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Legal impediments delaying the establishment of a securities market in Basra
Date: Mon 12/19/2011 8:02
□ Basra / economic-term follow-up
committee confirmed the establishment of Basra market for securities and legal obstacles that have delayed the establishment of the market, announced in its quest to coordinate with Iraqi companies from different provinces to put forward her name for trading in the market when it opens.
Committee Chairman Karim Nasser Faris for "Alsumaria News", "the Committee is nearing the completion of all legal and administrative procedures relating to the establishment of market Basra Securities," noting that "the delay that has occurred due to collision of the project a lot of legal enactments of old."
The Knight that "The project can not be implemented unless there investors and listed companies and other mediators, such as banks and financial services companies, we are currently in the process of negotiation and coordination with these bodies in preparation for the opening of the market," adding that "there are companies that hoped to put its name to the trading in the market, which is the first of its kind in the province. "
continued Knight that "the market is one of the infrastructure necessary to stimulate investment and develop the local economy, especially that Basra needs to securities market by virtue of their economic importance," noting that "the shares will be traded in the market during the first phase is expected to reach a total value of five billion dollars. "
He pointed out that "the market will be based in the area Albradaah (about 4 km south of the city of Basra), is equipped site with the same modern techniques to view and analyze data," adding that "the building will operated by the market, identical in size and design and furniture to the specifications adopted by the international stock markets. "
The market of Basra to the Securities will be linked after the opening of market, Iraq Stock Exchange in Baghdad, which was founded in June of 2004, and was following a manual trading prior to the adoption of electronic trading in part in the April 19, 2009, and then fully in the year 2010, and traded in the market dozens of companies specialized in sectors including banking, industry, hotels, tourism, agriculture, and the number of meetings of the market in 2010.236 session, during which a circulation of more than 256 billion shares worth more than $ 339 million through the implementation of 71 thousand contract, and in 2009 the number of sessions the market 152 a session, was the circulation of around 211 billion shares worth $ 307 million through the implementation of 49 thousand a decade.
In the opinion of specialists and experts in the field of economics that the draft establishing a market for Basra Securities Finance will collide with a big problem is the low number of companies from both the mixed and private sectors, and assert that the solution to the problem requires making governmental decisions require subjecting some public sector companies for privatization and sell shares for trading.
referred to the province of Basra, about 590 km south of Baghdad, is of great economic , and aspiring local government to make economic capital of Iraq as comprising five of the largest seven oil fields in the country, and there are four commercial ports are the Umm Qasr and Khor Al-Zubair and Abu Flus and stronghold, in addition to a number of large industrial plants such as iron and steel plants, petrochemical and paper industries and chemical fertilizers, and to maintain Mnfman Brian Shalamjah two militants with Iran and Safwan with Kuwait and Saudi Arabia is bordered by land from the northwest.
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