Chairman of Securities Commission, Mr. Hassan Al-Ukaily (the role of brokerage firms)

Iraqi brokerage companies and the role of financial brokerage companies,

The Chairman of Securities Commission, Mr. Hassan Al-Ukaily said about the role of brokerage firms,"brokerage companies hold a license from the Securities Commission to operate in the Iraq stock market for securities and are subject to strict control on a daily basis by the Commission," noting that "the trades conducted by the broker are subject to a daily control by the ISX and the Commission."

Al-Ukaily stressed that "the brokers are highly licensed and trained, and the Commission is considering expanding their powers, as their role is limited to mediation in buying and selling for the investor, and very soon the Commission will issue a regulatory regulation that expands their powers (brokers) and gives them the authority to provide financial advice according to conditions and controls, because the broker is now not authorized to provide an Advice.” Al-Ukaily said, “We will allow brokers to trade on margin, and it is a system well known in stock exchanges, but it does not exist in Iraq and we will develop it to allow the broker to finance part of the transaction from his money, i.e., the buyer of the security covers part of its price and the other part is covered by the broker and the broker will get His money through repayments," explaining that "this issue will soon see the light.