In 2010, RA central depository will launch an integration project with foreign depositories, NASDAQ OMX Armenia Director General Armen Melikyan told a news conference in Yerevan. The main task lies in establishment of mutual relations between regulators, brokers, stock market and central depository in order to establish proper control over the market in view of border opening.
Armen Melikyan noted that central depositories’ integration process is similar to correspondent account system between foreign banks. “Correspondent accounts will be open in other depositories, allowing our brokerage companies to keep stocks, purchased for their clients, locally,” NASDAQ OMX Armenia Director General said, adding that the project will probably be launched next year.
In this context, he noted that in perspective the project could be implemented in Kazakhstan, Uzbekistan and Kirgizia. “Russian market is not yet ready legislatively; currently negotiations are conducted by Central Depository. Russia, Kazakhstan and Ukraine are of particular interest. A possibility of integration with Baltic states’ central depositories is also envisaged,” Armen Melikyan concluded.
NASDAQ OMX Armenia is the new name of the Armenian Stock Exchange ojsc (renamed on January 27, 2009), however, it is also used to refer jointly to the stock exchange and the Central Depository of Armenia ojsc (CDA), as the both companies have been members of the NASDAQ OMX Group, Inc. since early 2008. NASDAQ OMX Armenia and the CDA are the major securities market infrastructure institutions in Armenia. Since their inception in 2000, both companies had operated as self-regulatory organizations established by member broker companies, up until demutualization in 2007.
NASDAQ OMX Armenia is a part of the world’s largest exchange company, the NASDAQ OMX Group, Inc.
