Annual Report 2022 Annual Report 2023
GREETINGS
Interim CEO
Dulguun. B
We would like to extend our warm congratulations to all of you visiting the official website of the Mongolian Stock Exchange (MSE) on the occasion of the 34th anniversary of the establishment and development of the Mongolian capital market.
The Mongolian Stock Exchange was established on January 18, 1991, by Government Resolution No. 22 of Mongolia, with the aim of launching the privatization of state-owned assets and further developing the securities market. This marked the beginning of Mongolia’s transition from a centrally planned economy to a market economy—a major turning point in the country's 20th-century history.
Since then, the MSE has achieved many historic milestones. In December 2022, the Mongolian Stock Exchange transitioned into a joint-stock company by offering 34% of its total shares to the public, in accordance with the Government of Mongolia’s decision on the privatization of state-owned joint-stock companies.
Another historic milestone was the establishment of Mongolia’s first mining products exchange, following the adoption of the Law on the Commodity Exchange of Mining Products by the State Great Khural (Parliament) and the issuance of a special license by the Financial Regulatory Commission in June 2023, allowing the Mongolian Stock Exchange JSC to operate a commodity exchange.
As a result, the MSE became the official source for price data used in calculating the Mineral Resource Royalty Tax (MRRT). The range of mining products traded through the exchange has expanded, and in 2024, a total of 24.8 million tons of mining products—such as coal, copper, iron, and fluorspar—were traded for 8.89 trillion MNT.
This year, securities worth 1.4 trillion MNT were traded on the MSE. On December 9, 2024, the market capitalization of the securities market exceeded 13 trillion MNT, and on December 31, the TOP-20 Index reached an all-time high of 51,296.39 units, marking historic achievements for the year.
Looking ahead, we aim to modernize our infrastructure to ensure better coordination among market participants and to provide professional support to state-owned companies, major national enterprises mining companies in their IPO processes.
Furthermore, the MSE plans to allocate part of the capital raised through its IPO to expand the operations of its Training and Information Center, with the goal of providing diverse training programs, collaborations, and outreach activities to improve the knowledge and skills of investors and market professionals.
Our team remains committed to introducing new products and services to the capital market, increasing the participation of both domestic and foreign investors, and strengthening the governance of listed companies. We are dedicated to working closely, transparently and effectively with market regulators, participants, professionals, issuers, and investors like you.
