Millionday News 10/26/14 Part 1
Welcome to dinarupdates.com for news time with Millionday!
Millionday: FIRST LET ME HAVE THE FLOOR TO SAY
Millionday: THE ISX HAS BEEN CLOSED FOR A WEEK TO INSTALL X-STREAM FOR ITS ENTRY TO THE GLOBAL SYSTEM AS IT WOULD BE USED FOR THIS
Millionday: HERE COMES THE REPORT ON THAT
Millionday: The Iraq Stock Exchange (ISX) will begin operation and resume operation and all its trading sessions today, October 26, 2014 following a week off.
It is worth noting that ISX will run new system, X-stream, starting from today.
Millionday: SO THEY OPENED BACK UP AT THE IMPOSED RATE AND HAVE NOT RELEASED THE INTERNATIONAL MARKET RATES YET OR GONE GLOBAL –
WHEN THEY GO GLOBAL IT WILL HAVE TO BE WITH A CALCULATED RATE OR PRICE FOR INTERNATIONAL TRADE OF THE DINAR AND ALL IMPORT/EXPORTS OR STOCK MARKET INVESTMENTS
slh5282: SO THE SYSTEM DID COME BACK ON LINE?
Millionday: YES THE SYSTEM CAME BACK UP SUCCESSFULLY AND IS RUNNING WITH NO REPORTED PROBLEMS -- WHOOPOW
Swan2013: How much longer do you think they can go with that rate and with the other countries chomping at the bit to make money from them?
Millionday: I DONT HAVE A DATE HUN –
HOWEVER THIS IS A HUGE STEP FOR A MARKET ECONOMY AND GLOBAL TRADE AND ALSO CBI HAS STATED THEY ARE READY AND ARE JUST WAITING FOR THE TIMELINE SO WE WILL SEE WHAT ELSE I BRING
Millionday: BRB WITH MORE
BookumDano: Just to clarify. The ISX is operational with the new system. However in country only?
Millionday: YES IN COUNTRY ONLY - HERE COMES SOME MORE ON IT
Millionday: THIS WAS SENT TO ME FROM AN INTERVIEW >>Interview: Iraq bourse boss Taha Ahmed Abdulsalam Al Rubaye
Millionday: HERE IS SOME BACKGROUND OF WHO HE IS >>>“We are of the view that Iraqi equities have potential for one of the greatest rallies in the developing market universe,” FMG says.
Al Rubaye has been at the centre of Iraq’s trading industry since the former Baghdad Stock Exchange (BSX) was launched in 1994.
He endured the economic sanctions imposed on the country during Saddam Hussein’s dictatorship, living off a measly salary whose value plummeted along with the Iraqi dinar.
As with most of the country’s highly educated, Al Rubaye was prohibited from leaving.
Millionday: NOTE -- HE WAS THERE WHEN THE DINAR RATE WAS IMPOSED TO SUCH A SORRY RATE AND SANCTIONS WERE ALSO IMPOSED
Millionday: NOTE -- I AM GOING TO BRING WHAT IS IMPORTANT TO US NOW TO HELP ANSWER ALL OUR QUESTIONS FROM THIS AS MUCH AS POSSIBLE
Millionday: “The [banking] market is heavily under-penetrated where only about 15 percent of Iraqis have bank accounts.
Also, banks have only ‘dipped their toes’ into conventional banking and are today mostly focusing on foreign exchange, central bank deposits and issuing letters of guarantee.”
Telecoms also are key to the ISX. While Asiacell immediately doubled the exchange’s total market capitalisation to $9bn, the additional billions from Zain Iraq and Korek Telecom listings are expected to lift the ISX off the list of the world’s smallest bourses.
Millionday: NOTE -- OF COURSE THE BANKING AND IPOS -TELECOMS ETC WILL BOOST THE EXPECTED IMPACT OF ITS ENTRY AS WE EXPECT
Millionday: NOTE -- THIS WAS WRITTEN IN JUNE WHEN ALL THE PLANS WERE RELEASED FOR THE STOCK MARKET AND THE PLATFORM WAS PLANNED AFTER THE VISIT TO THE NEW YORK STOCK EXCHANGE --
Millionday: NOTE -- HERE IS THE HIRED BROKER >>Although they are years behind, Zain, the market leader in terms of subscribers, has hired Melak Iraq and Rabee Securities as its leading advisers and broker.
It is expected to launch its IPO by the end of the year, having previously touted June as the expected date, although Al Rubaye says he is yet to receive a request to list.
There is no date yet for Korek Telecom.
Millionday: Al Rubaye says Asiacell’s successful IPO was unsurprising, considering it was the first telecommunications company to go public in a barely-penetrated sector.
“That’s the reason that we got more than $900m trade,” he says.
Al Rubaye also has his sights set on several more IPOs in the near future. He even keeps a list of all the incorporated companies worthy of targeting
Millionday: NOTE -- OF COURSE THOSE OF US THAT WERE HERE WITNESSED THE ENTRY OF ASIA CELL AND KNEW THIS MEANT THAT THIER ENTRY WAS GOING TO BE PLANNED AND RECEIVED LARGELY
Millionday: NOTE -- THIS IS NOW ALL SET UP
Millionday: But the bourse itself also has some much needed improvements to make. Custody services are still limited since National Bank of Kuwait began custodying Iraqi shares last year through Credit Bank of Iraq, of which it owns 80 percent.
Developing this further will be crucial because many of the larger institutional investors have mandates requiring their shares be held by custodians.
Online trading also exists at a limited capacity, with only brokerage firms having access, limiting individuals’ participation in the bourse
Millionday: NOTE -- OBVIOUSLY WHEN THIS INTERVIEW WAS DONE THEY HAD GOALS THAT HAVE BEEN MET
Millionday: Al Rubaye says he expects to begin studying the implementation of wider online trading once the ISX upgrades to NASDAQ OMX’s X-stream trading system,
which is scheduled to go live at the end of July. The new platform, currently used by 25 exchanges globally, including in Abu Dhabi, will be faster and provide greater capacity, he says.
Millionday: NOTE -- OBVIOUSLY THE SUCCESS WE WITNESSED TODAY WAS EXPECTED IN JUNE AND IT ALSO IS TO GO GLOBAL AND CONNECT THROUGHOUT THE GLOBAL MARKET WITH 25 EXCHANGES -- WHOOOPOW
Millionday: NOTE -- ESX___---- THIS IS THE STOCK MARKET IN KURDISTAN >>>The ISX also has agreed the new platform will host the Erbil Stock Exchange, due to kick off in November.
It will be the first exchange in Iraq’s semi-autonomous region of Kurdistan and the ESX, which according to Iraq Business News has $8m in initial market capitalisation and 56 shareholders, hopes to have between five and ten listings by the end of the year.
Millionday: NOTE -- I AM SURE I REMEMBER THAT NOW THEY ARE MUCH LARGER AND EXPANDED FOR THIS ENTRY BUT DONT HAVE THE EXACT FIGURES RIGHT NOW
Millionday: NOTE -- THIS LAW HAS BEEN CHANGED AS WELL >>>
Al Rubaye says the two exchanges will work together.
He is also pushing for an overhaul of the country’s capital markets law. A draft law written by a committee including representatives from the Iraq Securities Commission and the ISX was proposed in 2009 but remains in the government’s “to do” pile
Millionday: NOTE -- IT HAS BEEN DONE AND IS PART OF WHY THE ISX AND CBI IS READY
Millionday: “We are a rich country but the process, the methods, we need to push on that side. We used to have the [up-to-date] methods 20 or 30 years ago but it’s not right to continue with the same processes; you need to change.
It is no longer “the Iraq finance”, it is “world finance”; you need to be acceptable from the world and the other institutions and you need to understand you are encouraging foreigners to invest in your country, so you must make what he learns in his country easy to find in your country.
Millionday: NOTE -- OBVIOUSLY REFERRING TO THE CHANGES THEY HAVE MADE FOR INVESTORS DUE TO THE ABILITY WITH THE NEW PLATFORM ETC
Millionday: “This is what we did with the ISX; we didn’t invent the wheel, we studied what the other countries have...
we studied and we took the regulations from other stock exchanges and learnt how they succeed in encouraging foreigners to invest and make it easier for the investors in Iraq.”
With a strong base already and infinite room to improve, investor eyes not already trained on the ISX will surely be turning soon.
Millionday: SO AS WE SEE HERE -- THIS IS AND HAS BEEN DONE TO ENTER THE GLOBAL MARKET -- AND IT WORKS FINE AND THEY ARE DONE WITH IT ON TIME AND IT HAS BEEN OPERATING ALL DAY TODAY
Boomshakalaka: what a bourse?
**MOD:ROBINREDHED: Bourse may refer to: exchange (organized market) · stock exchange
Millionday: IT IS THE MARKET THEY HAVE -- ISX TO TRADE SHARES ETC
Millionday: IT IS A TERM
Millionday: OH -- WHAT SHE SAID
slh5282: SO THINKING ABOUT THE MARKET OPENING AT THE NOMINAL RATE, WHAT ABOUT THE ECONOMIC ISSUE, THERE IS A LIMITED NUMBER OF STOCKS AND ONE INVESTOR COULD BUY ALL OF THE OUTSTANDING STOCKS, THIS WOULD CUT A NUMBER OF INVESTORS OUT OF THE MARKET IF THEY DO NO CHANGE THEIR RATE CORRECT?
slh5282: ITS THE CAINISAN THEROY
Millionday: THE PRIVATE SECTOR AND INVESTING COMPANIES WILL BENEFIT AS ALL COUNTRIES DO BY THE STOCK MARKET AND WHEN THEY GO GLOBAL THEY HAVE TO HAVE A FAIR MARKET CURRENCY PRICE IN ORDER TO SELL THE PRODUCT (DINAR)
vanessa123: MD, I thought coming back up today meant something referring to the RV. I was thinking if they came up today with this advanced global system,
since it is to help Iraq become global again, it meant that the rv was very close. But there is always something more to do and never seems to end. Was I mistaken?
Millionday: NO -- THIS IS A HUGE STEP FOR IRAQ TO GO GLOBAL IN FACT ONE OF THE LARGEST STEPS THEY COULD TAKE IS TO CONNECT TO THE GLOBAL MARKET AS IT IS TODAY –
THIS IS ALL ELECTRONIC AND WHEN THEY STOPPED WORKING WITH THEIRS AND SANCTIONS ETC –
- IT WAS MUCH DIFFERENT -- SO THIS IS HUGE -- THEY ARE READY WITH THEIR STOCK MARKET AND NOW THEY WILL BE ABLE TO CONNECT WITH IT TO THE GLOBE -- IT IS GREAT NEWS
Millionday: THE PEOPLE THAT STATED IT WOULD RV TODAY -- DID NOT KNOW IT ACTUALLY HAS TO GO GLOBAL BEFORE THAT IS A MUST
Midell: so, what is next and is their an indication of when
Millionday: CBI IS INDEPENDENT AND IS READY -- THE ISX IS HOOKED - WE HAVE A FULL GOI ---
AND MANY ARE HELPING IN THE WAR ON TERROR ----
WE HAVE TO KNOW THAT AS OF RECENT REPORTS THEY HAVE 75% OIL MARKET AND ARE WORKING ON ARTICLE 112 AND 113 --- AND THAT CBI STATED THEY ARE WAITING ON THE TIME TO DO THIS –
SO WE WILL WATCH AS THEY FINISH THEIR STEPS AS WE WERE TOLD THEY WERE ACTIVATING THIS IN STEPS PER THE ANNOUNCEMENT CBI
MArco: did you see the article that said ESX planned on launching by end of Oct. I thought it was here but cannot find it now.
Millionday: I HAVE NEWS TO BRING YET SO WE WILL SEE WHAT I HAVE HUN
Millionday: I HAVE NOT BROUGHT THAT YET
love it 2 Millionday: Is there any definitive indication of "going global" ?
Millionday: DO YOU MEAN ARE THEY STATING THAT THEY ACTUALLY ARE GOING GLOBAL ? -- YES THEY ARE
Millionday: BRB WITH MORE
Blossom Millionday: I am sorry to interrupt but if it is global I thought they have to have a reality rate I am so confused!
Millionday: NOTHING IS GLOBAL YET
Millionday: THEY HAVE NOT GONE GLOBAL YET
Blossom Millionday: but u said it did
Millionday: NO I DID NOT SAY THAT SWEETY -- YOU MUST HAVE MISREAD SOMETHING -- SORRY HUN
Millionday: WHEN RUDIE REPOSTS IT MAY BE EASIER TO READ WHEN IT ISNT SCROLLING -- SMILE
Millionday: OK HERE WE GO
Millionday: I TOLD YOU LAST WEEK AND THIS WEEK THAT KUWAIT WAS HAVING HUGE CHANGES IN THEIR RELATIONS WITH IRAQ AND WERE FORGIVING THE DEBT THROUGH TRADE
AND ALSO THAT IRAQ WAS IN KUWAIT WITH A DELEGATION COMING BACK TO IRAQ AS THEY ARE WANTING TO OPEN BUSINESS DOORS WITH EACH OTHER
Millionday: THERE IS SOMETHING ELSE THAT WAS GOING ON AT THAT TIME -- EXTERMELY IMPORTANT AND I MEAN HUGE
Millionday: HERE WE GO WITH IT
Millionday: THIS WAS WHILE IRAQ WAS IN KUWAIT AND OBVIOUSLY MANY MANY MORE
Millionday: Meet tomorrow's meeting of the 60 Committee of Governors of Monetary Agencies and central banks in the countries of the Gulf Cooperation Council,
chaired by the Governor of Central Bank of Kuwait, Dr. "Muhammad Hashil" according to the agency KUNA Kuwait.
Millionday: NOTE -- THIS HAPPENED FRIDAY
Millionday: And discusses the Conservatives at their meeting tomorrow, many of the topics and issues relevant basic ongoing efforts aimed at promoting the march of the GCC joint economic action and ways to fortify the banking and financial sectors in particular,
and the economies of the GCC countries in general from the repercussions of the various regional and global challenges at this stage.
It also will discuss the monetary and financial developments in the GCC countries Adavhale efforts to raise the level of coordination in the areas of monetary and fiscal common interest.
Millionday: NOTE -- THE ISSUES BEING DISCUSSED WITH THE CENTRAL BANKERS ARE CURRENCY AND ALSO THE FISCAL YEAR CALCULATIONS ETC
Millionday: NOTE -- REMEMBER THAT CBI MET FOR THREE DAYS WITH PARLIAMENT ABOUT CURRENCY AS WELL LAST WEEK
Millionday: And will also review the reports and minutes of meetings of a number of technical committees emanating from it,
especially for the Commission supervision and control on the banking system and carried out many of the tasks vital, especially in regard to the mechanisms of risk management, governance and supervision of the obligation to apply standards (Basel 3) and the Technical Committee of the payment systems.
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