If Wall Street isn’t doing it for you, how about giving Baghdad a try? A New York-based firm announced today that it will begin offering trades for the Iraqi stock market. Auerbach Grayson is the first non-Iraqi company to do so since the 2003 US invasion.
Auerbach Grayson will do business through a Baghdad broker called Rabee Securities. Here’s what the company said in its press release:
“We are witnessing greater client demand for exposure throughout Iraq in response to the rapid growth the country has undergone in the last year,” said David Grayson, Managing Director and co-founder of Auerbach Grayson. “By partnering with Rabee Securities, we hope to lead the way in bringing foreign investment to a region that is showing promise for robust growth and development, as Iraq becomes a functioning and fiscally strong nation.”
Auerbach Grayson says it will offer “its U.S. institutional clients on-the-ground intelligence and increased coverage of investing opportunities in Iraq.”
The Iraqi Stock Exchange recently moved to electronic trading, with 94 listed companies available for electronic transactions. The exchange has a market cap of $3 billion.
So… you in?
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