Georgia’s securities system to be revamped

2017 will mark the beginning of a large-scale remodeling of the capital market needs in Georgia. Georgia’s National Bank, Central Depository and stock market will all be infused with new technology that will make financial transactions faster, easier and more secure. More specifically, a new system is being installed for use by the institutions. Upon completion of the project, all securities transactions will be available through a single system. The new system will enable all types of Georgian security (private companies bonds and shares) payments to be automated, fast, secure and convenient. In addition, the Georgian stock market will employ a new trading platform which will be integrated as part of the National Bank’s system and will include settlement cycle automation.

The revamping is being completed in close cooperation with the European Central Bank (ECB) and the European Bank for Reconstruction and Development (EBRD) and will help automate processes as well as simplify stock exchange operations and bring internationally recognized standards to the Central Depository. The first phase of the overall is scheduled to begin at the end of 2017.

Source: businesscontract.ge