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Mongolyn Chöröngiin Birdsch
Rechtsform Aktiengesellschaft
Gründung 18. Januar 1991

5. April 2013

Sitz Mongolei Ulaanbaatar, Mongolei
Branche Wertpapierbörse
Website mse.mn

Die Mongolyn Chöröngiin Birdsch (MSE; mongolisch Монголын Хөрөнгийн Бирж, Mongolyn Khöröngiin Birj en.: Mongolian Stock Exchange, dt.: Mongolische Börse) ist die mongolisch Wertpapierbörse. Sie befindet sich in Ulaanbaatar[1] und wurde im Januar 1991 durch einen Erlass der mongolischen Regierung gegründet, um staatliche Vermögenswerte zu privatisieren.[2]

Die Mongolische Börse hat seit 2006 eine rasantes Wachstum erlebt. Im Jahr 2010 war die MSE nach einem Anstieg von 121 % der Aktienmarkt mit der weltweit besten Performance. Mit einem Anstieg von 57,8 Prozent war die MSE die zweitbeste Börse der Welt nach der venezolanischen] Bolsa de Valores de Caracas.[3][4][5] Im September 2022 gab es an der MSE 180 börsennotierte Unternehmen mit einer kombinierten Marktkapitalisierung von 4,9 bio. MNT (1,5 Milliarden US-Dollar).

Geschichte

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Mongolian Stock Exchange

Rolle bei der Privatisierung von Staatsvermögen

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Die Mongolische Börse wurde 1991 als Instrument zur Umsetzung des Regierungsplans zur Privatisierung großer staatlicher Unternehmen gegründet. Um eine gerechte Verteilung der Vermögenswerte sicherzustellen, führte die mongolische Regierung ein Gutscheinsystem ein; jeder vor dem 31. Mai 1991 geborene Bürger erhielt einen blauen Gutschein im Wert von 7.000 MNT für den Kauf von Aktien großer Unternehmen, und ein landesweites Netz von 29 Maklerhäusern wurde eingerichtet, um ihre Aufträge entgegenzunehmen.[6][7] Außerdem wurden rote Gutscheine im Wert von 3.000 MNT für den Kauf der Vermögenswerte kleiner, nicht an der Börse notierter Unternehmen ausgegeben; im Unterschied zu den blauen Gutscheinen konnten diese auf Sekundärmärkten gehandelt werden.[8] Ursprünglich hofften die Börsenbeamten, 80 % des Staatsvermögens zu privatisieren, doch am 7. Juni 1991 wurde mit Regierungsbeschluss Nr. 170 angekündigt, dass der Staat einen Anteil von 50 % an einigen großen Unternehmen behalten würde; Bergbau-, Energie-, Transport-, Kommunikations- und Wasserversorgungsunternehmen waren von der Privatisierung vollständig ausgeschlossen.[9][10]

Die Auktionen begannen offiziell am 7. Februar 1992; Aktien von drei Unternehmen wurden versteigert. Der Umsatz des ersten Tages betrug 16.000 Aktien im Wert von 15.000 US-Dollar; dieser stieg im März um mehr als das Zwölffache auf 200.000 Aktien. Auktionen fanden weiterhin wöchentlich statt; regionale Makler sammelten Voucher und Aktienaufträge von Einzelpersonen und gaben Gebote über ihre Parketthändler in Ulaanbaatar ab. Die Kommunikation wurde oft per Modem abgewickelt. Die Handelszeiten wurden auf zwei Stunden an einem Tag pro Woche beschränkt und im Juli auf zwei Fünf-Stunden-Tage pro Woche ausgedehnt; die dreißig Börsenbeamten nutzten ihre verbleibende Arbeitszeit, um Infrastruktur und rechtliche Empfehlungen für den Handel auf dem Sekundärmarkt vorzubereiten.[9][10] Bis Oktober waren 121 Unternehmen an der Börse notiert worden.[11]

Da immer mehr Menschen ihre Gutscheine gegen Aktien eintauschten, konnte die Mongolei bald die weltweit höchste Aktienbesitzquote vorweisen.[12] Familienmitglieder durften ihre Gutscheine untereinander übertragen, sodass nicht jeder Aktionär wurde, aber die höchste Zahl an Aktionären wurde auf eine Million geschätzt, was 43 % der damaligen Bevölkerung entsprach.[13] Schließlich wurden 475 Unternehmen im Wert von 17,33 miard. MNT durch Auktionen privatisiert und an der Mongolischen Börse notiert, darunter Produktionsunternehmen im Wert von 5,04 miard. MNT, Agrarunternehmen im Wert von 4,09 miard. MNT, Bauunternehmen im Wert von 1,27 miard. MNT, Staatsfarmen im Wert von 1,25 miard. MNT, Handelsunternehmen im Wert von 580 mio. MNT, Transportunternehmen im Wert von 520 mio. MNT und Unternehmen anderer Sektoren im Wert von 280 mio. MNT. Möglicherweise fand im Vorfeld der Privatisierungen illegaler Handel mit Gutscheinen statt. Statistiken der Börse selbst zeigen jedoch, dass die Zahl der Aktionäre, die jedes Unternehmen anfangs hatte, ungefähr der Zahl der Aktionäre entsprach, die man erwarten würde, wenn jeder Aktionär alle seine Gutscheine für den Kauf von Aktien eines einzigen Unternehmens ausgegeben hätte. Dies führte zunächst zu einer sehr gerechten Verteilung der Aktien; Einzelpersonen konnten keine weiteren Aktien kaufen oder die bereits vorhandenen verkaufen, bis die Regierung ein neues Wertpapiergesetz verabschiedete.[6]

Primär- und Sekundärmarkt

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Sekundärmarktvolumenindikatoren
Jahr Aktien Bonds
Ct Cap Val Vol Idx Gov Corp
1995 474 27.1 1.8 6.8 88.9 n/a n/a
1996 458 25.9 6.0 24.1 152.9 0.20 n/a
1997 436 53.2 15.0 33.7 360.1 n/a n/a
1998 430 39.8 11.9 33.1 235 n/a n/a
1999 418 32.1 3.1 21.4 469.9 n/a n/a
2000 410 36.9 2.7 35.1 469.9 10.15 n/a
2001 400 37.5 1.6 15.9 814.0 27.9 1.1
2002 403 31.9 1.2 9.8 933.9 37.1 2.62
2003 402 42.4 0.8 8.1 895.9 18.6 2.6
2004 395 24.7 0.5 9.1 585.7 10.3 22.9
2005 392 45.6 2.1 25.9 1019.2 5.5 2.2
2006 387 112.6 10.8 74.5 2030.8 3.8 0.8
2007 384 613.3 53.1 116.1 10256.1 33.8 0.7
2008 376 405.5 47.4 170.1 5583.2 1.2 0.4
2009 358 432.1 16.1 89.9 6189.9 0.0 0.0
2010 336 1093.5 50.0 64.5 14759.8 23.9 0.0
2011 332 1553.0 78.1 122.8 21687.6 169.5 3.1
2012 329 1292.9 104.0 133.8 17714.5 0.0 0.2
2013 261 1009.9 59.0 65.8 16301.8 0.6 0.0
2014 237 765.1 12.9 51.7 14854.2 19.2 0.0
2015 235 632.5 15.3 35.8 12897.6 258.2 0.3
2016 227 592.1 19.7 93.7 12456.1 120.4 0.0
2017 218 1003.8 31.5 106.1 20736.9 318.3 4.2
2018 221 949.0 79.5 666.8 21466.8 12.7 0.2
2019 198 938.8 48.8 450.4 19622 3.5 0.21
2020 192 1061.9 18.8 353.2 19285.8 0.2 2.03
2021 179 2095.2 107 818.4 44411.6 0.0 367.8
2022 183 1999.7 99.7 603.61 37566 0.0 38.9
|Abbreviations: Ct: Number of listed companies; Cap: market capitalisation; Val: Traded consideration of shares; Vol: millions of shares traded; Idx: Stock index value; Gov: Traded consideration of government bonds; Corp: Traded value of corporate bonds. All considerations are in millions of USD. Source:[14]

Am 28. August 1995 begann schließlich der Sekundärhandel, der inländischen und ausländischen Anlegern offen stand. Für 430 der 475 notierten Aktien wurden Gebote abgegeben, und 16 Aktien wurden gehandelt; der Gesamtumsatz betrug 12.776 Aktien im Wert von 2,2 mio. Tugrik (4.850 US-Dollar). Den größten Zuwachs verzeichnete Sor, dessen Kurs um 19&nbps;% von 580 auf 690 MNT stieg.[15] Der Sekundärmarkt deckte jedoch schnell die Schwäche vieler der neu privatisierten Unternehmen auf; die Aktienkurse blieben 1996 auf niedrigem Niveau, und die Zahl der im Sekundärmarkt notierten Unternehmen sank von 475 auf 402. Die Marktkapitalisierung stabilisierte sich 1997 bei etwa 15 miard. MNT, bei einem Tagesumsatz von 16–80 mio. MNT zwischen 80.000 und 300.000. Darüber hinaus verkauften viele Kleinaktionäre ihre Anteile, wodurch einige wenige in- und ausländische Investoren die Mehrheitsbeteiligungen an den verbleibenden börsennotierten Unternehmen erlangten. Die Gesamtzahl der Aktionäre war bis 1997 auf lediglich 135.000 geschrumpft. 1996 fand ein öffentliches Angebot zusätzlicher Aktien eines bereits börsennotierten Unternehmens statt, doch die Regulierungsbehörden verweigerten Börsengängen neuer privater Unternehmen ihre Zustimmung, da es an Regulierung und Erfahrung im Emissionsgeschäft mangelte.[16] In 1998, the exchange moved to electronic trading. In 2000, the exchange also began to offer trading facilities for Mongolian government bonds.[12] As of December 2003, market capitalisation in local terms had expanded to MNT52 billion, which was still a mere 5% of GDP. Only 30 of the companies listed on the exchange were actively traded.[17]

In addition to note that in 1999, the 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.

Government bonds, rather than stocks, came to be the Mongolian Stock Exchange's biggest business as soon as they began being auctioned through the exchange in November 2000; previously, they had been sold directly to banks. The following year, the Barilga Corporation, a construction company, became the first to sell corporate bonds through the MSE, with a US$4.4 million issue. In 2004, bond trading accounted for 96% of total securities turnover on the exchange.[14] By that same year, the stock market had recovered somewhat as well, but retail investors remained suspicious of trading due to volatility and lack of transparency; MSE officials estimated that 80% of listed companies were majority-owned by private individuals.[12] On the other hand, the first IPO was launched in 2005 when “Mongol Shiltgeen” LLC went public by issuing 1 million shares offered to the public and registered at the Mongolian Stock Exchange. By February 2007, trading hours had expanded to one hour on each weekday. Weekly stock turnover at 7 September 2007 was 1.8 million shares valued at MNT1.7 billion, while 50,000 government bonds traded for a total consideration of MNT4.8 billion.[18][19] Furthermore, the number of registered shareholders bounced back to 483,100, three-and-a-half times the figure a decade earlier, and nearly half the peak number seen in 1995 after privatisations had completed.[16][20] Total market capitalisation as of September 2006 was MNT97 billion (US$83 million).[21]

Although the Mongolian Stock Exchange used to be the world's smallest stock exchange by market capitalisation in 2006,[18][21] it has become the world's best performing stock market in 2010.[22] It was the second best performing stock market in 2011. Its market capitalization quadrupled to $2 billion in end of 2011 from 2008.[23]

The Securities Market Law was approved on 24 May 2013 by the Parliament. Following the law’s passage, MNT500.0 million worth of corporate debt securities were publicly offered through the Mongolian Stock Exchange between 2013 and 2015.[24]

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

As part of the EFF program of the IMF, the government increased the personal income tax rate from zero to 10% on interest income earned from bank deposits, effective 1 April 2017. This resulted in a surge of demand for tax-free, high-interest government bonds and increased interest in the domestic capital market among retail investors. However, as part of the IMF program, LCY government bond issuance was temporarily halted by the MOF in October 2017. In the absence of LCY government bond issuance, local investors started investing in the domestic corporate bonds market, including privately placed corporate debt instruments. On 29 June 2017, the largest ever publicly offered corporate debt instrument (MNT6.0 billion) was issued by “Suu” Joint Stock Company. The Suu Bonds were also traded actively in the secondary market, with trading volume totaling MNT4.8 billion since the start of its secondary market trading which leads the market turnover reaching MNT859.2 billion, the highest in its 26 years of history and 57.2% higher than the previous record fixed in 2015.[24]

MSE A and MSE B indices were introduced to the market starting from January 2, 2018. More than that, in connection with the dual-listing application received from the company which is listed on the Toronto Stock Exchange and up to 4,000,000 shares worth 1.2 million Canadian dollars were registered in Tier 3 of the Mongolian Stock Exchange on 4 April 2018. Middle of 2018, "Mandal Daatgal" JSC and "Ard Daatgal" JSC, top insurance companies of Mongolia, were first registered its securities in the history of the Mongolian stock market, paving the way to increase the participation of domestic institutional investors. These achievements led to support Mongolian Stock Exchange continuously breaking the record of secondary market turnover.

In 2019 between February to May, Major non-banking financial institutions of Mongolia, Invescore NBFI and Ard Credit NBFI, registered their shares on the Mongolian Stock Exchange which increased the market interest.  In 2019, the Mongolian Stock Exchange registered 2 more new companies which are “Tumen shuvuut” JSC, and “Monos Khuns” JSC. The IPO of these 4 companies were oversubscribed respectively, which shows a strong market interest during the year. Also, these 4 companies 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.

Mongolian capital market was going through a rapid transformation and the Mongolian Stock Exchange was continuously breaking the historical record in equity trading turnover. ‘Closed-End Fund Units Listing Rules’ were approved. These Rules would introduce the new product to the Mongolian capital market, allowing funds to offer their units to the public while investors diversify their risks to improve the market liquidity and expand the stock market.

On January 29, 2020, the Mongolian Stock Exchange introduced delivery versus payment (DVP) settlement into the Mongolian capital market to update the securities settlement system to international standards. The introduction of DvP with a T+2 finality arrangement will aid to lower trading costs, improve market liquidity, and create a better market environment for both domestic and international investors.

On August 24, 2020, the National Privatization Fund, Mongolia's first closed-end mutual fund which was established by the “Ard Management Securities Firm” LLC was the first investment fund listed on the Mongolian Stock Exchange. The Fund was oversubscribed by MNT 1 billion and raised MNT 5 billion on its closing date of October 16 from over 2.5 thousand private and institutional investors.[25]

The Asset-Backed Securities Listing Rules was adopted by the Mongolian Stock Exchange on February 7, 2020, and the Mongolian Stock Exchange registered its first asset-backed securities on November 12, 2020. Asset backed securities, issued by “Invescore Active SPC” LLC were listed on the MSE, has become the first ABS to be offered publicly in Mongolian capital market.[26]

On January 19, 2021, 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, were the first guests of the exhibition. The exhibit hall acquires the historical exhibit including the first decree of the establishment of the Mongolian Stock Exchange, historical documents and equipment, clothing, and souvenirs used in the past.

The Mongolian Stock Exchange cooperated with the Financial Regulatory Commission and other infrastructure organizations in order to bring the domestic capital market to international market status. Thus, in September 2022, FTSE Russell one of the leading global providers of benchmarking, analytics, and data solutions for investors, notified that Mongolia meets all of the FTSE quality of Markets criteria for a Frontier market classification and officially approved Mongolia to the 'Frontier market' classification effective from September 2023.

In December 2022 Mongolian Stock Exchange started the publicization process of state-owned companies and offered 34 percent of its shares to the public and became a public company.

The "Mongolian Stock Exchange" JSC was granted a special license to operate the activities of a mining commodities exchange on June 30, 2023, and became the first mining commodities exchange in Mongolia.

The Law on Mining Products Exchange was approved by the Parliament of Mongolia and is effective June 30, 2023, to organize the open, transparent, and fair trading of mining products, to create opportunities for real market prices to be established, and to increase the industry's contribution to the country's economic growth.

Until the enforcement day of the law on mining products exchange, the government has been instructed to conduct coal trading through the Mongolian Stock Exchange according to the "Rules on Electronic Trading of Export Coal " which was approved by the Government of Mongolia on 14 December 2022.

Physical location

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Datei:Picture of Mongolian Stock Exchange.jpg

The Mongolian Stock Exchange is located in the former Children's Cinema building near Sükhbaatar Square, next to the headquarters of Mongolia Telecom Company and across from the Mongolian parliament's buildings. It was refurbished at a cost of US$4.5 million prior to the official start of trading; seats and screens were removed, a trading floor was created and equipped with computers, and automatic sinks were installed in the bathrooms.[7][9] The building itself is a pink-and-white neo-classical-style structure.[12] One corner of the building has been partitioned off to serve as an internet cafe.[27] Due to the color of its building, the Financial Times correspondent, Leslie Hook, defined it the pink house of equities.[22] Since then, the building has been painted gray.

People and relationship-building

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The Mongolian Stock Exchange has been praised for their approach to customer relationship management. To commemorate their 16th anniversary, they organized a sports day, in which broker/dealers and the exchange fielded teams and competed against each other. They were also described as "punching above its weight" in its international knowledge-sharing efforts. It joined the Federation of Euro-Asian Stock Exchanges in 1998, and, in June 2006, formed a partnership with the Korea Exchange. The chief executive officer of the Mongolian Stock Exchange visited the Korea Stock Exchange in July 2007; officials from the Korea Stock Exchange paid a return visit the following month.

The Mongolian Stock Exchange sealed a deal with the London Stock Exchange Group to modernize the Mongolian Stock Exchange under an agreement to make it at a level of world standard.

The Mongolian Stock Exchange is expanding its foreign relations and signed the Memorandum of Understanding with the Budapest Stock Exchange and the Shanghai Stock Exchange in May and June 2023 respectively to cooperate on developing equity, debt, and investment fund products, improving corporate governance, organizing joint research projects and seminars, and developing platforms and joint products.

Trading and technology

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Trading floor of Mongolian Stock Exchange

The Mongolian Stock Exchange is open for trading Monday through Friday from 10:00 am to 01:00 pm UTC+8, with the exception of holidays declared by the Mongolian Government. The Mongolian Stock Exchange divides its listed companies into Board I, II and III to appropriately appraise and classify companies in order to increase liquidity and quality of listings.[28]

Within the framework of "Master Service Agreement" experts from Millennium IT Software Limited, (a subsidiary of London Stock Exchange group) installed Millennium IT integrated trading platform, which consists of Millennium Exchange, Millennium CSD, Millennium Surveillance, and Millennium Depositary systems at the Mongolian Stock Exchange and Securities Clearing House and Central Depositary /SCHCD/ in 2012.[29][30]

According to "MSE securities Index Calculation Rule", the securities basket of the MSE Top-20 index, the main indicator of the Mongolian stock market, is renewed once a year. It is calculated based on the market capitalization and average daily average trading value of the top 20 securities listed on the Mongolia Stock Exchange. See: MSE TOP-20 Index[31]

Timeline

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  • 18 January 1991: Pre-government decree No.22, the Mongolian Stock Exchange (MSE) was established in Ulaanbaatar, Mongolia.
  • 7 February 1992: The MSE started its primary market trading.
  • 28 August 1995: The MSE started its secondary market trading.
  • 25 October 1996: The first trading day for government bonds.
  • 1 October 1998: The MSE joined the Federation of Euro-Asian Stock Exchanges as a full member
  • 8 June 2001: The MSE started to trade corporate bonds.
  • 3 December 2002: Memorandum of Understanding on Mutual Cooperation with Taiwan Stock Exchange was signed.
  • 26 March 2003: The MSE was reorganized as state owned Shareholding Company.
  • 31 October 2005: "Training center" of capital market was established at MSE.
  • 1 January 2006: Finance Regulatory Committee of Mongolia was established.
  • 15 June 2006: Memorandum of Understanding with Korea Exchange was signed.
  • 19 July 2006: Memorandum of Understanding with Istanbul Stock Exchange was signed.
  • 5 March 2008: The MSE established "Information transmission" agreement with Bloomberg.
  • 10 April 2008: The Mongolian Stock Exchange became a member of the Asia Pacific Stock Exchanges Association
  • 10 April 2008: Memorandum of Understanding with Singapore Stock Exchange was signed.
  • 15 May 2008: Memorandum of Understanding with Tokyo Stock Exchange was signed.
  • 17 Mar 2009: Memorandum of Understanding with Moscow Interbank Currency Exchange was signed.
  • 31 August 2010: Market value of MSE, exceeded MNT 1 trillion.
  • 7 April 2011: Mongolian Stock Exchange and State Property Committee of Mongolia signed the "Strategic Partnership Agreement" with London Exchange Group.
  • 02 August 2012: "Millennium IT" integrated system of trading, settlement, surveillance and depository introduced into Mongolian capital market.
  • 2013: Mongolian Capital Market included in FTSE Watch List for further review the possible inclusion of Mongolia as a Frontier market.
  • 2013: The Parliament of Mongolia passed new Securities Law within accordance of international securities law standard.
  • 28 July 2014: MSE ALL index started being calculated.
  • 02 December 2015: Mongolian Stock Exchange became a self-regulated organization.
  • 2015: The trading value of Mongolian Stock Exchange reached an all-time high of MNT560 billion.
  • 05 January 2016: Process of privatization of state-owned properties went through Mongolian Stock Exchange started.[24]
  • 29 June 2017: Mongolia's largest-to-date corporate bond was issued successfully
  • 31 December 2017: The highest market turnover
  • 02 January 2018: MSE A and MSE В indices were introduced
  • 04 April 2018: MSE listed the first foreign company listed on the TSX.
  • May - June 2018: The first insurance companies were listed.
  • 31 December 2018: Secondary market turnover peaked
  • February – May 2019: Mongolian largest NBFIs became public
  • 28 June 2019: ‘Closed-End Fund Units Listing Rules’ were approved
  • 31 December 2019: 'CAPITAL MARKETS OPEN DAY' EVENT HELD IN RURAL PROVINCES
  • 31 December 2019: The highest primary market turnover
  • 31 March 2020: Shipment to DVP with T+2 finality system
  • 24 August 2020: The first investment fund listing
  • 12 November 2020: First asset-backed securities listing
  • 19 January 2021: Capital market historical exhibition hall opens
  • 30 June 2021: The Shanghai Stock Exchange and the Mongolian Stock Exchange collaborated successfully to organize an open webinar to promote the Mongolian stock market.
  • 29 September 2022: Mongolia is included in FTSE Russell's frontier market classification.
  • 26 December 2022: “Mongolian Stock Exchange” JSC offered its additional shares to the public.

See also

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Einzelnachweise

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  1. ↑ Монголын Хєрєнгийн Бирж: Бидний тухайБидний: Танилцуулга. Mongolian Stock Exchange, abgerufen am 11. September 2007 (mongolisch).
  2. ↑ Монголын хөрөнгийн бирж (Mongolyn Chöröngiin Birdsch). (mongolisch).
  3. ↑ Мэдээ - www.netcapital.mn. Archiviert vom Original am 14. Februar 2015; abgerufen am 12. April 2012.
  4. ↑ Mongolian Stock Exchange making changes. Archiviert vom Original am 30. Dezember 2011; abgerufen am 12. April 2012 (englisch).
  5. ↑ Mongolia: the pink house of equities. (englisch).
  6. ↑ a b James H. Anderson, Georges Korsun, Peter Murrell: Glamour and value in the land of Chingis Khan. In: Journal of Comparative Economics. vol. 31, 1. 2003, S. 34–57, archiviert vom Original am 28. Mai 2008; abgerufen am 12. April 2012 (englisch, 10.1016/S0147-5967(02)00014-8).
  7. ↑ a b Sian Griffiths: How to start a stock exchange. In: BBC News. 11. Juli 2000, abgerufen am 11. September 2007 (englisch).
  8. ↑ Kuotsai Liou: The Economic Development Experience of Mongolia. In: Frederick Nixson: Handbook of Economic Development. CRC Press. 1998: S. 675–696. ISBN 082470181X
  9. ↑ a b c Ron Gluckman: Yakking Up Mongolian Finance. In: Asia, Inc. 1992, abgerufen am 11. September 2007 (englisch).
  10. ↑ a b Wing Thye Woo, Stephen Parker, Jeffrey D. Sachs: Mongolia’s Transition to a Democratic Market System. In: Peter Boone, Baavaa Tarvaa, Adiya Tsend, Enkhbold Tsendjav, Narantsetseg Unenburen: Economies in Transition: Comparing Asia and Europe. MIT Press, Boston, Massachusetts 1997: S. 103–130. ISBN 0262731207
  11. ↑ Ian Jeffries: Socialist Economies and the Transition to the Market: A Guide. Routledge 1993: S. 495. ISBN 0-415-07580-7
  12. ↑ a b c d Jonathan Gregson: Coming in from the cold In: Global Finance, December 2004. Abgerufen im 11 September 2007 
  13. ↑ George Melloan: A Landlocked Asian Nation Struggles to Breathe Free. In: The Wall Street Journal. 7. Juli 1997, abgerufen am 12. September 2007 (englisch).
  14. ↑ a b Dorligsuren D., J. Bolormaa: OECD Online Bookshop, 2005, S. 101–104; (englisch).
  15. ↑ Opening Bell in Mongolia. In: The New York Times. 29. August 1995, abgerufen am 12. September 2007 (englisch).
  16. ↑ a b Rebuilding the Financial Sector. The World Bank, 17. August 1997, S. 14–27, abgerufen am 12. September 2007.
  17. ↑ Paul Taylor: Global Investing: Web offers window on to exchanges emerging in the east In: Financial Times, 6 September 2002. Abgerufen im 12 September 2007 
  18. ↑ a b Luke Jeffs: Mongolia earns a sporting chance with fledgling operation In: Dow Jones Financial News Online, 12 February 2007. Abgerufen im 11 September 2007 
  19. ↑ Weekly Review (Memento des Originals vom 17 May 2007 im Internet Archive), Mongolian Stock Exchange, 7 September 2007. Abgerufen im 11 September 2007 
  20. ↑ News in brief (Memento des Originals vom 11. August 2016 im Internet Archive), The Mongol Messenger, 4 January 2007. Abgerufen im 12 September 2007 
  21. ↑ a b Patricia Cheng: Mongolian bourse seeks foreign investment In: International Herald-Tribune, 19 September 2006. Abgerufen im 11 September 2007 
  22. ↑ a b Mongolia: the pink house of equities.
  23. ↑ Yuriy Humber: Mongolia Delays First U.S. Dollar Bond Sale as Economy Set for 20% Growth In: Bloomberg, 26 October 2011 
  24. ↑ a b c ASIAN DEVELOPMENT BANK: BOND MARKET GUIDE FOR MONGOLIA.
  25. ↑ National Privatization Fund's offering oversubscribed. In: MONTSAME News Agency. Abgerufen am 17. Juli 2023 (englisch).
  26. ↑ Vorlage:Cite newspaper
  27. ↑ Michael Kohn: Mongolia. Lonely Planet, 2005, ISBN 1-74059-359-6, S. 67.
  28. ↑ Монголын хөрөнгийн бирж. Archiviert vom Original am 5. Mai 2012; abgerufen am 12. April 2012.
  29. ↑ Business Council of Mongolia.
  30. ↑ Mongolian Economy - Mongolian Stock Exchange on the way to become a leader in Asia. Archiviert vom Original am 22. Januar 2016; abgerufen am 12. April 2012.
  31. ↑ MSE Top 20 Companies by January 09, 2012 : InfoMongolia.com : News and information about Mongolia, Mongolian language lessons. Archiviert vom Original am 13. April 2012; abgerufen am 12. April 2012.
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Commons: Shi Annan/Mongolyn Chöröngiin Birdsch – Sammlung von Bildern, Videos und Audiodateien

{{Normdaten|TYP=k|GND=1226659-0|LCCN=no/89/16452|VIAF=127474622}} [[Kategorie:Wertpapierbörse|Mongolei]] [[Kategorie:Dienstleistungsunternehmen (Mongolei)]] [[Kategorie:Gegründet 1985]] [[Kategorie:Finanzdienstleister (Mongolei)]] 1991 establishments in Mongolia]] [[Category:Stock exchanges in Mongolia]]

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