Iraq’s stock market regulator asked to ease rules to attract foreign investors | The National

Iraq’s stock market regulator asked to ease rules to attract foreign investors | The National:

"Iraq’s stock market regulator has been asked to ease requirements for custodians to hold shares, amid interest from JPMorgan Chase and Citigroup.

In recent years, foreign investors have generally shied away from Iraqi equities not only because of the political risk, but also because of the third-party risk in the absence of custody services.

“Foreign investment banks want good terms that make it profitable for them to operate custody services in a place like Iraq,” said Ali Almukhtar, a stockbroker at Al Dijla brokerage in Baghdad. “At the same time, foreign investors won’t buy shares in Iraq without a custodian. It’s like the chicken before the egg issue or the egg before the chicken.”"

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