Over 10 teams sent their tender proposals for MSE to the selection committee of the State Property Committee of Mongolia. After the first round of selection, 5 teams: Korea Exchange, International Investment Consortium of Nasdaq and Mosdaq, London Stock Exchange, Deutsche Exchange of Extra Group of Germany, are shortlisted.
In August they submitted their detailed business plan to the State Property Committee and the result came up yesterday. The newly selected team will implement tasks stated in the action plan to develop the capital market of Mongolia, approved by the Government. It includes amendment in laws such as Law on Stock Market, Company Law, and improve integration and correlation between laws and regulations on stock market, finance, insurance, accounting, administration and criminal codes.
Main task will surely be on implementation of parallel listing or trading stocks of already listed companies at the foreign market in at MSE. In order to achieve such level, MSE management and operation must improve up to the level of world standard and legal environment of the exchange that meets with the world standard.
Sources say that Nasdaq and Mosdaq Consortium is highly potential of winning the bid.
In addition, the Board of Members of MSE has changed on May28 2010. Board Members are Mr. Peter Morrow, adviser to Khanbank, Mrs. Bolormaa, CEO to BFAS LLC, Mr.U.Ganzorig, President of the Mongolian financial Market Association, Mr. George Taylor, Chief of Capital Market Department in Asia and Pacific of Morgan Stanley, Mr. Stefan Hanzelmen, National Coordinator of GTZ of Germany.