Iraqi Securities Market and Filing Requirements of Electronic Trading
|April 24, 2011||Filled under Iraq Daily News|
Introduced the Iraqi market for securities
Introduced the Iraqi market for securities as a center for the filing requirements of electronic trading, which slips and market two years ago.
In order to shed light on the objectives of the establishment of this center met with economic morning Managing Director of the Centre Ahmed Salim Amin, who pointed to the independence of the Centre financially and administratively after the division of the market by a decision of the Securities Commission.
Ahmed and summarized this position as a central record-keeping of securities for all financial firms to boost the confidence of investors in the market also contributes to reduce the risks that arise during electronic trading, such as damage, loss or fraud.
He added: The CDS ensures the implementation of the transfer of clearing and settlement between brokers, vendors, and contribute to the speed of rotation of securities through the implementation of the process of transferring ownership in the timing and specific as to facilitate management of the investor portfolio easily and more quickly and safely.
The center also aims to establish an integrated database for owners of share certificates through the establishment of the central register of deposit also helps to attract foreign investors through the vital international standards in the use of central registration system.
And on the question of what the Centre for the filing of Iraq, “said Ahmed: The CDS is a safety valve for property investors as the freezing of the securities as requested by the investor and ensure that the manipulation of them as the task of conducting operations inheritance and the waiver of domestic and conducting loss of stock and capitalization and the placement of the joint stock companies and the deposit of shares resulting from for capitalization and subscription to the shareholders who have accounts at the center.
Salim Amin Ahmed also said: The duties of the Centre to accept the registration of securities of joint stock companies at the center of the deposit and open accounts for companies listed on the market and brokerage firms, shareholders and investors (individuals, companies, Hafez al-investment). It also saves the filing of a Securities and status indication booking and mortgage securities Finance at the request of relevant authorities and to the procedures of transfer of ownership to investors from brokerage firm to another.
And relationship status with the Iraqi market after its independence, financially and administratively explained that the center is the processing market were made by the shareholders Blog records the absolute monarchy of the trading day and receive the movements of the daily trading (buying and selling) for the purpose of updating a record of shareholders. And said that the Centre talk of evolution has been the development plans of short-and long-term development the Centre’s work and provide better services, including the introduction of electronic records of shareholders full and open accounts for all shareholders in joint stock companies were also set up a website and a special center to provide services to keep the Secretary
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