Wednesday, August 1, 2012

NEWS: President of Mongolia opens trading on London Stock Exchange

Originally posted on London Stock Exchange on July 30, 2012

  • His Excellency, Mr Elbegdorj Tsakhia, The President of Mongolia, opens the market
  • Ceremony marks start of 2012 Mongolia-London Business Forum
  • Event attended by Prince Michael of Kent and Lord Green, Minister of State Department of Business Innovation and Skills and Foreign Office
His Excellency, The President of Mongolia, Elbegdorj Tsakhia, today opened trading on London Stock Exchange in a Market Open Ceremony. He was welcomed by Xavier Rolet, CEO of London Stock Exchange Group (LSEG).

The Market Open Ceremony was held to mark the start of the 2012 Mongolia - London Business Forum, a one day conference organised by the Embassy of Mongolia and Mongolian British Chamber of Commerce, hosted at London Stock Exchange. The Forum brings together leading politicians from both countries, UK investors and advisors and Mongolian businesses. Keynote addresses at the Forum are to be given by Prince Michael of Kent, Elbegdorj Tsakhia, the President of Mongolia and Xavier Rolet, LSEG CEO.

His Excellency, The President of Mongolia, Elbegdorj Tsakhia said:

"I am delighted to open London Stock Exchange's first trading day following the opening of the London 2012 Olympic Games. Stock exchanges are a vital instrument of modern international economic relations and in this regard I am pleased to praise London Stock Exchange’s leading role in driving global capital exchange." 

Xavier Rolet, CEO London Stock Exchange Group said:

"I am delighted to welcome His Excellency, the President of Mongolia to London Stock Exchange to open trading this morning. The Ceremony is a symbol of our very close relationship with Mongolia and reflects our successful partnership with the Mongolian Stock Exchange. Events like today’s Mongolia-London Business Forum demonstrate the significant interest in London in working with Mongolia to help the country realise its exciting potential. We look forward to the future and continuing to work with our partners in Mongolia."

In the first quarter of 2012, Mongolia’s real GDP growth was almost 17 per cent on the previous year, and is forecast to grow 19 per cent next year, making it the world’s fastest growing economy.

The Mongolian Stock Exchange successfully migrated to the new MillenniumIT trading platform on 2 July, marking the culmination of a 14-month project to completely modernise the country’s capital markets infrastructure. As well as overhauling the market’s technology, LSEG developed a wide-ranging education programme for market participants and worked with the Mongolian government to re-write the country’s capital markets regulations and securities law.

Word List:
  • delighted: very happy, especially because something good has happened
  • vital: very important, necessary, or essential
  • driving: used about people or things that influence something strongly or make it happen
  • to reflect: to show the existence or nature of something
  • to migrate: to move from one system to another
  • to overhaul: to completely change a system in order to make it work more effectively