Thursday, January 12 2012 17:18
Central Depository of Armenia enhances the list of provided services
ArmInfo. The Central Depository of Armenia launched services of notifying issuers on securities flow on their accounts, the press service of NASDAQ OMX Armenia told ArmInfo.
This service is widely used in international markets, and the Depository was the first to implement it in Armenia. The Depository's customers, joint stock companies, may operatively receive information on securities flow on their accounts and more efficiently monitor and comply with the legislative requirements, particularly those on preservation of priority right, maximum number of shareholders, etc.
Another new service, provided by the Depository, is securities transfer based on "Delivery versus Payment" (DVP) principle, which contributes to ensuring security for both parties of transaction, concluded on OTC market. As a result the Depository acts as intermediary between securities transferor and recipient and ensures that securities/funds are not transferred until there are sufficient funds/securities on the account of the other party of transaction. The Depository settles transactions only upon simultaneous availability of necessary funds and securities on the accounts of both parties. From now on entities transferring securities on OTC market can be sure that they won't lose any assets in OTC market.
To note, 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 70 exchanges, clearing organizations and central securities depositories in more than 50 countries.
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 February 2008, Armex and CDA have become fully owned by the NASDAQ OMX Group, Inc. On January 27, 2009, "Armenian Stock Exchange" ojsc was officially renamed as "NASDAQ OMX Armenia" ojsc. On June 5, 2009, "NASDAQ OMX Armenia" ojsc became the owner of 100% of the shares of the "Central Depository of Armenia" ojsc.
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