Page 1 of 2 12 LastLast
Results 1 to 10 of 12
  1. #1
    Supporter and Investor!
    Join Date
    Jan 2008
    Posts
    1,996

    Iraq Stock Exchange goes electronic

    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."

  2. #2
    Supporter and Investor!
    Join Date
    Oct 2006
    Posts
    486
    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?
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  3. #3
    Supporter and Investor!
    Join Date
    Oct 2006
    Posts
    486
    This reads like an old article to me. Nothing new here.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  4. #4
    Supporter and Investor! oldskiier's Avatar
    Join Date
    Dec 2005
    Posts
    6,386
    I don't get this...?? and the ISX didn't even trade today...... shows todays date but shows trades but no values....????

  5. #5
    Supporter and Investor!
    Join Date
    Oct 2008
    Posts
    142
    Quote Originally Posted by oldskiier View Post
    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!!

  6. #6
    Supporter and Investor!
    Join Date
    Jan 2007
    Posts
    601
    Quote Originally Posted by pirata View Post
    Holiday today in Iraq!!

    The ISX WEB SITE IS SHOW IT IS OPEN NOW. 11:30 PM CST
    Only two definning forces have ever offered to die for you, Jesus Christ and American Soldier one died for your soul the other for your freedom
    http://www.investorsiraq.com/attachm...2&d=1198628312

  7. #7
    Supporter and Investor!
    Join Date
    Oct 2006
    Posts
    31

    Warka not responding

    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

  8. #8
    Supporter and Investor! oldskiier's Avatar
    Join Date
    Dec 2005
    Posts
    6,386
    Quote Originally Posted by maintumsehun View Post
    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 .???

  9. #9
    Supporter and Investor!
    Join Date
    Jun 2006
    Posts
    681
    Quote Originally Posted by maintumsehun View Post
    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.
    [Still kicking]

  10. #10
    Supporter and Investor!
    Join Date
    Sep 2008
    Posts
    1,552

    Almost

    Quote Originally Posted by 40plus View Post
    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......
    ---------------------------------------------------------------
    "Sumerian News", that "the real value of the coin is the value of goods received by the individual and on the strength of the national economy"

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Powered byvBSocial.com and Block Facebook