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Securities introduces a custodian bank to regulate trading and encourage investment
Economie Today, 12:14
Baghdad - INA
The Iraqi Stock Exchange announced, today, Tuesday, the creation of an electronic portfolio to organize trading and encourage investment.
A market statement received by the Iraqi News Agency (INA) stated that
"based on the work plans of the Securities Commission and the Iraq Stock Exchange - for the year 2022,
the Iraq Stock Exchange and Elaf Islamic Bank signed a license contract (Al-Hafiz Al-Amin) after the bank completed the requirements of the instructions of the custodian, the most important of which is obtaining the approval of the bank. The Central Bank of Iraq and
obtaining the approval of the Securities Commission and the Board of Governors of the Iraqi Stock Exchange and the
preparation of the headquarters and staff of the Custodian of the Two Holy Mosques and their passing of training, and the
creation of the Back office system to manage the tasks set forth in the instructions from the outputs of the market and bank systems.”
The statement indicated that
"the tasks of the (custodian) include contracting with investors wishing to receive the following services:
opening a securities account for each investor,
keeping the securities,
notifying the investor of all decisions and actions taken by joint stock companies related to the rights associated with his securities, and
notifying the investor of all The operations and transfers that took place on his account within a working day, in accordance with the notification method agreed upon between them, and
providing the investor with a detailed monthly account statement showing all the transactions and transfers that took place in his account, with a statement of his current balance of securities or cash.
He explained that
"this step is considered positive as it
works to attract Iraqi, Arab and foreign investors from outside Iraq,
organize the mechanisms of capital movement in accordance with the mechanisms and rules of the banking system, and
organize the affairs of Iraqi and foreign investors who want the type of services provided by the trustworthy custodian that is recognized in the Arab and international financial markets and regulate the relationship." With foreign banks in directing the funds prepared for investment in the shares of Iraqi joint stock companies,” noting that
“there will be licenses for other Iraqi banks very soon to expand the required structure for the base of services required – for the trustworthy custodian – for the same objectives and tasks it performs – set out in the instructions above.”
Securities introduces a custodian bank to regulate trading and encourage investment
Economie Today, 12:14
Baghdad - INA
The Iraqi Stock Exchange announced, today, Tuesday, the creation of an electronic portfolio to organize trading and encourage investment.
A market statement received by the Iraqi News Agency (INA) stated that
"based on the work plans of the Securities Commission and the Iraq Stock Exchange - for the year 2022,
the Iraq Stock Exchange and Elaf Islamic Bank signed a license contract (Al-Hafiz Al-Amin) after the bank completed the requirements of the instructions of the custodian, the most important of which is obtaining the approval of the bank. The Central Bank of Iraq and
obtaining the approval of the Securities Commission and the Board of Governors of the Iraqi Stock Exchange and the
preparation of the headquarters and staff of the Custodian of the Two Holy Mosques and their passing of training, and the
creation of the Back office system to manage the tasks set forth in the instructions from the outputs of the market and bank systems.”
The statement indicated that
"the tasks of the (custodian) include contracting with investors wishing to receive the following services:
opening a securities account for each investor,
keeping the securities,
notifying the investor of all decisions and actions taken by joint stock companies related to the rights associated with his securities, and
notifying the investor of all The operations and transfers that took place on his account within a working day, in accordance with the notification method agreed upon between them, and
providing the investor with a detailed monthly account statement showing all the transactions and transfers that took place in his account, with a statement of his current balance of securities or cash.
He explained that
"this step is considered positive as it
works to attract Iraqi, Arab and foreign investors from outside Iraq,
organize the mechanisms of capital movement in accordance with the mechanisms and rules of the banking system, and
organize the affairs of Iraqi and foreign investors who want the type of services provided by the trustworthy custodian that is recognized in the Arab and international financial markets and regulate the relationship." With foreign banks in directing the funds prepared for investment in the shares of Iraqi joint stock companies,” noting that
“there will be licenses for other Iraqi banks very soon to expand the required structure for the base of services required – for the trustworthy custodian – for the same objectives and tasks it performs – set out in the instructions above.”
