The Government of Mongolia has been working with London Stock Exchange in order to improve the performance of the Mongolian Stock Exchange (MSE) and strengthen its technical and leadership capacity. Within the framework of this partnership, a comprehensive information technology system called MillenniumIT was installed and became operational at the Mongolian Stock Exchange. The system is used by over 30 exchanges and financial institutions in around twenty countries around the world.
The Government Press and Communications Department informed that a launching ceremony was organized yesterday for the MSE’s new system, and was attended by Prime Minister N.Altankhuyag. He noted that this is the second wave of changes at Mongolian stock market that enables the MSE work at international standards and opens new opportunities for citizens and companies to expand their businesses. Massive privatization program twenty years ago laid the foundation for people to have their own businesses and a stock exchange had then been established for the first time, he mentioned. David Lester, Director of Corporate Strategy of London Stock Exchange Group, said that the new system had been tested and installed only in 18 months in Mongolia, whereas it took several decades in some nations to introduce similar systems. This was a significant achievement, he added.
MSE has been operating the MillenniumIT system since July this year, testing the software and making necessary modifications throughout. Key professionals and brokerage firms had a chance to attend training and learn the system in this short period of time, making it possible that the software is now fully operational and can be handled by national team.
MillenniumIT, a leading technology solutions provider and part of London Stock Exchange Group, provides fully automated trading system with transaction, payment, control and savings capabilities.