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Depository to people: The new experimental business model
Journal of Securities Operations & Custody,
12
(2),
175-186
(2020)
Abstract
The paper is devoted to the study of the primary results of the introduction of the new experimental business model ‘depository to people (D2P)’ and its technological solutions. It identifies the main problems of the financial markets inherent in transition economies, taking into account a characteristic of the Armenian capital market, a need, the solution of which determined the strategy for the development and implementation of innovative approaches. Further, it describes in detail the functionalities and operations of the new online platform that enables individuals to directly open a securities account at the Central Depository of Armenia and carry out transactions with securities without intermediaries using an intuitive user interface. The paper carries out a statistical and comparative analysis of investment preferences of Armenian citizens and exchange trading data as well as the investing activity of users of the online platform, eventually disclosing the ideas laid down in the new business model and its financial and economic functions.
Keywords: depository services; capital market; exchange technologies; securities marketplace
The full article is available to subscribers to the journal.
Author's Biography
Hayk Yeganyan has served as Chief Executive Officer of Armenia Securities Exchange since 2017. Prior to joining AMX in 2017, Hayk spent four years at the Central Bank of Armenia as the adviser to the Governor covering areas related to capital markets development, accumulative pension savings industry and being in charge of attracting foreign financial institutions into Armenia, covering both business development and relationship management aspects. During his tenure, he also served as member of the Supervisory Board of NASDAQ OMX Armenia for one year. Before joining the Central Bank of Armenia, he spent several years in London working within the private banking industry, covering Russia and Commonwealth of Independent States (CIS) regions, simultaneously acting as the representative of the Armenian Development Agency in the UK. He started his career at Gazprom Armenia in 2006, where from 2007 to 2010 he served as head of securities market operations department, acting as company’s pre-IPO internal lead manager. During that period together with his team, he successfully organised the first two public bond issuances in Armenia in 2007 and 2008. He holds a BA in Financial Economics from the University of Leicester (UK), and MSc in Management from Imperial College London. Hayk is a member of the Supervisory Board of Central Depository of Armenia, OJSC.
Samvel Harutyunyan has served as a trading support specialist in the Armenian Securities Exchange starting from the beginning of 2019. Prior to joining AMX, he held several years in Moscow engaged in scientific research and providing advisory services on business management. Samvel holds a BA (Hons) and an MSc (Hons) in Economics from the MB of Bauman Moscow State Technical University and a PhD degree in Economics and Economic Management from the Russian Presidential Academy of National Economy and Public Administration (Moscow). Samvel has more than 10 papers devoted to the problems of industrial development and investment attraction in the real economy. His research interests also include labour market issues in the digital economy.
Armen Asatryan is a business analyst at the Armenian Securities Exchange. He had joined AMX team in July 2017. Armen specialises in CSD and trading technologies; he is engaged in the development of FinTech technologies such as crowd-investing, trading apps, financial analytics tools and in solving the problems of integrating new technologies into financial architecture. Armen holds a Bachelor’s and Master’s degree in Business Management and Marketing from a joint study programme at the Armenian National Agrarian University and Texas A&M University. He is currently a PhD student and is studying the methods for attracting investment in the innovative development of the Armenian agriculture sector in clustering conditions.
