CENTRAL BANK KEEPS CONFIDENTIALITY OF TALKS WITH SWISS OMX STOCK OPERATOR

ArmInfo Agency, Armenia
Oct 10 2007

ArmInfo. Because of confidentiality Armenian Central Bank does not
want to divulge the details of the of talks with Swiss OMX stock
operator, as a result of which the latter will become the owner of
Central Depository and ArmEx, chairman of Armenian Central Bank Tigran
Sarkisyan told journalists and added that they will inform about the
final results of the talks.

To note, according to the signed Memorandum, ArmEx and Central
Depository should come forward as a commerce organization but not
self-regulated organizations. The new status will make attracting of
foreign investments possible. For this reason there is a necessity
of changing of the acting legislation of Armenia with an accent of
its transmission to the European model of funds market regulation, in
particular experience of Estonia and Slovenia was used. As a result
several points appeared in the law according to which regulation
of funds market will be more effective and flexible, which will
make it possible to integrate Armenian finance market with the
stocks of European states. In particular, OMX will give to Armenian
company-emitters access to international capital without the listing
process out of the country