ISX to Launch a New System by Next Month

The Director of the Iraqi Stock Exchande (ISX), Taha Ahmed Abdulsalam, said on Saturday that the ISX will launch a new general indicator for shareholders as a result of an increase of quoted companies.

"Electronic trading had been applied by 5 companies by April 9, 2009. This number eventually rose to 30, out of which 19 had been accounted as the best," he added.

"The Iraqi Stock Exchange has registered 84 companies and it has become a necessity to increase the size in accordance with the increase in capitalisation of the listed companies," Abdulsalam said, pointing out that "the Board of Governors had decided to increase the number of companies within the index so that the indicator can give an accurate value of deals both generally and by sector."

"Before electronic trading began an examination had been conducted of all the systems of the participating companies, which discovered that they had been using six different systems to register their data."

"The testing of the trial version and the updating of shareholder data are both necessary. It is also important when increasing capitalisation to supply the company with all the documents and reports required for the classification of investors and for the purpose of disclosure according to Law 74 of 2004," he concluded.

( Aswat Al Iraq )

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