Mongolia Financial Sector Assessment : Capital Markets

• 查看报告

作者：

World Bank

来源地址：

http://hdl.handle.net/10986/27094

关键词：

ACCOUNTANT;  ACCOUNTING;  ASSET-BACKED SECURITIES;  ASSET-LIABILITY MANAGEMENT;  AUCTION;  AUCTION SYSTEM;  AUCTIONS;  BANKING SECTOR;  BENCHMARK YIELD;  BENCHMARK YIELD CURVE;  BLUE CHIP;  BOND;  BOND FINANCING;  BOND INSTRUMENTS;  BOND ISSUES;  BOND MARKET CAPITALIZATION;  BOND MARKETS;  BORROWING PLAN;  BROKER;  BROKERAGE;  BROKERS;  CAPITAL BASE;  CAPITAL FLOWS;  CAPITAL MARKET;  CAPITAL MARKET DEVELOPMENT;  CAPITAL MARKETS;  CAPITAL MARKETS DEVELOPMENT;  CAPITAL REQUIREMENT;  CAPITAL REQUIREMENTS;  CASH FLOW;  CASH FLOWS;  CASH MARKETS;  CENTRAL BANK;  CENTRAL SECURITIES DEPOSITORY;  CHECKS;  CLEARING HOUSE;  COMMERCIAL BANKS;  CONTRACTUAL SAVINGS;  CONTRACTUAL SAVINGS INSTITUTIONS;  CORPORATE BOND;  CORPORATE BOND MARKET;  CORPORATE BONDS;  CORPORATE DEBT;  CORPORATE GOVERNANCE;  CREDIT RATING;  CREDIT RATING AGENCY;  CREDIT RISK;  DEBT;  DEBT INSTRUMENTS;  DEBT ISSUANCE;  DEBT ISSUANCE STRATEGY;  DEBT MANAGEMENT;  DEBT MARKET;  DEFICITS;  DEGREE OF TRANSPARENCY;  DEPOSITORY SYSTEMS;  DEPOSITS;  DERIVATIVE;  DERIVATIVE INSTRUMENT;  DERIVATIVE INSTRUMENTS;  DERIVATIVES;  DERIVATIVES MARKET;  DOMESTIC BANKING;  DOMESTIC BOND;  DOMESTIC BORROWING;  DOMESTIC CAPITAL;  DOMESTIC CAPITAL MARKET;  DOMESTIC CAPITAL MARKETS;  DOMESTIC CURRENCY;  DOMESTIC DEBT;  DOMESTIC INSTITUTIONAL INVESTOR;  DOMESTIC MARKET;  DOMESTIC SECURITIES;  DUE DILIGENCE;  ECONOMIC EFFICIENCY;  EMERGING MARKET;  EMERGING MARKETS;  EMERGING STOCK MARKETS;  ENABLING ENVIRONMENT;  ENFORCEMENT POWER;  ENFORCEMENT POWERS;  EQUITIES;  EQUITY MARKET;  EQUITY MARKETS;  EXCHANGE RATE;  FINANCIAL INFORMATION;  FINANCIAL INSTRUMENTS;  FINANCIAL MARKET;  FINANCIAL MARKETS;  FINANCIAL RISK;  FINANCIAL STATEMENTS;  FISCAL POLICY;  FOREIGN EXCHANGE;  FOREIGN FUNDS;  FOREIGN INVESTOR;  FOREIGN INVESTORS;  FRAMEWORK FOR SECURITIES;  FUND MANAGEMENT;  FUTURES;  FUTURES CONTRACT;  GLOBAL CAPITAL;  GOVERNANCE STANDARDS;  GOVERNMENT BOND;  GOVERNMENT BOND MARKET;  GOVERNMENT BONDS;  GOVERNMENT DEBT;  GOVERNMENT SECURITIES;  GOVERNMENT SECURITIES MARKET;  GROSS DOMESTIC PRODUCT;  HUMAN CAPITAL;  INDIVIDUAL INVESTORS;  INFLATION;  INFORMATION DISCLOSURES;  INFORMATION TECHNOLOGY;  INITIAL PUBLIC OFFERING;  INSTITUTIONAL INVESTOR;  INSTITUTIONAL INVESTORS;  INSTRUMENT;  INSURANCE;  INSURANCE COMPANIES;  INTERNATIONAL INVESTORS;  INTERNATIONAL STANDARDS;  INVESTMENT CAPITAL;  INVESTMENT FUND;  INVESTMENT IN CORPORATE BONDS;  INVESTMENT OPPORTUNITY;  INVESTMENT PROJECTS;  INVESTMENTS IN EQUITIES;  INVESTOR BASE;  INVESTOR BASES;  INVESTOR CONFIDENCE;  INVESTOR EDUCATION;  INVESTOR PARTICIPATION;  INVESTOR PROTECTION;  IPO;  ISSUANCE;  ISSUANCE OF GOVERNMENT SECURITIES;  ISSUANCES;  LEGAL AUTHORITY;  LEGAL PROTECTION;  LEGAL REFORMS;  LIABILITY;  LIQUIDITY;  LIQUIDITY MANAGEMENT;  LOCAL MARKET;  LOCAL MARKETS;  LOCAL STOCK MARKET;  LONG-TERM INVESTMENT;  LONG-TERM INVESTORS;  MARKET DEVELOPMENT;  MARKET INTERMEDIARIES;  MARKET LIQUIDITY;  MARKET REGULATOR;  MARKET SURVEILLANCE;  MARKET TURNOVER;  MARKET VALUE;  MATURITIES;  MATURITY;  MINORITY SHAREHOLDER;  MINORITY SHAREHOLDER PROTECTION;  MODERNIZING MARKET INFRASTRUCTURE;  MONETARY FUND;  MONETARY POLICY;  MONEY MARKET;  MUTUAL FUNDS;  OPERATIONAL INDEPENDENCE;  OUTSTANDING AMOUNT;  OUTSTANDING CORPORATE BONDS;  PENSION;  PENSION FUNDS;  PENSIONS;  PRICE DISCOVERY;  PRIMARY DEALER;  PRIMARY DEALER SYSTEM;  PRIMARY DEALERS;  PRIMARY MARKET;  PROFESSIONAL INVESTORS;  PUBLIC OFFERINGS;  REGULATORY FRAMEWORK;  REGULATORY FRAMEWORKS;  RESERVES;  RETAIL INVESTORS;  RISK MANAGEMENT;  SECURITIES;  SECURITIES EXCHANGE;  SECURITIES EXCHANGES;  SECURITIES MARKET;  SECURITIES MARKET LAW;  SECURITIES MARKETS;  SECURITIES REGULATION;  SECURITY TRANSACTION;  SETTLEMENT;  SETTLEMENT OF TRADES;  SETTLEMENT SYSTEM;  SHAREHOLDERS;  STOCK EXCHANGE;  STOCK EXCHANGES;  STOCK MARKET;  STOCK MARKET CAPITALIZATION;  STOCKS;  TRADE DATE;  TRADING;  TRANSPARENCY;  TREASURY;  TREASURY SECURITIES;  TRUSTEES;  UNDERWRITER;  UNDERWRITERS;  VALUATION;  YIELD CURVE;  Report; 

年份：

2012

出版地：

Washington,USA

语种：

English

摘要：

This technical note summarizes findings and recommendations on measures for the strengthening of the capital markets in Mongolia. The authorities have taken bold steps in the last two years to modernize the Mongolian Stock Exchange (MSE) and put in place modern legal, regulatory and market infrastructure for the capital market. Improving the institutional, regulatory and supervisory framework is a key priority, and the enactment of a new securities market law should lay a sound foundation for the regulation and supervision of the securities markets. However, its current draft has several gaps that should be addressed. Nonetheless, development of the domestic securities market in Mongolia should take into account the inherent problems for small markets, because a central feature of the securities market is economies of scale. Currently, the local capital market is not representative of the full universe of Mongolian enterprises that are operating in the country at present. As a result, it may be difficult to attract foreign investors interest if the country's most attractive firms are not listed domestically. One of the most important elements for a strong domestic capital market is a diversified institutional investor base, and the regulatory agencies involved should pursue a concerted strategy toward developing the investor base. Mongolia needs to provide an enabling environment to attract a diverse range of institutional investors participation, including investors from abroad.