The UB Post-Leading English News

Mongolian and Russia Taking Stock in Each Other

Written by Administrator
Thursday, March 19, 2009.
Mongolia’s Stock Exchange and Russia’s Moscow Interbank Currency Exchange (MICEX) Group inked a cooperation memorandum during the Mongolian Prime Minister’s visit to Russia last Tuesday. The sides intend to boost experience and information exchange in areas such as the utilization of progressive technologies for running financial operations, stock trading between countries, and in providing government backed securities. “As for MICEX, the memorandum will give opportunities to realize several joint projects at the exchange market, especially in regards to running a double listing for the Mongolian entities and in deepening cooperation in the IT sphere,” said MICEX president Konstantin Korischenko. A Director-General of Mongolia’s Stock Exchange, R.Sodkhuu, said he is confident that “the cooperation between the two Exchanges will give an impetus to development of Russia and Mongolia’s financial markets”. The MICEX Group is an integrated exchange, which organizes electronic trading, clearing and settlements for trades, and provides depository and information services. The Group includes the MICEX, the MICEX Stock Exchange, the National Mercantile Exchange, the MICEX Settlement House, the National Depository Centre, the National Clearing Centre, regional exchange centre and settlement centre as well as some other organizations. They serve over 1,700 participants in the on-exchange market—leading Russian banks and brokerages located in Moscow and other large financial and industrial centre of Russia. The mission of the Exchange is the development of market mechanisms for determining the exchange rate of Russia’s national currency and securing the effective investment turnover of capitals in the country’s economy on the basis up-to-date exchange and information technologies.