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Trading and Research In Battered Baghdad

Traders Magazine, June 2003

Gregory Bresiger

The small Baghdad Stock Exchange is not functioning. Business conditions throughout Iraq are a mess. But despite the nation's many problems, one New York-based brokerage says the time is right to get in on the ground floor as the war-ravaged land rebuilds and privatizes much of its economy. "We plan to be the first U.S.-based brokerage to offer execution and research in Iraq," said David Grayson, managing director at Auerbach Grayson. So Auerbach Grayson is looking for an Iraqi partner. Grayson notes that his firm was the first American financial institution to offer South African securities once Western trade sanctions were removed. It was also the first to offer Russian securities and Egyptian securities once those nations started allowing markets to function again, Grayson said.

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