Jordan, Iraq securities commission officials discuss boosting cooperation

Chairman of the Jordan Securities Commission (JSC), Adel Bino, on Sunday met with Chairman of the Iraqi Securities Commission (ISC), Faisal Al-Haimus, and an accompanying delegation. The meeting examined ways to improve cooperation between the two countries in capital markets development. During the meeting, the two sides discussed their plans and efforts in confronting and addressing the challenges and obstacles in their capital markets, particularly deepening the market, diversifying its tools, and increasing liquidity levels in light of available capabilities and opportunities. Bino went over the JSC's plans to develop financial technologies as well as strategies for boosting market depth and liquidity via investment funds and other instruments. He highlighted the availability of new prospects and areas of cooperation, including the financial technology, sustainable finance, financial inclusion, and the custodian system, whether at the local or global level. He added that the JSC is implementing measu res to stimulate investment in the Amman Financial Market in accordance with the economic modernization vision and based on the International Organization of Securities Commissions (IOSCO) principles and international standards, as well as the recommendations of the capital market modernization roadmap launched in collaboration with the European Bank for Reconstruction and Development (EBRD) within five tracks that are being implemented. Al-Haimus, for his part, stated that the Iraqi financial market has numerous opportunities due to the Iraqi government's support and desire to develop the sector, in terms of adopting amendments to the law that pave the way for commodity trading and provides greater benefits and incentives to international investors, particularly amendments linked to the custodian system. He pointed out that actions have been done to prepare the Iraqi financial market for practicing the custodian system, as well as overcoming and addressing regulatory barriers. In this context, Al-Haimus l auded Jordan's financial market's improvement in this sector, which he sees as a possibility for future areas of cooperation and development. Source: Jordan News Agency