AMX will update its software with the support of EDB

ArmInfo.The Eurasian Development Bank (EDB)  will provide funds to the Armenia Securities Exchange OJSC for  software and technological modernization on a non-refundable basis.   According to the signed agreement, the EDB plans to finance the main  part of the costs associated with the introduction of a new exchange  trading system and technical re-equipment of AMX.

According to the bank's press release, the new trading system, in addition to  providing modern technological solutions for organizing exchange  trading in accordance with international standards, will allow any  investor to perform exchange transactions in real time, gaining  direct access to the exchange's trading platforms through brokerage  companies. This opportunity is an indicator of the quality and  attractiveness of modern exchange services.

Stressing the importance of the program implemented with the support  of the EDB, Hayk Yeganyan, CEO at AMX, noted: "Technological  modernization is a priority for Armenia Securities Exchange, since  one of the prerequisites for its success is the availability of  exchange trading for a wide range of traders. We highly appreciate  the support of the EDB in the development of the capital market in  Armenia. The introduction of the new trading system will contribute  to an increase in the number of exchange participants, quoted  securities and trading volume, as well as expand the horizons of  exchange services provided, which will generally increase the  interest of companies in listing and issuing securities, since  securities admitted to exchange trading will become available to a  wide range of investors, including those outside Armenia.  These  factors will certainly contribute to the further improvement of the  main financial indicators of the exchange."

Armen Melkikyan, EDB Director in the Republic of Armenia, emphasizing  the integration significance of the program, noted: "Technological  modernization of the Armenian Stock Exchange will allow successfully  integrating its infrastructure with the financial markets of the  countries of the Eurasian Economic Union, contributing to the growth  of investments in the capital market and an increase in trade."

To note, the Armenian Stock Exchange (AMX) is the only existing stock  exchange in the territory of Armenia, which is also the only  shareholder of the Central Securities Depository of Armenia. Until  2017, the exchange was owned by NASDAQ, which acquired it from the  Central Bank of the Republic of Armenia through an investment program  for the development of the stock market. However, in 2017, NASDAQ  abandoned this project due to lack of prospect. Back in the late  2000s, the software for the exchange was purchased from the Moscow  Exchange (MICEX) with a grant from USAID. The activity of the  Armenian Stock Exchange today is extremely low due to serious  structural problems of the economy. The only really working platform  on the stock exchange is the platform for trading government bonds.