Page 23 - ISX Year Book 2023 EN

Iraq Stock Exchange’s Annual Report 2023

make IQD 1,499,500,000 worth of GB tradable on the ISX. The bonds that were issued
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on Oct. 10 , 2023, are offered in the following categories:
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• A IQD 500,00 Bond that is due on Oct. 9 , 2025, with a 6% annual interest paid
every six months for a two-year period.
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• A IQD 1 million Bond that is due on Oct. 9 , 2027, with a 8% annual interest
paid every six months for a four-year period.
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The approval of the Board of Governors was obtained on Dec. 21 ,2023, for listing,
depositing and trading of the above-mentioned bonds based upon the GB regulations,
and after the Iraqi Securities Commission licensed these procedures according to its
letter No. 2861/9 on Dec. 27,2023.

10. Inviting joint-stock companies to submit their nominations to elect their representative
to the ISX Board of Governors on Saturday Feb. 17, 2024.

Ninth: Electronic Systems Development Projects

The Iraq Stock Exchange has utilized an advanced electronic system for electronic trading and
central depository since 2009, in parallel to its Arab and regional counterparts that adopt the
Nasdaq Technologies’ systems. Among the daily procedures, the ISX Electronic System
Department manages this system with an Iraqi staff in accordance with the work scenarios
contained in the trading regulations, rules of electronic trading that were established by the
Exchange Board of Governors and the Commission since 2008, and the legal updates that have
been approved. The system works daily according to technical functions correspond to the
required decisions and procedures, through four main platforms: the Primary, Secondary, Third
and government bonds- platforms, with each based upon the function description of trading
applications, percentage of change, and the functions and powers of the IDC. This system is
modernized every five years according to the latest applications. In the course of 2023, the ISX
Electronic System Department managed to complete the following procedures and updates:
1. Working to modernize the X-stream electronic trading system.
2. Working within a committee to negotiate between the ISX and ISC on upgrading the
Central Depository System (CDS) to a new version.
3. Completing the establishment of a new trading platform for non-listed companies, ISX-
OTC, for trading, transferring ownership of shares, and financial clearing and share
settlement.
4. Working with the Clearing Bank to technically develop procedures of T+2 financial
clearing and share settlement.
5. Updating the custodian bank’s accounts and establishing connectivity with its
departments within the framework of the required technical and administrative
procedures isolated from the broker’s activity.
6. Developing a plan to implement the decision to upload the entire shareholder records
(data for non-depositors), in addition to those of the depositors’.
7. Technically completing procedures for the Hot Backup, so that systems outputs are
stored externally on a regular basis in a special fast storage facility.
8. Preparing to meet the requirements of the Disaster Recovery external data storage in
2024, after its implementation was approved by the ISX Board of Governors in
cooperation with the ISC the year before.
9. Establishing work procedures to develop and launch an additional market index,
known as the ISX30, in the course of 2024.
10. Preparing technically and procedurally for launching and operating branches of the Iraq
Stock Exchange when they will be established in 2024.

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