Market Infrastructure and Intermediaries

    Capital Market Infrastructure

    The capital market infrastructure comprises securities clearing, settlement and trading systems, bringing together the following entities licensed by the National Bank of Georgia:

    • The stock exchange is an organized securities market. It serves to collect bids for the sale and purchase of securities and financial instruments, to organize trading in accordance with the rules and procedures established relevantly, and to disseminate information on transactions executed and other price-related information.

    • The Central Securities Depository (Central Depository) clears and settles securities transactions. To that end, it opens securities accounts, keeps and records securities held by its participants (both in their own and nominal ownership) and engages in auxiliary functions permissible under legislation.

    • An independent securities registrar maintains an issuer securities register that records information about registered securities holders and securities held by them. 



    Capital Market Intermediaries


    Capital market intermediaries serve as the link connecting the parties in the securities transactions. Licensed brokerage companies and licensed commercial banks have the authority to act as capital market intermediaries in Georgia.


    • A brokerage company is a legal entity granted with the brokerage activity license, empowering it to engage in operations related to the circulation of shares, stocks, bonds, certificates, promissory notes, checks and other securities, and render related services. The list of the brokerage company activities is established under the Law of Georgia on the Securities Market.


    The National Bank of Georgia licenses and supervises stock exchanges, central depositories, independent securities registrars and brokerage companies, as stipulated under the Georgian securities legislation.