The Association of Eurasian Central Securities Depositories (AECSD) and the Advisory Committee on Financial Markets under the Board of the Eurasian Economic Commission (EEC) have signed a memorandum of cooperation.

The signing ceremony was attended by Timur Zhaksylykov, Minister for Economic and Financial Policy of EEC, and Vahan Stepanyan, CEO of the Central Depository of Armenia, who assumed the position of AECSD Chairman.

“Signing the memorandum of cooperation is a starting point for the development of further relationship between EEC and AECSD. Partnership in joint projects will bring more investment in integration processes of the Eurasian economic region,” said Vahan Stepanyan.

“The development and prosperity of economic markets can only become possible through well-coordinated cooperative work. This partnership of the two companies will enhance development of securities market infrastructure in the Eurasian region and creation of corresponding financial services,” said Timur Zhaksylykov.

The parties noted that joining forces and expanding cooperation is extremely important for the development of integration processes in the Eurasian region, creating unified infrastructure of the securities market, and introducing new financial technologies. The depositories of the Eurasian Economic Union (EEU) member countries play a key role in these processes.

Central Depository of Armenia added that Armenia will host the annual AECSD conference in September 2020.

Central Depository of Armenia OJSC (CDA) is one of the oldest securities market institutions in Armenia, founded at the very beginning of the overall securities market creation. CDA helps local and international investors focus on their operations while they effectively take care of clearing and settlement, asset and registry servicing, as well as funded pension administration.