Ten years for the launch of electronic trading and central deposit in the Iraqi market for securities

Economy 01:34 - 18/04/2019


Baghdad - Mawazine News
On April 19, 2019, Thursday marks the tenth anniversary of the launch and use of electronic trading systems and central depository in the Iraqi Stock Exchange for the first time in the history of the financial market in Iraq.


"The Iraqi Stock Exchange has contracted to purchase and use electronic trading systems and centralized deposit from NASDAQ OMX in 2007 and implemented during a record period the study and approval of the DS design study," said Taha Ahmed Abdul Salam, Executive Director of the market, in a statement received by Mawazine News. Of the two systems in accordance with the prevailing Iraqi laws and the choice of the mechanisms of circulation Customizations.
"The market has trained engineers and technicians on the System Functions system, authorized training from each brokerage company by experts from the Abu Dhabi and Dubai Stock Exchange, as well as the construction of trading stations, installation and testing of systems and tests in the experimental environment, "He said.


He explained that "During the work of electronic trading, the internal communication networks were built in the market and external for trading remotely for electronic trading stations and in official sites, including the Securities Commission. The instructions and rules of electronic trading were also issued in cooperation between the Board of Governors of the Iraqi Stock Exchange and the Board of Commissioners of the Securities Authority Discussions have continued for more than 5 months. Cooperation with the joint stock companies has also been done to prepare and audit the register of shareholders and transfer its registration to the Depository Center and the selection of five companies to launch trading on their shares according to electronic trading and central depository. The first electronic trading session on April 19, 2009 ".


"Today, 10 years after the launch of electronic trading and central depository, the Iraqi Stock Exchange uses the latest electronic systems according to the development mechanisms adopted in the Arab and international financial markets, through the organization of five trading sessions per week and the adoption of disclosure as a means of attracting investment and building trust Investors, stressing that it extends the plans of the Iraqi market for securities to achieve the principles of emerging financial markets according to the indicators of trading achieved and the development of the prevailing rules and regulations attractive to investment and achieve fair and transparent handling of securities The diversification of financial instruments in the Iraqi economy. "


"In order to develop the capital market in Iraq, the future plans should take into account the development of market regulations and rules, the launch of instructions to attract investment, diversify financial instruments in the economy and the financial market, open the investment prospects for savings and encourage the establishment of new joint stock companies, Represent the segments of the Iraqi economy and interest in the culture of investment securities and follow up the affairs of shareholders through the websites of data and information in the flags of listed companies. "




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