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BAGHDAD - The miniature Liberty Bell clanged. Elbows flew. Sweat poured down foreheads. Sales tickets were passed and, with a flick of the wrist, 10,000 shares of the Middle East Bank had more than doubled in value.
The frantic pace Sunday of those first 10 minutes of trading typified the enthusiasm behind the Iraq Stock Exchange - a new institution seen as a critical step in building a new Iraqi economy.
In just five sessions, trading volume has nearly quadrupled and the value of some stocks has surged more than 600 percent, gains traders say reflects the frustration of 15 months of closure.
"How can I not be excited by this?" Taha Ahmed Abdul-Salam, the exchange's chief executive officer, said as he eyed the activity on the trading floor.
The ISX is temporarily housed in a converted restaurant. Looters had gutted the old exchange, so traders now jostle for position in a long room overlooking an old dining room. Where bartenders once chatted with patrons, a bank of secretaries log orders.
With space limited, investors are not allowed in the exchange, let alone the "floor." Instead, from a makeshift courtyard, they can look in through the same windows that once offered diners a garden view. Joining them are men armed with assault rifles who provide security for the exchange.
The unofficial figures of the day's trade tell the story. Over $10-million in stocks changed hands, reflecting the movement of about 1.43-billion shares - though only 27 companies are listed on the exchange.
For Iraqis, these days have been a long time coming. The ISX replaces the now-defunct Baghdad Stock Exchange, which was riddled with corruption. Saddam Hussein's extended family often muscled in at will by simply issuing new shares for companies they found attractive.
The new exchange has built in safeguards against manipulation. It took about a year to set up, with 12 brokerage houses and banks that own it working alongside former occupation authorities to lay the legal and regulatory framework.
The exchange was inaugurated last month and is open two days a week for two hours a day. Sunday's session was the first open to the media.
Officials say they hope that in a month they will have all 120 companies previously listed on the old exchange on the new ISX's "big board" - actually 27 small white boards, where workers record trades with markers.
Thirty minutes after the ringing of the Liberty Bell replica - a donation from the Philadelphia Stock Exchange - Talib al-Tabatabie, the ISX's board chairman, hollered into the phone.
"Sell? Do you want me to sell them now?" he screamed over the din at a client on the phone, his shirt coming untucked as he waved his arms. "It's up again! We should sell!"
Economists say the key to success is a strong regulatory framework and accountability. A shift to an electronic trading system is coming, officials say.
So are more regulations. Oversight here comes from the Iraq Securities Commission.
The added bonus will be opening the door for foreign investment. The legal framework is in place, but the details have yet to be completed.
Brokers and ISX officials predict that the tourism and hospitality sector will be the market's new blue chips.
"Don't forget that Iraq is a tourist country. There's plenty to see here," said Mohammed Ismael, a broker with Qidwa Securities. As the sound of automatic gunfire reverberated in the distance, he shrugged.
"I guess it will take a little more time for them to come."