Heck, I'll probably just try it with a dud I bought. See what happens.

What good is it going to do you all to call Mr. I? He says in the email that Warka and other brokers have put in complaints with the ISX. It's out of his and Warka's control. It's an ISX problem. Seems like you just want to complain to him - which I'm sure he already gets plenty of.

Anyway, I hope it works out for you all.


My call about this issue is of secondary importance to me. My main beef has to do with about 10 grand in a 3 year CD that should have expired last month and hasn't been credited to my account. Yes, Ill call to complain. Warka is a bank, I am a client, and this is the 21st century.

[Crow]

I had the same idea-to sell some lessor performing stocks,and replace them with some better ones-ABSOLUTELY,POSITIVELY DID NOT WORK OUT-I can NOT get ANY stocks sold-UNBELIEVABLE!!!!!!!!!!!!!!!!!!!!!! This to be expected, people should realize when entering investment situations like this it is a different world. The ISX is going through a transition period, a lot of bugs to be worked out in both the ISX systems and bank/brokerage systems. THIS IS INVESTING IN A PRE-EMERGING MARKET AND IS IN NO WAY COMPARABLE TO MARKETS IN U.S
The major players are waiting until the ISX is up and running with the bugs pretty much worked out ( though a few have started peliminary explorational trading) because this is not easy and is risky....but that being said with risk comes reward.... so guys/gals welcome to my world!

[trusty]

My call about this issue is of secondary importance to me. My main beef has to do with about 10 grand in a 3 year CD that should have expired last month and hasn't been credited to my account. Yes, Ill call to complain. Warka is a bank, I am a client, and this is the 21st century.

Maybe it was automatically renewed for another term?

I know in U.S. if you don't withdraw the funds within 10 days it goes back into another CD.

Trusty

[lglwzrd]

well, this blows away oldskiiers theory of day traders in the isx.......

[lglwzrd]

in fact, if there is a 40 day lag time, how can a stock loose value??? if it cant be sold.......its just PONDEROUS!!!!!!!!!!

[geowhiz]

Maybe it was automatically renewed for another term?

I know in U.S. if you don't withdraw the funds within 10 days it goes back into another CD.

Trusty


I sent a letter saying that I wanted proceeds transferred to my dollar account upon maturation. Just a delay. Probably nothing, but it has been over a month.

Still like Warka. Sort of..

[Seaview]

...... My main beef has to do with about 10 grand in a 3 year CD that should have expired last month and hasn't been credited to my account......
I don't believe there were ever 3 year CD's? :wondering:

[geowhiz]

I don't believe there were ever 3 year CD's? :wondering:

2 year 17%.. My bad.

[Seaview]

2 year 17%.. My bad.
Just checking.... :yes: :giggle:

[HumbleGenius]

I have tried to sell stock that is in my own name and have not had any success. (I have the certificate image and number, etc)

My communication with MR. I includes my initial request and my followup email of concern that my request was not being executed. His response to each email:

"Please note that your sell request will be submitted noting that the process for registering a sell order in the ISX system takes up to 3 weeks to be registered and this is an internal ISX procedure in which many brokerage firms have submitted complaints due to the lengthy period in registering shares for sale."

and

"From our end we have submitted the sell order and waiting for the ISX to complete the registration noting that we have no control or influence in this matter. To be frank I think that the ISX is currently under staffed and dealing with a new system is the main cause of the delay."

I have no reason to doubt him but it is very frustrating.

HG

[geowhiz]

Just checking.... :yes: :giggle:


Wish I could roll that baby over for the same rate. Wow what a sweet deal. :hi:

[Kickabuck]

Gottadash, I double dog dare you ! :yelrotflmao: Put in a sell order with your registered ISX # :eek:

War Eagle...without stepping on toes, you most likely have a problem with being in proxy, or having unreliable service to your email address. Warka has been working out well for me communication wise. If you don't receive a reply to your questions with 48 hours, something is wrong...Warka responds much faster than that.

Finally, the 40 day lag time, "IF" it exists, may benefit you all for trying to sell anything :biggrin:


Gains occur here when you least expect it, look at carton...idle then BAM...Faj Const, idle them BAM... pharm...idle then BAM...BAM, BAM, BAM...stay positive, the gains are there...and do NOT SELL :rolleyes:

[geowhiz]

I have tried to sell stock that is in my own name and have not had any success. (I have the certificate image and number, etc)

My communication with MR. I includes my initial request and my followup email of concern that my request was not being executed. His response to each email:

"Please note that your sell request will be submitted noting that the process for registering a sell order in the ISX system takes up to 3 weeks to be registered and this is an internal ISX procedure in which many brokerage firms have submitted complaints due to the lengthy period in registering shares for sale."

and

"From our end we have submitted the sell order and waiting for the ISX to complete the registration noting that we have no control or influence in this matter. To be frank I think that the ISX is currently under staffed and dealing with a new system is the main cause of the delay."

I have no reason to doubt him but it is very frustrating.

HG


Well, guess it's not a proxy issue.

[HumbleGenius]

Well, guess it's not a proxy issue.

I have lots of concerns right now actually but am still drinking the KoolAid hoping it all works out. the following is another post I had entered:

HumbleGenius (http://www.investorsiraq.com/member.php?u=20909) http://www.investorsiraq.com/images/impact/statusicon/user_invisible.gif
Supporter and Investor! http://www.investorsiraq.com/medal.gif
Join Date: Sep 2008
Posts: 762


http://www.investorsiraq.com/images/icons/icon1.gif Still have the KTF feeling but the K may turn to a W if I dont hear something soon
I can say my concern 'radar' is up a bit. I tried to sell a particular stock that was trading relatively actively for 6 weeks before it shut down for 'electronic'. There were plenty of opportunities to 'sell' it in my opinion (volume/no of trades) but it was never sold on my behalf. I have resubmitted a sell order now that it is back trading. The results today reflect that a reasonable number of trades occurred for this stock. My strike price (not a high price but my asking price) was hit also. This is where I will see if the electronic trading is as we have been led to believe and is 'investor' neutral. If my requested selling stock was not part of the trading today I will have to wonder about the legitimacy of the 'electronic phase' we are now in when it comes to 'non-iraqis'.
I knew I was getting screwed (and accepted that as payment for sneaking in where only professionals :eek: should be) before the electronic phase. however I was hoping that would not be the case in the new world.
Bottom line, I have trust in Warka and the process so I am not worrying 'yet'. However as I said, I am starting to wonder.......on the selling side.


---------------------------------

Somewhere else on here I posted the thought, If it takes three weeks to place a sell order. How come some (a few) stocks trade the first or second trading session after they come back from their GA. shouldn't it take up to three weeks to match a sell with a potential buy? Why not the time gap there. I still think that All Inverstors are equal but Iraqi Investors or more equal. For now, I am willing to live with that.

[williambedloe]

It takes 3 weeks to register EVERY SELL ORDER????

Are there not other folks on here who do NOT use Warka? What has been their experience?

[GottaDash]

Gottadash, I double dog dare you ! :yelrotflmao: Put in a sell order with your registered ISX # :eek:
:rolleyes:

:evilgrin: Dam....You broke daring etiquet and double dog dared me - before dare and double dare. Aight... I'll try it! Soon.... :rofl:

Geo - you lucky SOB - I'd take that 17%. You're still my favorite Dem - I'm just saying Mr I is s-t-r-e-s-s-e-d. Be nice to him. :sun:

[Kickabuck]

Mr I told me that they would not accept my offer until "a particular" stock started trading and established a price. I'm ok with that.

Crow warned everyone. This isn't the NYSE, be patient...not being able to sell may make your arse a lot of money down the line. Are people really expecting to day trade on the ISX? Are they looking to exit the market? You should already know the rules...let's go back 6 months, the white board is there, but either the marker or eraser is missing...NO TRADES!!!!

Here's the point i don't get. What causes a person to become jaded with this market? Is it the fact that you think you will never recover what you invested? Or, that you can't swap stocks on a seconds notice?

This is not the NYSE, if your sell order takes a while to execute, get over it...it probably took longer for your buy order to kick in.

Buy what you can afford, then buy more...you will never see an opportunity at this scale again in your furture. Grab what you can, and hold on...

[explorerhot]

The 40 day must be a maximum.. If it's not a popular stock it might take a while, but I submitted a sell oder a couple of weeks ago. and it took about 4 days for them to sell them.

I had the stock in my good name, and recieved the same email from Mr. I... may be just a form "CYA" email.

[Crow]

Remember also, if the chapter 7 thing is taken care of and a few "other" things fall into place the ISX will take off....trading could be almost impossible for a time..just have to sit and watch.

[lglwzrd]

The 40 day must be a maximum.. If it's not a popular stock it might take a while, but I submitted a sell oder a couple of weeks ago. and it took about 4 days for them to sell them.

I had the stock in my good name, and recieved the same email from Mr. I... may be just a form "CYA" email.
thanks. ordinarily i am not an advocate to sell anything. but i bought a couple of expensive stocks-high and only 200k shares each. it makes more sense to me to get out of them and buy 2 mill shares of some warka or so. a million shares of a 1 dinar stock will appreciate more than 200k shares of a 7-9 dinar stock. so, thats the logic im going with. hell, i got millions of shares-so now its time to shore up on the real good ones.....but thats just me.:sun:

[williambedloe]

:evilgrin: Dam....You broke daring etiquet and double dog dared me - before dare and double dare. Aight... I'll try it! Soon.. :sun:

I'm considering dumping North Bank shares...what a dog that has been

[Crow]

I'm considering dumping North Bank shares...what a dog that has been.......:yelrotflmao: Somebody just invested like 10 million dollars in it. Yeah, I would sell.

[HumbleGenius]

Hey Kickabuck. I have not seen any posts on this thread so far that reflects anyone is jaded towards the ISX (yet). So far I have seen some pretty good discussion about the process. That's a good thing I would think. I may be misunderstanding your post also so please do not consider this post a challenge to you. Thats not my intent, we have the same goals for the end game.

I have seen other IIF'rs knock the ISX just to knock it but that is their eventual loss and I dont waste my time on them.

[HumbleGenius]

thanks. ordinarily i am not an advocate to sell anything. but i bought a couple of expensive stocks-high and only 200k shares each. it makes more sense to me to get out of them and buy 2 mill shares of some warka or so. a million shares of a 1 dinar stock will appreciate more than 200k shares of a 7-9 dinar stock. so, thats the logic im going with. hell, i got millions of shares-so now its time to shore up on the real good ones.....but thats just me.:sun:

Agreed, I bought 100-300k of as many companies across the board as I could in all sectors. I want to adjust my portfolio now by unloading one particular stock that I feel I can do better with.

I also know there are those that have met their limits in terms of sending more cash over there so they want to sell shares of some companies to take advantage of paid ups that come out.

[dinar shore]

I, too, purchased hundreds of thousands of shares across many banks and industry segments since the Spring of '06 but it appears that it is now next to impossible to sell a stock on the electronic board in a timely fashion. We all thought it would much faster but just the inverse has occurred. Would love to dump Summer Trade Bank; aka Sumer Bank and Islamic Bank. Bow wow.

p.s. I've got 50k shares of Household Furniture purchased back in '06. Does anyone know if this company is even still in business?




Agreed, I bought 100-300k of as many companies across the board as I could in all sectors. I want to adjust my portfolio now by unloading one particular stock that I feel I can do better with.

I also know there are those that have met their limits in terms of sending more cash over there so they want to sell shares of some companies to take advantage of paid ups that come out.

[lglwzrd]

.......:yelrotflmao: Somebody just invested like 10 million dollars in it. Yeah, I would sell.
but it didnt appreciate???!!!

[GottaDash]

I'm considering dumping North Bank shares...what a dog that has been

Al Therar :dull:

I got what I paid for on that POS :headbang:

[KnightsCharger]

Hey Kickabuck. I have not seen any posts on this thread so far that reflects anyone is jaded towards the ISX (yet). So far I have seen some pretty good discussion about the process. That's a good thing I would think. I may be misunderstanding your post also so please do not consider this post a challenge to you. Thats not my intent, we have the same goals for the end game.

I have seen other IIF'rs knock the ISX just to knock it but that is their eventual loss and I dont waste my time on them.


Was this necessary? Most IIF's with cash positions I know of, simply expressed "patience". That timing in investing in any stock foriegn or domestic is paramount. Now it seems that there is a policy at the ISX that places "sell orders" in limbo for 40 days. You realize once your "sell order" is processed it will sell at that time at that price, not at the price you placed your order. How is that a sound investment strategy?

You could be exiting a stock that has lost all it's value (tanked, you lose) or selling a stock that is going thru the roof (you lose or at best limit gains). I tend to want to believe in the validity of the ISX, and that the rules and regulations they adopt will benefit the ISX, making it stronger while increasing capitalization. A 40 day lock on "sell orders" would seem to support that. I'm not trying to be difficult, if someone would like to straighten me out I'm all eyes!!:surprised:

KC

[bigiconz]

I will go ahead and geenx my self and say I am glad I just have cash in hand. hope it all turns out good for you all.

[cowpoke]

I have asked our good friend Iraqi investor to answer this question of the 40 days for us and he has replied to my question.
I have also asked him permission to report his reply here but as well asked that if he would rather respond in kind to this thread on his own, so be it and that would be welcome.

SO we will wait a bit until I hear back.. should be soon.

[dim sum]

Was this necessary? Most IIF's with cash positions I know of, simply expressed "patience". That timing in investing in any stock foriegn or domestic is paramount. Now it seems that there is a policy at the ISX that places "sell orders" in limbo for 40 days. You realize once your "sell order" is processed it will sell at that time at that price, not at the price you placed your order. How is that a sound investment strategy?

You could be exiting a stock that has lost all it's value (tanked, you lose) or selling a stock that is going thru the roof (you lose or at best limit gains). I tend to want to believe in the validity of the ISX, and that the rules and regulations they adopt will benefit the ISX, making it stronger while increasing capitalization. A 40 day lock on "sell orders" would seem to support that. I'm not trying to be difficult, if someone would like to straighten me out I'm all eyes!!:surprised:

KC


Read

Post #33 by explorerhot…

“The 40 day must be a maximum.. If it's not a popular stock it might take a while, but I submitted a sell oder a couple of weeks ago. and it took about 4 days for them to sell them.

Obviously, there is not a "policy at the ISX that places "sell orders" in limbo for 40 days"

[cowpoke]

I have asked our good friend Iraqi investor to answer this question of the 40 days for us and he has replied to my question.
I have also asked him permission to report his reply here but as well asked that if he would rather respond in kind to this thread on his own, so be it and that would be welcome.

SO we will wait a bit until I hear back.. should be soon.


Got it......

This is what I asked:
Director Aziz, you can answer the question for me with regard to settled
Electronic exchange policy?

I have read that the Warka Bank is telling clients that it can take
Between 3 weeks and 40 days to register the shares and loaded on
Settled an electronic system for sale. Warka Bank is the claim that this is the length of time
In their view, due to the fact that the Iraqi Stock Exchange from a lack of staff (lack of staff) and
Take a long time to execute trades for sale.

Director-General, is this true? It may take up Iraqi Brokerages
For 40 days to register the sale of investors in securities with the Iraq Stock Exchange?

The Reply:

This is untrue and inaccurate, selling and purchasing operations in electronic trading recorded moment by moment, there is no delay, but if you mean for example the case of persons who want to register their names as investors take a new number and a new investor for the purpose of buying and selling, the process of registration does not exceed by my knowledge at the present time more than 3 days or less, yes, the former was more than 3 weeks, but now 3 days or less ..


SO, I hope this adds to the overall discussion.
And Thanks To the Iraqi Investor for his PROMPT REPLY!:yes:

[dim sum]

and thanks for your efforts CP! :yes:

[lglwzrd]

and thank you too-ill report back when i have notice of the sale.

[dim sum]

use the time now to get all of your registration paperwork done...:time:

[Tallil1]

So, does this put to rest the arguments of the past FEW years Re:ISX vs. Cash on Hand proponents?:smoke:

Is it safe to say we are BOTH on a "Buckin' Bronco" we are trying to break and the only thing to do is hold on tight and enjoy the ride (forget the whole train analogy).:yelrotflmao:

:rock::giggle::rolleyes::cool:

Back to lurking!

[24mm exposed grid]

I have tried to sell stock that is in my own name and have not had any success. (I have the certificate image and number, etc)

My communication with MR. I includes my initial request and my followup email of concern that my request was not being executed. His response to each email:

"Please note that your sell request will be submitted noting that the process for registering a sell order in the ISX system takes up to 3 weeks to be registered and this is an internal ISX procedure in which many brokerage firms have submitted complaints due to the lengthy period in registering shares for sale."

and

"From our end we have submitted the sell order and waiting for the ISX to complete the registration noting that we have no control or influence in this matter. To be frank I think that the ISX is currently under staffed and dealing with a new system is the main cause of the delay."

I have no reason to doubt him but it is very frustrating.

HG

HG,

I am wondering if there is also a difference in procedure for stocks that were bought in your own name, but prior to e-trade commencement.

The stocks you attempted to sell in your own name, were they purchased as e-stocks or via the manual system ?

[24mm exposed grid]

The 40 day must be a maximum.. If it's not a popular stock it might take a while, but I submitted a sell oder a couple of weeks ago. and it took about 4 days for them to sell them.

I had the stock in my good name, and recieved the same email from Mr. I... may be just a form "CYA" email.

Hi, Can I ask if the stock that you sold, was previously purchased under the manual system or as an electronic trade ?

Thanks

[RoyalBeluga]

but it didnt appreciate???!!!

Bump this post!!!!

Why didn't it appreciate after the 10 million dollar trade? :wait:

[KnightsCharger]

Read

Post #33 by explorerhot…

“The 40 day must be a maximum.. If it's not a popular stock it might take a while, but I submitted a sell oder a couple of weeks ago. and it took about 4 days for them to sell them.

Obviously, there is not a "policy at the ISX that places "sell orders" in limbo for 40 days"






This is the orginal post and E-mail from Mr. I

Dear XXXXXXXX:


Your request has been received and will be submitted to the ISX noting that in accordance with the current internal process and procedure of the ISX it takes a minimum period of 40 days just to register and upload shares in the ISX system. This registration and upload must first be completed before the sell order can go through and as mentioned this is an internal ISX policy out of our control further noting that our brokerage office and several others have submitted complaints to the ISX regarding this matter in the hope of a positive change to best serve our clients and investors.

Thanks for the referral and you fine associate can count on receiving the very best from our bank and staff.

What now hot shot!! This is from your broker, not me!!!:wink:

KC

[HumbleGenius]

KnightsCharger. I am not aware of you knocking individuals on here so I am not sure what you are getting at. You seem to confuse the word 'other' and 'all'. Just to test your honesty. Are you telling me that you have not seen other individuals bait the ISX'rs? I have also seen people antagonize cash holders. I dont have time for that either. What good does it serve. With the exception there are persons on here that I beleive are trying to assist cash holders that they may really want to consider moving into stocks. I dont consider that knocking a person but I guess that depends on how one looks at things.

[HumbleGenius]

HG,

I am wondering if there is also a difference in procedure for stocks that were bought in your own name, but prior to e-trade commencement.

The stocks you attempted to sell in your own name, were they purchased as e-stocks or via the manual system ?

24,
Puchased manual in my name however I tried to sell it for a month + before it went electronic. It hit my strike price at that time and was selling and had some volume however my order never executed. Then it went electronic and I have now been chasing it down even though it has hit my strike price.

It hit the price today but it did not sell according to the non-iragi bulletin. A little frustrating but I am still on board.

[HumbleGenius]

Got it......


The Reply:

This is untrue and inaccurate, selling and purchasing operations in electronic trading recorded moment by moment, there is no delay, but if you mean for example the case of persons who want to register their names as investors take a new number and a new investor for the purpose of buying and selling, the process of registration does not exceed by my knowledge at the present time more than 3 days or less, yes, the former was more than 3 weeks, but now 3 days or less ..


SO, I hope this adds to the overall discussion.
And Thanks To the Iraqi Investor for his PROMPT REPLY!:yes:

Yep, I figured this. The tough part to reckon with is the email verbiage I posted above are direct quotes I received from Mr. I. Someone is being lied to. (and it looks like it is me) I don't like to use the word but it is what it is. Bottom line is as we have discussed in the past. Warka is swamped and as Dash said I am sure Mr. I is stressed to the hilt. My Credo is still 'Go Warka' but I would not mind establing a relations with another broker. But unless things have changed they are looking for the 25K and above crowd and that leaves me out.

[dim sum]

This is the orginal post and E-mail from Mr. I

Dear XXXXXXXX:


Your request has been received and will be submitted to the ISX noting that in accordance with the current internal process and procedure of the ISX it takes a minimum period of 40 days just to register and upload shares in the ISX system. This registration and upload must first be completed before the sell order can go through and as mentioned this is an internal ISX policy out of our control further noting that our brokerage office and several others have submitted complaints to the ISX regarding this matter in the hope of a positive change to best serve our clients and investors.

Thanks for the referral and you fine associate can count on receiving the very best from our bank and staff.

What now hot shot!! This is from your broker, not me!!!:wink:

KC


The Reply:

This is untrue and inaccurate, selling and purchasing operations in electronic trading recorded moment by moment, there is no delay, but if you mean for example the case of persons who want to register their names as investors take a new number and a new investor for the purpose of buying and selling, the process of registration does not exceed by my knowledge at the present time more than 3 days or less, yes, the former was more than 3 weeks, but now 3 days or less ..

Warka is not my broker and I am fully registered for depository trading.

I'd call you "hotshot", but, you are far from being one...:giggle:

[HumbleGenius]

So, does this put to rest the arguments of the past FEW years Re:ISX vs. Cash on Hand proponents?:smoke:

Is it safe to say we are BOTH on a "Buckin' Bronco" we are trying to break and the only thing to do is hold on tight and enjoy the ride (forget the whole train analogy).:yelrotflmao:

:rock::giggle::rolleyes::cool:

Back to lurking!

Agreed. If anyone has gotten into this and does not understand even a little bit that he or she could lose their entire investment (cash or ISX, etc) then they may want to seriously reconsider their position. I am still betting on the Beach House at this point.

[24mm exposed grid]

24,
Puchased manual in my name however I tried to sell it for a month + before it went electronic. It hit my strike price at that time and was selling and had some volume however my order never executed. Then it went electronic and I have now been chasing it down even though it has hit my strike price.

It hit the price today but it did not sell according to the non-iragi bulletin. A little frustrating but I am still on board.

Well that does add a little weight to my thoughts that the problem may only exist on shares purchased before e-trade started.

[KnightsCharger]

KnightsCharger. I am not aware of you knocking individuals on here so I am not sure what you are getting at. You seem to confuse the word 'other' and 'all'. Just to test your honesty. Are you telling me that you have not seen other individuals bait the ISX'rs? I have also seen people antagonize cash holders. I dont have time for that either. What good does it serve. With the exception there are persons on here that I beleive are trying to assist cash holders that they may really want to consider moving into stocks. I dont consider that knocking a person but I guess that depends on how one looks at things.

I don't know about baiting, but i'll acknowledge some pretty heated debate:giggle:. You can be sure I come to the ISX forum for information. I am a firm believer in the free market and the ISX is the vehicle in Iraq that will take the pulse of investors interest. I honestly wish everyone here the best of luck.

KC

[HumbleGenius]

I don't know about baiting, but i'll acknowledge some pretty heated debate:giggle:. You can be sure I come to the ISX forum for information. I am a firm believer in the free market and the ISX is the vehicle in Iraq that will take the pulse of investors interest. I honestly wish everyone here the best of luck.

KC

:handshake: Agreed

[RoyalBeluga]

Well that does add a little weight to my thoughts that the problem may only exist on shares purchased before e-trade started.

So what exactly are you saying? That 10, 20 years from now those shares purchased prior to e-trade will be lost in the undergrowth?

[24mm exposed grid]

So what exactly are you saying? That 10, 20 years from now those shares purchased prior to e-trade will be lost in the undergrowth?

No I'm not saying that at all.

We know from 'Iraqi Investors' comments that there is no buy / sell delay on the e system. It is instant (more or less). What makes sense to me is that any stock bought on the e-trade system will already be registered on the system, so one would think that stock could be sold whenever required.

I am thinking maybe shares purchased before this period, whether by proxy or own name, would need to be uploaded to the system as per Mr I's comments, hence the delay.

These are only my thoughts, feel free anyone to disagree, but it makes sense to me at this time.

Either way, I am not overly concerned, I am sure it will all be sorted in due course.

[KnightsCharger]

The Reply:

This is untrue and inaccurate, selling and purchasing operations in electronic trading recorded moment by moment, there is no delay, but if you mean for example the case of persons who want to register their names as investors take a new number and a new investor for the purpose of buying and selling, the process of registration does not exceed by my knowledge at the present time more than 3 days or less, yes, the former was more than 3 weeks, but now 3 days or less ..

Warka is not my broker and I am fully registered for depository trading.

I'd call you "hotshot", but, you are far from being one...:giggle:

Ok! I had that one coming!!

I've been off for awhile, so are you saying that Warka does not place "buy and sell" orders with the ISX for their clients? Are investors, "since going electronic" capable of trading directly from the electronic board? I really want to be current!:handshake:

KC

[24mm exposed grid]

"Explorerhot" has posted of a 4 day period in which to sell shares. It will be very interesting to find out when those shares were actually purchased.

[geowhiz]

No I'm not saying that at all.

We know from 'Iraqi Investors' comments that there is no buy / sell delay on the e system. It is instant (more or less). What makes sense to me is that any stock bought on the e-trade system will already be registered on the system, so one would think that stock could be sold whenever required.

I am thinking maybe shares purchased before this period, whether by proxy or own name, would need to be uploaded to the system as per Mr I's comments, hence the delay.

These are only my thoughts, feel free anyone to disagree, but it makes sense to me at this time.

Either way, I am not overly concerned, I am sure it will all be sorted in due course.


Beginning in early '07, the scuttlebutt coming from Warka, Mr I, the ISX and members of this forum with some sort of "insider knowledge", has been that those of us in proxy would soon have our shares put into "our good names". Obviously that hasnt happened, and the rate that the ISX started to become electronic post conception, I suspect we are looking at 5+ more years before every shareholder is contacted and shares papered.

So Im still not completely convinced I wont get screwed in some way or another on past purchases. (However Im holding my shares and my dinar in Warka for the time being).

[24mm exposed grid]

I have an interesting update.

With all this talk recently about delays to the sale of shares, I decided to put in a sell order. I also thought I would use the proceeds to put towards some paid up shares that are likely coming down the pipe.

My sell order went to Warka on Sunday 1st November. I got a very similar email to the one posted here, a day later. Today, I received confirmation of the sale and the proceeds were in my account yesterday (Sunday).

Total transaction time 4 working days.

The shares were of Ashour Bank and they were bought about 18 months ago via Warka proxy. My sell order was to sell at market price.

From this experience I see little to no delay whatsoever.

[Fishindinar]

Great news 24mm.

[Seaview]

Beginning in early '07, the scuttlebutt coming from Warka, Mr I, the ISX and members of this forum with some sort of "insider knowledge", has been that those of us in proxy would soon have our shares put into "our good names". Obviously that hasnt happened, and the rate that the ISX started to become electronic post conception, I suspect we are looking at 5+ more years before every shareholder is contacted and shares papered.

So Im still not completely convinced I wont get screwed in some way or another on past purchases. (However Im holding my shares and my dinar in Warka for the time being).
You know, from your posts Geowhiz, it is clear that you do not follow the ISX fully enough to understand procedures.

Shares cannot be transferred to 'your good name' from proxy until you have filled in the correct documentation in your country and sent it to Warka Bank.

Or until the Amendments to the Investment Law are ratified and these may or may not include a new and updated procedure.

So, unless your correct documents are sent to Warka Bank or the Investment Law changes the procedure, your shares will not be put in 'your good name'.

You have been here long enough to know this. It is not this forums problem that you do not take notice of procedures.

[geowhiz]

You know, from your posts Geowhiz, it is clear that you do not follow the ISX fully enough to understand procedures.

Shares cannot be transferred to 'your good name' from proxy until you have filled in the correct documentation in your country and sent it to Warka Bank.

Or until the Amendments to the Investment Law are ratified and these may or may not include a new and updated procedure.

So, unless your correct documents are sent to Warka Bank or the Investment Law changes the procedure, your shares will not be put in 'your good name'.

You have been here long enough to know this. It is not this forums problem that you do not take notice of procedures.

Never bothered. Mr I told me that since I was grandfathered into proxy I could buy and sell through their proxy account at will and there was no worry. They have my passport copy and account info for the account, but nothing of mine is filed through the ISX/embassy and I was told that at some point I would receive a contact letter stating that I would have to transfer to get the paper certs if I ever want them.

My point is that Im not sure that will happen for a long time, if ever.

[dinar shore]

Thanks, 24mm. I have been considering a similar strategy that you have already and successfully executed. I assume that whatever stock that I choose must be currently listed on the 'EB'. Are blocks of 100,000 shares a minimum? Thanks again for your insight.


I have an interesting update.

With all this talk recently about delays to the sale of shares, I decided to put in a sell order. I also thought I would use the proceeds to put towards some paid up shares that are likely coming down the pipe.

My sell order went to Warka on Sunday 1st November. I got a very similar email to the one posted here, a day later. Today, I received confirmation of the sale and the proceeds were in my account yesterday (Sunday).

Total transaction time 4 working days.

The shares were of Ashour Bank and they were bought about 18 months ago via Warka proxy. My sell order was to sell at market price.

From this experience I see little to no delay whatsoever.

[435613422]

Never bothered. Mr I told me that since I was grandfathered into proxy I could buy and sell through their proxy account at will and there was no worry. They have my passport copy and account info for the account, but nothing of mine is filed through the ISX/embassy and I was told that at some point I would receive a contact letter stating that I would have to transfer to get the paper certs if I ever want them.

My point is that Im not sure that will happen for a long time, if ever.



I am in the same boat as you geo. I will stick with proxy until require so.

[geowhiz]

I am in the same boat as you geo. I will stick with proxy until require so.


Gotta trust what Mr. I says, just like we have to trust Warka with everything else (so far it works, just slow). No use for me to go paper yet, and we are still years away from when we can outdodge the local day traders and insiders working this exchange.

[HumbleGenius]

I have an interesting update.

With all this talk recently about delays to the sale of shares, I decided to put in a sell order. I also thought I would use the proceeds to put towards some paid up shares that are likely coming down the pipe.

My sell order went to Warka on Sunday 1st November. I got a very similar email to the one posted here, a day later. Today, I received confirmation of the sale and the proceeds were in my account yesterday (Sunday).

Total transaction time 4 working days.

The shares were of Ashour Bank and they were bought about 18 months ago via Warka proxy. My sell order was to sell at market price.

From this experience I see little to no delay whatsoever.

That is good news. I figure I am just hitting things at the wrong time or something. Of course they know the big money guy you are so they probably have a staff person assigned just to look for your emails to come in.:yelrotflmao:

Well have another drink after you get out of the pool, you deserve it:yes:

[Seaview]

Never bothered. Mr I told me that since I was grandfathered into proxy I could buy and sell through their proxy account at will and there was no worry. They have my passport copy and account info for the account, but nothing of mine is filed through the ISX/embassy and I was told that at some point I would receive a contact letter stating that I would have to transfer to get the paper certs if I ever want them.

My point is that Im not sure that will happen for a long time, if ever.
Well that's great. However, in your first post you appear to be slagging off Warka, Mr I and the members of this forum for your shares not being 'in your good name'. You appear to be changing your gripe. :evilgrin:

As far as when you may or may not be asked to get your docs together, well who knows, if ever? That may depend on many variables.

On a side note. Anyone that started out 'grandfathered'?? in proxy and then got the docs together off there own back, speaking for myself, :giggle: I have most of my shares (maybe all) now transferred out of proxy and 'in my good name'.

And if you're happy in proxy. Then theres no problem either way.

[geowhiz]

Well that's great. However, in your first post you appear to be slagging off Warka, Mr I and the members of this forum for your shares not being 'in your good name'. You appear to be changing your gripe. :evilgrin:

As far as when you may or may not be asked to get your docs together, well who knows, if ever? That may depend on many variables.

On a side note. Anyone that started out 'grandfathered'?? in proxy and then got the docs together off there own back, speaking for myself, :giggle: I have most of my shares (maybe all) now transferred out of proxy and 'in my good name'.


Then you are playing the game your way, Im playing it mine. And yes Im fairly ambiguous as to my whole "Warka" or "ISX" attitude. So far this is not working out as the "get rich quick" scheme anybody expected, and Im not convinced the near future will be any better. The distant future, possibly. So far we are still in the "crapshoot phase", even Crow, ISX-Time, lglwzrd, Seebee, Thaiville, etc.. can admit that.

Im not a fool with my money. Right now Im keeping half of my investment in Warka savings and mattress dinars, the rest ISX. I figure I can dump the cash in much quicker fashion if I see a better investment to be had in this great big world.

It's all good. I didnt spend a dime on this I couldnt afford to lose.

[Seaview]

.... So far this is not working out as the "get rich quick" scheme anybody expected....
Lol - no it's not. But in your heart of hearts did you ever really believe it would? :hi: Be honest. :bigsmile:

[geowhiz]

Lol - no it's not. But in your heart of hearts did you ever really believe it would? :hi: Be honest. :bigsmile:


In all honesty... yes, I was partially lured in by media and partially by members of the forum, and my wife and I went in fairly big, much to the chagrin of my very conservative father. I certainly did not expect some sort of 1000%+ overnight profit, but unfortunately I did buy many of these stocks during peak periods of "hype", and covered losses as they went back down, and because of that Im still mostly down.

That to me is poor investing practice and I regret how I handled it. Now Im strictly in hold position on what Ive bought, and will be until I see these stocks move back to reasonable pre 2005 prices.

[Crow]

I wonder if I should post? Might be run out of the forum on a rail....:giggle:

[geowhiz]

I wonder if I should post? Might be run out of the forum on a rail....:giggle:


You're golden. Everybody loves the Crow. :clapping:

So what's your take on the 40 day delay in sells, the eventuality of transferring proxy stocks over to certificates and if you even need to, and of course the timeline to when we can all expect to get filthy rich off this thing.

:giggle:

[Crow]

Bump this post!!!!

Why didn't it appreciate after the 10 million dollar trade? :wait: The market is used to raise capital, large trades like that a prearranged at a certain price then done on the open market, so the price stays in the trading range. People must remember who is selling shares, it might not be other investors but the banks and companies themselves to raise capital, when a bank or company does a paid in share deal shareholders get the first crack at the new shares at 1 dinar, those that are not "bought" by current shareholders are sold to other investors. This market is more complicated then it appears, patience is key, buying and selling difficulties should be expected.

[Crow]

You're golden. Everybody loves the Crow. :clapping:

So what's your take on the 40 day delay in sells, the eventuality of transferring proxy stocks over to certificates and if you even need to, and of course the timeline to when we can all expect to get filthy rich off this thing.

:giggle: I have been in "other" markets where some of my positions were locked for a couple years, tell you the truth this really isn't that bad. I know this is taking a long time, a couple issues still have to be taken care of.

[Mucho_Dinaro]

I'm wondering if this so called ISX delay is mainly to protect the price of bank stocks. I personally tried to sell a few of my bank stocks and pick up some construction/industry stocks, but mostly sell and get out. I've been trying to get out for about a year and still have about half my investment in. Something to think about, slow process getting out. Incidentally, Al-Karmal has been just as shifty about selling my stocks as Warka. They just seem to be too busy to handle my sell orders and wire transfers, but are available to receive my deposits at the drop of a hat. Sorry, to all of the faithful but I have lost faith in the ISX and stock markets in general, except for gold and silver mine shares. Good luck to all and lets keep putting the heat on them when their service sucks and they try to play games with our hard earned money.

[iamrealdreamer]

I completely sold out of an account with probably 12 or 14 different stocks, sold everyone of them for someone and had NO TROUBLE at all. Took a month or 6 weeks or so but had over $5K in the account and wired it home no problem.

This was about 4 months ago or so!

[435613422]

Why can't you guys just put it in there, and forget about it? It cost money to buy, in addition to selling so early in the game. And the stress that comes when you are constantly worry about making a buck or two. This is a long play for big gains. If you are looking for quick money, go play in the NYSE with me.

[MEALTICKET]

I have been in "other" markets where some of my positions were locked for a couple years, tell you the truth this really isn't that bad. I know this is taking a long time, a couple issues still have to be taken care of.


Crow you think we can see 2005 prices next year with 5 days of trading.If my math adds up correctly this is the time to buy. I'm sorry.... I bought Warka over 10 dinars per share years ago. But I bought a ton..... I'm shock we are still under 10 dinar a share on these bank stocks. Why?

[24mm exposed grid]

Thanks, 24mm. I have been considering a similar strategy that you have already and successfully executed. I assume that whatever stock that I choose must be currently listed on the 'EB'. Are blocks of 100,000 shares a minimum? Thanks again for your insight.

I am sorry, I don't know if there is a minimum quantity for selling with Warka. I did hear quite some time ago that there was no minimum for selling, but I dont know this to be a fact. It would definately need to be a currently traded e-stock though.

HG, You may have better luck just specifiing in future to sell at market price. You may not get quite what you want for for your stock, but we all know that this is not a "tradeable" market in the short term sense. I tend to view it as the price we pay for being the early birds in a foreign game.

Gotta go, I'll catch you at the pool-side bar later. :happy:

[richsoon]

So far this is not working out as the "get rich quick" scheme anybody expected, and Im not convinced the near future will be any better.

Right now Im keeping half of my investment in Warka savings and mattress dinars, the rest ISX. I figure I can dump the cash in much quicker fashion if I see a better investment to be had in this great big world.

It's all good. I didnt spend a dime on this I couldnt afford to lose.

Maybe you can share your stock positions sheet with me sometime? I need to go shopping soon.

[geowhiz]

Maybe you can share your stock positions sheet with me sometime? I need to go shopping soon.

It's half yours. If you want I say lets cash out a bunch of our dinar account money and go diving in Fiji or the Caymans this spring. :rock:

The ISX stuff cant really go anywhere for awhile, Im tired of selling anything for a loss, did that the last two years on all the stupid American stock stuff.

[richsoon]

It's half yours. If you want I say lets cash out a bunch of our dinar account money and go diving in Fiji or the Caymans this spring. :rock:

The ISX stuff cant really go anywhere for awhile, Im tired of selling anything for a loss, did that the last two years on all the stupid American stock stuff.

Pick your spot (for diving that is).:inlove:

[TreasureHunter]

....... Somebody just invested like 10 million dollars in it. Yeah, I would sell. but it didnt appreciate???!!!



but it didn't appreciate???!!!


.....Maybe you just need to WAIT 40 DAYS!?!?:yes:




:yelrotflmao::yelrotflmao::yelrotflmao:

[HumbleGenius]

I have run out of Honey. (more bee's w honey than vinegar saying)

I have been painfully patient and polite in my dealings and respect for the staff at Warka for over the past year. I truly believe that they are working their tales off but it is what it is now. My stock traded today but my shares did not sell. I sent the following communication to Mr. I.

I am very discouraged with how you have handled the sale of my request to sell XXXXXXXXX. At this time I expect this trade to occur on Thursday 11/12/09. I have discussed with other Brokers the process for trading electronically. I am beginning to question some of the information provided from the Warka Foreign/ISX departments. I am a registered investor and expect my order to be executed in a time frame faster than what your services have provided. This is very disappointing since I very much appreciate the hard work and dedication you and your staff have performed up to this point. However I have financial concerns that the service I am receiving now in attempting to sell a stock is not being provided in an acceptable manner or timeframe. I hope I am wrong and you will see that this request is executed immediately.
Please see attached.

I seriously need to find another broker if this keeps up. :headbang::headbang:
HG

[geowhiz]

I have run out of Honey. (more bee's w honey than vinegar saying)

I have been painfully patient and polite in my dealings and respect for the staff at Warka for over the past year. I truly believe that they are working their tales off but it is what it is now. My stock traded today but my shares did not sell. I sent the following communication to Mr. I.

I am very discouraged with how you have handled the sale of my request to sell XXXXXXXXX. At this time I expect this trade to occur on Thursday 11/12/09. I have discussed with other Brokers the process for trading electronically. I am beginning to question some of the information provided from the Warka Foreign/ISX departments. I am a registered investor and expect my order to be executed in a time frame faster than what your services have provided. This is very disappointing since I very much appreciate the hard work and dedication you and your staff have performed up to this point. However I have financial concerns that the service I am receiving now in attempting to sell a stock is not being provided in an acceptable manner or timeframe. I hope I am wrong and you will see that this request is executed immediately.
Please see attached.

I seriously need to find another broker if this keeps up. :headbang::headbang:
HG


Good for you! :yes:

[HumbleGenius]

Good for you! :yes:

I am starting to think that Warka has nothing but a great big shoe box they just throw all the orders into figuring someday they will sort it out. Think about it. I for one (and I know I am not alone) received an incorrect 'spreadsheet' that showed errors in my portfolio. They immediately sent me a spreadsheet back that reflected my changes faster then any other replies (to fast to have researched according to their excuses for everything else). I have no reason to believe that they did anything but change their spreadsheet so I was happy but did not go back and check their shoebox, I mean records. There is no legal standing in my opinion for that spreadsheet but it shuts me up. They have refused to transfer my stocks into my name for almost a year now (Seaview I am still being patient). They send me a spreadsheet that is wrong so I have to correct them. They do not sell as requested.

[HumbleGenius]

I received the following from Mr. I 14 minutes after I sent the original email. (He sort of implies a who the hell are you. (and thats fine, it means he is being honest) I really do like the guy. Pretty straight forward. My response to him follows. (I question the staffing levels at Warka)
----------------------------------
From: Mr. I

Dear HG,

Please note that this matter is not related to any delays from our bank or brokerage service and there is no need to question the credibility of our bank or that of the brokerage office as you have been accustomed to receiving the very best from all of this. I doubt any bank has its highest executive director reply and assist clients after business hours and weekends.

From our end our the task is very simple we receive and order and we submit it to the ISX and they have set the time frame of a minimum period of 40 days to register sell orders for sale and this matter is outside our control we simply urge and pressure them to execute orders more quickly. This time frame and processing is an internal ISX procedure not that of our bank. The shares off course are being resisted to your account however it is the task of the ISX is to register this as it is now permitted for brokerage offices to registers shares into the ISX system they have their staff to do so. From our end we would be delighted to execute the orders on spot fulfilling the request of the client and deducting our fees hence making our profit.

I must say you are very wrong and unaware of the process and procedures implemented at the ISX. We as our bank have duty to provide our clients with the correct information and procedures being implemented as we are in touch with the related authorities and parties in Iraq where clients do not have access to.

This order will be passed to the ISX department and for any further information please contact the ISX department directly.

Best regards,

Mr. I
Deputy Managing Director
Senior Executive
International Affairs

------------------------------------------------------
My response back to Mr I regarding the above:

Dear Sir, I fully agree and truly appreciate that you are responsive in such a manner. However, I believe you have raised an issue that is of concern to other foreign investors that your Department and the Warka ISX Department are understaffed. You should not have to be the one to respond to my emails. I am very privileged and honored that you do, however for a single individual to have to respond to all foreign investors such as myself in fact slows the process down. Let me reiterate, I have no doubt or thought that you and your staff are the hardest working individuals I have ever had the pleasure to do business. Your dedication is truly valued by us foreign investors however I believe the reputation of Warka is being hurt by the fact your office and your fine staff are overburdened. There is also great concern that Warka does not trade all five trading sessions at this time. I am not sure that is correct however that is the belief of a number of foreign investors. This itself is a sign that Warka is not providing the required staffing levels to meet the requests of the customers.

I have not missed your point in regard to your statement that the primary delay is due to ISX procedures and that not only does this delay hurt investors such as myself it also hurts Warka itself.

I respect and do not question you or that of your staffs honor with the reply you have provided me.

Sincerely,
HG

[Marine3038]

very well written,HG... please post Warka's response! I am interested in investing in the ISX; however, not if this is the type of madness going on.

This would be more of a gamble than an investment under these terms.

[HumbleGenius]

I received this email from Mr. I. 30 minutes after my follow up(above post) reply to Mr. I. It seems he sort of misunderstood my point about who was understaffed however he provided a pleasant and professional reply as always. Seems like I had his full attention for that particular hour. NOTE his comments regarding the days that Warka trades and the difference between days that Warka sells and the number of days that Warka buys.

-------------------
Dear HG,

Please note that it seems that there has been a misunderstanding to the information being posted or received as I was not referring to my ISX department being understaffed but the ISX (Iraqi Stock Exchange) being under staffed as they have a few employees and great number of orders stacking up and we would know as we have the largest cliental executing the largest number of orders.

It is very important to note that we are submitting buy orders twice a week and sell orders 5 days a week. And as we have are the only bank and brokerage firm in the country that that has spent millions on the equity order online service and once this service goes live clients can submit buy orders also 5 days a week.

This matter has no relations to the Warka ISX staff and it is important to note that the ISX procedures is effecting locals and foreigners alike and our bank as one of the heaviest investors in the market controlling the majority shares of many companies we totally under first hand the delay and inconveniency which the ISX and not our bank is causing.

I hope the matter is clear now and this order has already been submitted waiting to be sold.

Best regards,

Mr. I
Deputy Managing Director
Senior Executive
International Affairs.

[Seaview]

..........we totally under first hand the delay and inconveniency which.................:giggle:
.

[435613422]

I received this email from Mr. I. 30 minutes after my follow up(above post) reply to Mr. I. It seems he sort of misunderstood my point about who was understaffed however he provided a pleasant and professional reply as always. Seems like I had his full attention for that particular hour. NOTE his comments regarding the days that Warka trades and the difference between days that Warka sells and the number of days that Warka buys.

-------------------
Dear HG,

Please note that it seems that there has been a misunderstanding to the information being posted or received as I was not referring to my ISX department being understaffed but the ISX (Iraqi Stock Exchange) being under staffed as they have a few employees and great number of orders stacking up and we would know as we have the largest cliental executing the largest number of orders.

It is very important to note that we are submitting buy orders twice a week and sell orders 5 days a week. And as we have are the only bank and brokerage firm in the country that that has spent millions on the equity order online service and once this service goes live clients can submit buy orders also 5 days a week.

This matter has no relations to the Warka ISX staff and it is important to note that the ISX procedures is effecting locals and foreigners alike and our bank as one of the heaviest investors in the market controlling the majority shares of many companies we totally under first hand the delay and inconveniency which the ISX and not our bank is causing.

I hope the matter is clear now and this order has already been submitted waiting to be sold.

Best regards,

Mr. I
Deputy Managing Director
Senior Executive
International Affairs.

Warka sounds so powerful :happy64::happy64::happy64:

[Marine3038]

Thank you for sharing Warka's response, HG. I am sure a lot of investors would be extremely frustrated at this and shy away (unless, of course, you are using throw away money).

Great Post(s)

[cloaked]

I for one have never had an issue with Mr. I or Warka Bank. They have my utmost respect! They've come a long way since day 1. :clapping:

[dim sum]

Thank you for sharing Warka's response, HG. I am sure a lot of investors would be extremely frustrated at this and shy away (unless, of course, you are using throw away money).

Great Post(s)

Investors should have done due dilligence before they bought...if there was insufficient data on a listed company, then they shouldn't have acquired it.

Every ISX investor here should be long, yet I see micro-managing posts everywhere. :rolleyes:...there are far too many treating the ISX the same as the pink sheets...trying to time the market...:rolleye03::rolleye03:...too much emotion about short term highs & lows...some of you are going to burn yourselves out...:smoke:

Marine, those who have invested long are certainly not frustrated.

[Seaview]

Quite Right. Dim Sum - always the voice of reason. :bow: :yes:

[AAD]

Investors should have done due dilligence before they bought...if there was insufficient data on a listed company, then they shouldn't have acquired it.

Every ISX investor here should be long, yet I see micro-managing posts everywhere. :rolleyes:...there are far too many treating the ISX the same as the pink sheets...trying to time the market...:rolleye03::rolleye03:...too much emotion about short term highs & lows...some of you are going to burn yourselves out...:smoke:

Marine, those who have invested long are certainly not frustrated.

Nice post indeed...:yes:

[bert]

wow humble i am sorry to hear about that.your post seem's honest and straight forward.i hope it all works out.but i have a question?do you feel your stocks are frozen,or not even there?can you get any of it back.**** 9 months, that just sucks man.good luck

[Kickabuck]

HG, hang in there my friend, I'm sorry if any of my comments or questions offended you, that wasn't my intent.

[HumbleGenius]

wow humble i am sorry to hear about that.your post seem's honest and straight forward.i hope it all works out.but i have a question?do you feel your stocks are frozen,or not even there?can you get any of it back.**** 9 months, that just sucks man.good luck

I think it is the process being ironed out and an overworked group of people that have no idea, if they think they are busy now, of the tsunami that is coming their way. If one doesn't have a need or reason to sell then sitting tight is the most sane thing to do and not worry about it. Once the Warka online ordering is in place and 'ALL' of the past trades that occured in the ISX (and rhis will take a long time) in manual trading over the last 5 years are entered into the ISX system it will be to the moon after that. However, I cant imagine Warka getting their online process running for quite a while though with so many outside dependencies that exist that they have no control over.

[HumbleGenius]

HG, hang in there my friend, I'm sorry if any of my comments or questions offended you, that wasn't my intent.

No my friend. Not you or the one that has a view of the sea or the one that carries the Jeff Gordon race number:handshake: and others. Great people with great input. It is the hit, post and runners that tie my knickers in a knot.

[Seaview]

If you had a problem with a sell order for 9 months, why did you not take it up with Warka Bank sooner?

And why leave it till page 6 of this thread to mention it?

[RoyalBeluga]

No my friend. Not you or the one that has a view of the sea or the one that carries the Jeff Gordon race number:handshake: and others. Great people with great input. It is the hit, post and runners that tie my knickers in a knot.

A humble genius in knickers? :mmm:

[24mm exposed grid]

No my friend. Not you or the one that has a view of the sea or the one that carries the Jeff Gordon race number:handshake: and others. Great people with great input. It is the hit, post and runners that tie my knickers in a knot.

As an Englishman, I had absolutely no idea who Jeff Gordon is. Good old Google !

:whew: Glad I'm clean !

Hope things get sorted for you.

[Seaview]

As an Englishman, I had absolutely no idea who Jeff Gordon is. Good old Google !

As an English Woman, you and me both.....

[HumbleGenius]

If you had a problem with a sell order for 9 months, why did you not take it up with Warka Bank sooner? SEE BELOW

And why leave it till page 6 of this thread to mention it? How about reading post 29 of this thread.


The initial order was actually submitted in May (Record Correction for those that are looking for a chance to hammer me - so 6 plus months.) Confusion reigned from the beginning of the order I guess. This is the email I sent Warka on June 6th in a response from them. I was surprised that clarification was required at that point but I did not address (complain) it in my email and wasn't upset. However, this was the start of my wondering what is going on. There have been plenty of emails between Warka and I since then in this regard.

Thank you sir. I have been asked to clarify the following. I hope the trade is executed this Sunday. However, if a seller does not meet my offer, since I have requested this to be open until filled am I correct to understand I do not have to resend this order request if it is not filled this coming session? If this order is not filled on my behalf this Sunday will it be available the following Sunday (next e trade session) without my resubmitting the order?

Sincerely,
HG
--------------------------------------------------
Thats my story and I am sticking to it. Any thoughts Seaview?

[HumbleGenius]

As an Englishman, I had absolutely no idea who Jeff Gordon is. Good old Google !

:whew: Glad I'm clean !

Hope things get sorted for you.

Its that great american sport where the only thing you need to know how to do is turn left. Obama would probably be great.

[HumbleGenius]

A humble genius in knickers? :mmm:

:yes:........

[Seaview]

How about reading post 29 of this thread.

This is post 29 of this thread. Help me out here.


I have lots of concerns right now actually but am still drinking the KoolAid hoping it all works out. the following is another post I had entered:

HumbleGenius (http://www.investorsiraq.com/member.php?u=20909) http://www.investorsiraq.com/images/impact/statusicon/user_invisible.gif
Supporter and Investor! http://www.investorsiraq.com/medal.gif
Join Date: Sep 2008
Posts: 762


http://www.investorsiraq.com/images/icons/icon1.gif Still have the KTF feeling but the K may turn to a W if I dont hear something soon
I can say my concern 'radar' is up a bit. I tried to sell a particular stock that was trading relatively actively for 6 weeks before it shut down for 'electronic'. There were plenty of opportunities to 'sell' it in my opinion (volume/no of trades) but it was never sold on my behalf. I have resubmitted a sell order now that it is back trading. The results today reflect that a reasonable number of trades occurred for this stock. My strike price (not a high price but my asking price) was hit also. This is where I will see if the electronic trading is as we have been led to believe and is 'investor' neutral. If my requested selling stock was not part of the trading today I will have to wonder about the legitimacy of the 'electronic phase' we are now in when it comes to 'non-iraqis'.
I knew I was getting screwed (and accepted that as payment for sneaking in where only professionals :eek: should be) before the electronic phase. however I was hoping that would not be the case in the new world.
Bottom line, I have trust in Warka and the process so I am not worrying 'yet'. However as I said, I am starting to wonder.......on the selling side.


---------------------------------

Somewhere else on here I posted the thought, If it takes three weeks to place a sell order. How come some (a few) stocks trade the first or second trading session after they come back from their GA. shouldn't it take up to three weeks to match a sell with a potential buy? Why not the time gap there. I still think that All Inverstors are equal but Iraqi Investors or more equal. For now, I am willing to live with that.

[HumbleGenius]

How about reading post 29 of this thread.

The initial order was actually submitted in May (Record Correction for those that are looking for a chance to hammer me - so 6 plus months.) Confusion reigned from the beginning of the order I guess. This is the email I sent Warka on June 6th in a response from them. I was surprised that clarification was required at that point but I did not address (complain) it in my email and wasn't upset. However, this was the start of my wondering what is going on. There have been plenty of emails between Warka and I since then in this regard.


This is post 29 of this thread. Help me out here.

I have lots of concerns right now actually but am still drinking the KoolAid hoping it all works out. the following is another post I had entered:

HumbleGenius (http://www.investorsiraq.com/member.php?u=20909) http://www.investorsiraq.com/images/impact/statusicon/user_invisible.gif
Supporter and Investor! http://www.investorsiraq.com/medal.gif
Join Date: Sep 2008
Posts: 762


http://www.investorsiraq.com/images/icons/icon1.gif Still have the KTF feeling but the K may turn to a W if I dont hear something soon
I can say my concern 'radar' is up a bit. I tried to sell a particular stock that was trading relatively actively for 6 weeks before it shut down for 'electronic'. There were plenty of opportunities to 'sell' it in my opinion (volume/no of trades) but it was never sold on my behalf. I have resubmitted a sell order now that it is back trading. The results today reflect that a reasonable number of trades occurred for this stock. My strike price (not a high price but my asking price) was hit also. This is where I will see if the electronic trading is as we have been led to believe and is 'investor' neutral. If my requested selling stock was not part of the trading today I will have to wonder about the legitimacy of the 'electronic phase' we are now in when it comes to 'non-iraqis'.
I knew I was getting screwed (and accepted that as payment for sneaking in where only professionals :eek: should be) before the electronic phase. however I was hoping that would not be the case in the new world.
Bottom line, I have trust in Warka and the process so I am not worrying 'yet'. However as I said, I am starting to wonder.......on the selling side.


---------------------------------

Somewhere else on here I posted the thought, If it takes three weeks to place a sell order. How come some (a few) stocks trade the first or second trading session after they come back from their GA. shouldn't it take up to three weeks to match a sell with a potential buy? Why not the time gap there. I still think that All Inverstors are equal but Iraqi Investors or more equal. For now, I am willing to live with that.

:bug::bug::bug::bug::bug::bug::bug::bug:

Beginning of HG response:

Seaview,

"I tried to sell a particular stock that was trading relatively actively for 6 weeks before it shut down for 'electronic'. There were plenty of opportunities to 'sell' it in my opinion (volume/no of trades) but it was never sold on my behalf.............."
----------------

:emo:Now keep in mind SV when I posted this I did not figure individuals would start hitting this thread just to hit it. I thought it had a pretty good topic. Dont misunderstand me, the hit. post and runners have a right to post where they want. I have a right to reply to them.

:fubar:

And to speak up for others besides me (i am the 6 month + club). Why don't persons have a right to raise concerns that their stock has not sold after a month of trying? When they do we try and explain the process does not work that way it may take longer. I know what to expect and as I have repeatedly stated I am still on the Warka band wagon however this first attempt at selling a single stock is a lot worse than I expected. Others have done it in days, I know. That is not my story and that is why I have actively participated in this thread. Once again I find myself wondering why.

:time:
Now I respectfully request that this thread get back to the thread title and not about me having to lawyer up or discuss issues that are not relevant.

[Domenica Mercy]

Is it the company, or the individual seller that determines the stock price? If it's the individual investor/seller that sets the price, I'm trying to figure out why the stock price would ever go down. So what if Company X has a bad year, why does that mean the investor seemingly has to sell for less? It seems to me that things would just keep going up and up if it's the individual investor setting the price.

[24mm exposed grid]

Is it the company, or the individual seller that determines the stock price? If it's the individual investor/seller that sets the price, I'm trying to figure out why the stock price would ever go down. So what if Company X has a bad year, why does that mean the investor seemingly has to sell for less? It seems to me that things would just keep going up and up if it's the individual investor setting the price.

Oh dear !

There really is no need to wonder about the very basic concept of financial markets.

You have heard of a website called 'Google' ?

[HumbleGenius]

To close out my part in this thread. The stock I had been trying to sell was executed on 11/22/09. On 11/23/09 the funds were in my warka account. On 11/23/09 I transferred from IQD to USD. On 11/24/09 I sent an email to Mr. I and Ms. R requesting XX amount of funds to be wired to my chitibank account via the NY Chitibank/Warka account. Today on 11/26/09 my funds are in my US chitibank (Total fees $71.59 (Warka 51.59 chitibank 10/10). While 'bumpy' at times I successfully 'bought' / 'sold' and repatriated the funds. The 'process' worked.

Well, this is it for me. My position is established. My posting days are done for the next year 'unless' things start to happen (which I dont see but hope to be wrong). I need to find something else to be anal retentive about.

I will lurk on occasion primarily to try and keep on top of paid up offerings but that is pretty much it.

I wish everyone a Happy Thanksgiving and a meaningfull Christmas.

See ya in a year or so.

[Crow]

To close out my part in this thread. The stock I had been trying to sell was executed on 11/22/09. On 11/23/09 the funds were in my warka account. On 11/23/09 I transferred from IQD to USD. On 11/24/09 I sent an email to Mr. I and Ms. R requesting XX amount of funds to be wired to my chitibank account via the NY Chitibank/Warka account. Today on 11/26/09 my funds are in my US chitibank (Total fees $71.59 (Warka 51.59 chitibank 10/10). While 'bumpy' at times I successfully 'bought' / 'sold' and repatriated the funds. The 'process' worked.

Well, this is it for me. My position is established. My posting days are done for the next year 'unless' things start to happen (which I dont see but hope to be wrong). I need to find something else to be anal retentive about.

I will lurk on occasion primarily to try and keep on top of paid up offerings but that is pretty much it.

I wish everyone a Happy Thanksgiving and a meaningfull Christmas.

See ya in a year or so. Take care HumbleGenius! Investing in markets like this is difficult, best not to over think, simplicity is key. Patience is also key, things can take a long time in developing countries, simple things can take months or even years to accomplish. So, see you when this thing finally begins HumbleGenius, Happy Thanksgiving!

[Crow]

im just starting to invest any hot comp i would like to invest in 10 just not sure which ones any help would be appreciated When you get everything set up and are ready to place your first order, PM me and I will help with picks. CROW

[435613422]

I wouldn't want to sell now. It is too late, and at a loss if do.