On March 17, 2009, during the working visit of Mongolia’s Prime Minister Sanzhiyn Bayar to Russia, the Mongolian Stock Exchange and the MICEX signed a memorandum of cooperation between the two exchanges.
The ceremony was attended by the MICEX President Konstantin Korishchenko, Vice-President and member of the Board of the MICEX Evgenii Ellinskii and Vice-President of the MICEX Gennadii Margolit. The Mongolian Stock Exchange was represented by Deputy Minister of Finance of Mongolia Tuvden Ochirhuu, General Director of the Mongolian Stock Exchange Rentsen Sodhuu and other members of the official delegation.
Under the Memorandum, the parties intend to develop cooperation, primarily in such areas as exchange of experience and information relating to the use of advanced technologies of organizing operations in financial markets, listing and trading in government bonds and securities of companies of the two countries, as well as dual listing of securities on both exchanges and regular exchange of information on the securities market and the activities of the two exchanges.
Summarizing the results of the event, the MICEX President Konstantin Korishchenko said: “The signing of the Memorandum will help to promote mutually beneficial cooperation between the two countries and will contribute to the dynamic development of our financial markets. For the MICEX Group, the signing of this Memorandum means the beginning of the implementation of a number of joint projects in the stock market, including the provision of dual listing for Mongolian issuers and stepping up cooperation in the field of information technologies.”
General Director of the Mongolian Stock Exchange Rentsen Sodhuu expressed confidence that “cooperation between the exchanges will give impetus to the development of financial markets and economies of Russia and Mongolia.”
The MICEX Group is an integrated exchange which provides services related to electronic trading, clearing, settlements for transactions, depository and information services on the basis of a unified platform. The Group is comprised of the MICEX, the MICEX Stock Exchange, the National Mercantile Exchange, the MICEX Settlement House, non-profit partnership The National Depository Center, The National Clearing Center, MICEX — Information Technologies Company, as well as regional exchange and settlement centers. They serve over 1700 participants in the exchange market — leading Russian banks and broker firms located in Moscow and other large financial and industrial centers of Russia.
At present, the MICEX Group operates a number of key financial markets: the currency market, the government bonds market, the share market, the market for corporate and regional bonds, the derivatives market and the money market.
The Mongolian Stock Exchange was opened in 1991. The Mongolian Stock Exchange is Mongolia’s only stock exchange which organizes daily trading in stocks of about 350 Mongolian companies with the total capitalization of about 448.3 billion tugriks (about 360.8 million U.S. dollars). Participants in trading include about 45 organizations — professional participants in the securities market. Their clients are more than 400 thousand investors.