About Us


Greetings to all who visit the Mongolian Stock Exchange website dedicated to fostering an “Inclusive Capital Market” in Mongolia.

The Mongolian Stock Exchange has been progressively expanding its business operation for more than 30 years since the formation of the Mongolian Capital Market in 1991, proactively adapting to the evolving landscape of capital market law and the legal environment while simultaneously introducing internationally accepted market infrastructure, all in pursuit of its ongoing development.

Between 2021 and 2023, the Mongolian Stock Exchange has made significant strides amid a heightened focus on post-pandemic business and economic recovery. As of the third quarter of 2023, the market capitalization of the Mongolian Stock Exchange has surged to an impressive 10.6 trillion MNT, with 185 joint-stock companies listed across the three classifications. A total of 51 member securities companies actively operate on the Mongolian capital market to provide securities services to fulfill approximately 2 million shareholders' and investors’ needs.

The years 2022 and 2023 marked a remarkable period of turnover, with the Mongolian Stock Exchange market capitalization increasing threefold. Furthermore, in September 2022, FTSE Russell Group, a prominent global provider of benchmarking, analytics, and data solutions, approved to include the Mongolian capital market in “Frontier market status”, effective September 2023.

Also, pursuant to Resolution No. 16 of the State Great Khural on "Mainstream for the public trading of shares of state-owned legal entities in 2022-2023 through the Exchange", and Resolution No. 244 of the Government of Mongolia on "Approving the List of State-Owned Legal Entities for Public Trading of Shares through the Exchange in 2022-2023”, 26 state-owned companies, including the State Bank, are obliged to issue IPOs for up to 34 percent of total shares and transform into a public company in order to bring them into public control, improve financial discipline and governance, and ensure stability and transparency of the operations. Accordingly, on December 23, 2022, "The Mongolian Stock Exchange" became a joint-stock company by offering its additional shares to the public.

As part of the amendments made to the Banking Law, the 5 systemically important banks of Mongolia, namely Khan Bank, Trade Development Bank, Xac Bank, Golomt Bank, and State Bank, fulfilled their obligations to become public companies before June 30, 2023, and successfully raised 302.5 billion MNT by offering their shares to the public. In addition, products such as domestic companies’ shares, asset-backed securities, and debt instruments were listed on the Mongolian Stock Exchange, and securities worth more than 60 billion MNT were successfully traded on the primary market.


Presently, the "Mongolian Stock Exchange" has expanded into a commodities market to grow its business operations. Moreover, we are working towards upgrading the trading system, increasing opportunities for foreign investors to actively participate in the Mongolian capital market, strengthening capital market regulation, improving market participants’ operational coordination, and improving the legal environment.

Throughout this journey, the Mongolian Stock Exchange welcomes the opportunity to collaborate with professional organizations in the capital market, issuers, as well as all of the people who are visiting this website.

I am confident to say that through our collaboration, we can significantly expand our market and achieve positive outcomes in Mongolia's capital market, contributing to its overall economic growth.

May the development and inclusivity of the capital market be progressive and a gateway to development expansion!


  • 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.


    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.


    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. 


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



  • 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/


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


  • 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/


  • Banzaragch . M /Head of Training and Quality at the Graduate School of Business of Mongolian University of Science and Technology/
  • Munkhtur. R /Deputy Director of “SIBJ Capital” LLC/
  • Otgonchimeg. N /Auditor of “Suld-Audit” LLC/
  • Ulaankhuu. N /Investment Director of “ICT Group” JSC/


  • CEO:
    • Altai.KH
  • Department directors:
    • Dul-Erdene.N /Administration and Finance Department/
    • Javkhlan.I /Operation Department/
    • Munkhbayasgalan.A /Regulatory Department/
    • Khash-Erdene.T /Business Development Department/


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
New Year January 1, 2023 /Sunday/
Mongolian Lunar New Year / Tsagaan Sar / February 21-23, 2023 /Tuesday-Thursday/
International Women’s Day March 8, 2023 /Wednesday/
Mother and Children’s Day June 1, 2023 /Thursday/
Vesak /Buddha's Birthday/ June 4, 2023 /Sunday/
Naadam Festival / National Holiday / July 10-15, 2023 /Monday-Saturday/
Great Chinggis Khan's Day November 14, 2023 /Tuesday/
The Independence Day November 26, 2023 /Sunday/
National Liberation and Restoration of Independence Day December 29, 2023 /Friday/
*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