ISX

[moneysoon]

Howdy ISX-Men,

 

Its been a while since I have watched the market live. I see cat-fishing opportunities await the earnest fisherman. Hit the flagships and announce the invites to the fish-fry.

 

Blessings All,

 

Moneysoon

[TrinityeXchange]

yeah brother.  its been crazy catfish season for some time.  Babylon Hotel fell all the way to 34 points before making a slight recovery.  And IBSD right now is a fantastic buy.  

[Antietam]

Hey, gentlemenn, just to clarify for my own muddled mind, you are categorically stating that anyone who invests in ISX stocks will be able to redeem their profits (hopefully) in dollars? In other words, if I send my dollars to brokers in ISX, they will buy iraqi stocks for me, and then when I want to reap my profits, I can redeem (sell) my ISX stock holdings and get a check back in US dollars? We know we can't do that at Warka, so you are confirming to us that ISX is totally different, and we are not stuck with dinars? Am I correct in your assessment? I need to know this before I invest in ISX.

[SnowGlobe7]

who is cat fishing with me???

 

[TrinityeXchange]

Hey, gentlemenn, just to clarify for my own muddled mind, you are categorically stating that anyone who invests in ISX stocks will be able to redeem their profits (hopefully) in dollars? In other words, if I send my dollars to brokers in ISX, they will buy iraqi stocks for me, and then when I want to reap my profits, I can redeem (sell) my ISX stock holdings and get a check back in US dollars? We know we can't do that at Warka, so you are confirming to us that ISX is totally different, and we are not stuck with dinars? Am I correct in your assessment? I need to know this before I invest in ISX.

1. You wire usd to the trade bank of iraq and it is exchanged to iqd at the cbi rate and held in an account accessible to your broker
2. When your broker executes a buy/sell order on the ISX, they utilize the account.  This means stocks sold will have the proceeds added to the account and stocks bought will have the funds taken from the account.
3. You submit a wire order to your broker to have funds wired from the account back to you.  This means the requested funds must first undergo an exchange from iqd to usd by the trade bank of iraq who then completes the wire transaction.
4. Should you have concerns about the broker's integrity wiring funds from the trade bank of iraq to your united states bank, I strongly suggest interviewing them through an email..... get it from them firsthand (while remembering to be courteous).  

[Antietam]

Trinity, when you add the words "remember to be courteous", I feel the hairs on the back of my neck stand up. Sounds a little like e-mailing "Mr. ISSA". Being courteous should be in all of our interactions with other people, but it shouldn't be required to get my money from an Iraqi Stock Exchange transaction. IsX should be under international banking laws for exchange of funds. Has anyone on this site been stiffed by ISX? My trust level in anything Iraqi is quite low, but I wouldn't mind investing in ISX if it is in complete conformance with world financial procedures, unlike their banks.

[DoD]

Antietam, take a little advice from someone who's been in the ISX and Warka Bank since 2007 when they were still using chalk boards to buy/sell stocks. Stay out of the ISX for now. You don't sound much like a gambler to me with wanting all these guarantees from a war torn third world country. I don't know if your familiar with penny stocks here in the US but that is a big gamble, a lot of fun to play but a huge gamble. I have a lot of money tied up in that Warka Bank over there an hope one day I can cash out an get it back. Trinitye X is trying to tell you that he can not guarantee you what Warka or any other broker over there will do. I can tell you when Warka was still trading I could buy/sell stocks (which by the way is all in in Dinar) then click a button on their website an convert to US dollars. After that Dinar- USD exchange fee wire US dollars to my Chase bank account here in the US for another fee. To answer your question about being stiffed by the ISX my answer would be YES, (for example) they said Bank of Baghdad didn't have to pay expats their dividend on their stocks. Didn't mean to ramble on an on but just wanted you to be aware of some of the pros and cons of sending money overseas to an exchange that isn't quite ready for prime time...

[Antietam]

Thanks Dod, your answer was what I was asking for. I think I'll wait awhile longer to see if some of the "gambling" is cleared up. All stock market transactions are gambling to a degree, as no one knows what will affect the market up or down tomorrow, but I never have to worry about getting my money back in the States after a transaction. I think I'll just "hold" this American hand for now. Appreciate the feedback my brother.

[TrinityeXchange]

well said DoD.  iraq is currently a frontier market.  it is as just about as risky as it gets.  the reward, should things go well, is astronomical.  it is definitely not for everyone.  

[moneysoon]

Hello ISX'ers,

 

I wish you a Happy Thanksgiving!. To my fellow catfishermen, I can't resist. I am going to Dollar Cost Average next week on old faithful if it remains at the bottom of the barrel.

 

Blessings All,

 

Moneysoon