THE IRAQ STOCK EXCHANGE IS MODERNIZING ITS TRADING MECHANISM WITH AN EGYPTIAN COMPANY, 14 AUGUST

  Iraq signs strategic agreement to modernize trading mechanisms in cooperation with an Egyptian company

The Iraq Stock Exchange announced today, Wednesday, the signing of a strategic agreement to modernize trading mechanisms in cooperation with an Egyptian company.

A statement by the Iraqi Stock Exchange received by the Iraqi News Agency (INA) stated, "In a step aimed at developing and improving the investment environment in Iraq, and under the auspices of the Iraqi Securities Commission, the Iraq Stock Exchange signed a cooperation agreement with the Egyptian Company for Information Dissemination, after intensive discussions that lasted for more than six months." 

He added, "The agreement includes licensing, use and maintenance of the remote trading system for investors ( OMS ), broker management ( Back Office ), and portfolio management for investors, for a period of five years."

He added that "signing this agreement represents a qualitative shift in the development of the Iraqi stock market," indicating that "Iraq is committed to providing the latest technologies to investors, which contributes to enhancing confidence and attracting more investments to the Iraqi market."

For his part, the CEO of the Iraq Stock Exchange, Faisal Al-Haimus, pointed out, “The importance of this step, as the remote trading system is a vital addition to our ongoing efforts towards developing the market’s infrastructure. The system’s experience in the Egyptian Stock Exchange has proven its efficiency over the past five years, and we are excited to see its positive impact on our market.”

He pointed out that "the new system includes smart applications that aim to facilitate trading operations and improve the investor experience, which reflects the commitment of the parties concerned to developing the financial sector in Iraq and achieving sustainable growth."  link

ANALYSIS

The Iraq Stock Exchange has recently taken a significant step towards modernizing its trading mechanisms by signing a strategic agreement with an Egyptian company. This agreement, announced today and facilitated under the oversight of the Iraqi Securities Commission, aims to enhance the investment environment in Iraq.

Key details of the agreement include:

• Licensing and Maintenance: The Egyptian Company for Information Dissemination will provide licensing, usage, and maintenance of several systems for the Iraqi Stock Exchange. This includes:

  • Remote Trading System (OMS): Allows investors to trade remotely.
  • Broker Management (Back Office): Facilitates broker operations.
  • Portfolio Management: Assists in managing investors' portfolios.

• Duration: The agreement is set for five years.

The initiative marks a notable advancement for the Iraqi stock market. Faisal Al-Haimus, CEO of the Iraq Stock Exchange, emphasized that the introduction of this remote trading system, which has proven successful in Egypt, will significantly enhance the market infrastructure. The system's smart applications are expected to streamline trading operations and improve the overall investor experience, reflecting Iraq's commitment to integrating modern technologies and fostering sustainable growth in its financial sector.