Operations with securities

The Bank undertakes the following actions for the purpose of safekeeping of the funds delivered to the Bank within the scope of investment services:

  • Your funds (securities) are being kept on the current (securities) account opened with the Bank on your behalf which grants you the opportunity to receive reports on your current (securities) account balance and other information on implemented operations - in accordance with internal procedures of the Bank.
  • Your securities are registered with the Bank in a securities account opened on your behalf, which enables you to receive information on your securities account balance, transactions with your securities account from the Bank in the manner established by the Bank.
  • The Bank keeps segregated securities account for the Customer:
    • a) In the Central Bank of Armenia for Armenian government securities.
    • b) In the Central depository of Armenia for armenian corporate securities (if the register of those securities is being kept in CDA).
    • c) In separate securities account at the Bank’s partner investment bank for foreign securities.
  • The Customer’s securities and funds as well as financial benefits resulting from management of the above mentioned assets must promptly be separated from the Bank’s own assets and returned to the Customer upon the first request of the Customer in case of bankruptcy or insolvency of the Bank. Moreover, obligations and liabilities of the Bank resulting from the deals executed on behalf of the Bank and at the expense of the Customer pass to the Customer.

Procedure on provision of comprehensive services to the customers in the Government securities’ market (in Armenian)

Brokerage Services

Our brokerage services are focused on buying and selling securities either on behalf - or under the direction - of our clients, or in our own name. We also offer a full range of associated services, including advice on mediation and litigation.

Our brokerage services include:

executing buy/sell orders of securities (including derivatives) and concluding securities deals (including repurchase agreements) on behalf and at the expense of the customer

The Bank provides Brokerage services within the territory of the Republic of Armenia, as well as in the list of foreign countries defined by the Central Bank Regulatory Acts in any State included in the list of public offer (sale) and / or trade permitted or established outside the Republic of Armenia by the Central Bank Regulations Any of the Regulated Markets listed in the Regulated Market, as well as other securities listed in the Orders submitted to the Bank by the Customer. In particular, the Bank provides its clients with the opportunity to invest in securities quoted in the stock exchanges listed below:

Securities Exchange

Rules of brokerage activity till 09.02.2018 (in Armenian)

List of foreign securities accepted for securities transactions (effective from 08.06.2017)(in Armenian)

To use the Bank's Brokerage Services you need to become a Account Holder of the Bank and join the Brokerage Agreement and other relevant legal acts of the Bank.

  • application*,
  • Charter *,
  • state registration certificate (if available also a license)*,
  • Sample card of signatures of the head of the executive body of the legal entity, the chief accountant, as well as the person in charge of the accounting, the persons authorized to conclude financial transactions with the bank,
  • orders or decisions appointing managers *,
  • taxpayer identification number*,
  • identity documents of senior officials *,
  • duly authorized and validated account authorization by another person,
  • FATCA Client Self-Disclosure Form,
  • other documents.
  • *The document should be submitted in original or notarized copy and, if necessary, apostille. After copying, the original will be returned.

    An additional application is required to open a Depo account.

    Account opening procedure and tariffs

The brokerage service contract enters into force and becomes binding upon its conclusion and is valid for an indefinite period.

The Contract may be unilaterally terminated by the Client provided that the Bank is informed at least 10 days in advance. Within 3 banking days after the termination of the Contract, the Bank shall transfer to the Client or his authorized representative the securities and funds owned by the Client.

Brokerage services agreement sample

Exchange of messages between the Bank and the Client as part of the provision of brokerage services may take place in any of the following ways at the client's discretion:

  • Exchange of originals of documents on paper, including delivery by mail
  • Facsimile message exchange
  • E- mail message exchange
  • Exchange oral messages by phone

Procedure on transferring messages via means of communication (in Armenian)

The basis for concluding transactions with the Client's Securities and / or Monies is the Order submitted by the Client to the Client accordingly and in paper or electronic form (by fax or e-mail) to the Client. The Order submitted by the Customer is also considered the Electronic Trading System Order placed by the Customer on which a transaction is concluded in that system.

Order implementation procedure (in Armenian)

In case of fulfillment of the order for purchase / sale of securities issued by the Client, the Bank shall charge cash / securities from the Client's accounts in an indecent manner.

The securities purchased on the day of their receipt are subject to deposit to the Customer Depot account maintained with the Bank.

Cash received from the sale of securities shall be credited to the Customer's monetary account at the Bank on the date of their receipt.

The Bank charges commissions on the transaction / transactions performed.:


1.1. Stock markets
REGION / COUNTRY Tariff (including VAT)
Transactions relized
through trading terminal
by other meansMinimum commission
AMD equivalent By terminalother
CIS (stocks, bonds)
Armenia 0.05% AMD 1,000
Russia 0.10% 0.08% 0
EUROPE (stocks, depository receipts, other equity securities)
Great Britain 0.18% 0.15% USD 15 USD 25
Germany 0.18% 0.15% EUR 15 EUR 25
France 0.18% 0.15% EUR 15 EUR 25
Italy 0.18% EUR 25
Switzerland 0.18% CHF 25
The Netherlands 0.16% EUR 25
Belgium 0.16% EUR 25
Austria 0.16% EUR 25
Denmark 0.16% DKK 150
Sweden 0.18% SEK 170
Finland 0.16% EUR 25
Norway 0.18% NOK 150
Portugal 0.16% EUR 25
Spain 0.15% EUR 25
ASIA AND PEACE COUNTRIES COUNTRIES (stocks, depository receipts, other equity securities)
Honk Kong 0.25% HKD/CNH 200
Singapore 0.25% SGD 30
Japan 0.25% JPY 2,500
Australia 0.25% AUD 25
NORTH AMERICA (stocks, depository receipts, other equity securities)
USA 0.015* /maximal fee equals 4.00% of the amount of the deal/ USD 5 USD 25
Canada 0.025** /maximal fee equals 4.00% of the amount of the deal/ CAD 5 CAD 25
* Tariffs are set in USD per share (deposit receipt)
** Tariffs are set in Canadian dollars per share (deposit receipt)
Dept securities /including Eurobonds/ - 0.085% of the total amount of the deal /min - USD 150 equivalent amount in AMD/.
Other instruments - The commission is set as the tariff charged by ARMSWISSBANK’s counterparty plus 25 US dollars equivalent in AMD for every single deal.

1.2. Derivatives
REGION / COUNTRY / EXCHANGE Tariff (including VAT)
1 contract Minimum commission
Moscow Exchange - FORTS RUR 2.5 RUR 25
LME USD 18 -
- The commission is set for one contract, each direction /buy or sell/
- Tariffs do not include exchange fees.
- The tariff for the implementation of each contract is set at the appropriate tariff for each contract.
- Penalty for forced closing of the position - 3% of the total amount of the transaction.
- In case of guarantee liability, the Customer will be charged a penalty at the interest rate accrued by the Bank's partner.


Name Tariff
2.1. Granting and servicing of remote electronic trading terminals contract based


Name Tarrif (% annual) Note
3.1. Borrowing cost (cost of the borrowed funds) 18%-in RUB
15%-in other currencies
3.2. Penalty, charged for shortage of maintenance of the borrowed funds when forced closing of the position takes place. 3% of the transaction amount Is being charged in addition to the brokerage fees defined in the article 1.1


Initial margin Maintenance margin discount
Customers with high level of risk 33% 25% 15%
Other clients 50% 35% 25%

5. The range of investment instruments is limited within the list of instruments offered by the partners of ARMSWISSBANK.

6. Tariffs do not include any fees charged by third parties (trading systems, stock exchanges, depositories, custodians, registrars etc.), as well as any other expenses resulting from providing brokerage services by ARMSWISSBANK to the Customer (taxes, duties, etc).

7. In case any minimal amount/quantity of securities included in each order is defined by trading systems or partners of ARMSWISSBANK for execution of deals in Russian and other foreign markets the above mentioned limits shall refer to the orders submitted by the Customer.

8. Conversions of currencies under brokerage or marginal operations will be implemented in accordance with the exchange rate of the counterparties of “ARMSWISSBANK” CJSC.

In conducting operations in the securities market, the Bank operates under the principles of impartiality, integrity, punctuality and mandatory reporting of all transactions in securities and monetary instruments to its clients. The Bank operates solely for the protection of the Client's interests when making customer orders.

You can read more about the policy on preventing possible conflicts of interest between the bank and the client here

Report on the transaction based on the order is submitted to the Client until the end of the next business day of conclusion of the transaction.


In order to manage liquidity, the Bank offers its customersto do repo transactions for up to 3 months. The subject of repo transactions may be Government bonds and Corporate bonds quoted by the Bank at the trading session of the Armenian Stock Exchange. Customers can do repo transactions, in case, if their rights as bondholders are not restricted (bonds are registered in the depot account as free securities).

In order to get acquainted with the details of repo transactions you can call the Bank.

Acceptable securities, terms and interest rates for repo / reverse repo transactions

Only those Bonds for which their owner rights are not restricted may be subject to repo transactions.

Acceptable securities

  • Bonds issued by the Government of the Republic of Armenia and the Central Bank of the Republic of Armenia,
  • Foreign securities, which meet the requirements in Table 1.
Security type Rating by an international rating agency Transaction date
up to 7 days8-14 days
Government bond BBB- and higher 0.90 0.85
Low to BBB- from B-0.850.80
Corporate bond BBB- and higher 0.85 0.80
Low to BBB- from B-0.800.75
Share BBB- and higher 0.75 0.70
Low to BBB- from B-0.700.65

Bonds quoted by the Bank within the framework of providing Market Maker's services / list and quotations are available on the Bank's website /


The maximum term of repo / reverse repo transactions with bonds issued by the Government of the Republic of Armenia and the Central Bank of the Republic of Armenia is 92 days.The terms of transactions in other securities are set out in.Table 1:

Interest rates / defined on a daily basis /

Provided currency Up to 30 days 1 to 90 days
AMD 0.00% 0.00%
USD 0.00% 0.00%
EUR 0.00% 0.00%


The maximum volume of repo / reverse repo transactions with bonds issued by the Government of the Republic of Armenia and the Central Bank of Armenia, as well as with foreign securities is set at AMD 50,000,000/ Transactions above the mentioned volume are carried out on a contractual basis /.


The valuation of RA government bonds subject to repo / reverse repo transactions is carried out on the basis of the information included in the document "List of acceptable securities for repo transactions with the Central Bank of the Republic of Armenia, prices and yield until maturity" published by the Central Bank of Armenia the day before the given transaction. Moreover, the evaluation takes place as follows:

  • In case of coincidence of the purchased asset and Repo currency, the yield to maturity for the given tranche is added to 0.75 / seventy-five hundredth / percentage point.
  • In case of mismatch between the purchased asset and the repo currency, the yield to maturity for the given tranche is added to 1.00 / one / percentage point.

Bonds quoted by the Bank as part of the Market Maker's services are subject to Repo / Reverse repo transaction bonds are valued at the Bank's current purchase yield plus the equivalent of 1% of the securities purchased and the repo currency in case of a match and 1.25% of the securities and repurchased currency.


In case of executing transactions in accordance with the terms specified in the order, the client bears the risk of investing in securities. The Bank will not indemnify the Client for damages if they were not caused by the Bank's conduct.

Find out the possible risks of investment instruments here

• The processing of complaints and / or inquiries submitted by clients is conducted by the RA Legislation and the Armswissbank’scomplaints review procedure.

Security operations procedure (in Armenian)