However that the agreement of the jurisprudence about concedering the arbitration for settlement of disputs instead of judiciary to protect the rights, different views appear about the nature of the arbitration. Some say that the arbitration has a contracting nature; others say that it is of judicial nature; others say that it is of mixing of both; the fourth say that the nature of the arbitration is a special independent type. In different of others, the Iraqi legislator adopts a various satuation about the type of arbitration, so the nature of the arbitration of Iraq stock exchange become different recpect to that. We will disscuse all these ideas in two parts, by first, we will research the four theories of the nature of the arbitration, and by second, we will disscuse the satuation of Iraqi legistor about that.