Thursday, October 6 2011 15:10
At an international forum in Yerevan, stock markets of CIS try to understand the global opportunities of local markets
ArmInfo. An international forum "Global Opportunities of Local Markets – Infrastructure and Regulation" is being held in Yerevan. When opening the forum, Director General of NASDAQ OMX Armenia, Konstantin Saroyan, said that the conference is being held in this format for the first time and it is like an incubator for long-term cooperation and interaction of stock exchanges and depositaries. To note, the given forum is the first joint international event of two large Associations, particularly, Association of Eurasian Central Securities Depositories and Association of Exchanges of the CIS countries. The heads and representatives of the top management of the Central Depositories and Markets of CIS and Eurasia, representatives of the supervisory bodies and Russian experts in the sphere of depository services are participating the forum.
Head of the Central Depository of Armenia, Vahan Stepanyan, said that over the past 7 years the Association of Eurasian Central Securities Depositories has gained serious results in consolidation of interaction among the Association member depositories, and added that one cannot say the same about the cooperation among the stock exchanges of the CIS states.
When speaking of introduction of the contribution pension system in Armenia in 2014, Stepanyan said that at present the Depository and the Central Bank are jointly working at creation of an IT platform to maintain the pension accounts in the real-time mode.
USAID expert Rosa Chiappe positively estimated the work being done by Armenian Government to introduce the contribution pension system, and expressed confidence that the new system will contribute to creation of new job positions and to economic growth.
Deputy Chairman of the Central Bank of Armenia Nerses Yeritsyan and Deputy Minister of Finance of Armenia Vardan Aramyan made reports on the economic state and the future plans of Armenia. In particular, Yeritsyan pointed out that Armenia has no equity market "as such". Other CIS countries also have this problem: they either have no market, or the market is poorly developed, he stressed. In order to gain maximal results in the sphere of economic development, it is necessary to work out a clear development strategy, he said.
Yeritsyan thinks that not only the private sector must implement this strategy. "The private sector cannot do it all by itself; relevant infrastructures and sources of financing are needed", he said. The pension assets are among such sources, he added. Yeritsyan believes that the main challenge of the pension system is the financial incompetence of the Armenian population. In this dimension the Government is going to conduct a large-scale PR campaign.
For his part, Vardan Aramyan pointed out that the main advantage of Armenia for potential investors are its macroeconomic stability and the improving business environment. He is sure that Armenia is currently conducting a correct economic policy, which will help it to consolidate its positions within the mid-term outlook. He added that due to the crisis, the economies of many developed countries are confused today, and the investors are looking for more reliable assets to invest their savings. Therefore, it is necessary to implement the economic reforms confidently instead of putting them off.
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