Erbil Stock Exchange
Erbil stock exchange (ESX) has entered into an agreement with KITS Company | End of a long process nears as Iraqi Kurdistan's ESX chief predicts bright future | Iraqi Kurdistan's Erbil Stock Exchange (ESX) Appoints its Chief Executive Officer (CEO) 14.4.2014 | Erbil Stock Exchange Launch this Year, as Economy Surges Ahead | High Hopes for New Stock Exchange in Iraqi Kurdistan |


Sunday, 08 Jun 2014 02:56 AM

ESX is a private sector led initiative with the committed Kurdistan Regional Government (KRG) support. It positions Kurdistan as a gateway to invest in Iraq and its growth-oriented companies. ESX was set-up as a joint stock company with share-ownership from day 1 with majority ownership by the private sector. ESX has an initial capitalization of over IQD10 billion (US$8 million) with 56 shareholders comprising reputable companies, financial institutions, chambers of commerce as well as the Ministry of Finance of KRG among others. The ESX governance structure consists of a diversified 7-member Board of Directors. 

ESX is a modern market that parallel legislation, regulations, institutions, technology, information and processing of the developed markets in the region. ESX falls under the regulatory purview and oversight of the Iraq Securities Commission (ISC) and the Kurdistan Governance Committee (KGC). 

The ESX business model is designed to create a sustainable market with assured revenue streams from: 

ESX business is set up to manage its own independent trading platform with the intent to share one common post-trade processing platform with other stock exchanges operating in Iraq under the regulatory oversight of the ISC. 

Among many other benefits, ESX will lower cost of capital to issuers; unlock the value of the region’s companies; serve as the basis for firms to eventually list in other established markets, increase awareness among investing public and enable better investment choices. 


By operating the region’s most efficient and well-regulated securities market, the ESX vision is to represent and amplify the collective energies of our companies, which will include many of the most vibrant, creative and successful companies in the region.  ESX listed companies will range from household names to many of the less well-known companies aspiring to be the household names of tomorrow.  At the same time, the very thought of ESX will help to energize untold numbers of entrepreneurs and private businesses in our region that dream of going public one day.


ESX’s mission is to serve as a stimulus for innovation and economic growth.  Through the creation of new financial intermediaries, ESX will initiate the shift from a bank centric to stock market centric environment, and provide the region’s businesses with new ways of acquiring capital financing to support growth and expansion improve corporate governance practices and increase jobs. ESX’s mission is to enable the investors to diversify their savings from low yielding savings accounts to productive investments  


ESX is committed to offer a fair, transparent and efficient market for trading securities that serves investors, protects their interests, and enables a paradigm shift in the culture of investment in financial markets.

Committed not only to investor protection and prevention of improper trading practices, but also ensuring that investors are given fair access to market facilities, price information and market practices, ensure fair treatment of orders, and a price formation.


ESX Rules and Procedures ensure the highest levels of transparency.

Efficiency is at the very foundation of our trading environment based on NASDAQ X-stream technology; it is globally tested and respected trading system. In addition to providing a state-of-the art trade and post-trade processing system, we will ensure that the dissemination of relevant market information is timely and widespread and is accurately reflected in the price formation process.

ESX will have state of the art monitoring capability so that investors are protected from misleading, manipulative or fraudulent practices (including insider trading and other unethical practices) as well as from the misuse of client assets by the intermediaries. 

We are committed to innovation, to promoting creative financial instruments and to the continuous development and enhancements of our professional, technical and ethical standards.

The integrity of the ESX market is, and shall remain, our most important goal. Accordingly, we shall adopt and enforce – internally and all market participants – the highest standards of commercial practice and just and equitable principles of trade.