KDPW and CDA link capital markets through joint agreement
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KDPW and CDA link capital markets through joint agreement 24 September 2025Armenia, Poland Reporter: Tahlia Kraefft
Image: Александр Бердюгин/stock.adobe.com
The Central Securities Depository of Poland (KDPW) and the Central Depository of Armenia (CDA) have entered into an agreement to create a direct operational link between the two markets.
Armenian companies will be listed on the Warsaw Stock Exchange (WSX) as part of the agreement.
The settlement of transactions — involving financial instruments dual-listed on the Warsaw Stock Exchange and foreign stock exchanges — will be enabled through an operational link with foreign CSDs.
The agreement will allow for a depository account for KDPW within the CDA system which will in turn enable local issuers to list financial instruments on the Polish capital market.
Maciej Trybuchowski, president and CEO of KDPW, comments: “This agreement aligns with a broader strategy aimed at supporting the growth of the capital market in Armenia and strengthening its ties with EU markets.
“The establishment of an operational link between our CSDs will offer new investment opportunities in both markets.”
Ani Makaryan, CEO of CDA, says: “By establishing this link, we are creating a bridge that allows European and Polish investors to access Armenia’s increasingly attractive bond market, ultimately deepening market liquidity, enhancing transparency, and fostering greater integration with international capital markets.”
The WSE has a 65 per cent stake in the Armenia Stock Exchange (AMX), which owns Armenian CSD.
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Image: Александр Бердюгин/stock.adobe.com 