VACANCY NOTICE                                                   

 

Mongolia has received a credit from the International Development Association (IDA) for a Multi-Sectoral Technical Assistance Project (MSTAP). The Ministry of Finance (MOF) is seeking to recruit a qualified Local Consultant for Currency derivative market assessment in Mongolian Capital Market under Component C1.1.2 for Enhancing Capacity for Maintaining the Stability of the Financial Sector with the following skills to complement its dynamic team.

The main objective of the consultancy service is to assess current capital market infrastructure, its capacity to implement the laws, trustworthiness and recommend a well adjusting model considering specifics in the country including policy implementation tools for Mongolian Stock Exchange. The consultant will be placed at the Mongolian Stock Exchange.

 

SCOPE OF WORK

 

Key responsibilities will include the following, but not limited to:

1. Based on studying International best practices in the field of currency derivatives  market, including its legal, regulatory environment  and market infrastructure determine  specific conditions covering following tasks:

• Currency derivatives registration procedures based on common international best practices and standards; 
• Trading infrastructure
• Clearance and settlement service
• Market participants

2. Conduct research on information network & data-base system of relevant markets, information providers institutions and state agencies. Based on the researches determine possibility of introducing currency derivatives products in Mongolia;

3. Determine prospective derivative market structure: 

• Draft contract
• Venues/platforms for trading currency futures and options contracts 
• Systems: Trading system, matching system, trade reporting systems, other support systems;
• Membership and clients structure, eligibility criteria and requirements,  
• Trading times and dates
• Margining, premium, fees including membership fees, trading fees, annual fees, listing fees, distribution of market prices charges, others
• Post-trade services: Matching, clearing Settlement of contracts, settlement cycle, market surveillance, member surveillance 
• Price setting including real time prices, reference prices (such as Settlement price)
• Determine data distributors
• Role of Bank of Mongolia
• Reforms required in OTC market

4. Review and assess current MIT systems at the MSE and determine its capability, and its suitability and requirements’ satisfaction of the proposed systems with the MIT systems at the MSE; 

5. Review and assess current market structure and participants capability, and its suitability and requirements’ satisfaction of the proposed structure, determine missing entities; 

6. Undertake such other tasks as reasonably requested and/or assigned by the management administration of MSE. 

 

CONSULTANT’S QUALIFICATIONS/ SELECTION CRITERIA

 

 Education:  A suitable candidate should have a graduate degree in Finance/Business administration or Capital market field.  

 Experience:  Incumbent should have at least 3 years professional experience in field of capital market development on international market. If the candidate has worked or expert experiences particularly on capital market regulation and corporate governance in  stock exchange financial institutions, investment agency/or company would be an advantage;

 Language skills: the candidate fluent written and spoken English;

 Information technology literacy: Be proficient in creating of PC based corporate information system, applications and have excellent web research and navigation skills;

 Excellent interpersonal skills with the ability to function effectively and collaboratively in a team environment

 

CONTRACT DURATION

 

The assignment for above position will commence in October, 2014. Contract will be for a period of 6 months.

Consultant will be selected in accordance with the World Bank’s Guidelines: Selection and Employment of Consultants by World Bank Borrowers, May 2004 (revised in October 2006). 

If you possess the above qualifications, please submit a cover letter indicating why she/he considers her/himself suitable for the position, with detailed CV highlighting skills/experience, copy of diplomas or certificates and two references from last two employers no later than17:00p.m, September 22, 2014. Only short-listed candidates will be contacted. The application documents shall be submitted by post mail or in person to the below address. The submitted documents will not be returned to the applicants. Incomplete applications would not be considered.

Contact address:

Multi-Sectoral Technical Assistance Project

Attn: Ms. D.Otgonbaigal, Procurement Specialist, Room # 613, the Ministry of Finance, 

Government Building II, S.Danzangiin Street, Chingeltei district, Ulaanbaatar 15160, Mongolia 

Tel: (976)-51- 265782