Today, a ceremonial event and ringing of the bell ceremony commemorating the 35th anniversary of the establishment of Mongolia’s securities market and the founding of the Mongolian Stock Exchange JSC was held at the MSE Hall of the Mongolian Stock Exchange JSC.
The ceremony was attended by representatives and leaders from the State Property Policy and Regulation Authority, Financial Regulatory Commission, Mongolian National Chamber of Commerce and Industry, Mongolian Stock Exchange JSC, Central Securities Depository, Mongolian Association Of Securities Dealers, University of Finance and Economics, Golomt Bank, Khan Bank, XacBank, as well as other professional market participants, partner institutions, senior experts, former executives, and current employees of the exchange.
Opening the commemorative event, Mr. D.Munkhbat, Interim Chief Executive Officer of the Mongolian Stock Exchange JSC, delivered the following remarks:
“First and foremost, I would like to extend my heartfelt congratulations on the 35th anniversary of the establishment and development of the Mongolian Stock Exchange to all distinguished representatives gathered here today, former and current leaders of the Exchange, senior professionals, and colleagues working side by side in this era.
In parallel with Mongolia’s historic transition from a centrally planned economy to a market economy, the Government of Mongolia issued Resolution No. 22 on January 18, 1991, launching the privatization of state-owned assets and establishing the Mongolian Stock Exchange with the objective of developing the securities market.
As part of the government’s privatization policy, 475 state-owned enterprises were transformed into joint-stock companies. A total of 96.1 million shares valued at MNT 8.2 billion were distributed through the Mongolian Stock Exchange to citizens in the form of privatization vouchers. As a result, approximately 52 percent of Mongolia’s population—around 1.2 million people—became shareholders at that time. Subsequently, on February 7, 1992, primary market trading officially commenced on the Mongolian Stock Exchange.
It is also worth recalling significant milestones such as the first government bond trading in 1996, the introduction of the TOP-75 Index in 1999, the launch of corporate bond trading in 2001, and Mongolia’s first IPO by ‘Mongol Shiltgeen’ LLC in 2005.
In 2012, Mongolia’s capital market infrastructure was upgraded to international standards with the introduction of the MillenniumIT integrated trading, clearing, settlement, surveillance, and depository system. In the same year, Mongolia’s capital market was included in the FTSE ‘Frontier Markets Watch List’. In 2013, the revised Securities Market Law and the Investment Fund Law were enacted. In 2016, state-owned asset privatization began to be conducted publicly through the stock exchange.
Further historic milestones followed, including Mongolia’s capital market being approved for inclusion in the FTSE Russell ‘Frontier Market’ classification in 2022, and the Mongolian Stock Exchange offering 34 percent of its shares to the public, thereby becoming a publicly listed company.
More recently, in 2023, the Exchange successfully organized IPOs of systemically important banks and obtained authorization to operate mining commodity exchange trading. In 2024, Mongolia’s first-ever local government bond was successfully traded—marking yet another year rich in achievements.
Looking at the accomplishments of the past 35 years through statistics, a total of MNT 5 trillion was traded in the primary market and MNT 3.3 trillion in the secondary market across government, municipal, and corporate debt instruments, equities, asset-backed securities, and privatization vouchers—amounting to MNT 8.8 trillion in total securities trading.
When viewed through the lens of a human life cycle, 35 years represents the prime of youth and maturity. On this meaningful occasion, I would like to express my deepest gratitude to the senior experts, former leaders, and all colleagues who have jointly written this history of achievements. I wish everyone success and prosperity and hereby declare the opening bell ceremony officially open.”
Remarks by Mr. B. Dulguun, Head of the Securities Department of the Financial Regulatory Commission
“I would like to extend my congratulations on the 35th anniversary of the establishment and development of Mongolia’s securities market.
Over the past 35 years, the securities market regulator and professional market participants have worked closely together—beginning with the successful implementation of privatization during Mongolia’s critical economic transition period and continuing toward the development of a market that aligns with international standards.
Therefore, I would like to extend my special congratulations to all professional underwriters, dealers, investment funds and their managers, and every professional participant who has taken part in trading on the Mongolian Stock Exchange over these past 35 years.
Looking ahead, the next 30 years of development of Mongolia’s capital market will require close cooperation among the regulatory authority, professional infrastructure institutions, and intermediary organizations in order to transform the market from a regional participant into one that is competitive at the international level.”
Remarks by Mr. B. Lkhagvajav, President of the Mongolian National Chamber of Commerce and Industry
“There were two main pathways through which Mongolians entered the market economy, one of which was through the Mongolian Stock Exchange, where citizens received privatization vouchers. During the process of distributing socialist state property, the Mongolian Stock Exchange was established and fulfilled its historic role.
At that time, enterprises were starting from zero, and over the course of 35 years, the number of joint-stock companies has increased significantly, reaching international standards.
In 2009, during the signing of the Oyu Tolgoi Agreement, there was a provision in the Minerals Law to sell 10 percent of the company through the stock exchange. Later, during the issuance of the 1,072 shares, when efforts were made to distribute mineral wealth to citizens once again, the Mongolian Stock Exchange played a central role as the core mechanism in this major national process.
As a result, 2.3 million citizens of Mongolia became owners of the 1,072 shares. Although this initiative has not yet been fully completed, it remains critically important to increase the value of underground resources and to access global markets by leveraging the mechanisms of the Mongolian Stock Exchange.
Today, the process of transforming state-owned enterprises into joint-stock companies is underway. However, unlike the mistakes made in 1991 and 1997—when labor collectives were dismantled and assets were sold—we are now striving to elevate existing organizations to a new level of market participation, technology adoption, management, and investment. In this regard, I believe the Mongolian Stock Exchange is once again facing a major challenge.
Today is truly a celebration for every citizen who owns shares.”
Commemorative Plaque and Closing Ceremony
During the event, a commemorative plaque was unveiled on the historic building of the Mongolian Stock Exchange in honor of its 35th anniversary.
The building of the Mongolian Stock Exchange was originally constructed on July 8, 1948, as a children’s cinema under the urban redevelopment plan of central Ulaanbaatar. It is recognized as a historical and cultural heritage site of Mongolia. By Resolution No. 130 of the People’s Great Khural dated May 2, 1991, the building was officially transferred to the ownership of the Mongolian Stock Exchange.
The commemorative plaque created for the Exchange’s 35th anniversary aims to promote public awareness of the origins, historical journey, and enduring legacy of Mongolia’s capital market, while preserving its historical value for future generations.
At the conclusion of the ceremony, the opening bell was rung to mark the commencement of the Mongolian Stock Exchange’s 7,631st securities trading session.
MONGOLIAN STOCK EXCHANGE