CAPITALIZATION OF ARMENIAN STOCK EXCHANGE POSSIBLE TO MAKE $5BLN IN FIVE YEARS
Arka News Agency, Armenia
Feb 28 2007
YEREVAN, February 27. /ARKA/. The capitalization of the Armenian Stock
Exchange is possible to make $5bln in five years’ time, the Chairman
of the Central Bank of Armenia (CBA) Tigran Sargsyan told journalists.
"It is expected that the annual turnover will go up to $500mln, then
to $1.5bln, with a further sharp increase up to $5bln," Sargsyan
said. He pointed out that the process will be facilitated if the
Scandinavian OMX Stock Exchange becomes a shareholder of the Armenian
Stock Exchange, which is a possibility.
"Armenia’s Government considers the option of refusing the old model
of self-regulating stock exchange and depository," Sargsyan said. He
reported that in view of the new concept negotiations were started
with the OMX having some experience in the transition period countries.
"The instruments and approaches that OMX suggests will harmonize with
the development of securities’ market in Armenia," Sargsyan said
adding that 45 Armenian enterprises can become participants of the
stock exchange at the first stage.
The Armenian Stock Exchange (Armex) is a self-regulating organization
that was registered in Armenia on February 13, 2001, based on the
voluntary integration of 21 broker (dealer) companies. Operations on
corporate shares have been carried out since July 6, 2001.
37 securities were registered and underwent listing by January 31,
2007. The capitalization of Armex made AMD21.9bln by January 31, 2007.
The OMX Scandinavian stock operator unites the stock exchanges of
the Northern European capitals and also runs the stock exchanges in
Lithuania and Latvia. ($1 = AMD353.21).