NASDAQ to Compete in Mongolian Stock Market

Mongolian Stock Exchange Management Tender Bid was announced earlier. Some companies and consortium are preparing for the bid. At this time, Nasdaq OMX & Mosdaq Consortium held press conference on its submission of tender material to the State Property Agency on MSE Management Team. Nasdaq OMX cooperates with Mosdaq, a Mongolian company, since 2007.
The Consortium sets its goal to increase registered stock size at MSE and trading activities and to bring market capitalization up to 46 percent of GDP, handling 10 percent of total investment of Mongolia through MSE. Also the consortium planned to invest MNT24 billion in technology innovation of MSE. Consortium delegates have more to share.

What are the main achievements of your consortium in the last three years of cooperation?

(Executive Director of Mosdaq): In three years, we have made R&D and based on its finding, we reached the conclusion the current operation and management of MSE is wrong.

You said that the consortium will invest heavily on technology innovation. But, do you think that you can reach your goal without reforming current legal environment?

Olf Carlsson (Regional General Manager of North Asia and Japan, Nasdaq OMX): Before giving explanation, we should consider the impact of international financial market on developing countries. We studied developing markets similar to Mongolia. Without providing international standard, smaller exchanges lose their opportunity to attract bigger investment. Because investors have to spend much time in order to enter the certain markets. Therefore, Stock Exchange operation shall reach to the world standard. Also, legal environment must meet with the international standard, including related laws such as tax and payment.

If we win the bid, we will introduce complex solution of technology and clearing system. Major investors will surely be interested in Mongolia if Mongolia hosts Nasdaq OMX technology. Therefore, we are emphasizing technology innovation.
source: The UB Post


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