Page 24 - ISX Year Book 2023 EN

Iraq Stock Exchange’s Annual Report 2023

Tenth: Brokerage Firms
The number of brokerage firms licensed to work in the Iraq Stock Exchange is 38 brokerage
ones, divided into two joint-stock companies and 36 limited-liability ones, whose offices are
spread in the Karkh and Rusafa parts of the capital, Baghdad.

Activities Involving Brokerage Firms’ Participation:

• Anti-Money Laundering Program:
The Iraq Stock Exchange organized a workshop for compliance managers of authorized
brokerage firms on Sunday, Jun. 4th, 2023, at its headquarters, where the following
themes were covered:
The First Theme which dealt with the ISX-adopted processes and procedures of
trading activity, and oversight mechanisms in accordance with the Financial Action
Task Force (FATF) standards, and was presented by compliance managers working in
the fields of trading, monitoring, share settlements, and financial clearing.
The Second Theme which dealt with the Anti-Money Laundering (AML) system
scenarios, and was presented by the director of the Information Technology (IT)
Department at the IDC.
The Third Theme which dealt with the rules of securities due diligence and
requirements for their implementation, the Republic of Iraq national evaluation and
relevant policies to be followed, and an assessment of compliance by the securities
sector. It was presented by the Anti-Money Laundering and Countering Financing of
Terrorism (AML/CFT) Office.

• Electronic Trading Authorization Program
Pursuant to the decision made by the ISX Board of Governors, and based upon the
nominations of operating brokerage companies, the Iraq Stock Exchange organized a
training program for new trading authorized persons in brokerage firms during the
period Aug. 20-27, 2023. 12 participants attended the program aimed to train them on
electronic trading mechanisms and cap formula, and central depository.

• Training Program on T+2 Financial Clearing & Share settlement, and Custodian Bank
Services
Under the sponsorship of the Iraqi Securities Commission and Iraq Stock Exchange, a
training program on T+2 financial clearing and share settlement, and custodian bank
services was held for employees of the ISC, ISX, IDC, brokerage companies, and
financial clearing bank for the period Dec. 3-7, 2023.

• Workshop on Electronic Payment Methods
th
Based on the letter issued by the Board of Governors on Oct. 4 , 2023, the Exchange
organized a workshop on Oct. 16th presented by the Tabadul Company for Electronic
Payment on the uses of electronic payment methods in Iraq and the mechanism for
implementing them by the ISX Exchange and brokerage companies in their dealings
with investors.

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