The Iraq Stock Exchange
There was an interesting article today about the Iraq Stock Exchange, which replaced the Baghdad Stock Exchange about two years ago:
As the session peaks, brokers literally shove each other out of the way and run to-and-fro between their clients and the floor. Most of the time it’s to rub off old stock prices and write new ones on the white boards fixed on the wall, a sign that electronic trading is still far away…
“…there is extreme volatility and also rich investors are getting out and leaving Iraq,” said Abbas, dressed in a smart brown suit.
But he offers a solution too.
“Open the market to foreign investors and get money into the market,” he said, adding that the government seemed scared that a big foreign investor could swallow the whole market for a few billion dollars.
Brokers, however, continue to be upbeat.
“The market is bearish but then so what … I like the rush, the frantic pace on the floor and I have been doing this for the last 10 years. I wish we had more money and tradings every day,” said the short, chirpy Eliyas.
