Source: Zuunii Medee, News.mn                           Date: 11 April, 2011

The London Stock Exchange took over management of the Mongolian Stock Exchange (MSE) with the signing of the Master Service Agreement soon after Thursday midday at the MSE building.  Mr. D.Sugar signed for the State Property Committee (SPC) of Mongolia, while the LSE was represented by its CEO, Mr. Xavier Rolet. Both were confident the partnership would be smooth and productive.

Prime Minister S.Batbold was present at the ceremony and said in his opening remarks that the development of the Mongolian capital market would be of great significance for the economy and expected the MSE-LSE cooperation to contribute substantially to this.

The LSE will charge USD14.2 million for running the MSE for two years under the agreement. This includes payment for the Millennium IT system to be installed at the MSE, and salaries for the LSE management team. An official of the LSE will be appointed Executive Director of the MSE. The SPC will borrow the amount from a consortium of 6 local banks for the time being, and repayment is likely to be made from the state budget when it is amended for the purpose.