Stock Exchange .. Efforts to issue the law of trading securities
25/4/2018 12:00 am
Promoting the promotion of government bonds needs a culture
Baghdad / Mustafa Al Hashemi
The Iraqi Stock Exchange seeks to activate an important aspect in the national economy by encouraging the trading of shares. It also seeks to activate the mechanisms of trading bonds because its activity includes regulation of dealing and trading securities and monitoring.
According to the Executive Director of the market, the market plans include two types of mechanisms.
The first is to regulate the trading of securities through trading sessions from Sunday to Thursday on the shares of the listed companies of 102 companies through brokerage companies that carry out orders for the sale and purchase of Iraqi and foreign investors on the instructions And the rules available on the Iraq Stock Exchange website.
"The second pillar is to ensure the implementation of the stock settlement and financial clearing procedures by transferring the money to be bought from the buyer to the seller and transferring the shares sold from the seller to the buyer on the same trading day," Taha Ahmed Abdul Salam, the market's executive director, said during a meeting with Sabah..
Abdul Salam stressed the existence of a development that the market seeks to achieve through four important axes: "Issuing the Investment and Trading Securities Law, which should add new investment outlets and job opportunities, namely, the ability to establish investment funds, manage investment portfolios, issue international certificates of deposit, Corporate Governance".
He pointed to "the market's efforts to issue instructions for the organization of trading operations based on short selling and borrowing shares, as well as attracting international banks to regulate the custodian and guarantor bank to attract long-term investments, especially large foreign investment funds."
He stressed that the market also seeks to "promote the promotion of government bonds and encourage companies to issue private bonds and circulation by investors, which need to raise awareness and the dissemination of a special culture that banks still acquire government bonds and do not resort to circulation in the stock market."
The Iraqi Stock Exchange called on the holders of the national bonds / second issue to deposit and register the bonds they own in the depository center and to trade them for sale and purchase during the period of the continuous session until the date of its amortization on 2/4/2019, where the rate of change of bond price will be 5% And minimum after all the required procedures are completed in accordance with the instructions of government bonds.
Abdul Salam Bin said that the market attaches utmost importance to three topics, namely,
"daily disclosure of the fundamental events and quarterly and annual disclosure of the financial status of the shareholding company,
and the decisions of public bodies and
follow-up procedures disclosure and implementation of the policy divided earnings distributed to shareholders as one of the important factors attractive to trade and change the prices of shares traded;
As well as to give great importance to the development of systems and software to protect the rights of dealers and to increase control and vigilance of procedures applied using electronic systems
"as well as" the development of instructions and rules that add new investment outlets and modern mechanisms of work Similar to the Arab and international stock markets, which need to develop the prevailing laws as it will add to the capital formation of the Iraqi economy and create new jobs in the economy."
On the plans implemented by the Iraqi market for securities during 2018 Abdul Salam said it is based on the axes of "disclosure and dissemination of the culture of investment securities through the establishment of workshops for students of Iraqi universities," asserting that the Iraqi market for securities organized five workshops during the first quarter of 2018.
He pointed out that "the workshops have been implemented for the faculties of administration and economics, University of Baghdad Accounting Department / Phase III, College of Science City University Accounting Department / Phase III, Central Technical University / Technical Technical College / Department of Financial and Accounting Techniques / Graduate Students / Masters, / Department of Business Administration / Phase III, as well as Mansur College University Business Administration / Phase III.
He pointed out that "the workshops were characterized by the presence of theoretical training and practical mechanisms for trading and opening the account for trading, and the reasons for changing stock prices and factors affecting In which".
He added that "Iraq Stock Market plans also aim to" train staff in investment departments and management of investment portfolios in Iraqi banks and brokerage companies on the advanced training programs organized by the Arab Academy for Finance and Banking at the headquarters of the market to raise awareness and the ability to create new investment opportunities."
He pointed out that "the market plans to develop systems and software by providing instant and timely information to customers through electronic applications, as well as urging companies to list their shares in various sectors, especially industrial and extractive companies."