Turnava identifies the protection of consumer rights as one of the Nat...
During the forum, the concept of the Georgian Financial Markets
Development Program (GMAP) was presented to the public. The objective
of GMAP is to expand access to risk management and hedging instruments
across Georgian financial markets and foster a more liquid,
internationally accessible securities market. Achieving this objective
relies heavily among other initiatives on the implementation of modern
treasury infrastructure, enabling local commercial banks to offer the
market more accessible and diverse risk hedging instruments.A central
focus of the event was the technological component of this market
development initiative, carried out in collaboration with Nasdaq.
Under the shared treasury management system implementation project,
Bank of Georgia, TBC Bank, Liberty Bank, Terabank, and Basisbank will
execute treasury operations using the Nasdaq Calypso platform, which
covers the full end-to-end treasury lifecycle. This shared system
serves as a practical tool enabling the Georgian banking sector to
build the capabilities required to achieve the market development
objectives set under GMAP.The forum was opened by Natia Turnava,
Governor of the National Bank of Georgia, who highlighted that a
modern, liquid, and internationally connected financial market is
vital for the country's economic development."Our objective is to
transform the foundations built to date for financial market
development into tangible market activity introducing more hedging
instruments, cultivating a more active and liquid market, and enabling
local participants to forge closer ties with international investors
and counterparties," noted Natia Turnava.According to Lasha Jugheli,
Executive Secretary of the Georgian Financial Markets Treasuries
Association, GFMTA's mission is to support initiatives that help
Georgian financial markets become deeper and more dynamic, with the
deployment of the shared Nasdaq Calypso treasury management system
serving as a cornerstone technological pillar along this journey."In
recent years, the steady growth of the Georgian banking sector has
created the need for treasury infrastructure aligned with
international standards. Implementing the Nasdaq Calypso platform will
allow banks to manage treasury operations and core risks within a
unified infrastructure aligned with international standards. The five
participating banks represent a substantial share of the market;
however, the project is designed for further expansion and the
inclusion of additional participating banks in the future," stated
Lasha Jugheli.Brad Wilmot, Senior Vice President at Nasdaq, stated
that Nasdaq, as a technology partner, is proud to support this
initiative by the National Bank of Georgia and GFMTA."The shared
treasury management system provides all participating banks with
access to the same institutional-grade technology and standards
utilized by the world's leading markets. It is a great honor for
Nasdaq to serve as the technology partner to the National Bank of
Georgia and GFMTA on this important journey, and we look forward to
continuing our collaboration," remarked Brad Wilmot.The international
forum brought together local and international financial institutions
and official representatives, including central banks, government
agencies, commercial banks, market infrastructure providers, and
market participants. Attendees reviewed the progress achieved under
GMAP and discussed steps planned going forward. Discussions also
covered international best practices in market development, the
transformation of treasury operations at Georgian banks, legal
frameworks and practical mechanisms for GEL-denominated derivatives,
and issues related to enhancing bond market liquidity.The GMAP Forum
is scheduled to take place annually. In addition, throughout the year,
the National Bank of Georgia and GFMTA have planned a series of
supplementary activities to support the program's strategic
objectives.
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