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The Iraqi Stock Exchange will stop for nine days


yota691
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Economy News-Baghdad

The Iraqi Securities Commission, represented by its participation in the sixteenth annual meeting of the Federation of Arab Securities Commissions, announced in Muscat / Sultanate of Oman on 11/5/2022. To cooperate in developing the Arab financial markets through upgrading the legislative and regulatory aspects .

 

The Chairman of the Board of Governors, Thaer Al-Mukhtar, and in the presence of the Chairman of the Securities Commission Hassan Hammoud Al-Akaili, the Expert Executive Director Taha Ahmed Abdel Salam and the Iraqi Embassy in Muscat / Oman, signed a memorandum of understanding with the Muscat Securities Exchange represented by CEO Haitham Al-Salmi, in the presence of the CEO of Muscat Clearing Company and a number of Board members On May 10, 2022.

 

The memorandum aims, according to a statement by the authority, to enhance the efficiency of the financial markets through the exchange of experiences, information and advisory services related to the trading of securities , facilitating the participation of brokers in training and development programs   , harmonizing listing requirements - promoting joint and mutual listing   and setting basic rules for the development of indicators.

 

It also discusses the development of sustainability, environmental, social and corporate governance between the two parties and discusses ways of cooperation in the field of educating and educating investors about the financial markets and  any other areas that would develop activity .

 

The Iraqi Securities Commission and the Iraq Stock Exchange had implemented a strategy during the year 2022 that relies on cooperation with Arab financial markets, developing the activity of brokerage companies, raising the capabilities of brokers in dealings with investors, financial and information analysis, following up on companies’ disclosure, and returning joint stock companies to trading in cooperation with sectoral authorities .

 
 

 


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Added 05/14/2022 - 9:51 AM
Update 05/14/2022 - 4:54 PM
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Just quick question are Americans allowed to invest their dinar in their stock market? Seems like I remember people doing that with one of the banks there! I remember something about their  bank accounts being frozen and not able to get their back! I have not heard anything about that in few years. Just wondering if it was still frozen or were they able to get their money back? Thanks in advance for any updates! 

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On 5/16/2022 at 3:15 PM, Artitech said:

Just quick question are Americans allowed to invest their dinar in their stock market? Seems like I remember people doing that with one of the banks there! I remember something about their  bank accounts being frozen and not able to get their back! I have not heard anything about that in few years. Just wondering if it was still frozen or were they able to get their money back? Thanks in advance for any updates! 

been invested for over 10 years with commercial bank and al karmal....early days warka bank allowed people to invest dinar but they gave you time frames to transfer shares in your own name and if you didnt they were gone.

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On 5/16/2022 at 3:15 PM, Artitech said:

Just quick question are Americans allowed to invest their dinar in their stock market? Seems like I remember people doing that with one of the banks there! I remember something about their  bank accounts being frozen and not able to get their back! I have not heard anything about that in few years. Just wondering if it was still frozen or were they able to get their money back? Thanks in advance for any updates! 

a lot of warka customers who bought shares through warka.....I have been invested in the share market since 2004

 

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  • 1 month later...

Iraq Stock Exchange Launches Platform For Trading Shares Of Undisclosed Companies

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Information / Baghdad.

The Securities and Exchange Commission of Iraq has announced the launch of the "Undisclosed Joint Stock Exchange" trading platform, while identifying companies that can trade on the platform.

"The Authority has decided to develop and launch (undisclosed share trading platform) undisclosed comp as of Sunday 3/7/2022," the bank's media said in a statement.

He added, "Trading in this platform will be for companies that have already decided to stop trading because they did not provide the required disclosures: Electronic Industries Company, Light Industries Company, Badia Public Transport Company, Modern Construction Materials Industry Company, Iraqi Road Transport Company, Babil Bank Company, Batek Financial Investment Company, Modern Animal Production Company, Al Khair Financial Investment Company, Iraqi Petroleum Products Transport Company, and any company that decides on the future coverage of the company. By trading on this platform of listed companies."

He called on the companies above to "commit to providing minimum disclosure (report on the company's status from the date of the submission of the latest financial statements to date/ lawsuits/booking and mortgages/ any material events affecting the company's activity) and the experience and mechanisms will be evaluated three months after the application began and take advantage of the observations described under the evaluation and examination form.

The Securities and Exchange Commission of Iraq has also decided to "increase the rate change from 10% to 15% as of July 3, 2022. For the companies listed in order to activate trading in the regular trading platform."

"The shareholder and potential investor is responsible for purchasing and selling shares on the shares listed on the undisclosed corporate platform, based on his investment decisions, and the brokerage firms must install a note in the authorization of purchase and sale, and in the investor agreement, the statement of informing the shareholder and investor of the above and acknowledging that he will take any risks that arise later due to the lack of information and data - lack of disclosure - to the companies contributing to this platform," she said.

He noted that the measures were "based on legislative order No. 74 of 2004 and the instructions and rules issued by the Securities And Exchange of Iraq Securities And in order to protect the shareholders' rights of joint stock companies listed on the Iraqi Stock Exchange, attract potential investors and stimulate securities trading." Ended/25s

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4 hours ago, 6ly410 said:

The Securities and Exchange Commission of Iraq has also decided to "increase the rate change from 10% to 15% as of July 3, 2022. For the companies listed in order to activate trading in the regular trading platform."

so two exchanges for registered and no registered not sure what "increase in rate change means" anyone?

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" Undisclosed Companies" .... didn't think that was even legal. 

Well, the world is run by corrupt entities, perhaps these a shell corporations.

Perhaps that assessment is unfair but this being Iraq and literally ground zero for the most corrupt politicians I've ever seen: " Undisclosed "sounds like money laundering.

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Economy News-Baghdad
The Securities Commission and the Iraq Stock Exchange announced the launch of a platform for trading shares of undisclosed joint stock companies, while identifying the companies that can trade on the platform.

The authority’s media stated, in a statement, that “the authority decided to create and launch (a platform for trading the shares of undisclosed joint stock companies) Undisclosed Comp as of Sunday’s session 3/7/2022,” noting that “the rate of change in the session will be 5%, up and down from the closing price.” The share price will be left with a change of 50% from the last closing price of the share in the first trading session on the platform. 

He added, "Trading on this platform will be for companies that the Securities Commission had previously decided to suspend from trading due to failure to provide the required disclosures, which are: Electronic Industries Company, Light Industries Company, Al Badia Public Transport Company, Modern Construction Materials Industry Company, the Iraqi Company for Land Transport and a Bank Company. Babel, Al-Batak for Financial Investments, the Modern Company for Animal Production, the North Bank Company, the Al-Khair Financial Investment Company, the Iraqi Company for the Transport of Oil Products, and any company that the Commission decides in the future to include in trading on this platform from the listed companies.

He called on the above companies to "commit to provide the minimum disclosure (a report on the company's situation from the date of submitting the last financial statements to date / lawsuits / seizure and mortgage / any material events affecting the company's activity) and the experience and mechanisms will be evaluated after three months from the start of the application And take advantage of the notes indicated on it according to an evaluation and efficiency examination form.

The Securities Commission and the Iraq Stock Exchange also decided to "increase the price change percentage from 10% to 15% as of 3/7/2022 for the companies listed therein in order to activate trading in the regular trading platform."

The Commission stressed that "the potential shareholder and investor - bears the responsibility of buying and selling shares on the shares listed on the undisclosed companies platform - based on his investment decisions and that the brokerage companies include a note in the purchase and sale authorization and in the investor's agreement that includes the phrase that the shareholder and investor are informed of the above and acknowledges his responsibility Any risks that appear later as a result of the lack of information and data - lack of disclosure - for the companies participating in this platform."

He pointed out that the procedures were "based on Legislative Order No. 74 of 2004 and the instructions and rules issued by the Securities Commission and the Iraq Stock Exchange and in order to protect the rights of shareholders in joint stock companies listed on the Iraq Stock Exchange, attract potential investors, and activate trading in securities." 

 
 

 

 


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Added 06/29/2022 - 7:16 PM
Update 06/30/2022 - 4:04 PM
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It appears to me that they are referring to an alternative trading platform to buy an sell stocks. In the USA they call it penny stocks, this is a platform with little to no oversight or regulations with it.

Thats why in the article they give a disclaimer to the investor that warns them they are trading on a undisclosed platform. 
These listed companies are not trading on the ISX and just giving the potential investor a heads up to what their buying….

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On 6/30/2022 at 10:41 AM, horsesoldier said:

" Undisclosed Companies" .... didn't think that was even legal. 

Well, the world is run by corrupt entities, perhaps these a shell corporations.

Perhaps that assessment is unfair but this being Iraq and literally ground zero for the most corrupt politicians I've ever seen: " Undisclosed "sounds like money laundering.

disclosed means compliant those that have subumitted annual returns etc

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 2022-07-05 04:03
 

Shafaq News/ The Iraqi Stock Exchange (the Stock Exchange) announced today, Tuesday, the suspension of its activity for a period of nine days.

The market said in a statement received by Shafaq News Agency, "Based on the decision of the Council of Ministers to declare a nine-day official holiday on the occasion of the blessed Eid Al-Adha, the last trading session will be on Thursday, July 7."

He added: "The activity will be practiced after the official holiday, starting from Sunday, July 17, according to its official timings."

It is noteworthy that the market organizes five trading sessions per week from Sunday to Thursday, and includes 103 Iraqi joint stock companies representing the sectors of banking, telecommunications, industry, agriculture, insurance, financial investment, tourism and hotels.

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7 minutes ago, yota691 said:
 
 2022-07-05 04:03
 

Shafaq News/ The Iraqi Stock Exchange (the Stock Exchange) announced today, Tuesday, the suspension of its activity for a period of nine days.

The market said in a statement received by Shafaq News Agency, "Based on the decision of the Council of Ministers to declare a nine-day official holiday on the occasion of the blessed Eid Al-Adha, the last trading session will be on Thursday, July 7."

He added: "The activity will be practiced after the official holiday, starting from Sunday, July 17, according to its official timings."

It is noteworthy that the market organizes five trading sessions per week from Sunday to Thursday, and includes 103 Iraqi joint stock companies representing the sectors of banking, telecommunications, industry, agriculture, insurance, financial investment, tourism and hotels.

Drawing a blank- is this done every year?

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35 minutes ago, horsesoldier said:

OMG !!! OMG !!! OMG !!! Could this be it !?!?!? OMG !!! OMG !!!! 

BUH WAH HA HA HA HA ... Probably the start of Camel Racing Season, huh.

Ya, and made it another official holiday.

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July 5, 2022
 
 
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The Iraqi Stock Exchange (the Stock Exchange) announced today, Tuesday, the suspension of its activity for a period of nine days.

And the market said in a statement, “Based on the decision of the Council of Ministers to declare an official holiday for a period of nine days on the occasion of the blessed Eid Al-Adha, the last trading session will be on Thursday, July 7.”

He added, "The activity will be practiced after the official holiday, starting from Sunday, July 17, according to its official timings."

It is noteworthy that the market organizes five trading sessions per week from Sunday to Thursday, and includes 103 Iraqi joint stock companies representing the sectors of banking, telecommunications, industry, agriculture, insurance, financial investment, tourism and hotels.

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