EGX Hosts Senior Officials of the Iraqi Capital Market to Strengthen Joint Cooperation
Wednesday, 9 March 2022Egyptian Exchange Posted
Dr. Mohamed Farid, Executive Chairman of the Egyptian Exchange (EGX), welcomed a high level delegation from the Iraqi capital market, namely, Mr. Hassan Hassani, Chairman of the Iraqi Securities Commission, Mr. Thaer Adnan Hashem, Chairman of the Board of Governors of the Iraq Stock Exchange, Mr. Taha Ahmed Abdel Salam, the CEO of Iraq Stock Exchange, Mr. Ali Adnan Hashem, Chairman of the Iraqi Association of Securities Dealer, to enhance joint cooperation and assist the Iraqi side in developing the capabilities and competencies of the Iraqi market.
This step comes as a continuation of EGX’s cooperation efforts to activate the MOU signed between both exchanges in 2019, within the framework of the joint higher committee of both countries cooperation to increase the prospects for cooperation and raise the level of coordination between the two countries.
During the initial meeting between both parties, EGX presented the developments & mechanisms implemented to raise the efficiency and competitiveness of the Egyptian capital market. This included bonds market, CRM system, indicators developed by EGX to measure market performance efficiently.
During the Iraqi delegation leaders’ visit this week, EGX management arranged meetings with related ministers from the Egyptian Economic Group, to discuss ways of cooperation and raise the level of coordination in areas of common interest.
Worth mentioning, EGX welcomed on February a delegation of brokerage firms operating in the Iraqi market were EGX top management presented the Egyptian market experience as a capacity building program for Iraqi Market.
Dr. Mohamed Farid, Executive Chairman of EGX, said that EGX welcomes all aspects of cooperation with the Iraqi Capital Market, in terms of capacity building and market development, as well as cooperation in order to discuss how to facilitate the movement of inter-investment in securities between the two countries.
Mr. Hassan Hassani, Chairman of the Iraqi Securities Commission, thanked EGX for their cooperation, noting that the Iraqi market welcomes and looks forward to more experiences and skills for progress and development, This is what is awaiting a large contribution from the Egyptian side to achieve and reach better levels for the stock market in Iraq, explaining that the coming period will witness the translation of the results of these meetings into action plans that can be implemented in time, to add new mechanisms and products to the Iraqi market, as well as to enhance intraregional trade in Securities between the two parties.
Mr. Thaer Adnan Hashem, Chairman of the Board of Governors of the Iraq Stock Exchange, said that the current visit of the Iraqi delegation witnessed discussions on how to enhance cooperation in various fields related to plans, especially how to enhance trading and develop new products and mechanisms, including the custodians activities, developing market work sectors and adding new tasks that would add value and help market management achieve its goals.
Taha Abdel Salam, Executive Director of the Iraq Stock Exchange, said that he is looking forward to maximizing the benefit from the cooperation with EGX to make use of their experience in different areas especially, development and introduction of market performance indicators, as well as how to develop electronic trading in the Iraqi market, examining the possibility of benefiting from it. From the distinguished Egyptian experience in developing the bond market.
Finally, Dr. Farid welcomed all aspects of cooperation that the Iraqi side, stressing EGX’s keenness for further cooperation with the Iraqi stock market.
