ARMENIAN STOCK EXCHANGE EXTENDS ITS TRADING HOURS FOR CORPORATE SECURITIES FROM ONE HOUR TO FOUR
ARKA
Dec 4, 2008
YEREVAN, December 4. /ARKA/. Starting December 4, the Armenian Stock
Exchange (Armex) will extend its trading hours for corporate securities
from one hour to four, NASDAQ OMX Armenia told ARKA News Agency.
"This means that exchange trading in equities and corporate bonds
will now take place each business day from 11:00 to 15:00 – just
like exchange trading in currency and Government bonds", the press
release says.
According to the press release, this significant improvement has
become possible thanks to the deployment of new software modules that
help automate pre- and post-trade processes. The modules developed
by NASDAQ OMX Armenia are fully integrated with the clearing and
settlement system operated by the Central Depository of Armenia (CDA).
"As part of the new streamlined pre-trade procedure, orders to block
securities received by the CDA from Armex member companies prior to
the opening of the exchange trading are now automatically entered
into the CDA’s securities settlement system.
After the close of trading, the obligations of the parties resulting
from the trades are determined and compiled into electronic payment
orders with no manual intervention, and then transmitted to the
Central Bank of Armenia for final settlement", the press release says.
The introduction of this improved proc ess ensures a more convenient
and technologically capable trading environment for Armenian investment
companies and banks, and represents yet another step on the path
chosen by NASDAQ OMX Armenia – to continuously develop the Armenian
securities market through innovation, technology improvement and
close cooperation with all stakeholders in the market.
In January 2008, Nordic exchange operator OMX Group acquired 100%
of shares of the Armenian Stock Exchange (Armex) and the Central
Depository of Armenia (CDA). After the combination of NASDAQ and OMX
in March 2008, Armex and CDA have become fully owned by the NASDAQ
OMX Group, Inc.
The NASDAQ OMX Group, Inc. is the world’s largest exchange company. It
delivers trading, exchange technology and public company services
across six continents, and with over 3,900 companies, it is number
one in worldwide listings among major markets.
NASDAQ OMX technology supports the operations of over 60 exchanges,
clearing organizations and central securities depositories in more
than 50 countries.