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Big Changes Planned For Iraqi Stock Markets !

DinarThug

By DinarThug,
in Iraq & Dinar Related News

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DinarThug Newbie

DinarThug

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CNN. Broadcasting While Getting Hit By A Huge Wall Of Money !

 

 

 

(by walkingstick)

Big changes planned for Iraqi stock markets

May 20, 2014

RTX15ZHF.jpg?t=thumbnail_570

With the world’s eyes focused on the recent Iraqi elections, little attention is being paid to the major changes taking place in Iraq's banking and finance industry. 

As part of an effort to liberalize the economy, in the first three months of 2014, the Iraqi Central Bank granted approval to 15 Arab and international banks to open branches in Baghdad, with additional branches expected to open soon. There is also a notable drive to grow and promote the stock markets, with senior Iraqi government officials and representatives from the country's two stock exchanges hosting a two-day forum in Dubai May 14-15 in a bid to court regional investors.

The Iraq Stock Exchange (ISX) is currently in the process of upgrading to the latest Nasdaq trading platform after signing an agreement with Nasdaq OMX in June 2013. The new platform, currently used by more than 25 exchanges globally, is capable of supporting multiple asset classes, although the ISX concentrates mainly on cash equities.

“We will complete the implementation at the end of June, and it will go live at the beginning of July,” said Taha Ahmed al-Rubaye, chief executive of the ISX. “We are working hard to modernize the exchange.”

The ISX is also assisting the Erbil Stock Exchange (ESX), the first exchange in Iraq’s semi-autonomous Kurdistan region, in setting up its Nasdaq trading system.

It is due to be fully implemented in July, and the ESX hopes to see around five to ten listings by the end of 2014, including a major telecom company. The ESX has $8 million in initial capitalization and 56 shareholders, primarily from the private sector.

“We’re looking to have more than one financial center in Iraq. Maybe in the future we will also look at setting up an exchange in Basra,” said Rubaye. “We want to try and connect other regions with Baghdad.”

Rubaye is also preparing to tackle an issue that has dogged the ISX since its establishment in 2004. “Once we have gone live with our new Nasdaq trading platform in July, we’re going to invite foreign banks to submit their proposals to operate as a custodian.” The lack of a custodian is viewed as the biggest hurdle to expanding the exchange and attracting foreign investors. Aside from political risk, they are also concerned about third-party risk in the absence of custodian services.

“The biggest challenge is the custody issue,” says Sadeer Munir, managing director of the Baghdad-based financial advisory firm Melak Iraq. “I can’t remember the number of times we have had discussions with investors about custody. Big institutions are shying away from the market, as they don’t have a custodian they can work with. Resolving that issue will serve as a big catalyst to growing the market. If you compare the size of the ISX to that of surrounding countries, it’s easy to see that it should be a lot larger.”

With 84 listed companies, the ISX has a market capitalization of $9.5 billion to serve a population of 30 million, an amount substantially smaller than other oil-dependent markets in the Gulf Cooperation Council, which range in size from $208 billion in the United Arab Emirates to $479 billion in Saudi Arabia.

Toward the end of 2013, the ISX asked the Iraqi Securities Commission (ISC), which regulates the stock market, to ease requirements for custodians to hold shares.

In the past, industry insiders have complained that the proposed capital requirement set by the ISC was too onerous. “The original requirement was $50 million, which is a large amount for such a small market,” said a source who requested anonymity.

“My understanding is that some of the big banks are now looking at offering their services in this regard,” said Sanjay Motwani, president of Sansar Capital, which runs one of the largest equity funds in Iraq and has invested some $27 million since 2011. “Some of the major foreign banks have entered Iraq in the last couple of years, and they’ve said that custody is something on their template.So I’m hopeful that a custodian will be appointed and once it has, I wouldn't be surprised if it led to a 300% re-rating in the market, because there will be a huge wall of money hitting Iraq."



Read more: http://www.al-monitor.com/pulse/originals/2014/05/iraq-stock-market-outlook-achievements-challenges.html#ixzz32LLYYcnK

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SnowGlobe7 Newbie

SnowGlobe7

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ok...so follow my kitty math here.......

 

.00086 plus 300 percent is .00344

 

then...move the decimal three places

 

KAPOW

 

a rate of $3.44

 

Who is with me in this wishful..no logic behind it math?????


I am guru snow kitty making this crap up just like the rest of them!!!!!!

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twoAkitas Newbie

twoAkitas

Posted
Posted

ok...so follow my kitty math here.......

 

.00086 plus 300 percent is .00344

 

then...move the decimal three places

 

KAPOW

 

a rate of $3.44

 

Who is with me in this wishful..no logic behind it math?????

I am guru snow kitty making this crap up just like the rest of them!!!!!!

there's more logic in your litter box than a guru possesses

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jobug38 Newbie

jobug38

Posted
Posted

ok...so follow my kitty math here.......

.00086 plus 300 percent is .00344

then...move the decimal three places

KAPOW

a rate of $3.44

Who is with me in this wishful..no logic behind it math?????

I am guru snow kitty making this crap up just like the rest of them!!!!!!

Woowhoo snow I could deal with your kinda math anyday! :D

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MITCH10 Newbie

MITCH10

Posted
Posted

ok...so follow my kitty math here.......

 

.00086 plus 300 percent is .00344

 

then...move the decimal three places

 

KAPOW

 

a rate of $3.44

 

Who is with me in this wishful..no logic behind it math?????

I am guru snow kitty making this crap up just like the rest of them!!!!!!

Well I like the way you do math!!! LOL

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TrinityeXchange Newbie

TrinityeXchange

Posted
Posted (edited)

these articles are attempting to pull tears from my eyes.  i thank my Lord and Saviour Jesus Christ that an opportunity like this did not come and go and i was left none-the-wiser and distracted.  i have never had an opportunity like this in all of my life.  so so grateful....

Edited by TrinityeXchange
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dontlop Newbie

dontlop

Posted
Posted

ok...so follow my kitty math here.......

 

.00086 plus 300 percent is .00344

 

then...move the decimal three places

 

KAPOW

 

a rate of $3.44

 

Who is with me in this wishful..no logic behind it math?????

I am guru snow kitty making this crap up just like the rest of them!!!!!!

I think you hit the nail right on the head and drove it home

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Djorgie Newbie

Djorgie

Posted
Posted

Thanks DT,

 

QUESTON...What reasons could they be updating their trading platform for other than to keep up with everyone else?

 

 

SG7,

 

Your kitty math skills I likey!

 

 

While I'm here just wanted to mention that Russia just signed off on a several hundred billion dollar gas deal with China. Not that it directly affects the RV, however, Russia, China, Japan, Iran and a few others I believe are really working toward getting rid of the petro dollar and if this takes place it will definitely affect those of us who live in the U.S. whether it is pre or post RV. We already know that the dollar is not going to last forever for a few reasons including the fact that it is fiat based, QE is beyond ridiculous and the debt we are in is literally impossible to ever be fully repaid. I'm just wondering if I should consider (when and if a RV happens) exchanging in another currency besides the dollar and what would be the best bet?

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dontlop Newbie

dontlop

Posted
Posted

The banks will just confiscate all our money so ya might buy some stocks in a growing country

Somewhere where they are growing from the bottom up

Somewhere where they have natural resources

Lots of natural resources

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idplzr Newbie

idplzr

Posted
Posted (edited)

Thanks DT,

QUESTON...What reasons could they be updating their trading platform for other than to keep up with everyone else?

SG7,

Your kitty math skills I likey!

While I'm here just wanted to mention that Russia just signed off on a several hundred billion dollar gas deal with China. Not that it directly affects the RV, however, Russia, China, Japan, Iran and a few others I believe are really working toward getting rid of the petro dollar and if this takes place it will definitely affect those of us who live in the U.S. whether it is pre or post RV. We already know that the dollar is not going to last forever for a few reasons including the fact that it is fiat based, QE is beyond ridiculous and the debt we are in is literally impossible to ever be fully repaid. I'm just wondering if I should consider (when and if a RV happens) exchanging in another currency besides the dollar and what would be the best bet?

Di Giorgi, in a quick answer to your question, look at every country in the world. They all keep other countries currencies in reserve. If federal governments hedge their bets with other currencies in case one falls, it is best we do the same. Edited by idplzr
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vomer Newbie

vomer

Posted
Posted

ok...so follow my kitty math here.......

 

.00086 plus 300 percent is .00344

 

then...move the decimal three places

 

KAPOW

 

a rate of $3.44

 

Who is with me in this wishful..no logic behind it math?????

I am guru snow kitty making this crap up just like the rest of them!!!!!!

This is too coincidental to be simply coincidental.

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fancy Explorer

fancy

Posted
Posted

these articles are attempting to pull tears from my eyes.  i thank my Lord and Saviour Jesus Christ that an opportunity like this did not come and go and i was left none-the-wiser and distracted.  i have never had an opportunity like this in all of my life.  so so grateful....

AMEN!!!!  And I know there are a lot of us that feel the very same way you do. We are on the tip of something monumental on several levels.  Pray and be prepared.

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EagleEye Newbie

EagleEye

Posted
Posted

ok...so follow my kitty math here.......

 

.00086 plus 300 percent is .00344

 

then...move the decimal three places

 

KAPOW

 

a rate of $3.44

 

Who is with me in this wishful..no logic behind it math?????

I am guru snow kitty making this crap up just like the rest of them!!!!!!

best thing I read in awhile ...you go "kitty-kitty"...you have my vote  :lol:

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