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Possibility and Prospects of Launching Exchange-Traded Funds in Armenia
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Չվերահսկվող բանալի բառեր:
exchange-traded funds(ETF) ; fund management ; diversification ; indexes ; liquidity ; stock exchange ; development ; capital market
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Ամփոփում:
The last three years have been challenging for the whole world economy and financial sector. The expectations of recession, growing inflation and continuously falling securities market resulted in inefficiency of taking risk of an individual company. This brings the necessity of diversification in investments which can be reached by using Exchange-traded funds(ETF). By investing in ETFs one receives a diversified portfolio which is managed by professionals. Taking into account the current development level of the Armenian capital market and Armenian investor’s needs, professional and investing skills, ETFs are the exact instrument that the Armenian market needs. However creating a new instrument in a market is a very challenging process with a list of difficulties. First of all, there should be a well-designed legislative framework which will manage to effectively regulate the market. The feasibility of launching a financial instrument can also depend on other factors, such as demand and supply for that instrument, the creation of competition in the industry, the provision of liquidity and effectiveness of the new market. However, our studies determine that Armenia has an appropriate regulatory and investment environment to accept ETFs as an investing instrument. Moreveor, the analysis shows that launching an ETF can bring a new development for the Armenian capital market.
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