EEU member states' exchanges can be synchronized faster than in EU

16.03.2016 14:42
EEU member states' exchanges can be synchronized faster than in EU

YEREVAN, March 15. /ARKA/. The Eurasian Economic Union (EEU) member states should take into account all the errors as well as the pros and cons of the synchronization of exchanges in the European Union to accelerate the integration process of their exchanges, the director of NASDAQ OMX Armenia stock exchange Konstantin Saroyan said in an interview with ARKA news agency.

He said a project designed to create a single exchange area for the Eurasian Economic Union was presented at the first meeting of the Advisory Committee on Financial Markets of the Eurasian Economic Commission in 2016.

"The EEU is in an advantageous position, because it can use the EU's experience of synchronizing their exchanges, which took quite a long time. We should take into account all the mistakes, the pros and cons and make our integration process much faster," he said.

According to Saroyan, the full integration and synchronization of the EEU market will take several years, while the full integration of financial markets is expected to be over, according to forecasts, by 2025. In Saroyan's words, the work on a single exchange area is conducted in all EEU member countries.

Saroyan said also at the initial stage traders will be allowed to trade at trading platforms of member states. For example, Armenian brokers and dealers will have access to the Moscow Stock Exchange and vice versa.

According to Saroyan, at a certain stage of integration cross-listing and reciprocal admission of issuers will be allowed.

According to Saroyan, each country will have its own stock exchange for listing financial instruments, and in the future these exchanges are to be synchronized on a common technology platform. -0-

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