MSE meets with FTSE Russell regarding retention of Mongolia on frontier market watch list

2017-04-25 09:45:57

Ulaanbaatar /MONTSAME/ The representatives of the Mongolian Stock Exchange JSC, namely Chairman N.Manduul and CEO Kh.Altai, held a meeting with officials of FTSE Russell London, Joti Rana, Head of Governance & Policy, Janet Cumberpatch, Committee Secretary and Rakesh Hira, Deputy Committee Secretary, during the Mongolia London Business Forum organised in London, United Kingdom.

Mongolia was placed on the Frontier Market Watch List in 2012 for possible inclusion in the classification, however FTSE Russell has informed its intention to remove Mongolia from the Watch List due to the limited progress over recent years against the outstanding criterion requirements, as reported previously.

In order to remove the obstacles to meet the criteria for Frontier Market status, MSE has formed a working group consisting of the Clearing House, Central Securities Depository and Mongolian Association of Securities Dealers and is actively working towards the readoption of the T+3 settlement cycle and the introduction of Delivery versus Payment (DvP) mechanism.

During the meeting with FTSE Russell, MSE representatives requested their consideration for retaining Mongolia on the Watch List at the September 2017 Annual Review and voiced our commitment to adopting an action plan for meeting the criteria and continuously reporting the progress of its implementation.

Source: Mongolian Stock Exchange