Technologies of AMX are modernized by EDB Technical Assistance Fund
Today AMX-Armenia Securities Exchange has hosted Nikolai Podguzov, CEO at Eurasian Development Bank, Vice Chairmen and management representatives of EDB. During the visit EDB was presented already operating government bond auction system modernized by EDB Technical Assistance Fund and the secondary market trade system being in the last stage of testing and installation. Pursuant to the contract signed last year EDB granted financial support to AMX to finance most of the costs associated with upgrading the new trading system and technical equipment.
The trading system, in addition to providing secondary market trading, will allow investors to gain direct access to the exchange’s trading platforms through brokers, to trade online in real-time via web-mobile applications.
“According to the preliminary plan, the system should be launched by the end of this year, which will be considered an unprecedented result, taking into account the speed and quality of the introduction of the trading system. Thanks to our partner Eurasian Development Bank, we make the trading system accessible to end investors, facilitate participation in securities trading, trying to influence the development of the capital market, creating an opportunity to increase the number of direct market participants. This comes to prove the fact that for two consecutive years we have been receiving the “Best Securities Exchange in the South Caucasus” award from the Global Banking & Finance Review. Certainly, the EDB technical assistance policy will continue to contribute to the development of the Armenian securities market. I hope that our cooperation will not be limited to this program and in the near future, other development programs will be implemented with the support of the EDB”, said Hayk Yeganyan, CEO at AMX.
During the visit to the AMX office, the EDB delegation was introduced to the new system, the advantages of the latter over the previous systems and the work done in 8 months.
“Technological modernization of Armenia Securities Exchange will make it possible to successfully incorporate its infrastructure and use its functional advantages in the financial markets of the member countries of the Eurasian Economic Union, thus contributing to the growth of investments in the capital market and an increase in trade volumes,” said Nikolai Podguzov, Chairman of the EDB Board.
The EDB Technical Assistance Fund was established to provide effective support to the Bank’s core mission. The funds of EDB are generated from the calendar year net profit and from donors.
To recall, the trading system of the primary market of government bonds has already been successfully launched and has been highly evaluated by the market participants and the issuers, due to various innovative solutions and opportunities, missing in the previous trading system.