Market infrastructure - Armenia


Institutions and organisation

Open Joint Stock Company, "NASDAQ OMX Armenia" (NOA) (

NASDAQ OMX Armenia (NOA) is the only organised securities market in Armenia. For nearly a decade, the stock exchange has been the organised market for securities in Armenia, offering market professionals a fully automated electronic trading platform. Instruments traded on the stock exchange include stocks, corporate bonds, Government and Central Bank bonds, REPO (repurchase agreements) on corporate bonds, currency and credit resources.

The automated trading system of NOA can accommodate thousands of securities that may be traded by brokers from the workstations at the Armenian Stock Exchange floor or remotely from their offices.

Circa 26 companies are traded on NOA, with total market capitalisation of USD 0.256 billion and an average daily turnover for all markets of USD 8.5 million (2015 figures).

Central Securities Depository (CSD) - Open Joint Stock Company, "Central depository of Armenia" (CDA) (

The primary functions of the Central depository of Armenia (CDA) are:

  • Providing nominee ownership of both corporate and government securities and performing clearing and settlement of securities transactions executed on the Armenian Stock Exchange;
  • Opening, maintenance and closing of securities accounts in accordance with its rules;
  • Facilitating settlement of securities transactions without physical delivery of securities certificates;
  • As a self-regulatory organisation (SRO), preparing rules for its members and supervising compliance with such rules;
  • Applying sanctions concerning non-compliance of rules and regulations.

The CDA, in the procedure defined by Republic of Armenia Law on securities market, regulations of the Central Bank and the rules of the CDA, shall perform the following functions:

1. As a centralised custodian:

  • Provide custodian services to sub-custodians and other persons as defined by regulations of the Central Bank;
  • Dematerialise securities and maintain the accounts of such securities;
  • Provide a password system for securities.

2. As a centralised registry:

  • Based on the contract signed with the issuer, the CDA shall maintain a uniform database (registry) to include data about the securities owners (nominees); number of securities they hold (registered on their names); type and class of securities.

3. As an operator of the clearing and settlement system (hereafter also referred to as the "clearing and settlement system"), the CDA shall:

  • Determine and clear mutual liabilities and claims rising as a result of transactions in securities (clearing);
  • As a result of transactions in securities, transfer securities to respective accounts and perform settlement (settlement);
  • Based on the contract signed with the clearing and settlement service provider specified in point 1 of Article 18 of the Law of the Republic of Armenia on Clearing and Settlement Systems and Clearing and Settlement Organisations, organise fulfilment of money obligations amongst the clearing and settlement system members;
  • Conduct necessary surveys for implementation of clearing and settlement of securities and the funds in a procedure defined by the law, legal acts, rules of the clearing and settlement system and contracts executed thereof;
  • Establish and manage guarantee funds to guarantee fulfilment of mutual liabilities of members of the clearing and settlement system as well as for risk mitigation purposes with respect to performance of the functions of clearing and settlement system; and
  • Act as a party to all transactions (central agent for parties) in accordance with the rules of the clearing and settlement system in matters related to fulfilment of mutual liabilities rising from securities transactions.

Central Bank & Regulatory structure

Central bank of Armenia (CBA) (

The Central Bank of Armenia (CBA) is an independent institution responsible for issuing all banknotes and coins in Armenia, overseeing and regulating the banking sector and keeping the government's currency reserves. The CBA is the sole owner of the Armenian Mint. Its status is defined by the Republic of Armenia Law on securities market.

Registrars: State register agency of legal entities of the Republic of Armenia (

The State register agency of legal entities of the Republic of Armenia provides services in the field of state registration of legal entities (excluding banks and credit organisations), state registration of individual entrepreneurs and the registration of separate subdivisions and institutions of legal entities, press and mass media providers.

The Central Bank of Armenia performs registrar (and CSD) functions for government-issued securities.

Department of Banking and Finance - Ministry of Finance of Armenia (

The Ministry of Finance of the Republic of Armenia (hereafter "the Ministry") is the country’s executive body responsible for developing and implementing the Republic of Armenia's Government policy in the spheres of national income formation and public finance management.

The Ministry should be founded, organised or liquidated by the decree of the President of the Republic of Armenia.

The powers of the Ministry are defined by the laws, decrees and orders of the President of the Republic of Armenia, decisions of the Government of the Republic of Armenia and international treaties of the Republic of Armenia.

The Ministry performs its activities in accordance with the legislation and other legal acts of the Republic of Armenia.

The Ministry is comprised of the Minister and the Staff of the Ministry, Deputy Ministers, consultants, assistants and referents. The Ministry includes state non-commercial organisations and institutions handed over to its subordination.

The goals and objectives of the Ministry are as follows:

  • Organisation of the budgetary process within the powers assigned to it by the Republic of Armenia legislation;
  • Ensuring activities concerning the development and implementation of joint policy in international financial cooperation as well as financial and economic, credit, tax and budgeting and financial market joint policies;
  • Development of legal acts concerning the regulation of activities in the spheres of capital and financial market, including audit, lotteries, casinos and gambling, precious metals; licensing of persons conducting such activities and supervision of compliance with license requirements, based on the powers assigned by law or other legal acts;
  • Development of methodology for auditing, accounting and financial reporting;
  • Development of revenue formation policy of the Republic of Armenia state and community budgets;
  • Implementation of the Republic of Armenia's Government supervision over state budget performance by state bodies;
  • Organisation and realisation of auditing of financial economic activities of government administrative bodies, state non-commercial organisations and communities by means of inspections;
  • Coordination of loans and grants offered by international financial organisations and foreign states and current monitoring of program implementation in the scope of public dept assessment, macro-economic and budget expenditure policies;
  • Protection of state property interests within the scope of its powers;
  • Regulation and coordination of public procurement processes; and
  • Public debt management.