Baghdad’s stock exchange is unlike any other in the world.

Surrounded by concrete blast walls, razor-wire and armed guards, and stuck firmly in the pre-digital age. It resembles a British betting shop (we call them “bookies”) – full of chain smoking men, clutching cheque books and nervously watching the action. Only here the action consists of a few brokers, writing prices on dozens of white-boards. But the noise is deafening, as eager investors yell their buy and sell orders. Baghdad’s stock market is about as basic as it gets. Potential share-buyers have to come, in person, and then squint across to the board that gives information about the company they want to buy into and yell out their interest to a broker. It’s the rawest form of capitalism – supply meeting demand on the walls of this small room.

But this is also an attractive target for those who are fighting the establishment of free-market democracy. It’s why I keep my flak jacket on while filming, even though everyone seems relaxed and welcoming.

Most of the people here are older men. When I ask, they say the market has been picking up and that new rules were introduced a few days ago which mean foreigners can now invest in the various banks, insurance companies and even hotels that are being traded. And they show me a new trading floor next door, where dozens of brand-new PCs are sitting, still in their plastic wrappers, ready for a switch over to a new digital system. It’s all been paid for by the United States, which hopes this will be a key building block in Iraq. It’s due to be switched on in a couple of months, once it gets the rubber stamp from Baghdad’s bickering politicians. It will certainly speed up trade – I just hope that it won’t dilute the boisterous atmosphere of shouting, laughter and cursing, which makes Baghdad’s stock exchange so unique.

Watch my report

-- From Dan Rivers, CNN International Correspondent, in Baghdad.