About Us

GREETINGS

Warm greetings to all commemorating the 33rd anniversary of the establishment and evolution of the Mongolian capital market and the "Mongolian Stock Exchange."

Formally instituted on January 18, 1991, through Resolution No. 22 of the Government of Mongolia, the Mongolian Stock Exchange (MSE) was conceived to catalyze the privatization of state-owned assets, fostering the ongoing development of the capital market. The MSE has achieved noteworthy milestones over the years, with the year 2023 marking particularly significant accomplishments.

The approval of the "Mongolian Stock Exchange" JSC for inclusion in the "Frontier Market" category by FTSE Russell was a noteworthy international recognition for the Mongolian capital market. Concurrently, the domestic capital market capitalization soared to 11 trillion MNT, representing 20.8 percent of Mongolia's gross domestic product.

Aligned with amendments to the Banking Law, the five system banks—Khan Bank, Trade Development Bank, Khas Bank, State Bank, and Golomt Bank—adhered to their obligations to transition into open companies before June 30, 2023. This strategic move facilitated the successful public offering of shares, resulting in a substantial capital infusion of 302.5 billion MNT. Furthermore, the Mongolian Stock Exchange witnessed successful trading of domestic companies' shares, asset-backed securities, and debt instruments, totaling over 140 billion MNT on the primary market.

The scope of mining products traded on the Mongolian Stock Exchange has expanded, encompassing iron ore concentrates, while preparations are underway to introduce copper and other products in 2024.

In the pursuit of international collaboration, events were orchestrated in South Korea, Hong Kong, and China in 2023 to promote the Mongolian capital market. Building on this, the Mongolian Stock Exchange (MSE) formalized cooperation through memoranda with the Budapest Stock Exchange and the Shanghai Stock Exchange.

As "The Mongolian Stock Exchange" commemorates its 33rd year, it has been notably recognized, securing the Best IPO nomination at the "Grand Bull Awards-2023," an accolade acknowledging excellence in the Mongolian capital market industry. The MSE remains committed to public education through initiatives such as "The Fundamental Training of the capital market" and collaborative efforts like Capital Markets Day.

Looking ahead to 2024, we express confidence that the dedicated team at "Mongolian Stock Exchange" JSC will build upon past successes, play a pivotal role in advancing Mongolia's capital market, and achieve continued success. To the professional organizations, issuers, and investors contributing to the Mongolian capital market, we extend our heartfelt wishes for a joyous 33rd anniversary.

Interim CEO J.Tsogtbayar

Mongolian Stock Exchange

HISTORY

  • 1991.01.18 – Mongolian Stock Exchange was established

    Pursuant to the Resolution No.: 22 of Mongolian Government, dated on 18 January 1991, Mongolian Stock Exchanged was established within the framework of the transition from a centrally planned economy to a market economy.

  • 1992.02.07 – Primary market trading started

    During the privatization period, every citizen of Mongolia started to own vouchers for the purchase of 475 state-owned companies through Mongolian Stock Exchange. As a result of this, 96.1 million vouchers worth MNT8.2 billion were distributed to half of the total population or 1.2 million citizens.

  • 1994.09.26 – Securities Law was adopted

    The Securities Law of Mongolia was adopted in 1994 followed by the establishment of Securities Committee of Mongolia. According to this Law, the status of Mongolian Stock Exchange was changed to non-profit state-owned organization with the goal of carrying out securities trading and other related services.

  • 1995.08.28 – Secondary market trading started

    Secondary trading began on 28 August 1995 and the MSE financed 29 brokerage firms were privatized.

  • 1996.10.25 – Government securities trading started

    In 1996, Government of Mongolia issued government securities to finance the budget deficit. In 2011, the Government securities trading was organized for 14 times and total of 2.4 million Government securities worth MNT236.7 billion were traded through MSE.

  • 1999 - Top 75 index was introduced

    Top-75 index was introduced to the market based on the performance of the first 75 companies which ranked by their market capitalization and average daily trading volume.

  • 2001.06.08 – Corporate bonds trading started

    “Barilga Corporation” LLC issued 210,000 units of “Shine Zuun-210” bonds which became the first corporate bond registered at Mongolian Stock Exchange.

  • 2005.05.25 – First IPO launched

    “Mongol Shiltgeen” LLC went public by issuing 1 million shares offered to public and registered at Mongolian Stock Exchange.

  • 2011.04.07 – “Master Service Agreement” was concluded London Stock Exchange Group

    For the purpose of developing Mongolian capital markets in line with international standards, Mongolian Stock Exchange and London Stock Exchange Group signed the “Master Service Agreement” on 07 April 2011.

  • 2012.07.02 – “Millennium IT” integrated system of trading, settlement, surveillance and depository introduced to Mongolian capital market

    Within the framework of the goal of developing domestic capital market in line with international standards, Millennium IT system which is used by over 30 financial institutions of 20 countries, was introduced to the Mongolian capital market.

  • 2012.08.27 – Mongolian Capital Market was included in the FTSE Watch List

    Mongolian Capital Market included in the FTSE Watch List for the further review of the possible inclusion of Mongolia as a Frontier market.

  • 2013.05.24 - The Revised Securities Market Law was adopted.

    The Revised Securities Market Law paved a way to reform the legal environment of Mongolian capital market in accordance with international best practices. The Investment Funds Law and other relevant market rules and regulations were issued based on this Revised Law.

  • 2015.12.02 – Mongolian Stock Exchange became a self-regulatory organization

    On 13 October 2015, Mongolian Stock Exchange became a self-regulatory organization in accordance with the meeting of Financial Regulatory Commission. Having the status of self-regulatory organization, MSE is able to regulate its member securities companies and listed Joint Stock Companies by an integrated standards and fine companies that fail to meet regulatory requirements.

  • 2016.01.05 – Privatization of state-owned properties went through Mongolian Stock Exchange.

    According to the Resolution of “Privatization of state-owned properties in 2015-2016” of Government of Mongolia, “Mongol Post” JSC's 34 percent stake was offered to public and raised MNT6.2 billion successfully.

  • 2017.06.29 - Mongolia's largest-to-date corporate bond was issued successfully

    ‘Suu bond’ backed by ‘Suu’ JSC shares that was successfully issued on 29 June, 2017. ‘Suu Bond’ with a nominal price of MNT100,000, term-to-maturity of 1 year and annual coupon rate of 17.5, were issued to raise MNT 6.0 billion from the market.

  • 2017.12.31 – The highest market turnover

    In 2017, market turnover reached MNT859.2 billion, the highest in its 26 years of history and 57.2% higher than the previous record fixed in 2015.

  • 2018.01.02 - MSE A and MSE В indices were introduced

    MSE A and MSE B indices were introduced to the market starting from January 2, 2018.

  • 2018.04.04 - MSE listed the first foreign company listed on the TSX.

    In connection with the dual-listing application received from the Toronto Stock Exchange listed company dated on 12 March 2018, MSE listed its up to 4,000,000 shares worth 1.2 million Canadian dollar in the Tier 3 on 4 April, 2018.

  • May-June, 2018 - The first insurance companies were listed.

    The listing of "Mandal Daatgal" JSC and "Ard Daatgal" JSC, top insurance companies of Mongolia, paved the way to increase the participation of the domestic institutional investors.

  • 2018.12.31- Secondary market turnover peaked

    As of end of 2018, secondary market turnover reached MNT 210.0 billion which was the highest in its 27 years of history.

  • February-May of 2019- Mongolian largest NBFIs became public

    Invescore NBFI and Ard Credit NBFI, two of the largest non-banking financial institutions were listed at the MSE which increased the market appetite.

  • 2019.06.28 -‘Closed-End Fund Units Listing Rules’ were approved

    These Rules will introduce the new product to the Mongolian market which allows funds to offer its units to public while investors to diversify its risks.

  • 2019.12.31 - 'CAPITAL MARKETS OPEN DAY' EVENT HELD IN RURAL PROVINCES

    In order to improve capital market knowledge of rural citizens, MSE organised ‘Capital Markets Open Day’ events in 12 provinces such as Uvurkhangai, Bayankhongor, Govisumber, Dornogovi and Selenge provinces and 30 soums. During the event, training covering basic capital markets concepts and ways to participate in the market through investing and capital-raising were provided to around 15,000 local citizens from the rural areas

  • 2019.12.31 – The highest primary market turnover

    ‘Tumen Shuvuut’ JSC, ‘Ard Credit NBFI’ JSC, ‘Monos Khuns’ JSC and ‘Invescore NBFI’ JSC raised a total of MNT 42.5 billion on the primary market which was the record high primary market turnover in its 28 years of history.

  • 2020.03.31 – Shipment to DVP with T+2 finality system

    On January 29, 2020, FRC adopted a decision to shift to DvP with T+2 finality system starting from March 31, 2020 by its Resolution No.29. The introduction of DvP with T+2 finality arrangement will help to lower costs associated with trading, improve market liquidity as well as create better market environment to both domestic and international investors. 

  • 2020.08.24 – The first investment fund listing

    The National Privatization Fund which was established by the “Ard Management Securities Firm” LLC was first investment fund listing on Mongolian Stock Exchange. The fund will issue 50 million units with a nominal value of MNT 100 per unit.

  • 2020.11.12 – First asset backed securities listing

    Asset backed securities, issued by “Invescore Active SPC” LLC were listed on Mongolian Stock Exchange. Therefore, this has become the first ABS to be offered publicly in Mongolian capital market and it will provide investors to invest in product that pays a fixed interest rate which is higher than average deposit rate.

  • 2021.01.19 – Capital market historical exhibition hall opens

    During bell ceremony of 30th anniversary of establishment of Mongolian Stock Exchange and the capital market, the capital market historical exhibition hall opened by Mr. Khurelsukh, Prime Minister and Mr. Khurelbaatar, Minister of Finance. The exhibit hall acquires the historical exhibits including the first decree of establishment of Mongolian Stock Exchange, historical documents and equipments, clothing and souvenirs used in the past.

  • 2021.06.30 – The Shanghai Stock Exchange and the Mongolian Stock Exchange collaborated successfully to organize an open webinar to promote the Mongolian stock market.

    The Shanghai Stock Exchange (SSE), one of the world's top 5 stock exchanges, has collaborated with the Mongolian Stock Exchange (MSE) and successfully organized the Mongolian Stock Market Day, an open webinar, on the 30th of June, 2021. Over 50 representatives of investment funds and securities firms located in Shanghai participated in the event while the MSE representatives along with the representatives of European Bank for Reconstruction and Development (EBRD) that reside in Ulaanbaatar participated from Mongolia.

  • 2022.9.29 - MONGOLIA IS INCLUDED IN FTSE RUSSELL'S FRONTIER MARKET CLASSIFICATION.

    On September 29, 2022, FTSE Russell, one of the leading global providers of benchmarking, analytics, and data solutions for investors, sent an official letter to the Mongolian Stock Exchange notifying that Mongolia meets all of the FTSE quality of Markets criteria for a Frontier market classification and has been approved for reclassification from Unclassifed to Frontier Market status, effective from September 2023. 

  • 2022.12.26 - “MONGOLIAN STOCK EXCHANGE” JSC OFFERED ITS ADDITIONAL SHARES TO THE PUBLIC.

    Mongolian Stock Exchange has started the publicization process of state-owned companies and offered 34 percent of its shares to the public.

  • 2023.05.03 MONGOLIAN STOCK EXCHANGE AND BUDAPEST STOCK EXCHANGE SIGN MEMORANDUM OF UNDERSTANDING.

    The objectives of the Memorandum of Understanding include exchanging market information between the parties, developing equity, debt, and investment fund products, improving corporate governance, organizing joint research projects and seminars, and developing platforms and joint products.

  • 2023.05.29 SYSTEMICALLY IMPORTANT BANKS ISSUE IPOS THROUGH THE MONGOLIAN STOCK EXCHANGE.

    In line with the amendments made to the Banking Law, which were approved by the Parliament on January 29, 2021, it has been decided to trade securities of systemically important banks through the Mongolian Stock Exchange. As a result, State Bank and Golomt Banks initiated IPOs in 2022, followed by Khan Bank on April 13, 2023, Trade and Development Bank on May 23, 2023, and Khas Bank on May 29, 2023, through the Mongolian Stock Exchange and this transition led to the banks becoming public joint-stock companies.

  • 2023.06.29 MONGOLIAN STOCK EXCHANGE AND SHANGHAI STOCK EXCHANGE SIGN MOU ON COOPERATION .

    The official visit of Mongolian Prime Minister OYUN-ERDENE Luvsannamsrai to the People's Republic of China is on its third day. This visit is significant for further expanding and developing the comprehensive strategic partnership between Mongolia and China, as well as enhancing practical cooperation in all sectors. Within the framework of this visit, on June 28, 2023, ALTAI Khangai, the Chief Executive Officer of the Mongolian Stock Exchange, and CAI Jianchun, the President of the Shanghai Stock Exchange, signed a memorandum of understanding (MOU) on cooperation.

  • 2023.06.30 "MONGOLIAN STOCK EXCHANGE" JSC WAS GRANTED A LICENSE TO OPERATE ACTIVITIES OF MINING PRODUCTS EXCHANGE FROM THE FINANCIAL REGULATORY COMMISSION.

    The Financial Regulatory Commission issued a special license to operate activities of mining products exchange to the "Mongolian Stock Exchange" JSC on June 30, 2023, following the approval of the Law on Mining Products Exchange by the Parliament of Mongolia. This significant development made the "Mongolian Stock Exchange" JSC the first commodities exchange in Mongolia.

  • 2023.11.24 MONGOLIAN CAPITAL MARKETS DAY ORGANIZED IN SHANGHAI.

    The "Mongolian Stock Exchange" JSC (MSE) and Shanghai Stock Exchange (SSE) cooperatively hosted the "Mongolian Capital Markets Day 2023" in the city on November 24, 2023, and attendees of the event included investment funds and market participants based in Shanghai.

  • 2023.12.28 2023 MARKED A HISTORIC MILESTONE FOR THE MONGOLIAN STOCK EXCHANGE AS IT ACHIEVED REMARKABLE SUCCESS.

    In 2023 , the total trading value reached 8.3 trillion MNT and the market capitalization reached 11 trillion MNT, a record high.

THE BOARD OF DIRECTORS

SUPERVISORY MEMBERS

  • Batbayar. D /CEO of “DCF UTsK” LLC/
  • Tuyarakh. B /CEO of “Erdenes Asset Management UTsK” LLC/
  • Munkhzul. Ts /Internal Monitoring Officer of German Mongolian Institute for Resources and Technology/

CHAIRMAN OF BOARD OF DIRECTORS

  • Togtokhbayar. D / Head of Finance and Investment department. Mongolian National University of Education/

DEPENDENT MEMBERS OF BOARD OF DIRECTORS

  • Bayantsogt. S /Chief Financial Officer of “Altain Zam” JSC/
  • Byambasuren. J /Head of the Department of Finance and Economy of Cabinet Secretariat of Government of Mongolia/
  • Ganbaatar. T /Head of Legal Department of Ministry of Mining and Heavy Industry/
  • Tsogtbayar. J /Head of Financial Inspection Division, Financial Control and Risk Management Department, Ministry of Finance Mongolia/

INDEPENDENT MEMBERS OF BOARD OF DIRECTORS

  • Banzaragch . M /Head of Training and Quality at the Graduate School of Business of Mongolian University of Science and Technology/
  • Munkhtur. R /“Icore partners” LLC Deputy Director/
  • Otgonchimeg. N /Auditor of “Suld-Audit” LLC/
  • Ulaankhuu. N /“LandBridge” LLC, Finance and Investment Director/

STRUCTURE






Directors:
  • An interim CEO:
    • Tsogtbayar.J
  • Department directors:
    • Erdeneburen.Kh /Administration and Finance Department/
    • Javkhlan.I /Operation Department/
    • Munkhbayasgalan.A /Regulatory Department/
    • Khash-Erdene.T /Business Development Department/

WORKING HOURS

Mongolian Stock Exchange Regular operating hours: Monday through Friday, 08:30-17:30
Trading session Time Start time End time
Opening auction call 20 minutes 09:40:00 10:00:00
Regular Trading 3 hours 10:00:00 13:00:00
Closing price publication 5 minutes 13:00:00 13:05:00
Holiday Date
2024
New Year January 1, 2024 /Monday/
Mongolian Lunar New Year / Tsagaan Sar / February 10-12, 2024 /Saturday, Sunday, Monday/
International Women’s Day March 8, 2024 /Friday/
Vesak /Buddha's Birthday/ May 23, 2024 /Thursday/
Mother and Children’s Day June 1, 2024 /Saturday/
Naadam Festival / National Holiday / July 10-15, 2024 /Wednesday, Thursday, Friday, Saturday, Sunday, Monday/
Great Chinggis Khan's Day November 2, 2024 /Saturday/
The Independence Day November 26, 2024 /Tuesday/
National Liberation and Restoration of Independence Day December 29, 2024 /Sunday/
*The date will be determined according to the lunar calendar.
Address Mongolian Stock Exchange, Sukhbaatar square-3, Ulaanbaatar 15160, Mongolia
E-mail info@mse.mn
Contact us 976-11-313747-/3112/

Mongolian Stock Exchange © 2018 он