23 September 2025
A new CSD link between the Polish and Armenian capital markets
The Central Securities Depository of Poland (KDPW) and the Central Depository of Armenia (CDA) have jointly signed an agreement to establish a direct operational link between their respective markets. This agreement facilitates the listing of Armenian companies on the Warsaw Stock Exchange.
The agreement was signed on September 23, 2025, in Yerevan, with representatives of the Management Boards of both the Armenian and Polish CSDs in attendance.
Operational links with foreign CSDs facilitate the settlement of transactions involving financial instruments dual-listed on the Warsaw Stock Exchange and foreign stock exchanges. The agreement signed between CDA and KDPW to establish an operational link with the Armenian CSD will enable the opening of a depository account for KDPW within the CDA system. This will allow local issuers to list financial instruments on the Polish capital market.
“I am happy to announce that the agreement signed between our two institutions marks the beginning of a long-term partnership that will offer mutually beneficial outcomes for both the Armenian and Polish markets. 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.” stated Maciej Trybuchowski, President & CEO of KDPW.
In June 2022, the Warsaw Stock Exchange (WSE) acquired a 65.03% stake in the Armenia Stock Exchange (AMX), which is the owner of the Armenian CSD.
“For CDA, this achievement represents the culmination of more than a year of dedicated collaboration with KDPW and marks a key milestone in our Capital Market Development Strategy. In addition to enabling cross- and dual-listings between the Armenia Stock Exchange and the Warsaw Stock Exchange, this cooperation positions Armenia as a regional settlement hub with global connectivity. 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.” stated Ani Makaryan, CEO of CDA.
Including the newly established link with the Armenian CSD, KDPW currently maintains 20 operational links with foreign CSDs. Seven of these links are direct, including two with international CSDs (Clearstream Banking Luxembourg and Euroclear Bank).
The Central Depository of Armenia has 15 operational links, including with regional CSDs and global custodians (e.g., KCSD in NDU), as well as a dual link of more than 10 years with Clearstream Banking Luxembourg. These connections provide Armenian investors with the opportunity to invest abroad and enable international investors to access Armenian government bonds. Through these partnerships, Armenia CSD aims to position Armenia as a regional settlement and custody hub.
Additionally, the Central Depository of Armenia has been granted the status of KDPW LEI Agent. This decision marks another important milestone in the cooperation between KDPW and the CDA, enabling the launch of a local LEI issuing service in Armenia.
This joint initiative addresses the growing demand for Legal Entity Identifiers by Armenian companies and supports the development of financial market transparency in the region. CDA will offer the LEI service in accordance with KDPW standards and procedures.
LEI issuance is part of the KDPW Group's integrated portfolio of services supporting the functioning and growth of financial markets. Currently, KDPW manages a database of over 35,000 LEIs issued to entities from Poland and other countries. The service is available at: https://www.lei.kdpw.pl/
The agreement was signed on September 23, 2025, in Yerevan, with representatives of the Management Boards of both the Armenian and Polish CSDs in attendance.
Operational links with foreign CSDs facilitate the settlement of transactions involving financial instruments dual-listed on the Warsaw Stock Exchange and foreign stock exchanges. The agreement signed between CDA and KDPW to establish an operational link with the Armenian CSD will enable the opening of a depository account for KDPW within the CDA system. This will allow local issuers to list financial instruments on the Polish capital market.
“I am happy to announce that the agreement signed between our two institutions marks the beginning of a long-term partnership that will offer mutually beneficial outcomes for both the Armenian and Polish markets. 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.” stated Maciej Trybuchowski, President & CEO of KDPW.
In June 2022, the Warsaw Stock Exchange (WSE) acquired a 65.03% stake in the Armenia Stock Exchange (AMX), which is the owner of the Armenian CSD.
“For CDA, this achievement represents the culmination of more than a year of dedicated collaboration with KDPW and marks a key milestone in our Capital Market Development Strategy. In addition to enabling cross- and dual-listings between the Armenia Stock Exchange and the Warsaw Stock Exchange, this cooperation positions Armenia as a regional settlement hub with global connectivity. 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.” stated Ani Makaryan, CEO of CDA.
Including the newly established link with the Armenian CSD, KDPW currently maintains 20 operational links with foreign CSDs. Seven of these links are direct, including two with international CSDs (Clearstream Banking Luxembourg and Euroclear Bank).
The Central Depository of Armenia has 15 operational links, including with regional CSDs and global custodians (e.g., KCSD in NDU), as well as a dual link of more than 10 years with Clearstream Banking Luxembourg. These connections provide Armenian investors with the opportunity to invest abroad and enable international investors to access Armenian government bonds. Through these partnerships, Armenia CSD aims to position Armenia as a regional settlement and custody hub.
Additionally, the Central Depository of Armenia has been granted the status of KDPW LEI Agent. This decision marks another important milestone in the cooperation between KDPW and the CDA, enabling the launch of a local LEI issuing service in Armenia.
This joint initiative addresses the growing demand for Legal Entity Identifiers by Armenian companies and supports the development of financial market transparency in the region. CDA will offer the LEI service in accordance with KDPW standards and procedures.
LEI issuance is part of the KDPW Group's integrated portfolio of services supporting the functioning and growth of financial markets. Currently, KDPW manages a database of over 35,000 LEIs issued to entities from Poland and other countries. The service is available at: https://www.lei.kdpw.pl/
