April 13, 2010
Economic : Executive Director of the Iraqi market for securities: There are indicators for the adoption of the Securities Act in 2010
بغداد - الصباح BAGHDAD - morning
The executive director of the Iraqi market for securities: the stock market expects to enhance its activity immediately after approval of the draft new law on securities where Cisa'daly attract foreign investment, much needed.
Said Taha Abdul Salam director Iraqi market for securities that after less than a year of electronic trading technology in the nascent stock market will be the next step is the development of regulations and tools to help increase trading volumes, not exceeding an average of one million to 1.5 million Dulariomia.
Abdel-Salam said: "move forward in the things necessary Tisralastosmar to everyone, and I am confident that we're doing the right thing.
"I think we will see probably increase by about 50 percent in volumes and sales as a result of moving towards the adoption of the draft Securities Law Balhasal compared to now.
Abdel-Salam is not known whether the draft Securities Law has received the approval of the Shura Council, the highest legal review of the Commission in the country or sent to Parliament, but he expressed optimism soon be passed in as soon as parliament resumes.
He said: It is based on a timetable would be a parliamentary passage of the bill by the end of the year or maybe in the next six months.
The draft law would allow tools such as portfolio management and investment functions of the investment manager and mutual funds and online trading and allow the exchange to carry out the initial placement offer.
He said the new regulations "necessary to allow many possibilities for investors and brokerage firms to make it (stock exchange) acceptable to all." And trading in 82 out of 91 companies listed on the stock exchange on the electronic system at present and that the remaining firms will join the event records established shareholders and the completion of the procedures in arrears.
Number of shares traded rose 40 percent last year than in 2008, and volume of trading rose by 36% for the year 2008.
Abdel-Salam said that the banks contribute about 70 percent of the volume of trading in the stock market in the standings, followed by shares of industrial companies and insurance companies.
Although the market to allow foreign investment in August 2008, the liquidity of non-Iraqi does not contribute to only three percent of transactions.
Abdelsalam said: "The requirements of non-Iraqi investors in electronic trading, which were implemented in 2009 and implement mechanisms banks Zamnp which has not been implemented so far," Now I understand that they are interested in banks Zamnp and aspects of the development of many is not in stock, but in the same country "he said. Abdel-Salam: "The main challenge faced by the stock market is not liquidity but to reassure investors that they can enter the stock market and out of without delay.
Many developments being pursued by the Iraqi Stock Exchange launched the implementation of some of them reduced commission brokerage firms from six thousand to five thousand of the contract value to attract investors and reduce the fee waiver, which is between individuals or the family from 7% to 4% of the value of the deal as of May 2010
