Swedish stock market operator and technology provider OMX is to acquire the Armenian Stock Exchange and central depository.
Although the Armenian stock market is a minnow, Magnus Böcker, CEO of OMX believes the market is ripe for growth as a result of upcoming pension reform, changes to the legal framework and an increased focus on the equity market as a source of capital for companies in the region.
"OMX will strengthen the Armenian securities market with the goal to enhance its efficiency, liquidity and visibility. Furthermore, OMX’s ambition is to use the Armenian case as a benchmark to enter other emerging capital markets," he says
Böcker says OMX’s knowledge of developing the Nordic and Baltic markets and providing technology to more than 60 exchanges in over 50 countries provides a strong platform from which to develop the Armenian securities market.
The structure and value of the transaction - which is subject to final approval by the Amernian central bank - has not been disclosed.