April 7th, 2011 was historical day in Mongolian economy
. On this day, Mongolian government has signed "Master Services Agreement" with London Stock Exchange (LSE).
On the contract signing ceremony, Prime Minister S.Batbold said “We are signing strategy and cooperation contract with experienced London Stock Exchange. LSE has great experience, technology in the world. Every Mongolian must win from this cooperation. One of the biggest decisions government has been making is having every citizen to own stock for free of charge. By this sense, this cooperation has historical significance. By cooperation with LSE, we can implement modern stock trading
system, and make legislation, infrastructure, technology and skilled staff to a world standard. I believe we are close to the golden era of competing with other countries with our country’s development. We will work for this”.
Currently, 2,600 companies from 70 countries of the world are listed on London Stock Exchange. From Mongolia, only one company (“Petro Matad”) is registered on it. Total market value of LSE is about four trillion dollars. Xavier Rolet, CEO of LSE
, said “The world is paying attention on use due to building of financial mechanism to satisfy Asian trade goals. LSE has all kinds of experience, especially on mining”. LSE will do 10 million dollars of technological upgrade, reported by Government’s press office.