New business model of depository operations launched in Armenia

PanARMENIAN.Net - The Central Depository of Armenia (CDA), part of NASDAQ OMX Group, launches a new business model of depository operations in Armenia.

Thereby it will align with the best international standards, ensuring higher level of safety and efficiency of operations. This reform that was launched at a special ceremony is first of all aimed at improving services provided to companies and shareholders, as well as increasing efficiency of execution and protection of their rights.

Within the new model, CDA will be capable to ensure centralized registry keeping, securities custody as well as clearing and settlement of stock exchange transactions through introduction of specialized software solution and enhanced hardware and security facilities. Registry keeping and securities custody services will be provided to customers via account operators - investment companies and banks, which signed the relevant agreement with the CDA.

Such mediation of services will contribute to increased access of issuers and investors to the depository services in all the regions of Armenia, more efficient risk management and supervision, higher customer service and increased competition among account operators in terms of providing comprehensive packages of corporate and investment banking services to their customers.

Opening the ceremony, Mr. Vahan Stepanyan, CEO, CDA, commented: “Modernization of Armenian depository system required joint effort of our staff, our colleagues from NASDAQ OMX, support of Central Banks of Armenia and now we are proud to announce that we managed to bring it in compliance with best international standards, increasing safety and efficiency of operations and accessibility of depository services in regions of Armenia.”