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Annual Report 2004 - Georgian Stock Exchange

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mimarTva<br />

giorgi lolaZe<br />

sameTvalyureo sabWos Tavmjdomare<br />

saqarTvelos safondo birJa<br />

merab memarniSvili<br />

sameTvalyureo sabWos Tavmjdomare<br />

saqarTvelos fasiani qaRaldebis<br />

centraluri depozitari<br />

<strong>2004</strong> weli samarTlianad SegviZlia miviCnioT<br />

saqarTvelos safondo birJisa da saqarTvelos<br />

fasiani qaRaldebis centraluri depozitarisaTvis<br />

gardatexis wlad, rac upirveles yovlisa,<br />

gamoixateba gasul wina wlebTan SedarebiT ZiriTadi<br />

maCveneblebis uprecedento zrdaSi.<br />

birJisa da centraluri depozitaris savaWro da<br />

sakliringo-saangariSsworebo sistemebis maRalma<br />

donem da birJis regulirebaSi gamoyenebulma<br />

Tanamedrove sayovelTaod aRiarebulma principebma<br />

gasul periodSi birJas maRali avtoriteti<br />

moupova saerTaSoriso asparezzec. amis<br />

naTeli dadasturebaa xelmowerili memorandumi<br />

Tesalonikis sabirJo centrsa da saqarTvelos<br />

safondo birJas Soris urTierTTanamSromlobis<br />

Sesaxeb savaWro plaTformebisa da sakliringosaangariSsworebo<br />

sistemebis daaxloebis sferoSi.<br />

or safondo birJas Soris TanamSromloba xels<br />

Seuwyobs saqarTveloSi fasiani qaRaldebis bazris<br />

Camoyalibebisa da Semdgomi ganviTarebis process.<br />

saintereso perspeqtivebs fasiani qaRaldebis<br />

bazris Semdgomi ganviTarebisTvis qmnis qveyanaSi<br />

privatizaciis procesis axali etapis dawyeba.<br />

saqarTvelos safondo birJaze saprivatizacio<br />

auqcionebis gamarTva ara marto sakanonmdeblo<br />

baziTa da srulyofili teqnologiuri cikliT<br />

aris uzrunvelyofili, aramed wina wlebSi ukve<br />

ganxorcilebuli auqcionebis garkveuli gamocdilebacaa<br />

dagrovili. Cveni Rrma rwmeniT, specializebuli<br />

sabirJo auqcionebis permanentulma<br />

xasiaTma mniSvnelovnad unda Seuwyos xeli<br />

qveyanaSi safondo bazris ganviTarebas da sainvesticio<br />

garemos gaumjobesebas.<br />

Cveni institutebis warmateba bevradaa ganapirobebuli<br />

qveyanaSi saaqcio sazogadoebebis<br />

swor da efeqtur funqionirebaze da, amdenad,<br />

korporaciuli marTvis srulyofa yovelTvis<br />

Cveni yuradRebis obieqts warmoadgens. gasul<br />

wels birJaze daiwyo regularuli saswavlo ciklebis<br />

ganxorcieleba korporaciuli marTvis<br />

saswavlo programis farglebSi. msmenelTaTvis<br />

saqarTvelos fasiani qaRaldebis erovnuli komisiis,<br />

birJis, centraluri depozitarisa da fasiani<br />

qaRaldebis bazris infrastruqturis sxva institutebis<br />

wamyvan specialistTa monawileobiT<br />

momzadebulia korporaciuli marTvis damxmare<br />

saxelmZRvanelo. gamiznulia saqarTvelos korporaciul<br />

mmarTvelTa profesiuli asociaciis<br />

Camoyalibeba da mis bazaze saqarTvelos korporaciuli<br />

marTvis eTikuri kodeqsisa da normebis<br />

gamomuSaveba.<br />

fasiani qaRaldebis bazarze gamWvirvalobis<br />

dasamkvidreblad 2005 wels dagegmilia saqarTvelos<br />

safondo birJis axali, ufro srulyofili<br />

veb-gverdis Seqmna, romelzec tradiciuli statistikuri<br />

informaciis garda ganTavsebuli iqneba<br />

saaqcio sazogadoebebis angariSgebis sistema. am<br />

sistemis farglebSi dagegmilia rogorc sazogadoebebis<br />

katalogizebuli sistemis arseboba, aseve<br />

angariSebis Seqmnis da saitze ganTavsebis<br />

moqnili meqanizmis Seqmna, rac sagrZnoblad gaamartivebs<br />

informaciis mopovebisa da ganTavsebis<br />

meqanizms da mniSvnelovan rols Seasrulebs<br />

bazris gamWvirvlobis gazrdis procesSi.<br />

saxelmwifo fasiani qaRaldebiT vaWrobis gaaqtiurobisa<br />

da bazris likvidurobis gazrdis<br />

mizniT dagegmilia fuladi saxsrebiT nawilobriv<br />

uzrunvelyofili vaWrobis danergva. vaWrobis<br />

intensiurobis gasazrdelad igegmeba savaWro<br />

sesiebis yoveldRiur reJimze gadayvana da savaWro<br />

dRis farglebSi meore savaWro sesiis<br />

damateba.<br />

Cven mtkiced gvjera, rom gamWvirvalobis da<br />

sajaroobis principebi, romlebic safuZvlad<br />

udevs birJisa da centraluri depozitaris regulirebasa<br />

da Semdgom ganviTarebas, ucilobeli<br />

warmatebis sawindaria. birJa da centraluri depozitari,<br />

miuxedavad qveynis ekonomikaSi arsebuli<br />

mravali problemisa, kvlavac gaagrZelebs kapitalis<br />

bazris sxvadasxva mimarTulebis aqtiurad<br />

aTvisebis politikasa da saqarTveloSi sainvesticio<br />

garemos srulyofisaTvis moRvawe yvela<br />

potenciur partniorTan TanamSromlobas.<br />

bolos, madloba gvinda gadavuxadoT birJisa da<br />

centraluri depozitaris wevrebs, partniorebsa<br />

da TanamSromlebs, romelTa Zalisxmevac mudmivad<br />

mimarTulia kapitalis bazarze gamWvirvalobisa<br />

da sajaroobis principebis damkvidrebisa da<br />

Semdgomi ganviTarebisaken.<br />

wliuri angariSi <strong>2004</strong><br />

ss saqarTvelos safondo birJa<br />

ss saqarTvelos fasiani qaRaldebis centraluri depozitari<br />

3

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