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Big changes planned for Iraqi stock markets

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tlm724

tlm724
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[tlm724] the Iraqi Central Bank granted approval to 15 Arab and international banks to open branches in Baghdad, with additional branches expected to open soon.

[tlm724] There is also a notable drive to grow and promote the stock markets

[tlm724] The new platform, currently used by more than 25 exchanges globally, is capable of supporting multiple asset classes, although the ISX concentrates mainly on cash equities. “We will complete the implementation at the end of June, and it will go live at the beginning of July,


[tlm724] The ISX is also assisting the Erbil Stock Exchange (ESX), the first exchange in Iraq’s semi-autonomous Kurdistan region, in setting up its Nasdaq trading system. It is due to be fully implemented in July, and the ESX hopes to see around five to ten listings by the end of 2014,

[tlm724] “We will complete the implementation at the end of June, and it will go live at the beginning of July,

[tlm724] hello beautiful !    

[tlm724] Once we have gone live with our new Nasdaq trading platform in July, we’re going to invite foreign banks to submit their proposals to operate as a custodian

[raindrop1] good news!!!

[tlm724] you bet cd !




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Lifes purpose is not to arrive at the grave in a well preserved body, but rather to slide in sideways shouting HOLY CHIT what a ride

tlm724

tlm724
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FYI: Custodian bank

Custodian' A financial institution that holds customers' securities for safekeeping so as to minimize the risk of their theft or loss. A custodian holds securities and other assets in electronic or physical form. Since they are responsible for the safety of assets and securities that may be worth hundreds of millions or even billions of dollars, custodians generally tend to be large and reputable firms.

In addition to holding securities for safekeeping, most custodians also offer a variety of other services including account administration, transaction settlements, collection of dividends and interest payments, tax support and foreign exchange. The fees charged by custodians vary, depending on the services desired by the client. Many firms charge custody fees payable quarterly that are based on the aggregate value of the holdings.

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A custodian bank, or simply custodian, is a specialized financial institution responsible for safeguarding a firm's or individual's financial assets and is not necessarily engaged in "traditional" commercial or consumer/retail banking such as mortgage or personal lending, branch banking, personal accounts, ATMs and so forth. The role of a custodian in such a case would be to:

   
*hold in safekeeping assets/securities such as stocks, bonds, commodities such as precious metals and currency (cash), domestic and foreign
   
*arrange settlement of any purchases and sales and deliveries in/out of such securities and currency
   
*collect information on and income from such assets (dividends in the case of stocks/equities and coupons (interest payments) in the case of bonds) and administer related tax withholding documents and foreign tax reclamation
   
*administer voluntary and involuntary corporate actions on securities held such as stock dividends, stock splits, business combinations (mergers), tender offers, bond calls, etc.
   
*provide information on the securities and their issuers such as annual general meetings and related proxies
   
*maintain currency/cash bank accounts, effect deposits and withdrawals and manage other cash transactions
   
*perform foreign exchange transactions
   
*often perform additional services for particular clients such as mutual funds; examples include fund accounting, administration, legal, compliance and tax support services

Custodian banks are often referred to as global custodians if they safekeep assets for their clients in multiple jurisdictions around the world, using their own local branches or other local custodian banks with which they contract to be in their "global network" in each market to hold accounts for their respective clients. Assets held in such a manner are typically owned by larger institutional firms with a considerable amount of investments such as banks, insurance companies, mutual funds, hedge funds and pension funds.

By far, the 4 largest custodian banks in the world are:

   The Bank of New York Mellon
   JPMorgan Chase
   State Street Bank and Trust Company
   Citigroup


_________________
Lifes purpose is not to arrive at the grave in a well preserved body, but rather to slide in sideways shouting HOLY CHIT what a ride

Shredd

Shredd
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CO-ADMINISTRATOR

Great article and you gotta understand that this new capability of trading more than equities will open the floodgates of investment since different levels of risk appetite can be satisfied! Plus, when these new investment, custodian banks will come, trust me....the bank I've worked for over a decade is a custodian and the ISX going beyond equities will be huge and quite frankly, has kept custodians uninterested but that is about to change!


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"Do not wear yourself out to get rich" - Proverbs 23:4

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