02/10/2011Iraq: Basra opening of the market for securities
Baghdad, The head of the Securities Commission, Sunday to finish the work pre-requisites for opening the Iraqi market for securities in the province of Basra.
Abdul Razzaq al-Saadi told the Kurdish news agency "The Securities Commission has completed the legal requirements, technical and administrative for the opening of the stock market in the province of Basra in support of investment projects and strengthen the capacity of Iraq on the development of stock markets."
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He added that "Basra province is working to complete the technical measures of e-link system and the protection of the international network to prevent intrusion and some technical procedures to start work in the market of Basra, which effectively link the stock market in Baghdad"
He pointed out that "the Securities Commission for the granting of licenses in you mind and Atakz money by the opening of stock markets in Baghdad, but advises against opening more markets because of the negative economic impacts could harm investors and business owners."
He explained that "the costs of opening the securities market cost at least $3 billion.
The head of the Iraq Stock Exchange, Friday, from the end of the formal requisites of opening the Iraqi market for securities in Arbil.
And decided Securities Commission of Iraq, on Saturday, to grant licenses to three financial intermediaries in 2012, instead of the opening of financial markets in all the provinces to avoid the economic problems caused by complex II.
And gave the Securities Commission in March last two licenses for the opening of financial market in Erbil and Basra.
The Securities Commission said earlier that the economic reality of the Iraqi Aithml opening more of the financial markets in the rest of Iraq's provinces.
A number of Iraqi economists earlier in the need for opening of financial markets in the provinces where economic activities and investment mission argued that the work of the Iraqi market for securities in the previous years and faced many economic problems in the country and indicates it has a lot of negative phenomena.
The Iraq Stock Exchange has started operation in 2004, shifted from manual trading to the use of e-dealing screens in 2009 and opened for trading two hours a day five days a week.
The banking sector is the largest in the exchange, which also includes the shares of industrial companies, insurance companies, hotels and agricultural companies.
The total value of shares listed on the stock exchange about $ 3 billion.
