PDA

View Full Version : Iraq Stock Exchange goes electronic



BatmaninIraq
07-01-2014, 08:22 AM
The Iraq Stock Exchange is switching from writing on a big board to computers.
The ISX launched electronic trading on Sunday, raising hopes the faster method will attract foreign investment to this burgeoning but cash-strapped economy.
Since the exchange opened in 2004, all trading has been done by brokers crowding around large erasable boards to buy and sell stock akin to watching a professor scribbling on the board in a college classroom.
Trading under Iraq's system has been colorful, as dapper men dressed in suits scream sale prices to their clients over cellphones, but it locked out all but a few foreign investors willing to take a chance on Iraq as it emerges from a longtime dictatorship and years of war.
"This is an important step to opening ourselves up to foreign investment," said Taha Ahmed Abdul Salam, chief executive of the exchange. "We are starting to create the transparency and systems that will make Iraq attractive to investors outside of Iraq."
In the first day of electronic trading, three banks and two Baghdad hotels had their shares bought and sold under the new system, as traders monitored prices on 46-inch LCD television screens. The other 86 companies listed on the ISX will gradually switch by the end of the year.
Iraq's fledgling stock exchange, which traded $270 million last year, is dwarfed when compared to the New York Stock Exchange's 8,500 listings of companies valued at $16.7 trillion through the end of 2008.
Under the computerized system, transactions will clear almost instantly. Sales that took as long as two weeks to be certified can now be completed in a matter of minutes, said Abdul Razaq al-Saadi, chairman of the Iraq Securities Commission.
Foreign investors accounted for about $21.5 million of trading last year, or 8% of the ISX's volume, al-Saadi said. But he is confident that foreign and local investment will grow as it becomes easier to access the market.
Bartle Bull, a New York-based portfolio manager who recently helped launch a hedge fund that focuses on ISX stocks, said Iraq has great growth potential, even though the nation's security, while improved, will remain a long-term concern.
He and his partners are trying to raise up to $20 million to invest in Iraqi stocks. He said the market is undervalued: The entire ISX worth about $2.5 billion.
"Other emerging markets have proven things don't have to be perfect for enormous wealth to be created," Bull said.
On the trading floor Sunday, brokers crowded around the TV screen to monitor sales. Although most of the traders said they were glad the exchange is finally going modern, many said they are cautious about wading into the electronic market.
"It's supposed to be faster and easier, but for today I'm just watching and waiting," said Moysen al-Amali, a trader on the floor of the exchange. "I want to see what happens before I test it with my own money."

dinar_dude
07-01-2014, 09:15 AM
The details they provide in this aren't really any different from what we've seen in the stock trading process. Guys watching electronic boards. When will we be able to log in online and buy Iraqi stocks from our living room?

dinar_dude
07-01-2014, 09:28 AM
This reads like an old article to me. Nothing new here.

oldskiier
07-01-2014, 01:30 PM
I don't get this...?? and the ISX didn't even trade today...... shows todays date but shows trades but no values....????

pirata
07-01-2014, 01:46 PM
I don't get this...?? and the ISX didn't even trade today...... shows todays date but shows trades but no values....????
Holiday today in Iraq!!

mcdan
07-02-2014, 04:39 AM
Holiday today in Iraq!!


The ISX WEB SITE IS SHOW IT IS OPEN NOW. 11:30 PM CST

maintumsehun
07-03-2014, 06:37 AM
Hi Dear Fellows...

I want to sell my stock that have been purchased by Warka on my behalf..I have emailed them but they are not responding... Please anybody guide me


Regards

oldskiier
07-03-2014, 10:30 AM
Hi Dear Fellows...

I want to sell my stock that have been purchased by Warka on my behalf..I have emailed them but they are not responding... Please anybody guide me


Regards

From what we understand.... you can not sell your shares at this time... all funds in Warka are frozen .... so even if they sold them you couldn't get your money out... anybody have any other info other than that .???

40plus
07-03-2014, 04:43 PM
Hi Dear Fellows...

I want to sell my stock that have been purchased by Warka on my behalf..I have emailed them but they are not responding... Please anybody guide me


Regards


My understanding is that you have to transfer your stock account to another brokerage first because Warka is not 'fully operational' yet. The new broker can sell your stock and you can access the cash. If you have proxy stock..you are SOL until things improve.

HumbleGenius
07-03-2014, 05:14 PM
My understanding is that you have to transfer your stock account to another brokerage first because Warka is not 'fully operational' yet. The new broker can sell your stock and you can access the cash. If you have proxy stock..you are SOL until things improve.

.....And send a minimum of 10,000 usd to the new broker to open the account......and as stated that will only work for shares in your good name......

Will-it-happen?
07-08-2014, 01:17 PM
earliest before we go "NASDAQ" is now 12th August (when the parliament next meets)

oldskiier
07-08-2014, 02:59 PM
Iraqi parliament to meet early next week

"BAGHDAD (AP) Iraq's parliament Tuesday officially rescheduled its next session for early next week after criticism over initial plans for a five-week break, amid pressure for political leaders to agree on a new government that can confront militants who have overrun much of the country's north and west.


Acting parliament speaker Mahdi al-Hafidh said in a statement that after considering the "national interests," the next session will be on Sunday instead of Aug. 12."

Yahoo News: http://news.yahoo.com/iraqi-parliament-meet-early-next-week-113837889.html



I really don't thing this has anything to do with it going on the platform though ! JMHO...:)................ Not Sure Though.