RA CENTRAL DEPOSITORY TO LAUNCH INTEGRATION PROJECT IN 2010
/PanARMENIAN.Net/
19.11.2009 17:24 GMT+04:00
/PanARMENIAN.Net/ 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.