Armenia Securities Exchange

What Armenia Securities Exchange does

Armenia Securities Exchange (AMX) is the sole regulated securities market operator in Armenia, founded in 2001 and headquartered in Yerevan. The exchange provides full-stack capital market infrastructure — listing, trading, clearing, settlement, depository, market data, and alternative exchange services — across equities, corporate and government bonds, FX, repos, and IPOs for Armenian and international issuers and investors. Its core technology is the AMX Trader unified electronic trading platform, delivered across desktop, web, and mobile (iOS/Android), implementing continuous double-auction matching, market-maker quoting, and integrated bond pricing, with a wholly-owned Central Depository (CDA) handling custody, clearing, and settlement including pension fund assets. Supporting products include the gp.minfin.am retail portal for direct government bond purchases, a public Bond Calculator, and the Tabadul HUB regional cross-border connectivity layer integrated with Abu Dhabi Securities Exchange (ADX) and Kazakhstan Stock Exchange (KASE).

AMX earns revenue through a transaction-based fee model layered with recurring subscriptions: equity trading take-rates of 0.05-0.2% by tier, bond and FX take-rates of 0.005-0.02%, repo fees of 0.0003% per day, auction allocation fees of 0.02%, listing and IPO support fees, and annual membership subscriptions (AMD 100,000-400,000) plus watch-mode terminal fees (AMD 20,000/month). Distribution is hybrid: 29+ licensed member broker-dealers handle institutional and sponsored retail flow, the gp.minfin portal serves retail government bond buyers directly, and international investors access Armenian securities via the Clearstream cross-border settlement link and Tabadul HUB. The Government of Armenia (Ministry of Finance) is both a primary issuer and a key distribution partner.

Warsaw Stock Exchange (GPW) acquired a controlling stake in June 2022, and the company rebranded from Armenian Stock Exchange to Armenia Stock Exchange (AMX) in May 2024. AMX is ISO 9001:2015 and ISO/IEC 27001:2022 certified, has 51-100 employees, 54 issuers, and 258 listed instruments, and reports AMD 4.1 trillion in total market value as of 2024.

Name

Armenia Securities Exchange

Legal name

Հայաստանի ֆոնդային բորսա ԲԲԸ

Website

https://amx.am

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

51–100 employees

Short description

Armenia Securities Exchange (AMX) is Armenia's sole regulated securities market operator, providing listing, trading, clearing, settlement, and depository services across equities, bonds, FX, and repos via its AMX Trader platform and wholly-owned Central Depository, serving Armenian and international issuers and investors.

Ownership category

akta.pro rank

Product category

Securities Exchange

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Fixed Income Electronic Trading Platforms (Bonds/Credit) (FSAFANAB)

akta.pro secondary industries

Government Bond (Sovereign) Trading Platforms (FSAFACAA), FX Derivatives Exchanges (Currency Futures & Options) (FSAFABAC)

Keywords

• Securities exchange operations
• Electronic trading platform
• Central securities depository
• Government bond issuance
• Clearing and settlement

Headquarters

HQ city

Yerevan

HQ country

Armenia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Trading and Listing Fees: Transaction fees on trades across equity, bond, FX, and repo markets; listing fees for securities admission; market data fees; fees for market makers and members
2. Membership Fees: Annual and one-time membership fees for exchange members across corporate securities, FX, government bond, repo, and auction platforms; watch-mode terminal fees
3. Securities Issue and Allocation Fees: Fees charged to issuers and underwriters for bond issuance, IPO support, and allocation platform usage
4. Depository and Settlement Services: Custody, registration, and clearing/settlement services through Central Depository (CDA) subsidiary

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels10 records

Core offering

Armenia Securities Exchange (AMX) is the sole regulated securities market operator in Armenia, providing end-to-end exchange services including listing of equities and bonds, electronic trading via the AMX Trader platform (desktop, web, mobile), clearing and settlement through its wholly-owned Central Depository of Armenia (CDA), market data distribution, depository and custody services, and pension fund asset administration. The exchange supports government treasury bill and bond auctions, corporate and government bond trading, equities, FX, repos, and primary IPO issuances, with cross-border connectivity via the Tabadul Hub regional platform and Clearstream.

Product overview

AMX operates the AMX Trader unified electronic trading platform (desktop, web, mobile) as the core product for exchange-traded securities (corporate bonds, government bonds, equities, FX, IPOs, REPOs). It connects to the Tabadul HUB regional cross-border platform (operated by Abu Dhabi Exchange) for inter-market access. AMX separately operates gp.minfin for direct retail government bond sales and redemptions, and provides a bond calculator tool.

Differentiator

Problem solved

Functional benefit

Products and services

• AMX Trader Unified electronic trading system covering corporate bonds, government bonds, equities, FX, IPOs, and REPO instruments across primary and secondary markets; available on desktop (Windows), web (browser), and mobile (iOS/Android). Used by member brokers and sponsored retail clients.
• Tabadul Hub Regional digital exchange network platform enabling investors to trade across member exchanges' markets through their local brokers; AMX joined in May 2025 as part of strategic partnership with ADX and KASE for cross-border market access.
• gp.minfin (Retail Government Bond Portal) Online platform for direct retail purchase and redemption of government treasury bills and bonds issued by the Ministry of Finance of Armenia, enabling retail investors to access government debt without broker intermediaries (max AMD 400 fee per transaction).
• Bond Calculator Standalone calculator tool for computing bond yield and price for government and corporate bonds listed on the Armenian securities market.
• Central Depository of Armenia (CDA) Services Wholly-owned subsidiary providing central securities depository services including clearing, settlement, asset custody, registration, and pension fund asset custody for Armenian and international securities.

Quantifiable outcome

• USD 3 billion+ total nominal securities volume; 54 issuers; 258 listed instruments; 25 years operating history; 4.1 trillion AMD market value in 2024
• +1 more outcomes

Named customers20 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core, flagship, minor and moderate.

• Clearstream (Germany/international)coreTechnology or IntegrationClearstream cross-border settlement link enables international investors to access Armenian government bonds and supranational bonds listed on AMX; Armenian investors can access 50+ countries' securities via CDA accounts
• ADX (Abu Dhabi Securities Exchange)flagshipStrategic or Co-development PartnerTabadul Hub partnership enabling cross-border access; MoU signed August 2024; AMX joined Tabadul Hub May 2025; joint investment forum hosted February 2026 in Abu Dhabi
• KASE (Kazakhstan Stock Exchange)flagshipStrategic or Co-development PartnerMoU signed June 2026 at AMX 25th anniversary conference for mutual market access via Tabadul Hub platform
• SWIFTcoreTechnology or IntegrationSWIFT international payments network connectivity for settlement
• AECSD (Eurasian Central Securities Depositories Association)minorOthersMembership in regional industry association
• ANNA (Association of National Numbering Agencies)minorOthersMember for securities numbering and identification
• CbondsminorOthersBond data and market information partner
• FEAS (Federation of Euro-Asian Stock Exchanges)moderateOthersActive member of regional exchange federation; ConFEAS 2025 hosted in Yerevan
• MOEX (Moscow Exchange)moderateTechnology or IntegrationCross-listing possibility mentioned for international issuers; market access integration
• Warsaw Stock Exchange (GPW)moderateStrategic or Co-development PartnerGPW acquired a controlling stake in AMX shares in June 2022; strategic partnership and listing support
• FinastarminorOthersListed as partner on AMX website

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Georgian Stock Exchange: The Georgian Stock Exchange (GSE) operates as Georgia's regulated securities exchange, comparable in scale and function to AMX as a fellow Caucasus small-market exchange operator offering equities, bonds, and listing services. Both operate as the primary regulated venues in their respective South Caucasus economies.
• Baku Stock Exchange: The Baku Stock Exchange (BFB) is Azerbaijan's principal securities exchange operator, directly comparable to AMX as another South Caucasus small-market exchange with bond and equity listings and similar domestic-monopoly positioning in its home country.
• Bucharest Stock Exchange: BVB operates Romania's regulated securities exchange and is broadly comparable to AMX as an emerging European exchange with equities, bonds, and ETFs. It serves as a useful size-and-stage benchmark, though BVB operates in a materially larger economy than Armenia.
• Macedonian Stock Exchange: The Macedonian Stock Exchange (MSE) is a small emerging-europe regulated exchange with similar scope (equities, bonds, derivatives) and a comparable size profile to AMX. It provides a peer benchmark for small-market exchange economics in the Balkans/Eastern Europe region.
• Belgrade Stock Exchange: The Belgrade Stock Exchange operates as Serbia's regulated securities market, comparable to AMX in offering equities and fixed income listings in a small Eastern European economy with limited equity liquidity. It serves a similar market structure profile.
• Montenegro Stock Exchange: The Montenegro Stock Exchange (MNSE) is a very small regulated exchange in a similarly-sized Balkan economy, directly comparable to AMX as a small-market multi-asset venue with limited equity turnover and bond-focused activity.
• Astana International Exchange: AIX is a relatively new regulated exchange in Kazakhstan offering equities, bonds, and listing services, comparable to AMX as an emerging-market exchange with regional aspirations. Both serve as newer-generation venues within the broader CIS/Caucasus corridor.

Broad incumbents

• Kazakhstan Stock Exchange (KASE): KASE is the dominant incumbent exchange in Kazakhstan and a Tabadul Hub partner of AMX (cooperation agreement signed June 2026). Comparable as a multi-asset emerging-market exchange, but materially larger and more established than AMX.

Regional players

• Abu Dhabi Securities Exchange (ADX): ADX is the operator of the Tabadul Hub regional network that AMX joined in May 2025, and a strategic partner for cross-border market access. While ADX is a much larger regional exchange, it is relevant as the platform orchestrator and partnership counterparty rather than as a direct domestic competitor.

Others

• Warsaw Stock Exchange (GPW): GPW has held a controlling stake in AMX since June 2022 and provides supervisory and operational alignment, plus integration with KDPW (Polish central depository). It is relevant as AMX's strategic parent/shareholder and integration partner rather than a direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/amxarmenia
• YouTubeyoutube.com/@ArmeniaStockExchange
• Facebookfacebook.com/AMXArmenia
• LinkedInam.linkedin.com/company/amxarmeniaexchange
• Instagraminstagram.com/amxarmenia

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Armenia Securities Exchange