For a period that extended from 1992 to 2003, the Iraq Speculative Market was known as the Baghdad Speculative Market, which was incorporated according to Law No. 24 of 1991. This market was a state market that enrolled at that time 113 Iraqi joint stock private and mixed companies. The Baghdad Speculative Market was closed according to a decision dated 19 March 2003 issued by its Board of Directors on 18 April 2004 (Law No.74 of 2004), which was issued to incorporate two significant entities in the field of capital, namely the:

• Iraq speculative market; and

• Commission of Iraq speculative market. 

A speculative market is financially and administratively independent and is managed by a board of nine members representing different economic sectors of the investment field, which is called the Governors Council.

The most important trading feature of the speculative market is that the prices of the marketable shares are free and rely on factors of supply and demand and on available information and statements from joint stock companies.