1. ................................................................................................................................32. ....................................................................................................................................4 3. 3.1 , ..............................................................................53.2 , , 3.2.1 ?....................................................................7 3.2.2 ?......................................................................................8 4. 4.1 4.1.1 ...........................................................................11 4.1.2 ....................................................12 4.1.3 , .............................................12 4.1.4 - ....16 1...................................................................................................16 4.2 ...............................................17 2.........................................................................................................205. ................................................................................................................................211.............................................................................................................................222.............................................................................................................................23

1. . 2 . , , ? , , . . . , . . . .

: , , . : .

2. . //- : , +40 , +950- . ? . ? . // 3 . 1. :2. :3. :

? ? ?

. , , . , . , , , .

3.

3.1 C , , , , .

1927 J.P.Morgan Selfridges , - . :1930-1989 . - . 1940 . 1970- . 1980- , . 1980-

1990-2000 - . - , , . , , , . 1990- , . , .[footnoteRef:1] [1: : - .- ]

2003-2007 - . . - (Bank of New York Mellon) - . :2010 14 104 BNY Mellon - 57%- , Citi 18%, Deutsche Bank 14%, JP Morgan Chase11%- .2010 124 (DR-depository reciept) 3,1 , , .[footnoteRef:2] [2: Mongolian-investment.com]

- PPCA Inc.- (MBA), (MS), (CIMA-Certified Investment Management Advisor) (Ron Surz) 2007 (Perspecives on American depository Receipts) . ADR (American DR) EAFE (Europe, Australasia, Far East) , . . , , ADR . 2007 . , , , - , . , , , . , . , . : . . .[footnoteRef:3] . 2006 2010 . , . . [3: masd.mn/stat/files/lesson/BTlesson1-1.pdf]

3.2 , ,

3.2.1 ? (-, , - ) . : , , . . . , , . . . . , . - : - - .

, . . . - , /diversification/ . - , , , . , . .

- : , IPO . - . , . , , , , . .

3.2.2 ? , . . . :

( , ) , Forex ( ) SWIFT , , , Market Guide, Newsflashes .

,

1 : . . .

1: - , . - . . . : . , , , , , .[footnoteRef:4] [4: http: mongolianminingjournal.com]

/01.01. 2012/

/

(,) (, )

1NYSE Euronext (US & Europe) - 20,16114,242

2NASDAQ OMX (US & North Europe) 13,5524,687

3Tokyo Stock Exchange 3,9723,325

4London Stock Exchange 2,8373,266

5Shanghai Stock Exchange 3,6582,357

6Hong Kong Stock Exchange- 1,4472,258

7Toronto Stock Exchange 1,5421,912

8BM&F Bovespa 9311,229

9Australian Securities Exchange 1,1971,198

10Deutsche Brse 1,7581,185

11SIX Swiss Exchange 8871,090

12Shenzhen Stock Exchange2,8381,055

13BME Spanish Exchanges 1,2261,031

14Bombay Stock Exchange 1481,007

15Korea Exchange 2,029996

16National Stock Exchange of India 985

17JSE Limited 372789

18MICEX 514771

2: -10 [footnoteRef:5] [5: thomasmurray.com/component/idoblog/viewpost/199]

- . , , , , . . . 1409 . . . /1460/, /1462/, /1530/, /1540/, /1540/, /1585/- . 1460 , . 1792 - 24 , - - .[footnoteRef:6] [6: Frc.mn / ]

( )

BNY Mellonwww.bnymellon.com$254 billion$24.4 trillion$32.9 billion

BNP Paribaswww.bnpparibas.com2.0 trillion*4.0 trillion$69.5 billion

BBHwww.bbh.com$6.1 billion$2.4 trillion$550 million

Citiwww.citigroup.com$1.9 trillion$11.3 trillion$165.8 billion

HSBCwww.hsbcnet.com$2.4 trillion$4.8 trillion$135.7 billion

J.P. Morganwww.jpmorgan.com$2.0 trillion$15.9 trillion$165.4 billion

Northern Trustwww.northerntrust.com$80.7 billion$3.9 trillion$6.8 billion

RBC Dexiawww.rbcdexia.comC$726 billion**$2.7 trillionC$38.9 billion**

SGSSwww.sg-securities-service.com1.15 trillion3.4 trillion45.6 billion

State Streetwww.statestreet.com$173 billion$20.2 trillion$17.6 billion

3 : http://www.relbanks.com/stock-exchanges

4. 4.1 :1. . 1991-1995 2. 1995-2005 3. , 2005- 4. -

4.1.1 . 1991-1995 1990 . 1991 , 1992- 1995 475 , 8.2 96.1 1995 , 1991 , [footnoteRef:7] . , , . [7: http: mongolianeconomy.mn . .]

4.1.2 1995-2005 , .

4.1.3 , 2005- 2005-2012 17

2012 IPO -/ //

1 1,999,768.00 2,022,528,900.00

2 1,000,000.00 800,000,000.00

3 8,400,014.00 3,375,346,500.00

4 5,820,299.00 582,029,900.00

5 6,738,361.001,128,474,814.00

6 10,000,000.00 1,000,000,000.00

7 78,895,885.00 8,259,239,676.00

8 13,200,000.00 13,200,061,250.00

9 23,562,900.00 2,356,290,000.00

10 18,618,171.00 20,107,624,680.00

11 50,488,202.00 5,048,820,200.00

12 30,395,272.00 3,195,456,280.00

13 692,432.0069,243,200.00

14 1,180,195.00 270,264,655.00

15 16,222,300.003,650,017,500.00

16 1,646,257.00 18,301,439,069.00

17 7,700,000.00 924,000,000.00

276,560,056.00 84,290,836,624.00

4 : mse.mn, gauli.mn

- 23.4 . 53 . , , . 3- 2011 - 1,6 18,3 , - 16,2 3,6 . 2012 - 7.7 , 924 . [footnoteRef:8]. [8: Mse.mn]

, IPO , . . : IPO , , . , . . , . : , . , , .

/2012 / / /

1-30304345,40216,171,99,8831,6012,007,967,717

31-5081111,124302,038,785107144,168,889

51-808268,251555,038,56982324,441,558

81-100384,53717,076,727,3323815,555,076,070

5: - . http://www.masd.mn/ . , . 627 , 67 .[footnoteRef:9] [9: Frc.mn]

.

1[footnoteRef:10]- - . 300 , 20 -20 . [10: 2012 3 ]

2012 10 31- - 1,660,643,529,560.0 507,926,454,639.00 23.4 .

2 : 2012 3

2011 , , . 2012 , , , , . 2011 04- 07- // // - , [footnoteRef:11] 2011 07 02- . +3 , . , , , , , . 2012 7 02- 2012 10 29- 1.42 1.03 , 54.6 , 256.5 , 74.6 . - , . /1- 1: , / [11: Millennium IT Millennium Exchange, Millennium CSD, Millennium Surveillance, Millennium Trader MIT ]

- - . Bloom Berg ( ) . //- //- , T+3 .4.1.4 - IPO . , , . - , . , , , -, 36 . . , . /2 6: /

:1 15 . , - . Mongolian mining Corporation 4-5 30 . .[footnoteRef:12] 5-10 1,5-3 . . , . . - , . , . . , , . [12: - . ]

IPO . , , - , , .

4.2 , , , . .[footnoteRef:13] , .[footnoteRef:14] [13: - 2011 23- 45 , 6.2- - ] [14: Frc.mn]

-

20

, 10-

- - 2

, , , , ,

7: - ( )

-

( ) 3-

.

8: - ( ) - , .BNP Paribas :[footnoteRef:15] [15: Bnpparibas.com ]

1. , 2. 3. 4. 5. 6. 7. 8. 9. 10. , 11. 12. 13. 9: //[footnoteRef:16] [16: Frc.mn]

20 - 8- . - , , , . 2013 . , .[footnoteRef:17] [17: Parliament.mn]

IPO . 10

TSX:43-101200 ..

ASX200 ..

LSE, :43-101,LSX500 ..200 ..

11 , ,, - . . . . , , .

: : . . . , .

: , , . .

:2 , , , . BNP Paribas, BNY Mellon, Deutsche Bank 2 , . - , . , , , , , , .

, . . . . -20 , , , , . . . - , , , , .

1 , +3

+0 +0

+1- +3- +1 +1

+3 +3

- . . +1 +1

+3 +3

1: - [footnoteRef:18] [18: schcd.mn]

RTGS, E-clearing, MIT

2 IPO -/ / ///

1 Ivn:us-6,072,215%

2 CG:cn, 1878:hk2,855,715%

3 Jogrc,1878::HK2,223,515%

4 Jogrc2,222,014%

5 Etas:CN426,14,62%

6 381:Hk, Jorc278,63,41%

7 ETG:CN,NL43-101217,12,98%

8 Mato:Ln,211,32,38%

9 61:HK,JORC1412,66%

10 OPP:LN133,82,64%

11 HUN:AU,JOURC123,62,56%

12 TTL:MO88,52,32%

13 APU:MO84,52,31%

14 PCY:CN,NL-43-10156,92,06%

6: : www.masd.mn

2