Q&A with the Iraq Stock Exchange on Infrastructure Modernization with Nasdaq Eqlipse CSD

Infrastructure modernization is occurring across the capital markets spectrum. It’s not only trading technology, but also central securities depositories (CSD) platforms that are becoming more agile, innovative and resilient.

We recently sat down with Chairman Dhulfiqar Hafedh Jaber of the Iraq Stock Exchange (ISX) to learn more about their choice to upgrade post-trade infrastructure with Nasdaq Eqlipse CSD and how technology adoption positions their market ecosystem and investors for growth.
 

ISX Chairman Dhulfiqar Hafedh Jaber

A: At ISX, our focus is on building a modern and transparent market driven by digital transformation, deeper market liquidity and stronger governance standards. Our goal is to create an attractive investment environment that supports Iraq’s economy and aligns with global best practices.

By adopting a next-generation CSD platform with advanced settlement, corporate action and registry capabilities, we are strengthening governance, improving risk controls and ensuring alignment with global regulatory and operational frameworks. These capabilities directly support our mission to increase transparency, reduce systemic risk and build market confidence among both domestic and international participants. 
 

The upgrade was essential to provide a more secure and efficient system that supports international settlement standards and enables future expansion of market products. We chose Nasdaq for its global expertise, its proven systems used by advanced markets, and its flexible technology that supports long-term development.

From a business perspective, modern infrastructure introduces the agility required to expand the product landscape of the Iraq Stock Exchange. The Nasdaq Eqlipse CSD platform provides the flexibility and scalability needed to accommodate emerging asset classes and innovative instruments. By enabling these new offerings, we aim to broaden investor participation, deepen liquidity pools, and diversify revenue streams—strengthening the long-term competitiveness and resilience of the Iraqi capital market. 
 

Infrastructure modernization will enhance settlement speed and safety, reduce operational risks, strengthen foreign investor confidence, enable new financial products, and support future regional and international connectivity.

Importantly, these improvements reduce operational friction for brokers, custodians and issuers while supporting more sophisticated market models and higher transaction volumes. Furthermore, modern APIs and integration capabilities position us to connect seamlessly with regional and global market infrastructures, fostering cross-border investment and future interoperability.

Our relationship with Nasdaq spans nearly two decades, beginning in 2007 and continuing through some of the most challenging periods in Iraq’s modern history. Throughout this journey, Nasdaq has played a dual and indispensable role—supporting us by delivering the technological backbone that powers our market today and by acting as a trusted strategic ally helping us build the market of tomorrow.

Nasdaq brings global market expertise and insight that are critical for our long-term strategy. Their understanding of evolving regulatory landscapes, emerging technologies and market-development trends provides us with a roadmap to ensure the Iraq Stock Exchange remains competitive, integrated and future-ready.

We aim for ISX to become a fully digital, deeper and more attractive market for both local and international investors, with diversified financial products and stronger links to regional and global markets.

Our technology relationship with Nasdaq positions ISX to not only support current market needs but also lead the next phase of capital-market development in Iraq—one driven by trust, technology and transformative growth.
 

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