Type Stock Exchange Founded 2004 | Location Karrada, Baghdad, Iraq Currency IQD | |
Key people Taha Ahmad al-Rubaie
(Executive Director) | ||
The Iraq Stock Exchange (ISX), formally the Baghdad Stock Exchange, is a stock exchange in Baghdad, Iraq.
The Iraq Stock Exchange was incorporated and began operations in June 2004. It operates under the oversight of the Iraq Securities Commission, an independent commission modeled after the U.S. Securities and Exchange Commission. June Reed is an American adviser to the stock exchange.
Before the 2003 invasion of Iraq, it was called the Baghdad Stock Exchange and was operated by the Iraqi Ministry of Finance. Now it is a self-regulated organization similar to the New York Stock Exchange, owned by the 50 or so member brokerages.
As of 2005, the ISX was Iraq's only stock exchange. It opened in 2004 with 15 companies, and now lists more than 100 companies. Turnover of shares in 2005 was approximately $5 million USD per trading session. Major stocks included Bank of Baghdad, Baghdad Soft Drinks Co, Iraqi Tufted Carpets Co, Hader Marble, and Altherar Agriculture.
Aswat al-Iraq news agency covers every trading session with reports published on the web in English and Arabic
Growth
Originally, trading was with pen and paper. Buyers shouted at or called into their brokers, who stood near their whiteboards that listed each company's share buy and sell price.
Trading was suspended for several months in 2006 due to violence, and is subject to power outages.
In 2006, 92 trading sessions were held (an average of 2 per week), 57 billion shares were traded (at a value of 146 billion dinars), and 38,000 trades were consummated. The trading floor is currently open six hours a week: Sunday, Tuesday, and Thursday from 10:00 a.m. to 12:00 noon.
The ISX opened to foreign investors on August 2, 2007.
The ISX has been unaffected by the Economic crisis of 2008.
On April 19, 2009, the ISX switched to electronic trading. Currently, only five companies are available for electronic trading, but more will be added over the next few months.