Kurdistan: Erbil market securities would be the best financial markets in the region
The head of the Securities Iraqi Abdul Razzaq al-Saadi, the market for Arbil Stock Exchange, which is working to create it would be the best financial markets in the region. And he said in a statement to Al-Hayat newspaper that the market of Arbil Stock Exchange will have specifications equal to global markets and will support the Iraqi economy and financial openness the countries of the world and promote the investment activity in the region.
The body was confirmed earlier that the economic reality of Iraq does not assume further opening of financial markets in the rest of Iraq's provinces. The report showed the monthly deposit center of Iraq, that the size of the shareholders' register in the Iraqi market for securities amounted to 1.987 trillion shares 0.1095000000000 deposited them, or 53 percent, while the total number of 72,471 applicants, of whom 70,798 people and 1645 companies.
The managing director of the Center for Salim Amin, the banking sector, the volume of deposits issued over the past month, amounting to 916 billion shares, up 55.6 per cent of the total size of the depositors. The SDC is responsible for the maintenance of stock ownership for all shareholders, any shareholder can not sell his shares in the market for securities Iraq only after the deposit in the center. He said that the center economic institution, non-profit, contribute to the promotion of investment secure economic support of all sectors and the beneficiaries of the services provided by, pointing out that the most important tasks is to accept the shareholders' register of joint stock companies registered in the center of deposit, and keep the ownership of securities (share certificates), as well as to provide adoption services to international standards.
He pointed out that the culture of the exchange in Iraq is moving towards achieving good gains after it absorbed the benefits of the most prominent people and the laws related to them, prompting citizens to search for ways to provide cover for the Secretary of the money and their shares traded, and how to participate in trading the stock markets.
The Center seeks to enhance the confidence of investors in securities and enable them to pursue their investment easily,
and through the preparation of a central registry to save the stock for all companies and risk reduction during manual trading, such as paper presents the financial damage or loss or fraud, in addition to reducing the risks arising from the implementation of clearing and settlement between brokers and investors, and ensure a faster turnover of stock through the implementation of the transfer of ownership at specific times.
The Centre has developed a plan will contribute to the development of the system deliberative, including the establishment of a compensation fund financed profit center with the participation of the beneficiaries, and supervising the professional activities related to the Center, and the establishment of relations of cooperation with the Centers for filing and economic organizations, the Arab world, and the introduction of records of shareholders electronically and open accounts to all shareholders and listed companies in the centers of the deposit.