Q: [The ISX said in an article recently they would be fully ready by end of year. does that in any way hamper the chances of Iraq moving to a market economy by mid year?]
rcookie: THE END OF YEAR STATEMENT FROM ISX HAS TO DO WITH NEW ELECTRONIC TRADING PLATFORM…
THEY ALREADY HAVE IN PLACE THESE REGIONAL FINANCIAL HUBS…WHICH WILL PROCESS THE DATA FROM THE 2 EXCHANGES AND TRANSMIT TO THESE REGIONAL CENTERS WHO WILL TRANSMIT TO THE BANKS AND BROKERAGE HOUSES FOR TRADING BUSINESS WITH THE PUBLIC…
MORE IMPORTANTLY…ONE OF THE MOST IMPORTANT CBI ANNOUNCEMENTS THIS YEAR ON JAN 7TH….WAS THE DIRECTIVE FROM CBI FOR ALL BANKS AND FINANCIAL INSTITUTIONS IN IRAQ TO MIGRATE FROM UAS (UNIVERSAL ACCOUNTING STANDARDS) TO IAS (INTERNATIONAL ACCOUNTING STANDARDS) WHICH IS BEYOND HUGE..
BECAUSE THAT CHANGE RESULTED IN COMPLIANCE WITH IFRS..(INTERNATIONAL FINANCIAL REPORTING STANDARDS) WHICH ALL PUBLICLY TRADED COMPANIES IN GLOBAL STOCK MARKETS AND BOURSES USE.
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