Tuesday 29 May 2012

Baghdad bourse chief looks abroad - The National

The chief executive of the Iraq Stock Exchange (ISX) believes secondary listings for local companies on bourses in London and New York would eventually attract extra liquidity and boost trade.

"That is the long-term strategy," said Taha Abdulsalam, the chief of the bourse in Baghdad. "It's not going to happen overnight, but the plan is to aim to develop the same standard of bourses and companies outside."

Mr Abdulsalam said that Iraqi companies needed to improve their disclosures, and the timing of them, along with the level of corporate governance. They must also ensure controls are implemented for insiders. Companies have already adopted the International Financial Reporting Standards system, he added.

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