Armenian companies now have access to European capital markets through cross-listing and dual listing mechanisms on the Warsaw Stock Exchange (WSE), reports ArmInfo, citing WSE representative on the Board of the Armenia Securities Exchange (AMX), Grzegorz Kucharski.
As Kucharski explained, while direct listing of companies from non-EU countries on WSE is restricted due to European regulatory requirements, an alternative route exists. Companies can establish entities or subsidiaries in EU countries, such as Cyprus or the Netherlands. He noted that over 10 Ukrainian companies have successfully listed on WSE via subsidiaries in European countries.
“The costs associated with this procedure are minor compared to the capital that can be raised from foreign investors through the Warsaw Stock Exchange,” stated the WSE representative.
AMX Chairman Hayk Eganyan highlighted that the exchange is working toward connecting platforms in two areas—currency and government debt securities. To achieve this, it is necessary to establish depository cooperation, organize clearing operations, and sign regulatory agreements on mutual recognition of exchange procedures.
Addressing the future of trading corporate securities, Eganian mentioned that it is still premature due to the limited number of issuers on the Armenian market—currently only 11 companies. “The stock market ecosystem is already in place; it’s now up to the issuers,” he emphasized.
The Warsaw Stock Exchange is one of the largest in Central and Eastern Europe, with a market capitalization exceeding €260 billion and over 400 publicly listed companies. In June 2022, WSE acquired a 65.03% stake in the Armenia Securities Exchange, following the approval of the transaction by the Central Bank of Armenia.
