First, confirm for yourself that your broker is an official broker of the Iraq Stock Exchange. See the list of official ISX brokers at the Iraq Stock Exchange website: http://184.108.40.206/isxportal/portal/brokerListContainer.html.
Next, visit the brokers website. The link, if available is located in the ISX Brokers section on the home page of this site.
Before you start any consideration of investing in the Iraq Stock Exchange, be aware that you MUST comply with the requirements set by the ISX directed to non-Iraqi investors. See http://220.127.116.11/isxportal/portal/rules.html
Download the Word document titled "I.O.T. for Non Iraqi.
Quote:"Non-Iraqi investor personality should be checked by the broker. The following documents should be required by electronic mail followed, within 15 days time, by copies certified by the Iraqi Embassy.....".
a) ID (note from IraqStockX - this is usually a drivers license)
b) Valid Passport
c) Incorporation contract ... for legal entities
d) .... address .... info
e) three sample of signature.
These mandates by the ISX require you to send scanned copies of your drivers license and passport to specific entities. If you are not comfortable with this, I see no way for you to invest in the Iraq Stock Exchange. One exception is to invest through a proxy company although we do not support this method here. See www.InvestorsIraq.com for these instructions.
Follow the instructions below. Total cost=$183.00 for a personal account.
Step 1. Download and complete the necesary form to open an account with an official ISX broker. Links available in the ISX Broker Box located on the home page of this site.
Step 2. You must have your identity documents notarized locally then verified by the Iraqi embassy. IraqStockX has created an on-line form to help you with this, http://www.IraqStockX.com/Documents/ISXRegistrationDocument.asp
The web page stores copies of your legal documents (drivers license and passport) in a temporary session variable on our server so the document prints properly. Your license and passport images are deleted from our server as soon as you close your browser. Print the document and have a local notary confirm your 3 signatures, passport, and drivers license. Then send the document to the Arab American Chamber of Commerce where they will:
a) Notarize and certify the document with the court.
b) Certify the document with the Secretary of State.
c) Authenticate the document with the Department of State.
d) Legalize the document with the Embassy of Iraq.
The AACC address is:
Arab American Chamber of Commerce
Attn: Arab Chamber Certification
1615 Bay Head Rd. Annapolis, MD 21409
See the AACC website at http://www.arabchamber.org/. for up to date fees and address.
The current fee to authenticate documents for Iraq is $153.00. Use the United States Postal Service priority mail and include a stamped self addressed envelope for the return of your documents.
Title your request to the AACC, "Please authenticate these documents". Do NOT request authentication for purposes of the Iraq Stock Exchange. For some unknown reason, they will authenticate your documents but not for the specific purposes of the Iraq Stock Exchange.
When you receive your authenticated documents back from the AACC, scan them and send the scanned documents to your ISX broker by email as attachments. If your passport and drivers license are not clear on the scanned authenticated document, the Iraq Stock Exchange will request copies of your original passport and drivers license. Through experience, we suggest you attach scanned copies of your drivers license and passport with your authenticated documents to your broker. Your ISX broker will have the documents approved by the Iraq Stock Exchange and provide you with your official investor number from the Iraq Stock Exchange. Note, the ISX investor number is different than you broker account number.
After you receive your ISX broker account number and your ISX investor number from the Iraq Stock Exchange, wire funds from your bank to your ISX broker. Wire information for each broker is also available in the broker links located on the home page of this site.
Your ISX broker will provide specific documents that you must use to request purchases and sells of shares in the Iraq Stock Exchange. See your ISX broker website for these forms.
Please make sure that you are buying or selling companies that are currently trading. Check the Iraq Stock Exchange website for the current bulletin to see which companies are active and how much you are likely to pay for a share of stock. Link: http://18.104.22.168/isxportal/portal/marketPerformance.html
You should also review price graphs on IraqStockX.com comparing the last 6 months (default) to all time (since 8/2004) to see which companies trade consistantly and have shown staying power since the Iraq Stock Exchange opened for trading. Link http://www.iraqstockx.com/DrawGraph.asp. You will be wiring dollars which will be exchanged for dinars by your broker before the trade. Go to the Central Bank of Iraq website, http://www.cbi.iq/, to get the current dollar exchange rate. Multiply your dollar investment amount by the exchange rate to determine how many dinars you have to invest in Iraq Stock Exchange stock.
Thanks to Scott Gonzalesd