Monday, April 20, 2009

Iraq's Stock Market Plans Move Into Electronic Age

You just knew it might happen someday. Iraq is going to take a big step into the modern age by using electricity to power electronic trading for the first time in the history of the nation's stock market, started in 2004 by incorporating other previous attempts at market trading into this single market. Previously, all transactions were figured by hand on boards very similar to chalkboards. Currently only a little over 100 companies trade on this stock exchange including Iraqi Tufted Carpets Company and other businesses. Apparently, this Iraqi stock market has found enough gas generators to provide more than a few hours a day of electricity to provide the power to operate the computers necessary to run this tiny stock exchange which only does around $5 million a day in trade.

Besides the Iraqi carpet business that trades on the Iraq Stock Exchange(ISX) formerly known as the Baghdad Stock Exchange, the Bank Of Baghdad, a soft drink distributor, a marble producer and some agriculture businesses trade on one of the world's smallest and underdeveloped stock exchanges.

Well, at least it's a first step towards developing an economy. Anyone know what that magic capet stock is trading at today?


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