Mongolian Stock Exchange
State-majority stock exchange
Mongolia's sole stock exchange, based in Ulaanbaatar and established in January 1991 by decree of the Mongolian Government to privatise state-owned assets (Mongolian Stock Exchange, Wikipedia). The Ulaanbaatar Post records that the Government adopted Resolution No. 22 on 18 January 1991, establishing the Exchange to initiate state property privatisation and develop the securities market (The Ulaanbaatar Post, 35th anniversary reporting, January 2026).
In December 2022 the Exchange offered 34 percent of its shares to the public and became a public company, leaving the state with a majority (Mongolian Stock Exchange, Wikipedia; The Ulaanbaatar Post, January 2026). It is itself listed on its own exchange as a Tier 1 company under the ticker MSE (TopForeignStocks, complete list of listed companies on the Mongolian Stock Exchange, as of 1 January 2024), and through it the state's SOE IPO programme runs, including the state-bank IPOs of 2023.
PEOPLE
D. Munkhbat
Acting chief executive - named as Acting CEO of MSE opening the 35th anniversary bell-ringing ceremony on 19 January, in reporting of securities worth 8.8 trillion MNT traded over 35 years (The Ulaanbaatar Post)
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B. Dulguun
Acting chief executive - named as Acting CEO of the MSE speaking at the opening of its Capital Market Training, Service and Information Center on 23 April, in reporting that also recorded the Exchange's 2022 transition to a joint-stock company (The Ulaanbaatar Post, Stock market center opens)
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RECORD
Establishment - DOCUMENTED
The Mongolian Stock Exchange was established on 18 January 1991 by Government Resolution No. 22 to initiate state property privatisation and develop the securities market, as Mongolia transitioned from a centrally planned economy to a market economy (The Ulaanbaatar Post, 35th anniversary reporting, January 2026; Mongolian Stock Exchange, Wikipedia).
Voucher privatisation - DOCUMENTED
Under the Government's privatisation policy, 475 state-owned enterprises were transformed into joint-stock companies, and 96.1 million shares worth 8.2 billion MNT were distributed to citizens through the MSE in the form of investment certificates, so about 52 percent of Mongolia's population, or 1.2 million people, became shareholders; primary securities trading officially began on 7 February 1992 (The Ulaanbaatar Post, 35th anniversary reporting, January 2026).
Own public offering - DOCUMENTED
In December 2022 Mongolian Stock Exchange started the publicisation process of state-owned companies and offered 34 percent of its shares to the public and became a public company (Mongolian Stock Exchange, Wikipedia). Its IPO presentation recorded a share percentage to be offered of 34 percent, an offering price of 100 MNT per share, 119,157,603 shares to be offered and total expected proceeds of 11.9 billion MNT, with the initial offering period 26 to 30 December 2022, and Inside Mongolia reported the Ministry of Finance fully owned the company before the offering (Mongolian Stock Exchange IPO investor presentation, 2022; Inside Mongolia, December 2022).
Market milestones - DOCUMENTED
The Exchange recorded first government bond trading in 1996, calculation of the TOP-75 index in 1999, first corporate bond trading in 2001, and the first initial public offering in 2005; in 2012 its infrastructure was aligned with international standards through the Millennium IT integrated trading, clearing, settlement, surveillance and depository system, and Mongolia was placed on the FTSE Emerging Market watch list that year (The Ulaanbaatar Post, 35th anniversary reporting, January 2026). FTSE Russell approved Mongolia to the Frontier market classification effective from September 2023 (Mongolian Stock Exchange, Wikipedia).
Mining products exchange licence - DOCUMENTED
The Mongolian Stock Exchange JSC was granted a special licence to operate the activities of a mining commodities exchange on 30 June 2023, and became the first mining commodities exchange in Mongolia, under the Law on Mining Products Exchange approved by Parliament and effective 30 June 2023 (Mongolian Stock Exchange, Wikipedia).
35 years of trading - DOCUMENTED
At a bell-ringing ceremony on 19 January to mark the 35th anniversary of the Exchange, statistical data presented said securities worth a total of 8.8 trillion MNT had been traded over the past 35 years, including five trillion MNT in the primary market and 3.3 trillion MNT in the secondary market (The Ulaanbaatar Post, Securities worth 8.8 trillion MNT traded over 35 years).
Further public offering proposal - 2025
At its session on 15 December 2025 the Cabinet decided to submit to Parliament a draft resolution on privatisation and public offering of state assets for 2025-2028, under which additional ordinary shares of the Mongolian Stock Exchange JSC would be issued and offered to the public, alongside other state companies (Montsame, 15 December 2025, via Mongolian Business Database).
A filled seal is documented. An open seal is an allegation, source named.
How to read this page. Every line names its source. A line marked ALLEGATION is a claim already published by the named source and already in the public record. Decode Mongolia republishes it as reported, with the source named, and has not verified it. An allegation is not a finding, and nothing on this page is proof of wrongdoing.