Mongolian Stock Exchange



The Mongolian Stock Exchange (MSE), the Eurasian country’s sole stock exchange, was established in January 1991 by the decree of the Mongolian Government to privatise large state-owned enterprises.
During the privatization period, every citizen of Mongolia started to own vouchers for the purchase of 475 state-owned companies through MSE.

Auctions officially began in February 1992 and  shares in three enterprises were auctioned off. By October, 121 companies had been floated on the exchange. Mongolia soon boasted the world’s highest rate of share ownership, as more and more people redeemed their vouchers for shares. In the end, a total of 475 companies worth MNT17.33 billion were privatised by auctions and listed on the exchange.

In 1994, the Securities Law of Mongolia was adopted, 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.

Secondary trading began in 1995 open to both domestic and international investors and the MSE financed 29 brokerage firms were privatised. Government securities trading started in 1996 while Corporate bonds started traded in 2001.

In 1999, the 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.

The first IPO was launched in 2005 when “Mongol Shiltgeen” (Hotel Mongolia) LLC went public by issuing 1 million shares offered to public and registered at the Mongolian Stock Exchange.

Although the Mongolian Stock Exchange used to be the world’s smallest stock exchange by market capitalisation in 2006, it has become the world’s best performing stock market in 2010. It was the second best performing stock market in 2011, a year when it sealed a deal with the London Stock Exchange Group to develop the Mongolian capital markets in line with international standards.

Its market capitalization quadrupled to $2 billion in end of 2011 from 2008. In 2012, the Mongolian Capital Market was included in the FTSE Watch List for the further review of the possible inclusion of Mongolia as a Frontier market.

In 2015, MSE became a self-regulatory organisation, being able to regulate its member securities companies and listed Joint Stock Companies by  integrated standards and fine companies that fail to meet regulatory requirements.

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.

MSE A and MSE B indices were introduced to the market starting from 2018. As of end of 2018, secondary market turnover reached MNT 210.0 billion which was the highest in its 27 years of history.

As of end of 2019, primary market turnover reached MNT 42.5 billion  which was the record high primary market turnover in its 28 years of history.

Altai Khangai CEO Mongolian Stock Exchange



Altai Khangai (CEO)

Mr Khangai serves as CEO at MSE since 2016. Previously worked for MRI – Swiss based commodity trading house, Toronto based Centerra Gold Inc and a Personal Aide to Mongolian HE Prime Minister Bayar Sanjaa. Also served as the Special Advisor to the Prime Minister.





Phone: (+976)-11-313747-(2122)

Fax: (+976)-11-325170


Address: Sukhbaatar square-3, Ulaanbaatar 15160, Mongolia