YEREVAN (Noyan Tapan) "The Armenian and Georgian stock exchanges should unite to compete with the world’s major stock exchanges," deputy president of the Georgian Stock Exchange Reno Sanadze said. Speaking at the April 14 conference "The Problems of the Capital Market in Armenia" organized by the Marsed consulting company under the auspices of the Eurasia Foundation–Sanadze noted that the Armenian and Georgian securities markets face similar problems. However–the Georgian Stock Exchange has accepted the American model of stock exchanges–which allows only brokerage houses to carry out securities transactions in the market.
On the GSE all transactions are carried out with state and corporate securities–while there are no transactions with foreign currency. At present GSE capitalization totals over 1 billion ISD–however in Georgia the process of privatization of state property is under way and the capitalization of GSE will be increasing. Sanadze said that the emission of T-bills which began in 1997 and was interrupted in 1998 would be resumed.
