5/16/2007

Investors on the Stock Exchange expect that the "Iraqi market for securities» will say good-bye to the manual circulation, which has been adopted since its establishment for nearly 15 years, during the coming period after the arrival of equipments, hardware and electronic systems, which was contracted on with the Swedish specialized company "O.M.X" that had already undertaken similar projects in more than thirty Arab and international bourse.

Head of the Trustees Board of the Stock Exchange, Talib Al-Tabatabai, said that the transition from manual trading system to electronic trading is a quantum leap in the distinct performance of the "Iraq market for securities", and he expected that the next stage will witness the activation of investment activity as consistent with the desire and aspiration of more than one million citizens who are active in the shares' sector.

He added that the introduction of electronic circulation coincides with the decision of the "Securities Body"that allows non-Iraqis to circulate in the Iraqi Stock Exchange, starting on the first of next June, and according to the Investment Law No. 13 of 2006 which everyone looks forward to activate it, which helps to overcome all obstacles that prevent expansion of the Arab and foreign investment in Iraq. He pointed out that the circulation of non-Iraqis in equities and bonds in the Iraqi bourse is, "a step in the right direction to achieve a rise in stock prices, after the significant slump in their value last year".

He explained that increasing the number of circulation sessions from two in the week, to ten in the morning and afternoon, in addition to doubling the volume of circulation, will have a large return for the investment sector in Iraq. Al-Tabatabai expected that the outcome of this qualitative leap of shares in the bourse, will have a big economic value differs from the previous phases, as in other countries.

The American Company "IBM" for Computer under the supervision of the Swedish company "O.M.X", has trained Iraqi engineers and all staff of Iraqi stockbrokers in the Jordanian capital, Amman, on electronic trading and the central depository, in addition to the completion of the internal linkage with the offices of those intermediaries, and also equipped the special hall of electronic circulation in the bourse according to the latest global designs.

Source: Iraq Directory

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