A top official from the London Stock Exchange (LSE) Group said that the market in Ulaanbaatar would need three years to meet international standards at the recent Mongolia Investment Summit in London.

Tracey Pierce, director of equity primary markets at the LSE, said the group is currently involved in a bill that would establish membership requirements and how the market would operate. She also said the Millennium Exchange software is in the final stage of testing and should be completed by the year's end.

“The partnership of both our stock exchanges is not only limited to management but also there are being organized other activities as trainings and professional advice on initial market, technology and payment,” she said.

What interests me is how Mongolia’s Stock Exchange will look like in two years, like London Stock Exchange or Hong Kong Stock Exchange. We promised Mongolians a stock exchange meeting the world standard.

Pierce said that at the project's end, many more foreign and domestic investors and companies would participate on the market. If ties between both capital markets are expanded, the partnership could improve the streams of investment for both. In three years the MSE would reach the level of the LSE or Hong Kong Exchange (HKEx), but development would surely continue.

The Development Bank is issuing bonds. Tavan Tolgoi intends to issue the IPO shares for citizens soon. In general Mongolians are becoming more aware of things to which the stock market relates. Could you feel it?

She said the Tavan Tolgoi stock promised to investors will offer an opportunity for citizens to become more aware of the market, and more public awareness would help develop the market more quickly. The sovereign bonds to be sold in Singapore are a step in the right direction, she said, but she hopes that in the future bonds will be able to be sold at home.

Officials from the MSE and LSE will meet to discuss ways to open new opportunities for investors and companies to participate on the market.  In March will be another meeting for investors interested in trading on the MSE as well.  Already some well known investors have applied to attend the March meeting.