The system was paid for with a $6.5 million grant from the U.S. government and has taken three years to install, the Wall Street Journal reported.
Since its launch in 2004, traders at the exchange relied on white boards displaying information. Buyers had to wait as many as 20 days before being issued stock certificates, during which time they couldn't resell.
Under the new system, traders can now monitor prices on TV screens and can resell in minutes if they so desire, the WSJ noted. The electronic system is being used to trade stocks in three banks and two hotels.
The Iraq Stock Exchange is open from 10 a.m. to noon, three days a week, and does about $1 million in turnover per session, according to officials.
Trading through about 51 brokerage firms is dominated by wealthy Iraqis living overseas. About 10% comes from foreign investors, according to the WSJ.
No comments:
Post a Comment