Armenia Stock Exchange

The Armenia Stock Exchange, commonly identified by the acronym AMX, is the only stock exchange currently operating in Armenia. It is based in Yerevan and functions within the Armenian securities-market framework supervised by the Central Bank of Armenia. The exchange provides market infrastructure for trading and settlement-related activity across several instrument classes, including stocks, corporate bonds, government bonds, foreign currency, swaps and repurchase agreements involving corporate securities. The institution began operations in 2001 as a self-regulatory organization established by exchange members. Its development reflected Armenia's transition toward a formal securities market supported by dedicated trading, listing and market-supervision arrangements. In November 2007, legislative changes governing the domestic securities market enabled the exchange to demutualize and become an open joint-stock company. Later that month, OMX acquired all of its shares, bringing the Armenian market operator into the Nordic exchange group's structure. Following the 2008 merger between NASDAQ and OMX, the Armenian exchange and the Central Depository of Armenia became part of the NASDAQ OMX Group. The exchange adopted the name NASDAQ OMX Armenia in January 2009, connecting its local identity with the technology, operating standards and international brand of the combined group. NASDAQ subsequently sold the exchange to the Central Bank of Armenia in 2018. On 18 January 2019, it was renamed Armenia Securities Exchange, and the AMX identity became associated with its role as Armenia's central organized securities marketplace. AMX also has an institutional role beyond secondary-market trading. From 2014, Armenia introduced a mandatory funded pension system for employees born after 1974. Under arrangements involving the Central Depository of Armenia and the exchange, the organizations were assigned responsibilities connected with registering participants and handling the allocation of pension assets. The growth of pension savings was expected to broaden the domestic investor base and increase the supply of capital available through Armenia's financial markets. The exchange has maintained regional and international links. It has been a member of the Federation of Euro-Asian Stock Exchanges since 1995, even though its present operating structure dates from 2001, and its headquarters also hosts the federation's headquarters. In December 2019, AMX became a partner member of the Sustainable Stock Exchanges Initiative. In 2020, the Warsaw Stock Exchange publicly expressed interest in acquiring a controlling stake. On 24 May 2022, the Central Bank of Armenia approved the acquisition of 65.03% of AMX shares by the Warsaw Stock Exchange; the available reference material does not establish whether the transaction was subsequently completed. AMX is therefore best understood as regulated financial-market infrastructure rather than a consumer-facing product brand. Its positioning rests on providing a centralized, supervised venue for Armenian issuers, investors, banks, brokers and pension-related institutions, while supporting the development of local capital formation and the broader Armenian financial system.

The institutional history of Armenia's organized securities market predates the current exchange structure. Armenia Stock Exchange has been associated with the Federation of Euro-Asian Stock Exchanges since 1995, and the federation is headquartered in Yerevan. The exchange itself began operations in 2001 as a self-regulatory organization founded by its members. Its creation provided Armenia with a formal venue for organized securities trading and supported the development of a domestic capital market. A major structural change occurred in November 2007. Amendments to Armenian securities-market legislation allowed the exchange to demutualize and become an open joint-stock company. OMX, the Nordic exchange operator, then purchased all of the exchange's shares. This transaction moved the institution from a member-founded self-regulatory model into an ownership structure connected with an international exchange group. The 2008 merger of NASDAQ and OMX incorporated the Armenian exchange and the Central Depository of Armenia into the resulting NASDAQ OMX Group. On 27 January 2009, the exchange was officially renamed NASDAQ OMX Armenia. The name linked Armenia's local marketplace to the global NASDAQ OMX organization while retaining a distinct national-market function. NASDAQ sold the exchange to the Central Bank of Armenia in 2018. Following the transfer, the institution was renamed Armenia Securities Exchange on 18 January 2019. It is commonly referred to as AMX and remains the only stock exchange currently operating in Armenia. The Central Bank of Armenia is also the state authority responsible for regulating the exchange and the Armenian securities market. The exchange's role expanded through Armenia's funded pension system. Beginning on 1 January 2014, the government introduced a mandatory pension arrangement requiring covered employees born after 1974 to contribute a portion of their annual salary to private pension funds. The Central Depository of Armenia and the exchange were assigned responsibilities related to registering participants and collecting and allocating pension assets. The pension system was expected to increase the amount of long-term capital available to Armenian financial markets and potentially increase market activity. AMX operates markets for several categories of financial instruments. These include stocks, corporate bonds, government bonds, foreign currency, swaps and repurchase agreements on corporate securities. In this capacity, it serves issuers seeking access to capital, investors seeking Armenian financial instruments, and financial intermediaries requiring an organized and supervised trading venue. The exchange also pursued international institutional connections. In December 2019, it became a partner member of the Sustainable Stock Exchanges Initiative. In September 2020, the Warsaw Stock Exchange was reported to be interested in acquiring a 65% stake in AMX. On 24 May 2022, the Central Bank of Armenia approved the acquisition of 65.03% of the exchange's shares by the Warsaw Stock Exchange. The supplied reference material does not state whether the approved acquisition was completed, so the current ownership status beyond the documented Central Bank ownership should be treated as requiring verification. The exchange is operated through a supervisory board and a local management team. The reference material identifies Hayk Yeganyan as chief executive officer and Mikayel Hayrapetyan as chief financial officer. Its overall significance lies in providing Armenia with a national platform for securities issuance and trading while supporting the country's regulatory, pension and financial-market infrastructure.

• 2022

  Approval of proposed Warsaw Stock Exchange stake acquisition

  [1]Armenia Stock Exchangeen.wikipedia.org

  The Central Bank of Armenia approves the proposed acquisition of 65.03% of AMX shares by the Warsaw Stock Exchange.

• 2019

  Renamed Armenia Securities Exchange

  [1]Armenia Stock Exchangeen.wikipedia.org

  The institution receives its Armenia Securities Exchange name on 18 January.

• 2019

  Sustainable Stock Exchanges Initiative partnership

  [1]Armenia Stock Exchangeen.wikipedia.org

  AMX becomes a partner member of the Sustainable Stock Exchanges Initiative in December.

• 2018

  Acquired by the Central Bank of Armenia

  [1]Armenia Stock Exchangeen.wikipedia.org

  NASDAQ sells the exchange to the Central Bank of Armenia.

• 2014

  Role in the funded pension system

  [1]Armenia Stock Exchangeen.wikipedia.org

  The exchange and the Central Depository of Armenia begin carrying out responsibilities connected with Armenia's mandatory funded pension arrangements.

• 2009

  Renamed NASDAQ OMX Armenia

  [1]Armenia Stock Exchangeen.wikipedia.org

  The exchange formally adopts the NASDAQ OMX Armenia name on 27 January.

• 2008

  Joins the NASDAQ OMX Group

  [1]Armenia Stock Exchangeen.wikipedia.org

  Following the NASDAQ-OMX merger, the Armenian exchange and Central Depository of Armenia become part of the combined group.

• 2007

  Demutualization and OMX acquisition

  [1]Armenia Stock Exchangeen.wikipedia.org

  The exchange becomes an open joint-stock company, and OMX purchases all of its shares.

• 2001

  Operations begin

  [1]Armenia Stock Exchangeen.wikipedia.org

  The exchange starts operating as a self-regulatory organization founded by exchange members.

• 1995

  Membership in the Federation of Euro-Asian Stock Exchanges

  [1]Armenia Stock Exchangeen.wikipedia.org

  The exchange is identified as a member of the Federation of Euro-Asian Stock Exchanges from 1995; the present exchange began operations later, in 2001.

A regulated national capital-markets infrastructure provider and Armenia's only currently operating stock exchange, connecting issuers and investors through organized markets for securities and related financial instruments.

• Stocks · 2001

  Equity market

  AMX provides an organized venue for the trading and, where applicable, listing of Armenian company shares. The equity market gives issuers a route to raise capital and gives investors access to ownership interests in Armenian businesses under the supervision of the country's securities-market regulator.

• Corporate bonds · 2001

  Corporate bond market

  The corporate bond market supports issuance and trading of debt securities from companies. It provides an alternative to equity financing and bank borrowing while giving investors access to fixed-income instruments issued by Armenian corporates.

• Government bonds · 2001

  Government bond market

  AMX supports organized trading in Armenian government bonds. This market gives financial institutions and other investors a venue for buying and selling sovereign debt and contributes to the operation of Armenia's domestic public-debt market.

• Currency

  Foreign-exchange market

  The exchange includes currency trading among the financial instruments available through its market infrastructure. This function supports organized foreign-exchange transactions within Armenia's regulated financial system.

• Derivatives and secured financing

  Swap and REPO markets

  AMX facilitates swap transactions and repurchase agreements involving corporate securities. These instruments can support liquidity management, short-term financing and the management of market exposures for participating financial institutions.

• Pension-market services · 2014

  Funded pension-system infrastructure

  Together with the Central Depository of Armenia, AMX was assigned responsibilities connected with registering participants in Armenia's mandatory funded pension system and collecting and allocating pension-related assets. This is an institutional infrastructure role rather than a conventional exchange-traded product.

• 2022

  Approval of Warsaw Stock Exchange stake acquisitionM&A

  Background

  The Warsaw Stock Exchange had expressed interest in obtaining a controlling interest in AMX.

  Action taken

  On 24 May, the Central Bank of Armenia approved the acquisition of 65.03% of AMX shares by the Warsaw Stock Exchange.

  Aftermath

  The supplied reference material does not confirm whether the approved transaction was completed.

  Proposed shareholding. 65.03% (Approved 24 May 2022)

  Source

• 2019

  Sustainable Stock Exchanges Initiative partnershipStrategy

  Background

  AMX sought an international institutional connection focused on sustainability in stock-market development.

  Action taken

  The exchange became a partner member of the Sustainable Stock Exchanges Initiative.

  Aftermath

  The partnership connected AMX with an international network addressing sustainability-related exchange practices.

  Source

• 2018

  Sale to the Central Bank of ArmeniaM&A

  Background

  NASDAQ divested its Armenian exchange operation.

  Action taken

  The Central Bank of Armenia acquired the exchange.

  Aftermath

  The exchange was renamed Armenia Securities Exchange in January 2019.

  Source

• 2014

  Support for Armenia's mandatory funded pension systemStrategy

  Background

  Armenia introduced a statewide funded pension program requiring covered employees to direct part of their salaries into private pension funds.

  Action taken

  AMX and the Central Depository of Armenia were assigned responsibilities for participant registration and the collection and allocation of pension assets.

  Aftermath

  The system was expected to increase long-term capital flows and market activity in Armenia's financial markets.

  Source

• 2008

  Integration into NASDAQ OMXM&A

  Background

  NASDAQ and OMX completed their corporate merger.

  Action taken

  The Armenian exchange and the Central Depository of Armenia became part of the NASDAQ OMX Group.

  Aftermath

  The exchange adopted the NASDAQ OMX Armenia name in January 2009.

  Source

• 2007

  Demutualization into an open joint-stock companyStrategy

  Background

  Changes to Armenian securities-market legislation enabled the member-founded self-regulatory organization to change its legal and ownership structure.

  Action taken

  The exchange became an open joint-stock company and its shares were acquired by OMX.

  Aftermath

  The transaction integrated the Armenian market operator into an international exchange-group structure.

  Source

1. 1Armenia Stock Exchangeen.wikipedia.org
2. 2Armenia Stock Exchange official websiteamx.am