Iraq Stock Exchange

Iraq Stock Exchange (ISX)
سوق العراق للأوراق المالية
Type Stock Exchange
Location Karrada, Baghdad, Iraq Iraq
Coordinates Coordinates: 33°18′23″N 44°25′35″E / 33.30639°N 44.42639°E / 33.30639; 44.42639
Founded 2004
Key people Taha Ahmad al-Rubaie
(Executive Director)
Currency IQD
Website http://www.isx-iq.net/

The Iraq Stock Exchange (ISX), formally the Baghdad Stock Exchange, is a stock exchange in Baghdad, Iraq.

The Iraq Stock Exchange was incorporated and began operations in June 2004.[1] It operates under the oversight of the Iraq Securities Commission, an independent commission modeled after the U.S. Securities and Exchange Commission. June Reed is an American adviser to the stock exchange.[2]

Before the 2003 invasion of Iraq, it was called the Baghdad Stock Exchange and was operated by the Iraqi Ministry of Finance. Now it is a self-regulated organization similar to the New York Stock Exchange, owned by the 50 or so member brokerages.[3]

As of 2005, the ISX was Iraq's only stock exchange. It opened in 2004 with 15 companies, and now lists more than 100 companies. Turnover of shares in 2005 was approximately $5 million USD per trading session. Major stocks included Bank of Baghdad, Baghdad Soft Drinks Co, Iraqi Tufted Carpets Co, Hader Marble, and Altherar Agriculture.[3]

Aswat al-Iraq news agency covers every trading session with reports published on the web in English[4] and Arabic[5]

Growth

Originally, trading was with pen and paper. Buyers shouted at or called into their brokers, who stood near their whiteboards that listed each company's share buy and sell price.[6][7][8]

Trading was suspended for several months in 2006 due to violence,[6] and is subject to power outages.

In 2006, 92 trading sessions were held (an average of 2 per week), 57 billion shares were traded (at a value of 146 billion dinars), and 38,000 trades were consummated.[9] The trading floor is currently open six hours a week: Sunday, Tuesday, and Thursday from 10:00 a.m. to 12:00 noon.[10]

The ISX opened to foreign investors on August 2, 2007.[11]

The ISX has been unaffected by the Economic crisis of 2008.[12]

On April 19, 2009, the ISX switched to electronic trading. Currently, only five companies are available for electronic trading, but more will be added over the next few months.[13]

See also

References

  1. ↑ "Iraqi stock exchange small but surging". USA TODAY. October 5, 2008. Retrieved December 13, 2008. |first1= missing |last1= in Authors list (help)
  2. ↑
  3. 1 2 "Putting stock in Iraq Baghdad exchange is a whirlwind of fierce optimism". sfgate. May 24, 2005. Retrieved December 13, 2008. |first1= missing |last1= in Authors list (help)
  4. ↑ "Economic Summary". Aswat al-Iraq.
  5. ↑ "Economic Summary". Aswat al-Iraq.
  6. 1 2 Haynes, Deborah (December 20, 2007). "Baghdad stock exchange set to share in digital age". London: The Times. Retrieved December 13, 2008.
  7. ↑ "Baghdad's Stock Market Goes Modern". time. February 6, 2008. Retrieved December 13, 2008. |first1= missing |last1= in Authors list (help)
  8. ↑ "Iraqi Stock Exchange Trades Chalkboards For Computers – Radio Free Europe / Radio Liberty © 2010". Rferl.org. February 20, 2009. Retrieved March 26, 2010.
  9. ↑ "سوق العراق للأوراق المالية". webcache.googleusercontent.com. January 30, 2010. Archived from the original on September 11, 2009. Retrieved March 26, 2010.
  10. ↑ "Iraqi stock exchange holds 3 trading sessions a week". Retrieved December 13, 2008.
  11. ↑ Michaels, Jim (October 5, 2008). "Iraqi stock exchange small but surging". Usatoday.Com. Retrieved March 26, 2010.
  12. ↑ "STOCKS SOAR! (IN BAGHDAD)". Archived from the original on December 4, 2008. Retrieved December 13, 2008.
  13. ↑ Forbes.com – Iraq's Stock Exchange goes electronic Archived April 22, 2009, at the Wayback Machine.



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