OMX LANDS ARMENIA

FT Alphaville, UK
April 27 2007

OMX Group has signed a letter of intent to buy the Armenian Stock
Exchange. Armex, based in Yerovan, is assumed to be a relative minnow
in the the pan-Nordic exchange’s expansion plans.

Yet on this historic occasion, it is well worth a closer look at
OMX’s newest acquisition. The website informs us that it is the
only stock exchange operating in Armenia and there are 37 listed
companies. These range from the alluringly named "Selena" to the more
prosaic "Cascade-Credit Universal Credit Organisation."

But OMX might have its work cut out: in Armex’s latest newsletter,
the exchange announced that "the total number of trades [on the
equities market] in January, 2007, was 21 with total value traded
of AMD 3,639,227 ($10,127). Compared to January, 2006, the number of
trades, number of stocks traded and total value traded decreased by
70.83%, 94.71% and 99.67% accordingly."

Nevertheless, compared to December, 2006, "the total value traded
increased by 160.02%."

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