History of Iraq Stock Exchange in Timeline

The Iraq Stock Exchange (ISX), formerly the Baghdad Stock Exchange, was established on April 18, 2004, by the Coalition Provisional Authority (CPA) Order No. 74. It is an independent, non-profit organization located in Baghdad, Iraq. Its creation, along with the Iraq Securities Commission and Iraq Depositary, was intended to transition Iraq from a centrally planned economy to a free market system driven by the private sector.

April 18, 2004: Establishment of the Iraq Stock Exchange

On April 18, 2004, the Iraq Stock Exchange (ISX) was established as an independent non-profit organization through Coalition Provisional Authority (CPA) Order No. 74. This order also led to the creation of the Iraq Securities Commission and an Iraq Depositary.

June 24, 2004: Incorporation and Operation of the Iraq Stock Exchange

On June 24, 2004, the Iraq Stock Exchange was incorporated and began its operations under the oversight of the Iraq Securities Commission, which is modeled after the U.S. Securities and Exchange Commission.

2004: Opening of the Iraq Stock Exchange

In 2004, the Iraq Stock Exchange opened with 15 companies listed.

2005: Growth of the Iraq Stock Exchange

As of 2005, the Iraq Stock Exchange (ISX) was the country's only stock exchange, listing more than 100 companies. The turnover of shares in 2005 was approximately $5 million USD per trading session. Major stocks included Bank of Baghdad, Baghdad Soft Drinks Co, Iraqi Tufted Carpets Co, Hader Marble, and Altherar Agriculture.

2006: Trading Volume and Sessions in 2006

In 2006, the Iraq Stock Exchange held 92 trading sessions, averaging 2 per week, with 57 billion shares traded at a value of 146 billion dinars, and 38,000 trades were completed. Trading hours were limited to six hours a week, on Sunday, Tuesday, and Thursday from 10:00 a.m. to 12:00 noon.

2006: Suspension of Trading Due to Violence

In 2006, trading on the Iraq Stock Exchange was suspended for several months due to violence and was also subject to power outages.

August 2, 2007: Opening to Foreign Investors

On August 2, 2007, the Iraq Stock Exchange opened its doors to foreign investors.

2008: Unaffected by the Financial Crisis

In 2008, the Iraq Stock Exchange was unaffected by the global financial crisis.

April 19, 2009: Switch to Electronic Trading

On April 19, 2009, the Iraq Stock Exchange transitioned to electronic trading, initially with five companies available for electronic trading, with plans to add more over the following months.