Swedish exchange operator OMX AB on January 7, 2008 became the owner of 100% of the shares of the Armenian Stock Exchange (Armex) and the Central Depository of Armenia (CDA). Also new Supervisory Boards of Armex and CDA, each consisting of 5 members, were formed.
In September 2006 OMX was commissioned by the Central Bank of Armenia (CBA) to produce a Capital Market Review and Design study on how to develop the Armenian capital market. Following the completion of this study, a Letter of Intent was signed between OMX and the CBA in which the CBA committed to create favorable conditions for the development of the capital market in accordance with the recommendations of the study, and OMX committed to acquire and operate Armex and CDA in accordance with international standards and best practices.
On November 21, 2007, the Government of Armenia and OMX signed a Share Purchase Agreement for the purchase of 100% of shares in Armex and CDA, the Closing date of which was January 7, 2008.