News: capital markets

Public Relations Training Builds Capacity of Iraqi Capital Markets Institutions
1 July 2006 - Ten employees of the Iraqi capital market institutions recently completed a two-month capacity building program in public relations organized by the USAID-funded IZDIHAR project.
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ISC Attends IOSCO Conference in Hong Kong
1 July 2006 - A delegation of the Iraq Securities Commission (ISC) recently attended the 31st annual conference of the International Organization of Securities Commissions (IOSCO) in Hong Kong.  The conference gathered 650 securities market regulators and other professionals from more than 135 countries.
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Iraqi Association of Securities Dealers Moves to New Facility
11 May 2006 - The Iraqi Association of Securities Dealers recently completed the move to its new headquarters in central Baghdad.
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Newsletter Builds Capacity of Iraq’s Securities Dealers
20 February 2006 – The Iraqi Association of Securities Dealers (IASD) recently launched the first edition of the group’s monthly newsletter to its members, marking a milestone in the progress of the two-year-old organization.
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Iraq Securities Commission Starts Work in New Headquarters
29 January 2006 – The Iraq Securities Commission recently relocated and started functioning in its new Baghdad headquarters building that was updated and equipped with the support of the USAID IZDIHAR project. More >

Iraqi Association of Securities Dealers Hires First Employees
18 December 2005 - The Iraqi Association of Securities Dealers (IASD) recently hired its first employees.  The Baghdad-based IASD was established to promote the development of a vibrant securities market in Iraq, provide training for securities professionals, and advocate for the interests of its members.
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Capital Markets Seminar Held for Business Leaders
21 November 2005 - A seminar was held in Baghdad recently for 165 business leaders to gain information about how capital markets work in Iraq.  The seminar was presented by the USAID IZDIHAR project along with the Iraq Securities Commission, the Iraq Stock Exchange, and the Iraqi Association of Securities Dealers.
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Institutional Reform of Iraq Stock Exchange Supported by IZDIHAR Grants
9 October 2005 - The USAID IZDIHAR project recently awarded two grants that will enable the Iraq Stock Exchange to expand beyond Baghdad and help establish the Iraq Central Securities Depository as an independent organization.
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IZDIHAR Awards Grant to Iraqi Securities Dealers
6 September 2005 - USAID’s IZDIHAR project recently awarded a grant to the Iraqi Association of Securities Dealers (IASD) to support the start-up costs of establishing the group’s national headquarters. The grant award was announced in Baghdad at a special event attended by more than 100 members of the association.
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Progress Made on Capital Markets Issues in Chalabi Meeting
5 July 2005 - Iraq's Deputy Prime Minister recently met with the Iraq Securities Commission, USAID and representatives from USAID’s IZDIHAR project to discuss development of the country’s capital market and the government’s support of privatization of state-owned enterprises.
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Capital Markets Working Group Established in Iraq
26 June 2005 - The first-ever Working Group of Iraqi securities professionals will work toward development of a modern securities market infrastructure. An effective securities market will provide an alternative method of raising capital for Iraqi businesses, lead to private sector growth and expansion, and create additional long-term jobs in the country.
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Iraqi Securities Officials Participate in International Gathering of Stock Exchanges for First Time in 20 Years
15 June 2005 - Senior representatives of the Iraqi securities industry traveled to Asia to reconnect with international counterparts and observe functioning capital markets.
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Capital Markets News
The newsletter of the
Iraqi Association of Securities Dealers

IASD Members Meet

The first employees of the Iraqi Association of Securities Dealers meet with the group’s board members and capital markets experts from USAID’s IZDIHAR project.
Capital Markets Seminar Held for Business Leaders

At a recent seminar in Baghdad, 165 Iraqi business people gained information on how capital markets work in Iraq.
Capital Markets Working Group Establish in Iraq

USAID and IRMO officials meet with securities industry leaders to establish the first-ever Working Group on capital markets issues in Iraq.
Big Board at Malaysia Brokerage Firm

Officials from the Iraq securities industry visited this Malaysia brokerage firm, which displays real time market quotes.
 

 


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Public Relations Training Builds Capacity of Iraqi Capital Markets Institutions

1 July 2006 - Ten employees of the Iraqi capital market institutions recently completed a two-month capacity building program in public relations organized by the USAID-funded IZDIHAR project. Participants learned how to write press releases, organize presentations and prepare information kits - skills that will be used to develop materials for marketing, education and awareness campaigns for their institutions and for the Iraqi capital market.


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ISC Attends IOSCO Conference in Hong Kong

1 July 2006 - A delegation of the Iraq Securities Commission (ISC) recently attended the 31st annual conference of the International Organization of Securities Commissions (IOSCO) in Hong Kong.  The conference gathered 650 securities market regulators and other professionals from more than 135 countries.

“Our participation in the conference gave us international recognition, which is very important for a young organization like ours”, said the Chairman of the ISC.

The Commission, which was established in 2004, has benefited from a regulatory capacity training program developed by the USAID-funded IZDIHAR project and has recently taken active steps towards IOSCO membership.


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Iraqi Association of Securities Dealers Moves to New Facility

11 May 2006 - The Iraqi Association of Securities Dealers recently completed the move to its new headquarters in central Baghdad.

Computers have arrived and are being set up in preparation for upcoming training courses.  Capital markets experts from the USAID-funded IZDIHAR project are providing institutional development support and helping to build the capacity of the organization.

The Iraqi Association of Securities Dealers represents 51 brokerage companies that trade on the Iraq Stock Exchange, providing training, educational and professional assistance to its members.


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Newsletter Builds Capacity of Iraq’s Securities Dealers

20 February 2006 – The Iraqi Association of Securities Dealers (IASD) recently launched the first edition of the group’s monthly newsletter to its members, marking a milestone in the progress of the two-year-old organization.

With institutional development and capacity building support from USAID’s IZDIHAR project, the IASD is a professional association that represents 51 stock brokerage companies and provides education and training for its members who are an important part of Iraq’s securities industry.

“The publication of the first edition of the IASD Capital Markets Newsletter is an important step forward in building a unified and powerful professional community of securities dealers in our country,” announced IASD’s chairman in a message to newsletter readers.

The newsletter, which is published in Arabic, Kurdish and English, informs and educates stakeholders – brokerages, exchange-listed companies and government bodies – on the proper functioning of the capital market. It also empowers the professional community of securities dealers and the key market institutions - Iraq Securities Commission and the Iraq Stock Exchange - to advocate for laws that will effectively regulate the market and to implement international best practices in achieving transparency.

As an outreach effort of the IASD, the publication promotes communication among all Iraqi market participants, facilitates increased understanding of the securities industry and paves the way for modernization of Iraq’s capital market.


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Iraq Securities Commission Starts Work in New Headquarters

29 January 2006 – The Iraq Securities Commission recently relocated and started functioning in its new Baghdad headquarters building that was updated and equipped with the support of the USAID IZDIHAR project.

The Commission benefited from two IZDIHAR procurements, a significant amount of which was allocated to the development of a strengthened technology infrastructure including equipment and internet services. The funding also covered the design of the floor layout, painting, refurbishment and wiring.

With a professional staff of over 30 people, the Commission is responsible for regulating Iraq’s growing securities market.  IZDIHAR is providing assistance to strengthen the skills of the staff in order for them to effectively manage the institution’s regulatory function.


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Iraqi Association of Securities Dealers Hires First Employees

18 December 2005 - The Iraqi Association of Securities Dealers (IASD) recently hired its first employees.  The Baghdad-based IASD was established to promote the development of a vibrant securities market in Iraq, provide training for securities professionals, and advocate for the interests of its members.

The hiring of the five initial staff members was made possible through a start-up grant from USAID’s IZDIHAR project, which will provide the new employees with an intensive training program and technical assistance to prepare them to effectively manage the business of the association.

“This is an important event in the development of capital markets in Iraq,” said Walid Al-Sadoon, an IASD Board Member.  “With the establishment of our organization and the implementation of international best practices, we will be better able to encourage a fair and transparent securities industry in Iraq.


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Capital Markets Seminar Held for Business Leaders

21 November 2005 - A seminar was held in Baghdad recently for 165 business leaders to gain information about how capital markets work in Iraq.  The seminar was presented by the USAID IZDIHAR project along with the Iraq Securities Commission, the Iraq Stock Exchange, and the Iraqi Association of Securities Dealers.

Participants heard how an effective securities market will provide an alternative way to raise money for Iraqi businesses, leading to growth in the private sector and creating new long-term jobs.

“The capital market is the soul and mirror of the economy in advanced countries,” said one speaker who represented Iraqi securities dealers.  “The Iraqi Stock Exchange is building upon the experience of other capital markets around the world by taking advantage of IZDIHAR experts and their experience in capital markets.”

“We need to find ways to attract Iraqi investors to invest in Iraq instead of in other countries,” said one businessman who attended the seminar.

Another businessman added, “The focal point should be to set rules and policies to protect Arab and foreign investors.  Otherwise, if any problems arise regarding their investment in Iraq, they would run away and distrust investing here.”

“This seminar helped increase awareness about capital markets for Iraqi investors and Iraqi companies,” noted a businessman from a private sector company.  “In addition, we learned about foreign experiences through IZDIHAR.  We need to learn more about foreign experiences because Iraq does not have much experience in this area due to our years of isolation.”


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Institutional Reform of Iraq Stock Exchange Supported by IZDIHAR Grants

9 October 2005 - The USAID IZDIHAR project recently awarded two grants that will enable the Iraq Stock Exchange to expand beyond Baghdad and help establish the Iraq Central Securities Depository as an independent organization.

The grant to the Iraq Stock Exchange will provide building and technological infrastructure support in order to assist the organization to relocate to a new operations center in Baghdad. The move will enable the exchange to automate its trading and expand its operations beyond Iraq’s capital city to become a truly nationwide stock exchange.

The grant to the Iraq Central Securities Depository also will support the organization in its move to a new Baghdad facility. The depository currently is operating as a department of the exchange, but will become a legal, autonomous, non-profit entity in accordance with international best practices and standards. The depository will operate nationwide and generate revenue by providing clearing, settlement and shareholder registry services.

The Iraq Stock Exchange is an independent private sector institution and is the only organized securities market in Iraq. There are 85 joint stock companies listed on the exchange with a total capitalization value of $2 billion.


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IZDIHAR Awards Grant to Iraqi Securities Dealers

6 September 2005 - USAID’s IZDIHAR project recently awarded a $243,500 grant to the Iraqi Association of Securities Dealers (IASD) to support the start-up costs of establishing the group’s national headquarters. The grant award was announced in Baghdad at a special event attended by more than 100 members of the association.

The IASD represents the professional broker-dealer community in Iraq and plays a critical role in advocating for rules, regulations and policies affecting the country’s capital markets.

Capital markets experts from IZDIHAR have been working with the IASD to strengthen the association through the development of a business plan and strategy, development of professional training and licensing programs, and advocacy for trade sharing revenue with the Iraq Stock Exchange.


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Progress Made on Capital Markets Issues in Chalabi Meeting

5 July 2005 - Representatives from the Iraq Securities Commission (ISC), the United States Agency for International Development (USAID) and USAID’s Private Sector Growth and Employment Generation Project recently met with Iraq’s Deputy Prime Minister, Dr. Ahmed Chalabi, to discuss timely issues related to the development of the country’s capital market and the government’s support for the privatization of state-owned enterprises.

The chairman of the Iraq Securities Commission introduced four commissioners to Dr. Chalabi at the meeting, during which issues specific to the ISC were covered.  Leaders of USAID’s Private Sector Growth and Employment Generation Project team were also introduced as advisors to the private sector in addressing key capital markets development issues in Iraq.

During the meeting, ISC representatives raised the possibility of Iraq’s capital markets assisting the government in the privatization of state-owned enterprises, particularly concerning the potential role of utilizing Iraq’s private sector stock market as a transparent vehicle to ensure equitable availability of shares of stock in privatized companies to the public.

In addition, various obstacles to foreign investment in Iraq were discussed.  The Deputy Prime Minister noted the importance of foreign investment as a source of needed capital and technology to stimulate private sector growth.  Dr. Chalabi expressed his support for efforts to remove barriers to investment in order to strengthen the private sector and create more long-term jobs in Iraq.


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Capital Markets Working Group Established in Iraq

Capital Markets Working Group Established in Iraq
USAID and IRMO officials meet with securities industry leaders to establish the first-ever Working Group on capital markets issues in Iraq.

©John Swartzbaugh

26 June 2005 - The first meeting to establish a Working Group of Iraqi securities professionals was recently held in Baghdad in order to help institute international best practices for equity/bond markets and to develop fair, efficient, liquid and transparent systems for market regulation and enforcement.

The group consisted of high level representatives of the Iraq Securities Commission, the Iraq Stock Exchange, and the Iraqi Association of Securities Dealers.

At this initial meeting, participants discussed the formation of a combined workplan that would serve as a blueprint for the integrated development of a modern securities market infrastructure in Iraq.

The Working Group was organized with the assistance of the USAID Iraq Private Sector Growth and Employment Generation Project and the Office of Private Sector Development of the Iraq Reconstruction Management Office (IRMO).

An effective securities market will provide an alternative method of raising capital for Iraqi businesses, lead to private sector growth and expansion, and create additional long-term jobs in the country.


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Iraqi Securities Officials Participate in International Gathering of Stock Exchanges for First Time in 20 Years

Iraqi Securities Officials Participate in International Gathering of Stock Exchanges for First Time in 20 Years
Officials from the Iraq securities industry visited this Malaysia brokerage firm, which displays real time market quotes.

©Baljit Vohra

15 June 2005 - Marking Iraq’s first participation at an international securities gathering in twenty years, senior Iraqi securities industry representatives met with securities officials from around the world in Beijing, China at the Forum for Developing Markets organized by the World Federation of Exchanges (WFE) from June 1-4, 2005. The trip was organized and sponsored by the USAID Iraq Private Sector Growth and Employment Generation Project.

“Isolation from other countries has had an adverse impact on capital markets and investment in Iraq,” noted Dr. Talib Abbas Mohammed Mehdi Al-Tabatabaie, chairman of the Iraq Stock Exchange (ISX), which resumed trading last June after being closed for a year.

Six Iraqi securities officials took part in the four-day forum, along with securities exchange officials from 40 other countries. Attendance at the forum represented a starting point for Iraq in becoming a participant in the international league of exchanges that has been deliberating on market development issues.

While in China, Dr. Talib revealed, “We will soon be seeking an affiliate member status with the WFE to ensure our ongoing presence and active participation in the global securities market community.”

Following the forum, the Iraqi representatives traveled to Malaysia to meet with securities regulators and view first-hand the country’s market institutions. After meetings at the Securities Commission of Malaysia and Bursa Malaysia Bhd, Mr. Luay Al-Okaily, chairman of the Iraq Securities Commission said, “We have a lot to learn from the success of other Islamic nations like Malaysia so we can more effectively attract capital, ensure transparency, and boost economic growth in Iraq. Malaysia’s Securities Commission and Bursa are models of success.”

The objectives of the trip were certainly met, as the officials returned with a greater knowledge of successful markets in other countries and new strategies for strengthening the securities industry in Iraq. An effective securities market will provide an alternative avenue of capital for Iraqi business, lead to growth and expansion, and produce more sustainable jobs at home.

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