“Armenian stock market in fact closed for Russian Exchanges” RTS representative stated

“Armenian stock market in fact closed for Russian Exchanges” RTS representative stated

“Armenian stock market in fact closed for Russian Exchanges” RTS representative stated

The FINANCIAL -- According to Banks.AM,  member of the Board of Directors “Russian Trading System “Stock Exchange”” OJSC (RTS) Oleg Safonov believes that the Armenian stock market is in fact closed for the Russian exchanges”.

 

Mediamax reports that Oleg Safonov said this in an interview to “Profile” magazine.

 

“Today, it becomes too cramped for large European and U.S. exchanges within the framework of their traditional location. They are more and more interested in the markets of developing countries, among which the post-soviet states by the means occupy the last position. Today, we can observe a very complex and interesting process of establishment of regional financial centers. Depending on which states become regional centers, and on what conditions, the strategic vector of development of the whole economy is largely determined. Of course, we believe that such a center in the Eurasian area should be Moscow. The situation is complicated by the expansion of large western players. So, the OMX has already purchased the exchange in Yerevan, in fact closing the Armenian stock market for the Russian exchanges. Today, the process is developing in two directions: on the one hand, the players in CIS states and the Near Baltic states claim to establish their own financial centers, on the other hand, the global players are interested in exchange assets in CIS states”, Oleg Safonov stated.

 

Mediamax recalls that on November 21 of 2007, the Armenian government and the Swedish OMX Exchange operator signed an agreement on December 24 on purchase and sale of the shares of Armenian Stock Exchange and Central Depository. In accordance with the signed agreement, OMX becomes a 100% owner of the Armenian Stock Exchange and the Armenian Central Depository. The shares will be handed over to the new owner on January 3 of 2008.

 

On June 6 of 2007, Senior Vice-President of the Swedish OMX Group Henri Bergstrom stated the necessity of a “revolution” on the Armenian market of capital. He noted then that at present, the Armenian market of capital is in reanimation conditions, “when it is difficult to breathe and feed, and the heart is in bad condition”. However, he stressed, “there is will and readiness of the participants of the market to assist the process of reanimation”.