securities mongolia

8/13/2019 Securities Mongolia

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Sovereign Wealth Fund

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Collective investmentscheme

Reksdana

Investment fund

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Pooled Fund

Investors

Regulator

Custodian and

primebrokerage

Manager

Trustee

Auditor

Administrator

Broker

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Custodian/Prime broker

Safekeeping Financing

Coupon collection

Corporate actions

Payments Other banking services

Administrator

Subscription and redemptionsmanagement

NAV calculation

Fund accounting

Price publications

Broker

Brokerage Order execution

Auditor

Annual fund audit

Audit of financialstatements

Regulator

Regulatory supervision

Tax regulation and

imposition Investment Manager

Discretionary mandate

Takes investment decisions

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Regulation: NAV required basis for pricing openended fund units or shares ensures fairness

between incoming, ongoing and outgoing holders

Informs fund unit/shareholders:

Open ended funds: at what prices they can buy or sell

Closed ended funds: guide to potential market price

Measure of performance: compare NAV at

beginning and end of periods Basis of annual fund management and

performance fees

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Assets liabilities

Number of shares/units in issue

Sell everything, pay outstanding debts

and distribute remainder proportionately

to holders: in effect, liquidation value ofthe fund

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Exchange # of IPOsValue

(EUR M)

London 25 1704

WSE 10 15

Nasdaq

OMX4 -

Borsa

Italiana3 58

NYSE

Euronext3 43

Deutsche

Boerse2 500

Oslo Bors

& Oslo

Axess

2 409

Borsa

Istanbul1 2

Spain (BME) 1 2

Ireland 1 310

Luxembourg - -

Q3 2013

Source: PwC, IPO Watch Europe, Q3 2013 report.

Exchange # of IPOsValue

(EUR M)Exchange # of IPOs

Value

(EUR M)Exchange # o f IPOs

Value

(EUR M)

London 25 1704 WSE 26 14 London 25 2633

WSE 10 15 London 14 263 WSE 18 44

Nasdaq

OMX4 -

Deutsche

Boerse5 26 Nasdaq OMX 10 371

Borsa

Italiana3 58

Nasdaq

OMX4 -

NYSE

Euronext9 922

NYSE

Euronext3 43

Borsa

Istanbul4 30

Deutsche

Boerse3 714

Deutsche

Boerse2 500

Borsa

Italiana2 7

Borsa

Istanbul3 326

Oslo Bors

& Oslo

Axess

2 409 Luxembourg 2 54Borsa

Italiana3 318

Borsa

Istanbul1 2

NYSE

Euronext1 3 Luxembourg 2 30

Spain (BME) 1 2

Oslo Bors

& Oslo

Axess

1 -

Oslo Bors

& Oslo

Axess

2 12

Ireland 1 310 Ireland - - Ireland - -

Luxembourg - - Spain (BME) - - Spain (BME) 1 -

Q2 2013Q3 2013 Q3 2012


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WSE key success factors

Strong market institutions and regulations

Pension funds in Poland invest up to 40% of their assets inequities of the companies listed on the regulated market

Large individual investor base

Privatisation of the biggest state-owned enterprises through anIPO

Ability to compete with London and other exchanges for the

biggest CEE companies

Polands resilient economy


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