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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 2005 ARMENIAN STOCK EXCHANGE Yermonya Vardevanyan Chairwoman The year 2004 witnessed a remarkable 118% increase in the value of exchange trading to nearly US$ 1.6 million, while at the same time, the number of securities traded went up by over 77%. Securities issued by 101 listed companies were traded showing a 25% increase over 2003. At year-end, the number of listed companies stood at 196, with 20 new companies listed on the stock exchange during 2004. Still, the number of companies which delisted was rather high too, this is primarily attributable to the ongoing changes in the corporate ownership structure. Despite the fact that only equities continued to be traded on Armenian Stock Exchange (Armex) floor, an important agreement was HISTORY AND DEVELOPMENT Armenian Stock Exchange (Armex) is the successor of the Association of Securities Market Participants, which was established in Armenia in 1997. In December 2000, it was renamed to the Armenian Stock Exchange, and on the 13th of February, 2001, it was officially registered by the Securities Commission of the Republic of Armenia as a self-regulatory organization pursuant to the Law of the Republic of Armenia “On Securities Market Regulation”. Armex is the only stock exchange registered in Armenia. As a voluntary association of broker (dealer) companies and a selfregulatory organization, Armex approves rules and regulations covering a variety of activities, including listing, trading, information disclosure, as well as rules of professional ethics. The self-regulation principle provides each member company with equal rights to participate in the management of the stock exchange. The supreme management body of Armex is the General Meeting of Members, which elects the Observers’ Board. The latter elects the Chairman and appoints the Chief Executive Officer of the Exchange. PAGE 40 During 2004, Armex witnessed a remarkable 118% increase in the value of exchange trading to nearly US$ 1.6 million, while at the same time, the number of securities traded went up by over 77%. reached with the Government on launching exchange trade in long- and middle-term Government bonds in April 2005. In this respect, amendments to the existing trading, clearing and settlement procedures, as well as trading system modifications were required. All of these above mentioned changes are now near completion. Throughout 2004, Armex carried on with its efforts to provide market participants and the general public with accurate, timely and complete information regarding the activities of the Armenian securities market, as always, striving to keep Armex as transparent as possible. Exchange trading statistics and information on the most recent developments and events was at all times Armex is subject to regulation by the state. The Securities Commission of the Republic of Armenia is the competent state authority to regulate the activities of the capital market, including the stock exchange, in Armenia. This is carried out through approving legislative acts and other regulatory documents, which are compiled with reporting requirements. At present the Armenian Stock Exchange is focused on improving operations, as well as trading procedures and regulations to foster a fair and transparent securities market and toward complying with worldwide industry standards. accessible both through the Armex official website (www.armex.am), and local media. Further steps were initiated to enhance cooperation in the region: of significant importance was the Memorandum of Understanding signed with the Georgian Stock Exchange in December 2004, which aims to promote information exchange and consolidate efforts in investor awareness and education. In 2005 Armex will endeavor to build on its prior achievements while fostering those positive trends that may be crucial to the ultimate success of the Armenian capital market. FUTURE OUTLOOK In 2005, Armex plans to: • launch trading in government bonds; • facilitate launch of trading in securities on a non-covered basis; • implement exchange trading in foreign exchange; • introduce the Armex index with publication on a regular basis; • establish Armex Training Center to conduct educational seminars for trade participants, broker/dealer community, reporting companies and general public; • develop and introduce capital adequacy requirements for exchange member companies; and • Continue improving regulations and practices towards compliance with WFE and IOSCO recommendations.
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 2005 ARMENIAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ Millions # Shares Millions Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume Stocks July-04 0.11 0.006 0.02 0.0008 Aug-04 0.07 0.003 0.07 0.003 Sep-04 0.03 0.001 0.02 0.001 Oct-04 0.16 0.008 0.07 0.003 Nov-04 0.24 0.01 0.07 0.003 Dec-04 0.05 0.002 0.03 0.002 TOTAL 0.66 0.005 0.28 0.002 Bonds July-04 n/a n/a n/a n/a Aug-04 n/a n/a n/a n/a Sep-04 n/a n/a n/a n/a Oct-04 n/a n/a n/a n/a Nov-04 n/a n/a n/a n/a Dec-04 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Other July-04 n/a n/a n/a n/a Aug-04 n/a n/a n/a n/a Sep-04 n/a n/a n/a n/a Oct-04 n/a n/a n/a n/a Nov-04 n/a n/a n/a n/a Dec-04 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Market Capitalization US$ Millions Index July-04 29.24 n/a Aug-04 15.96 n/a Sep-04 16.19 n/a Oct-04 15.96 n/a Nov-04 17.39 n/a Dec-04 18.27 n/a CONTACT INFORMATION MONTHLY STOCK VOLUME (US$ Millions) 0.25 0.20 0.15 0.10 0.05 0.00 July Aug Sep Oct Nov Dec Contact Name Mr. Armen Melikyan E-mail amelikyan@armex.am Website www.armex.am MONTHLY MARKET CAPITALIZATION (US$ Millions) 30 25 20 15 10 5 0 July Aug Sep Oct Nov Dec PAGE 41
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