Market makers are important players in the marketplace, as they support the liquidity of securities by providing continuous bid and ask quotations. Holders of securities that have appointed market makers can be confident that they can sell their holdings at any time. Through enhancing the liquidity of securities, market makers contribute to the maintenance of an efficient and orderly market.

Code Exchange Members Market Maker Since Ticker Issuer List / Free Market Listing date
ACBAB "ACBA-CREDIT AGRICOLE BANK" CJSC 03.06.2019 AMRBB2I "AMERIABANK" CJSC Bbond 31.05.2019
AMERB "AMERIABANK" CJSC 02.07.2020 ASHBB7 "Ardshinbank" CJSC Bbond 01.07.2020
AMERB "AMERIABANK" CJSC 26.06.2020 FMGCB3 FMC Universal Credit Organization Cbond 23.06.2020
AMERB "AMERIABANK" CJSC 26.06.2020 FMGCB4 FMC Universal Credit Organization Bbond 23.06.2020
AMERB "AMERIABANK" CJSC 21.11.2019 ZPXKB1 "Zangezur copper Molybdenum Combine " CJSC Abond 21.11.2019
AMERB "AMERIABANK" CJSC 21.11.2019 ZPXKB2 "Zangezur copper Molybdenum Combine " CJSC Abond 21.11.2019
AMERB "AMERIABANK" CJSC 24.09.2019 SPKYB1 "SPAYKA" LLC Abond 19.09.2019
AMERB "AMERIABANK" CJSC 24.09.2019 SPKYB2 "SPAYKA" LLC Abond 19.09.2019
AMERB "AMERIABANK" CJSC 13.09.2019 SPKYB3 "SPAYKA" LLC Abond 13.09.2019
AMERB "AMERIABANK" CJSC 24.06.2019 ACBAB5 "ACBA-CREDIT AGRICOLE BANK" CJSC Bbond 21.06.2019
AMERB "AMERIABANK" CJSC 06.07.2018 SWISB8 "ARMSWISSBANK" CJSC Bbond 06.07.2018
AMERB "AMERIABANK" CJSC 20.06.2018 SWISB7 "ARMSWISSBANK" CJSC Bbond 20.06.2018
AMERB "AMERIABANK" CJSC 28.12.2017 ARBKB2F "ARARATBANK" OJSC Abond 27.12.2017
AMERB "AMERIABANK" CJSC 01.08.2017 SWISB4 "ARMSWISSBANK" CJSC Bbond 01.08.2017
AMERB "AMERIABANK" CJSC 01.08.2017 SWISB5 "ARMSWISSBANK" CJSC Bbond 01.08.2017
AMERB "AMERIABANK" CJSC 01.08.2017 SWISB6 "ARMSWISSBANK" CJSC Bbond 01.08.2017
ARART "ARARATBANK" OJSC 16.06.2020 NMCCBK "National Mortgage Company" RCO CJSC Abond 16.06.2020
ARART "ARARATBANK" OJSC 26.12.2019 COVSBA "Converse Bank" CJSC Abond 26.12.2019
ARART "ARARATBANK" OJSC 26.12.2019 COVSBB "Converse Bank" CJSC Abond 26.12.2019
ARART "ARARATBANK" OJSC 05.12.2019 ASHBB4 "Ardshinbank" CJSC Bbond 05.12.2019
ARART "ARARATBANK" OJSC 20.11.2019 NMCCB2J "National Mortgage Company" RCO CJSC Abond 20.11.2019
ARART "ARARATBANK" OJSC 28.10.2019 FNCAB6 "FINCA" UCO CJSC Bbond 28.10.2019
ARART "ARARATBANK" OJSC 12.09.2019 COVSB8 "Converse Bank" CJSC Abond 12.09.2019
ARART "ARARATBANK" OJSC 12.09.2019 COVSB9 "Converse Bank" CJSC Abond 12.09.2019
ARART "ARARATBANK" OJSC 29.08.2019 ASHBB2 "Ardshinbank" CJSC Bbond 28.08.2019
ARART "ARARATBANK" OJSC 29.08.2019 ASHBB3 "Ardshinbank" CJSC Bbond 28.08.2019
ARART "ARARATBANK" OJSC 13.06.2019 SWISB2B "ARMSWISSBANK" CJSC Bbond 10.06.2019
ARART "ARARATBANK" OJSC 05.06.2019 SWISB2A "ARMSWISSBANK" CJSC Bbond 05.06.2019
ARART "ARARATBANK" OJSC 03.06.2019 AMRBB2G "AMERIABANK" CJSC Bbond 31.05.2019
ARART "ARARATBANK" OJSC 03.06.2019 AMRBB2H "AMERIABANK" CJSC Bbond 31.05.2019
ARART "ARARATBANK" OJSC 17.05.2019 FNCAB5 "FINCA" UCO CJSC Bbond 17.05.2019
ARART "ARARATBANK" OJSC 29.03.2019 ANLBB7 “ID Bank” CJSC (Formerly known as "ANELIK Bank" CJSC) Abond 29.03.2019
ARART "ARARATBANK" OJSC 18.03.2019 FNCAB4 "FINCA" UCO CJSC Bbond 18.03.2019
ARART "ARARATBANK" OJSC 24.01.2019 ANLBB6 “ID Bank” CJSC (Formerly known as "ANELIK Bank" CJSC) Abond 24.01.2019
ARART "ARARATBANK" OJSC 21.01.2019 AMRBB2F "AMERIABANK" CJSC Bbond 21.01.2019
ARART "ARARATBANK" OJSC 10.01.2019 FNCAB3 "FINCA" UCO CJSC Bbond 09.01.2019
ARART "ARARATBANK" OJSC 28.12.2018 SWISB9 "ARMSWISSBANK" CJSC Bbond 26.12.2018
ARART "ARARATBANK" OJSC 24.12.2018 AMRBB2E "AMERIABANK" CJSC Bbond 21.12.2018
ARART "ARARATBANK" OJSC 21.11.2018 ACBAB3 "ACBA-CREDIT AGRICOLE BANK" CJSC Abond 21.11.2018
ARART "ARARATBANK" OJSC 21.11.2018 ACBAB4 "ACBA-CREDIT AGRICOLE BANK" CJSC Abond 21.11.2018
ARART "ARARATBANK" OJSC 29.10.2018 AMRBB2C "AMERIABANK" CJSC Bbond 29.10.2018
ARART "ARARATBANK" OJSC 29.10.2018 AMRBB2D "AMERIABANK" CJSC Bbond 29.10.2018
ARART "ARARATBANK" OJSC 06.07.2018 SWISB8 "ARMSWISSBANK" CJSC Bbond 06.07.2018
ARART "ARARATBANK" OJSC 20.06.2018 SWISB7 "ARMSWISSBANK" CJSC Bbond 20.06.2018
ARART "ARARATBANK" OJSC 13.03.2018 NMCCB2I "National Mortgage Company" RCO CJSC Abond 07.03.2018
ARART "ARARATBANK" OJSC 01.08.2017 SWISB4 "ARMSWISSBANK" CJSC Bbond 01.08.2017
ARART "ARARATBANK" OJSC 01.08.2017 SWISB5 "ARMSWISSBANK" CJSC Bbond 01.08.2017
ARART "ARARATBANK" OJSC 01.08.2017 SWISB6 "ARMSWISSBANK" CJSC Bbond 01.08.2017
ARART "ARARATBANK" OJSC 14.07.2017 BSTBB1 BSTDB Abond 14.07.2017
ARMBR "ARMENBROK" OJSC 23.03.2020 ARBBBA "ARMBUSINESSBANK" CJSC Bbond 20.03.2020
ARMBR "ARMENBROK" OJSC 23.03.2020 ARBBB9 "ARMBUSINESSBANK" CJSC Bbond 20.03.2020
ARMBR "ARMENBROK" OJSC 23.12.2019 UNIBBA "UNIBANK" OJSC Bbond 23.12.2019
ARMBR "ARMENBROK" OJSC 04.07.2019 UNIBB9 "UNIBANK" OJSC Bbond 03.07.2019
ARMBR "ARMENBROK" OJSC 01.03.2019 HEZBB5 "ARMECONOMBANK" OJSC Bbond 26.02.2019
ARMBR "ARMENBROK" OJSC 22.02.2019 INECB4 "Inecobank" CJSC Abond 22.02.2019
ARMBR "ARMENBROK" OJSC 22.02.2019 INECB3 "Inecobank" CJSC Abond 22.02.2019
ARMBR "ARMENBROK" OJSC 24.12.2018 UNIBB6 "UNIBANK" OJSC Abond 20.12.2018
ARMBR "ARMENBROK" OJSC 17.12.2018 UNIBB8 "UNIBANK" OJSC Bbond 17.12.2018
ARMBR "ARMENBROK" OJSC 26.11.2018 UNIBB7 "UNIBANK" OJSC Bbond 23.11.2018
ARMBR "ARMENBROK" OJSC 17.08.2018 FSCRB1 "Fast Credit Capital" UCO CJSC Cbond 16.08.2018
ARMBR "ARMENBROK" OJSC 17.08.2018 FSCRB2 "Fast Credit Capital" UCO CJSC Bbond 16.08.2018
ARMBR "ARMENBROK" OJSC 03.08.2018 HEZBB4 "ARMECONOMBANK" OJSC Bbond 01.08.2018
ARMBR "ARMENBROK" OJSC 03.04.2018 UNIBB4 "UNIBANK" OJSC Abond 03.04.2018
ARMBR "ARMENBROK" OJSC 28.02.2018 ARBBB5 "ARMBUSINESSBANK" CJSC Bbond 27.02.2018
ARMBR "ARMENBROK" OJSC 19.12.2017 ARBBB3 "ARMBUSINESSBANK" CJSC Bbond 19.12.2017
ARMBR "ARMENBROK" OJSC 18.12.2017 UNIBB3 "UNIBANK" OJSC Abond 18.12.2017
ARMBR "ARMENBROK" OJSC 10.02.2016 UNIB "UNIBANK" OJSC C 10.02.2016
ASHIB "Ardshinbank" CJSC 01.02.2020 ARBKB2L "ARARATBANK" OJSC Bbond 01.02.2020
CONVS "Converse Bank" CJSC 02.03.2020 ASHBB6 "Ardshinbank" CJSC Bbond 02.03.2020
CONVS "Converse Bank" CJSC 25.02.2020 ASHBB5 "Ardshinbank" CJSC Bbond 25.02.2020
CONVS "Converse Bank" CJSC 03.12.2019 ARBKB2J "ARARATBANK" OJSC Abond 27.08.2018
CONVS "Converse Bank" CJSC 05.11.2019 ARBKB2I "ARARATBANK" OJSC Abond 23.07.2018
CONVS "Converse Bank" CJSC 05.11.2019 ARBKB2K "ARARATBANK" OJSC Abond 12.08.2019
CONVS "Converse Bank" CJSC 22.08.2018 AMRBB2B "AMERIABANK" CJSC Bbond 22.08.2018
CONVS "Converse Bank" CJSC 18.06.2018 AMRBB9 "AMERIABANK" CJSC Bbond 18.06.2018
FCMAR "FUTURE CAPITAL MARKET" LLC 14.07.2017 BSTBB1 BSTDB Abond 14.07.2017
RNESA "RENESA" CJSC 11.12.2019 GLBLB8 "GLOBAL CREDIT" UCO cjsc Bbond 11.12.2019
RNESA "RENESA" CJSC 11.12.2019 GLBLB9 "GLOBAL CREDIT" UCO cjsc Cbond 11.12.2019
RNESA "RENESA" CJSC 14.12.2018 GLBLB7 "GLOBAL CREDIT" UCO cjsc Abond 14.12.2018
RNESA "RENESA" CJSC 11.12.2017 GLBLB5 "GLOBAL CREDIT" UCO cjsc Bbond 08.12.2017
SWISS "ARMSWISSBANK" CJSC 16.06.2020 AMRBBN "AMERIABANK" CJSC Bbond 15.06.2020
SWISS "ARMSWISSBANK" CJSC 13.02.2020 ANLBB8 “ID Bank” CJSC (Formerly known as "ANELIK Bank" CJSC) Abond 13.02.2020
SWISS "ARMSWISSBANK" CJSC 04.02.2020 AMRBB2L "AMERIABANK" CJSC Bbond 04.02.2020
SWISS "ARMSWISSBANK" CJSC 25.11.2019 ANLBB9 “ID Bank” CJSC (Formerly known as "ANELIK Bank" CJSC) Bbond 22.11.2019
SWISS "ARMSWISSBANK" CJSC 15.11.2019 INECB5 "Inecobank" CJSC Abond 14.11.2019
SWISS "ARMSWISSBANK" CJSC 01.11.2019 INECB6 "Inecobank" CJSC Abond 30.10.2019
SWISS "ARMSWISSBANK" CJSC 25.10.2019 AMRBB2K "AMERIABANK" CJSC Bbond 25.10.2019
SWISS "ARMSWISSBANK" CJSC 23.08.2019 HEZBB6 "ARMECONOMBANK" OJSC Bbond 22.08.2019
SWISS "ARMSWISSBANK" CJSC 23.08.2019 HEZBB7 "ARMECONOMBANK" OJSC Bbond 22.08.2019
SWISS "ARMSWISSBANK" CJSC 16.08.2019 AMRBB2J "AMERIABANK" CJSC Bbond 15.08.2019
SWISS "ARMSWISSBANK" CJSC 28.09.2018 INECB2 "Inecobank" CJSC Abond 28.09.2018
SWISS "ARMSWISSBANK" CJSC 05.09.2018 COVSB5 "Converse Bank" CJSC Abond 05.09.2018
SWISS "ARMSWISSBANK" CJSC 05.09.2018 COVSB6 "Converse Bank" CJSC Abond 05.09.2018
SWISS "ARMSWISSBANK" CJSC 05.09.2018 COVSB7 "Converse Bank" CJSC Abond 05.09.2018
SWISS "ARMSWISSBANK" CJSC 03.04.2018 ARBKB2H "ARARATBANK" OJSC Abond 03.04.2018
SWISS "ARMSWISSBANK" CJSC 23.01.2018 ARBKB2H "ARARATBANK" OJSC Abond 03.04.2018
SWISS "ARMSWISSBANK" CJSC 30.11.2017 ARBKB2E "ARARATBANK" OJSC Bbond 27.11.2017
SWISS "ARMSWISSBANK" CJSC 02.04.2010 AHEK "ARTSAKH HEK" OJSC B 29.10.2009

The market maker concept was introduced on the Armenian Stock Exchange in December 2006. Market making status can be obtained by any exchange member who complies with the provisions of Armenia Securities Exchange Market Maker Rules. Market makers on Armenia Securities Exchange are required to:

  • provide continuous two-sided quotations for their appointed issue(s) from starting within 10 minutes after the opening of the trading session up until the close of trading;

  • within three minutes after the matching of buy and/or sell order, place new two sided quotations;

  • ensure the minimum quotation volume defined for their appointed securities, with partial execution stated as a condition (minimum quotation value is defined according to the procedure outlined in Market Maker Rules, depending on the market capitalization of the issuer);

  • provide two-sided quotations within the spread limits envisaged by Armenia Securities Exchange rules;

  • conclude at least one transaction per every three changes in two-sided quotations for each class of their appointed issues occurred during the same trading session.

Updated as of: 02.07.2020