Executive Director of ISX said that the Board of Governors of the market
had taken several resolutions during its third meeting in 2008,
including contracting with companies to publish the trading data online,
as well as giving contributing companies two months to submit their
closing accounts.
Taha Ahmed Abdul Salam explained, "The Board approved the contract with
the company (Al-Mubashir) for Investors Service, which will prepare and
publish the trading data online to all sites and enable investors to
receive services of the company concerning the trading data of the
companies and their financial situations." He added, "The Council asked
the company to send the agreement contract, which will be for three
years, and assigned it to set up a web site to the Iraqi market with
advanced specifications, just like the ones of the Arab financial
markets. The Iraqi market will not bear any financial cost of providing
technological services or the publishing of data."
He noted that "the project of the electronic trading is continual and
the Council adopted several resolutions including organizing procedures
for training the staff of the Securities and prepare the clearing bank
to work with the market testing and the results of the meetings. There
are also training courses for loading the trading data of companies and
send the outputs to the contributing company whose staff will be trained
to deal with these data; also, getting ready to regulate a final test of
all intermediaries (a comprehensive trading session) to test the staff
and intermediaries in order to grant them licenses for electronic work
during the first half of June."
Abdul Salam said, "The Board of Governors of the Iraqi market decided,
during its third meeting of 2008, to give the uncommitted contributing
companies a period of two additional months to submit their final
accounts starting from June 1 until July 31. After this date, the
authority would impose a fine of one million dinars for each month of
delay and for two months as well." He continued, "The resolution states
that in the absence of the company's commitment to provide its accounts,
the trading of its shares on the market will be stopped with the
imposition of a fine of five million dinars."
It is noteworthy that ISX, which was founded by Law (No. 74) in April of
the year (2004) and began its operations in the first trading session in
June of the same year, holds three weekly meetings on Sunday, Tuesday
and Thursday , where the shares of 94 companies are traded.
