Iraq Stock Exchange migrates to electronic system

Iraq Stock Exchange migrates to electronic system

The Iraq Stock Exchange has begun the move to electronic trading, with five of the bourse's 91 companies migrating to a new system yesterday.

The system - paid for with a $6.5 million grant from the US government - is being used to trade stocks in three banks and two hotels. All other stocks with switch to over by the end of the year.

Since its launch in 2004, traders at the exchange have relied on white boards displaying information but will now be able to monitor prices on TV screens.

The paper-based system meant it regularly took two weeks for sales to be certified. The new technology will see that reduced to minutes.

Abdul-Razzak al-Saadi, chairman, Iraqi Securities Commission, told reporters the switch will improve the speed and transparency of trading, helping to attract foreign investment and boost the country's economy.

Iraq's Stock Exchange Goes Electronic - WSJ

Comments: (0)