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The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) reported the successful launch of Iraq Stock Exchange's (ISX) new trading and clearing system based on NASDAQ OMX technology. The launch, which took place on April 19th, marks a historic milestone in Iraq who with ISX's new exchange platform moves to electronic trading for the first time. NASDAQ OMX has provided equities trading and clearing technology to ISX's system, which was implemented by prime contractor United Services, and supported by funding from the U.S. government.
“We are pleased and honored to provide a trading platform to ISX that will act to increase its visibility and credibility towards foreign investors,” said Lars Ottersgård, Senior Vice President NASDAQ OMX Market Technology. “An efficient trading and clearing system is instrumental in creating investor awareness and thus attract liquidity, and we are confident that this new platform will support continued growth at ISX.”
Upon launch five of ISX's 91 listed companies were available for electronic trading, while others will be added over the next several months. The ISX Chairman, Mr. Nawsheruan Baban and ISX CEO Mr. Taha Abdul Salam stated: “We are enthusiastic about the potential for increased foreign investment on the ISX.”
